Poll

Those who have 2+ years of FIRE; which best describes your unplanned income situation?

I FIRE'd and have NOT received any unplanned income
14 (42.4%)
I FIRE'd and have earned/received unplanned income
12 (36.4%)
I FIRE'd with some planned income and it has been Equal/Less than expected
2 (6.1%)
I FIRE'd with some planned income and it has been MORE than anticipated and/or from unexpected source
5 (15.2%)

Total Members Voted: 33

Author Topic: Post FIRE unplanned income/cashflow  (Read 3249 times)

Classical_Liberal

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Post FIRE unplanned income/cashflow
« on: August 23, 2017, 12:19:30 PM »
This is a question for those of you with two or more years of experience of being FIRE'd per your plan.  My experience in this and other forums of very young retired folks seems to anecdotally show those who FIRE end up serendipitously making money.

I realize everyone achieved FI through differing means.  Some have pensions or a form of SS as part of the plan.  Some do a straight withdrawals from liquid capital (4% rule), some have real estate, etc. The bottom line, I would like to know how many of you are somehow, some way earning income or cash-flow that you did NOT expect.  Also, if you did expect some cash-flow from side-gigs or whatever; are you below/meeting or exceeding those expectations.

I'm just curious to see if my general conception of this is correct, or if I am suffering from confirmation bias.  This is not meant to encourage reckless FIRE plans if my hypothesis (anecdotal experience) is correct.

Thanks for taking the time to vote!

Edit: For clarity please do not include SS or pension as "planned income".  Rather those options are referring to someone who semi-FIRE'ed with some level of planned PT work or active self employment income covering the gaps of any investment income. Also changed to 2+ years of FIRE time
« Last Edit: August 23, 2017, 03:48:05 PM by Classical_Liberal »

Ozstache

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Re: Post FIRE unplanned income/cashflow
« Reply #1 on: August 23, 2017, 03:28:35 PM »
While my income has been pretty much as planned, expenses have been lower than I have anticipated which has a similar net effect on reducing the drain on my stash as having higher income than planned.

Classical_Liberal

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Re: Post FIRE unplanned income/cashflow
« Reply #2 on: August 23, 2017, 03:46:22 PM »
@OZstache

I thought about putting a second poll for expenses, I've read/heard similar to your experiences from many.  So far on this poll (too early to tell) its not going the way I thought it would, so maybe I will after I let this one sit out there for a few weeks.

Financial.Velociraptor

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Re: Post FIRE unplanned income/cashflow
« Reply #3 on: August 23, 2017, 03:48:44 PM »
I haven't had any unplanned income source, YET.  I am laying the foundation for a side hustle starting next year.
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bacchi

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Re: Post FIRE unplanned income/cashflow
« Reply #4 on: August 23, 2017, 04:44:36 PM »
I was contacted by a former employer who asked me to do some consulting. Short-term, remote, hourly, good rate, and flexible -- it was easy to accept.

mf3333

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Re: Post FIRE unplanned income/cashflow
« Reply #5 on: August 27, 2017, 06:04:00 AM »
I FIREd with a pension and investment withdrawals, but just as I retired I started to flip houses in my city.  I had flipped one before retiring and two more after retiring since january.   We just bought our fourth flip two days ago.  It is so much fun and unexpected income.

Lake161

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Re: Post FIRE unplanned income/cashflow
« Reply #6 on: August 27, 2017, 10:36:18 AM »
I had a small pension turn up from an employer early in my work history. I had thought that I didn't work there long enough for it to vest. I took a lump sum and rolled it over to my IRA.

lhamo

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Re: Post FIRE unplanned income/cashflow
« Reply #7 on: August 27, 2017, 06:49:22 PM »
I was approached with a consulting opportunity the day I left my FT job.  I ended up signing the contract, but then later pulled out after a management change.  I only made about 10% of the original contract amount (they were decent enough to pay me for the work/deliverables I did complete before terminating).   Since I had KIND of planned on having that income the first few months, I chose option #3 in the poll.  But we have been fine without the income.

I am still contemplating getting a real estate license.  We don't really need the money at the moment (or hopefully ever), but I enjoy tracking the market and it seems like something I might enjoy/be good at. 
Wherever you go, there you are

spartana

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Re: Post FIRE unplanned income/cashflow
« Reply #8 on: August 28, 2017, 12:11:27 AM »
No unplanned income at all and don't ever expect any. No plans to work for pay again and no rich relative leaving me an inheritance.
Retired at 42

deborah

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Re: Post FIRE unplanned income/cashflow
« Reply #9 on: August 28, 2017, 03:01:18 AM »
I'm not quite sure what you mean by income. I assumed that it was income from my investments, and others may too. On re-reading, I suspect that you are talking about post-fire work income (side-gigs or such).

