Would you call me FIRE'd after I do this?

Thanks everyone for the replies. I'll update this thread every so often, with the hopes that by early next year I'll be a full-time home inspector.....with much less stress, at a much lower wage, where I can have some fun at work, and not have all the MegaCorp bureacracy, and ...blah blah blah

:)
 
You have a well thought out plan, however 5.1 assumes he will work your butt off at 40 percent of what you are making now for 18 months. Is it not better to work 24 month for much more and call it a day?
 
Finance Dave said:
Ok, we have not done it yet...but getting very close (within months).

Wife and I both have high-paying MegaCorp jobs and are getting burned out. I'm 50, she's 54.......

I've decided to become a home inspector.
Click to expand...
Update: Things are getting closer...but I have to hang in there about 2-3 more weeks while some unusual things get sorted out. I think by Thanksgiving I can give a more complete account of things...very exciting!
 
Finance Dave said:
This will be new for me, as it's "active" income..so I'm not sure if I'll get a W-2 from the guy I'm subcontracting for...but I know I'll have to send in FICA/SS taxes.
Click to expand...
Likely a 1099, no?

One question- for a guy with a high net worth might this not introduce some unwelcome lawsuit exposure?

Ha
 
haha said:
Likely a 1099, no?

One question- for a guy with a high net worth might this not introduce some unwelcome lawsuit exposure?

Ha
Click to expand...
+1 Was hoping you've covered yourself as I read through this. I definitely think the path you've chosen will lead to the most happiness. Dreading going to w*rk every day and not doing the things you enjoy is no way to live life if you don't have to. Speaking of happiness; forget FI, FIRE'd, semi-retired, etc... the most important thing is that you can call yourself happy. Enjoy!
 
I don't know whether you will be called "FIRE'd", but you surely will be called a home inspector. ;)
 
Last edited:
haha said:
Likely a 1099, no?

One question- for a guy with a high net worth might this not introduce some unwelcome lawsuit exposure?

Ha
Click to expand...
I THINK 1099, yes...we'll find out.

As for lawsuits...
1) I opened an LLC, so that should help limit liability
2) Have an umbrella policy
3) Required by law in my state to have E&O insurance of $100k...I bought $500k
 
btbw2380 said:
+1 Was hoping you've covered yourself as I read through this. I definitely think the path you've chosen will lead to the most happiness. Dreading going to w*rk every day and not doing the things you enjoy is no way to live life if you don't have to. Speaking of happiness; forget FI, FIRE'd, semi-retired, etc... the most important thing is that you can call yourself happy. Enjoy!
Click to expand...

NW-Bound said:
I don't know whether you will be called "FIRE'd", but you surely will be called a home inspector. ;)
Click to expand...
Thank you!

More details in a few weeks. For now I'm basically working 2 FT *obs. :facepalm:

It will be worth it....it will be worth it...it will be worth it.....uummmmmmmm (chanting) :LOL:
 
Finance Dave said:
I THINK 1099, yes...we'll find out.

As for lawsuits...
1) I opened an LLC, so that should help limit liability
2) Have an umbrella policy
3) Required by law in my state to have E&O insurance of $100k...I bought $500k
Click to expand...

you took the words out of my mouth...with your assets you have a target on your back....
 
I like this thread and wish you the best of luck with the transition. I actually have a list of alternative jobs which I would consider looking into after FI, and I just added Home Inspector to it! You and I are similar, I have many hobbies, very much into cars and motorcycles and the rebuilding of same, I have rentals, and I have an engineering degree. The home inspector idea seems great, as it fits in with stuff I love to do, I can make my own schedule, and I actually love looking at houses. That being said, the liability issue is a little scary, I'd have to look deeper into how to protect myself in my state.

Please keep us informed how it goes!

-Pan-
 
Thanks everyone for the kind words...

Look at #8 in this list LOL.

10 business ideas for retirees- MSN Money

P.S. I have a "guest inspection" today in about an hour. This will be my ninth one. :cool:


Guest inspection - an inspection where a trainee inspector follows around an experienced inspector to learn the process. It is recommended a new inspector do between 10-15 guest inspections before doing one on their own.
 
Well, I did it.

Thursday was my last day at MegaCorp. Company was "downsizing", so I held my hand up and volunteered. I was able to get 9 months severance. :dance:

I started my new role on Saturday...not a minute's rest lol.

I have all sorts of things to take care of now...
1) Have to sign a waiver and give it to the company to finalize, will do this week
2) Need to determine what to do with 401k...I'll sit on that for a month or two
3) Lots to do towards getting my new position moving....marketing and getting my technology in place (iphone 5 on order...we use software that requires iOS)
4) They collected my cell phone, which had all my appointments in it..so I have about 20 phone calls to make this week to find out when my haircut is, dentist appt, furnace maintenance guy is coming, and so on.
5) I need a total remodel of my office, as I'll be spending a lot of time here...already threw out a 50 gallon trash container of old papers today...about 2 more to go LOL

It was a bit eerie being walked out by HR on Thursday. I had worked there 24 years and one day. But knowing that I wanted it anyway made it much easier lol.

I'll try to post occasionally over the next couple months as to my mental state...I think it will improve quite a bit...especially once I get settled in my new role.

Dave
 
Congrats!

Wow, 24 years at one place. Nowadays, people do not work in any place that long anymore. Do you have friends who will miss you and vice versa?
 
NW-Bound said:
Congrats!

Wow, 24 years at one place. Nowadays, people do not work in any place that long anymore. Do you have friends who will miss you and vice versa?
Click to expand...
Not too many...it wasn't a real collegial atmosphere. I'm sure I'll see a few of them occasionally, but most of my friends are not from w*rk.
 
Congrats! Lots of wonderful changes for you. Good luck.
 
Congrats on your new plan! I did something similar when I quit one business then started another one a couple of years later, but it wasn't a well planned succession like yours.

I work about 15-20 hours a week and don't consider myself FIRED, but I'm much happier than when I was when I was working 10 hours a day 6 days a week. I go to all my kids various sports/band/school events, I can take a day off and go shopping with my wife if I feel like it (something I would have NEVER done in the past), I go fishing during he middle of the week sometimes, and I recently drove up and spent a couple of days with my parents just for the heck of it.

However, the new business continues to grow and it's starting to demand more of my time, so I need to figure something out in that respect. Need to post up about that and get some ideas.
 
Wow - congratulations! How convenient that a "downsizing" opportunity came up when you already had you ducks in a row. It's a great example of how being prepared can really pay off.

Enjoy!
 
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