Author Topic: Think I've reached FI, but scared to pull the plug on job  (Read 4380 times)

spartana

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #50 on: September 06, 2017, 01:35:50 PM »
Hi CT. I agree with the others that you are definitely FI and can RE at anytime. I've been retired a long time and its pretty glorious so highly recommend it. I didn't have any issues pulling the plug fairly early but I'll say that I'm glad I did and my one regret is that I didn't do it earlier. So don't let that regret become yours as well as you can never ever get that precious time back. Ever! Don't wait too long.. As wise young forum member Arebelspy says "it's later than you think."

As for the things you want to do I'm kind of in a similar situation. Divorced, no kids and have been a long time homeowner who's in the process of selling my house. I'm not interested in RVing myself but I do like to do long road trips of a couple of months at a time so just do them in my vehicle (a small truck with a shell) with my small dog. Generally tent camp or sleep in truck but can mix it up with motel stays or vacation house rentals (off season and monthly for low rates) for longer stays.  So you might try something like that - shorter road trip but keeping a home base - until you see if you like it enough to make buying an RV and going full time the thing you want to do.

I also think that just driving around in your car or flying places and renting a car are great ways to check out possible new places to live. I've been doing that (and still am for the next two months) and its a great way to combine seeing the country, doing any outdoor hobbies you have and checking out new areas.

There's also lots of combos of these of course and I am leaning towards the renting a place for 6 months in one location, travelling for a couple of months or longer and then renting a place somewhere different for another 6 months rinse repeat. Or eventually getting a small house or condo somewhere I love and doing long trips but keeping the home base. Its all up in.the air for now but that's OK. Good luck.
« Last Edit: September 10, 2017, 09:11:03 AM by Lazy_Spartan »
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Acastus

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #51 on: September 07, 2017, 11:45:05 AM »
David Bowie and Prince bookend my age pretty well, so I feel your anxiety about retiring to enjoy the life you have left. Statistically, you have about 30 years left, which is a lot. I am also on the cusp of FIRE, but I want there to be more meaning in what I do next. The lack of mission after FIRE is holding me back.

I agree with others you should live your future expenses for several months, and really look for the hidden costs we all forget. You need to budget infrequent expenses  like house repairs and future cars, not just current daily bills. It looks like you have a 20% cushion after buying a new house, so you are likely in good shape. It is better to know your expenses now and not get surprised when it is too late.

retiringearly

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #52 on: September 09, 2017, 04:20:32 PM »
I am in the same situation, but I hate my job.

I am simply fearful of taking the next step.

I have been conditioned since birth to buy into the get an education, go for a well-paying career, work until 65 bull shit.

I am struggling with it right now.

I think we are very much in the same boat.  I don't think it's finances, or lack of interests, or anything like that.  There is something in my conditioning that holds me back.  Part of it may be because I come from a lower middle class background, that it's hard to walk away from money.  But, the older I get, I have more money, but less time in life to spend it, so it's not logical to keep "polishing the cannonball".

Both of you sound in search of your next thing. Not just a hobby, however, but something with life purpose.

This helped me profoundly re discovering life purpose and I've read or watched TONS of material on this and studied it for years: What Now?: 90 Days to Your New Life Direction (link/refer: http://amzn.to/2ex30l3)

I recommend studying up on your purpose. You may not need any job for it.

Generally, you'll find more life satisfaction by serving others somehow. Could be any way you can think of (from selling your unique custom furniture to serving in customer service to analyzing global poverty to reviewing abstract concepts for application to some life problem).  It'll be easier to love life if you can see and feel how you're making the world better, rather than just playing golf or whatever. 

You didn't say what your hobbies are or how they might work this way, so I'm making no judgments here; they may do just this for you already. I'm merely offering hopefully helpful input to shape how you may want to think about them. 

Once you plan that, go for it!  Also, think about how to find a vibrant social life with those you love. That'll matter more especially as you age.

I'm excited for both of you here - what amazing opportunities like ahead!!!
Thanks for your input.  I sincerely appreciate it.

