Passively-managed Job after FIRE

[hustler]

Hi all and happy new year to everyone!

I (30M) FIREd 2 years ago. I live in Eastern Europe and for personal security reasons I keep it a secret from the people around that I am retired. Only my closest family and some of my close friends know I retired, but also to my close friends I didn’t open to entirely, they simply just stop bothering asking me what do I do for a living.

However, whenever I meet someone new and they ask me what do I do for a living, I get all nervous and secretive and start “lying” that I do a consulting, and it bothers me a lot, because I feel like I can’t form strong friendships if I always need to pretend who I am and hide the fact that I retired.

For these reasons, I am thinking about investing into some business that does not require much of a personal management, but that can be something I can tell to people I do for a living.

Some ideas that I have are buying a big parking lot with many spots for a daily/hourly rental, a car wash, a flower shop, a laundromat, etc. I would be happy to hear input of you guys on ideas for a passively-managed jobs that I could present as my primary occupation, and also have as an additional source of income. Thank you!

 

[njhowie]

Seriously? You are going to make an investment, where you could lose a bunch of money, simply so you have something to tell people when they ask what you do?

Stick with "I'm a money/wealth manager". You're not lying - you manage your own money.

 

[jazz4cash]

I recall you expressed a similar concern in another thread. What exactly is your concern if people know you are FI? It's not like you're going around with dollar bills falling out of your pocket. Is kidnapping a concern? Being targeted for a scam? Is it related to your location? I meet many folks now days that simply say "I work from home" and it seems to be acceptable. "Blankety blank manager", "I am between jobs", "on sabbatical" etc. Take on some volunteer hours so you can say "I work for a non-profit". At your young age there is certainly a possibility that you will find a j*b at some point in the future. Here in the states I believe you can also establish a 501C non profit and legitimately claim any title you want (CEO, Pres, etc.). I can't imagine a car wash, flower shop, etc. that is not a lot of work and a lot of risk.

 

[Major Tom]

Do not invest in anything, or start any kind of a pursuit/job unless you really want to, or need to for the income. Don't do it simply so you have something to tell people when they ask what you do.

 

[folivier]

Just dream up a job title and obscure company name and have some business cards printed up (Vistaprint is cheap) and hand those out. Then say call me, of course have a fake number on the card if you want.

 

[MarieIG]

You manage finances - your business is confidential - and you are not taking on any additional clients right now.

Don't you have a child arriving any day now?

If so, concentrate on becoming a mature, caring, loving parent. I would not start a "passive business" unless you want to be involved in running a business. (Those you named didn't seem passive to me, unless you passively want to lose money.)

 

[Blue Poles]

If you are in a tourist area, a laundromat can be a gold mine, and doesn't require much work on your part once it is set up. If you are not in a tourist area, a laundromat can still be a good business, especially if you can put it in an area that has a few cafes around it so people can get a snack or drink while waiting for the laundry.

 

[ncbill]

dilettante

 

[Sunset]

I have to agree with the others, do not invest in a business just so you "have a job".

Go volunteer somewhere part-time, then you can tell people you work there, and feel good about it too.

Or, if you have a University nearby, take some courses and earn a degree. Then you can tell folks you are back at school to get X degree.

IF all those sound like too much work, it's going to be a lot less work than losing money in a parking lot business with employees that you have to manage daily..

 

[Onda]

If you want to stay in Eastern Europe, move to Prague. In Prague there are a lot of people like you with 30M, and you will not look out of place.

I can imagine that in some places like Kosice, Slovakia, or Debrecen, Hungary, you will be surrounded by envy and hatred if you really have that kind of dough. I would not live in one of those dumps (example given) because of the mentality of the people. Security is generally not an issue but envy and hatred for people like you is and will make your life miserable. Solution is do not stay in Eastern Europe.

I am Eastern European, so I speak from personal experience. That kind of money would place between upper 150 Slovaks or 200 Hungarians so pleasure to know you I never heard of wealthy Slovak, Hungarian, Czech, Polish looking for fake business to hide their money. With that kind of money you are well known.

 

[pacergal]

"self employed money/finance manager"
If anyone asks further, simply say you are not able to discuss private money matters nor take on any new accounts at this point.
And change the subject.

 

[tulak]

If you want to stay in Eastern Europe, move to Prague. In Prague there are a lot of people like you with 30M, and you will not look out of place.

I can imagine that in some places like Kosice, Slovakia, or Debrecen, Hungary, you will be surrounded by envy and hatred if you really have that kind of dough. I would not live in one of those dumps (example given) because of the mentality of the people. Security is generally not an issue but envy and hatred for people like you is and will make your life miserable. Solution is do not stay in Eastern Europe.

I am Eastern European, so I speak from personal experience. That kind of money would place between upper 150 Slovaks or 200 Hungarians so pleasure to know you I never heard of wealthy Slovak, Hungarian, Czech, Polish looking for fake business to hide their money. With that kind of money you are well known.

Idk, Kosice looked nice when I last visited.

There's a lot of wealth in that part of the world, but I agree with Onda, unless you're in a big city, you will stick out. It's easy enough to blend in though. An easy way is to buy a rental property or two and use that as your cover.

The general problem is taxes. If you're a tax resident in any of these countries, then living off a portfolio isn't as generous. Real estate tends to have favorable tax treatment, so having a couple of modest properties for rental income isn't a bad approach. Plus, it's very common in that part of the world, where equities aren't really understood, so it's an easy to answer for people trying to understand how you get by.

Idk how you're going about this, especially with meeting residency requirements. Unless you're in an EU country and have EU citizenship?

Anyway, saying you're from Eastern Europe isn't very easy to parse. The differences between these counties are not small and it also depends on where in these countries you are (big city vs smaller cities).

 

[CO-guy]

No business needed. Simply tell people you're a consultant. If they ask where you work, simply say, "online." When friends/family ask what exactly I do (i.e. people who 'should' take greater interest), I simply say, "Oh, it's super boring. I just look at files and stuff for organizations."

Unless I'm in a professional setting, nobody wants to know anything beyond, "boring online consulting geek."

 

[jollystomper]

You are consulting. You have a client base of 1. You are advising yourself. You are not lying .


Do not pursue additional income just for this purpose. If you need the income, you are not FIREd.

 

[pb4uski]

Seriously? You are going to make an investment, where you could lose a bunch of money, simply so you have something to tell people when they ask what you do?

Stick with "I'm a money/wealth manager". You're not lying - you manage your own money.

+1 You are overthinking it. You're a portfolio manager. I guess you could add part-time if you feel comfortable doing that. If someone presses for details like how many accounts or AUM or other such things just say you're not comfortable with discussing client information and leave it at that. And finally, your plate is full and you're not taking on any new clients.

 

[yakers]

BIL sold his business and bought a farm so he could live on a hill top on San Diego CA county. It came with a manager and he could just be a 'gentleman farmer' and have farm tax rates. But....he simply now loves farming. He is a Type A and more involved then in his old business, some years makee real money and some not so much but I have never seen him happier.

 

[JohnC12]

I like what someone said back in 2021 when you asked this same question… tell them you’re an insurance actuary. This fits your job description perfectly. An insurance actuary looks at risk by using mathematics, statistics, and financial theories. No one will ask another question.

BTW… I’d like whatever you’re drinking so I can start declining in age too.

10/23 post:

Hi all! I (M31) have been FIREd for 2 years now.

1/24 post:

Hi all and happy new year to everyone! I (30M) FIREd 2 years ago.