StacheInAsia

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #53 on: September 09, 2017, 10:21:31 PM »
My life situation is different than yours, but I'm in a similar boat with regards to thinking I'm FI (I'm 99.99% sure I am...), and being afraid to pull the plug on the job. I've been actively taking steps recently that will prepare me to RE whenever I get the guts to do so (a big part of this involves clarifying a lot of uncertainties related to moving between countries as I've been working overseas for years). Taking these active steps is helping to calm the fear for me, at least somewhat.

I'll probably make a post here or in the Post-FI forum soon about my own situation and have people yell at me to just pull the plug :)

CT1001

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #54 on: September 10, 2017, 06:30:47 AM »
Thanks everyone for the comments.  I went on a long hike yesterday and had a good talking with myself and came up with the following thoughts:  1) As Lazy Spartan mentioned, it's "later than I think" and I probably only have 30 good years left (which is consistent with an online life expectancy calculator I did recently);  2) I sat under a big shade tree and ran some reasonable worse case scenarios on my calculator (and in my spreadsheets when I got home).  Even spending 2.5 times what I expect, I still won't run out of money, even if I live past age 87;  3) I have a lot to do if I want to retire soon and I need to develop a schedule.

So, when I got home, I sat down and wrote up a schedule for myself.  I've done really well up till this point (sold my house, got rid of 98% of my stuff, downsized to an apartment, etc.), but realize I hadn't made firm plans past this (in my defense, I thought it would take many more months before the house sold, based on previous attempts to sell it, and all that consumed my time until now).  The plan includes things like visiting areas on my list of possible places to live, talking to realtors, looking at RV's, making final decision on house, apartment, condo, RV, etc.  Getting medical checkups and anything that needs to be done now, etc.  It's given me a direction to go forward along with dates I need to hit, which is what I think I've been missing.

I'll post back here when I start implementing some of these actions.  Thanks again;  I can't over emphasis how valuable all your comments have been!

pbkmaine

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #55 on: September 10, 2017, 07:51:59 AM »
The house/RV is not an either/or decision, you know. Lots of people buy a used RV to travel the country for a few years IN ORDER to find the place they want to settle.

pecunia

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #56 on: September 10, 2017, 10:38:05 AM »
HEY!  That's my problem too!

I just signed on to this website today.  I've been reading the Mr. Money Blogs for about a week now.  I kind of like the guy.  I have built a few buildings by myself, used to do a lot of cycling and am an electrical engineer.  I am also from the Northern Great Lakes region.  I can identify with the man.

I've been in a real cave.  About five years ago, a Wells Fargo banker told me I could retire based on what I had saved up.  Well - I was in my mid fifties and figured I was too young to retire.  I always figured people didn't retire early unless they were ill or had some other serious life altering experience.

Since then I've added a lot to my retirement savings and it has grown with the market. (Index Funds)  I also lucked on to this job where I've been able to save a lot.  It's been on the road, expenses have been paid and the paycheck has been largely banked.

Last month, I met with the Fidelity guy.  He gave me a 30 year analysis using significantly below average market conditions.  I'll have enough for 30 years.  He told me I could start that day.

I can't get my arms around it.  I grew up rather poor.  I can't envision this freedom.

Is it stupid to keep working another 10 months until I am 62?  I figure I can use this time to get my plans in order.  Too me, this is like an alternate reality, a dream.  I just don't want to wake up.


CT1001

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #57 on: September 10, 2017, 07:56:34 PM »
HEY!  That's my problem too!

I just signed on to this website today.  I've been reading the Mr. Money Blogs for about a week now.  I kind of like the guy.  I have built a few buildings by myself, used to do a lot of cycling and am an electrical engineer.  I am also from the Northern Great Lakes region.  I can identify with the man.

I've been in a real cave.  About five years ago, a Wells Fargo banker told me I could retire based on what I had saved up.  Well - I was in my mid fifties and figured I was too young to retire.  I always figured people didn't retire early unless they were ill or had some other serious life altering experience.

Since then I've added a lot to my retirement savings and it has grown with the market. (Index Funds)  I also lucked on to this job where I've been able to save a lot.  It's been on the road, expenses have been paid and the paycheck has been largely banked.

Last month, I met with the Fidelity guy.  He gave me a 30 year analysis using significantly below average market conditions.  I'll have enough for 30 years.  He told me I could start that day.

I can't get my arms around it.  I grew up rather poor.  I can't envision this freedom.

Is it stupid to keep working another 10 months until I am 62?  I figure I can use this time to get my plans in order.  Too me, this is like an alternate reality, a dream.  I just don't want to wake up.

Hi Pecunia - Glad I'm not the only one in this boat.  I'm wondering the same thing about working the extra few months.  It's a tough decision, but if I were you and I had something that I've been wanting to do in retirement, I wouldn't wait - who knows how much longer any of us have.  However, if I didn't have anything pressing, I would keep working for a few months until I was ready.  For me, I realized that there are several things that I need to do before I'm really ready, so I'm going to take the next several months to get my "ducks in a row" and then decide when.

It helped me to sit down and write out a schedule and include all the things I needed to get done beforehand.  I feel now that I have a definite time in mind and a plan to achieve that goal, it's eased my mind to some degree.  I'm looking forward to seeing how you handle it, so maybe it will inspire me to accelerate my own plan.

CT1001

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #58 on: September 10, 2017, 07:58:22 PM »
The house/RV is not an either/or decision, you know. Lots of people buy a used RV to travel the country for a few years IN ORDER to find the place they want to settle.

Good point pbkmaine - There are many different possibilities.  I've also thought about getting a small house or condo (mainly to house my hobbies) and get a truck camper or van to travel when I want.  Still weighing all the possibilities right now.

pbkmaine

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #59 on: September 10, 2017, 08:12:33 PM »
Or you could get a storage unit for your hobbies.

spartana

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #60 on: September 11, 2017, 06:54:34 PM »
Thanks everyone for the comments.  I went on a long hike yesterday and had a good talking with myself and came up with the following thoughts:  1) As Lazy Spartan mentioned, it's "later than I think" and I probably only have 30 good years left (which is consistent with an online life expectancy calculator I did recently); 2) I sat under a big shade tree and ran some reasonable worse case scenarios on my calculator (and in my spreadsheets when I got home).  Even spending 2.5 times what I expect, I still won't run out of money, even if I live past age 87;  3) I have a lot to do if I want to retire soon and I need to develop a schedule.

So, when I got home, I sat down and wrote up a schedule for myself.  I've done really well up till this point (sold my house, got rid of 98% of my stuff, downsized to an apartment, etc.), but realize I hadn't made firm plans past this (in my defense, I thought it would take many more months before the house sold, based on previous attempts to sell it, and all that consumed my time until now).  The plan includes things like visiting areas on my list of possible places to live, talking to realtors, looking at RV's, making final decision on house, apartment, condo, RV, etc.  Getting medical checkups and anything that needs to be done now, etc.  It's given me a direction to go forward along with dates I need to hit, which is what I think I've been missing.

I'll post back here when I start implementing some of these actions.  Thanks again;  I can't over emphasis how valuable all your comments have been!
While I do think you'll very likely have 30 years left, the difference between quality of life at age 58 (or whatever age you decide to retire at) and 88 might be huge. Lots of us here retired early (or plan to retire early) because we know that many of the things we want to do will be difficult and perhaps impossible once we are older. So it's import to evaluate the quality of life you'll have in ER or regular R and not just your life span. 
Retired at 42

pecunia

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Re: Think I've reached FI, but scared to pull the plug on job
« Reply #61 on: September 13, 2017, 07:12:54 PM »
CT 1001 stated:

"It helped me to sit down and write out a schedule and include all the things I needed to get done beforehand.  I feel now that I have a definite time in mind and a plan to achieve that goal, it's eased my mind to some degree.  I'm looking forward to seeing how you handle it, so maybe it will inspire me to accelerate my own plan."

Yes - I need to plan it out better.  I had an added incentive from a co-worker describing this current job today.  He stated, "This is a good horse.  I'm going to ride it as long as I can."  Given the opportunity, I think I'll ride until sometime next year and then I'll ride another horse to better grazing.  Jobs can be a trap.