Classical_Liberal

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Re: Post FIRE unplanned income/cashflow
« Reply #10 on: August 31, 2017, 08:51:23 AM »
I'm not quite sure what you mean by income. I assumed that it was income from my investments, and others may too. On re-reading, I suspect that you are talking about post-fire work income (side-gigs or such).

Yes, I'm sorry for being less than clear.  Obviously the mindset of an FI, "living of off investments" person is different than that of a current wage slave like myself. 

You have the "gist" correct.  I'm trying to ascertain the likelihood of "extra" or "unplanned" income coming into play for someone with a MMM mindset who has already FIRE'd.  Since everyone FIREs with different plans, I found it difficult to word the questions correctly. 

What I didn't (or don't) want was(is) someone who FIRE'd on the 4% rule, but has achieved 10% real returns, voting they have earned more than anticipated.  An intrinsic part of a 4% rule FIRE is a high likelihood of overachieving returns (same with increasing rents on real estate cash flow, ect).  Now, that same person who also started a small consulting business for fun (which wasn't part of the original plan) and has brought in unplanned "income" of a few grand per year, would vote "yes" for unplanned income.

Thanks to everyone who has voted, please keep them com'en!

soccerluvof4

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Re: Post FIRE unplanned income/cashflow
« Reply #11 on: August 31, 2017, 10:53:06 AM »
When my wife and I planned our retirement we knew the first 4 years would be the most expensive with kids going off to college, select sports etc... After both being home and worried about healthcare with 4 kids and the way Health care was looking we decided lets find the most mindless job with the best benefits so we both applied. I was self employed for 30+ years and had no degree so we kinda figured (she worked for me for 16 years) with here degree in accounting and being an office manager she was more hire able. So she was offered alot of medium pay jobs and one was with outstanding benefits/Healthcare etc.. and they were flexible with her hours.  She loves it and doesnt have the worry like when we had our own business so from that sense it works out to be about a 5k a month difference then we were initially planning. Hindsight we would have been more than fine to date but in doing so regardless it has helped our portfolio grow so all the better and she goes to work knowing she can walk off and quit any day any time. Who knows maybe we will alternate positions or go on cobra for 18 months and find something else. I just dont want to take any chance with healthcare.
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arebelspy

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Re: Post FIRE unplanned income/cashflow
« Reply #12 on: September 12, 2017, 09:52:36 PM »
We FIRE'd, have made way more extra income than expected (my expectation was $0, and we're covering our FIRE expenses instead), and are spending a good chunk more than expected as well.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

Stasher

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Re: Post FIRE unplanned income/cashflow
« Reply #13 on: September 17, 2017, 11:29:15 AM »
I have only been FIRE for about 6 months now put somewhat put the foundation in place for income after leaving my career.
Enroute to retiring I developed a social media stream I could generate income off and that is actually happening now. It is work for fun and I don't answer to anyone and enjoy my days of freedom.
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Oil Patch Adams

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Re: Post FIRE unplanned income/cashflow
« Reply #14 on: September 17, 2017, 01:38:48 PM »
We FIRE'd, have made way more extra income than expected (my expectation was $0, and we're covering our FIRE expenses instead), and are spending a good chunk more than expected as well.
From your real estate or random side gigs in the random places you travel?

StetsTerhune

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Re: Post FIRE unplanned income/cashflow
« Reply #15 on: September 18, 2017, 12:18:57 AM »
Quit my job about 1.5 years ago. Planning on some income at some point (from side projects, mostly by my wife), but would haven't expected any yet and haven't seen any yet. Also won't be the end of the world if we never see any. We quit on the low end of what I thought would be ok to live on. It'll be nice to get a little (or a lot) extra though, but not necessary.

arebelspy

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Re: Post FIRE unplanned income/cashflow
« Reply #16 on: September 18, 2017, 05:15:19 PM »
We FIRE'd, have made way more extra income than expected (my expectation was $0, and we're covering our FIRE expenses instead), and are spending a good chunk more than expected as well.
From your real estate or random side gigs in the random places you travel?

No, the real estate was our planned income. We've made enough from other things to not even need that (though it still is coming in as expected, of course).
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

BTDretire

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Re: Post FIRE unplanned income/cashflow
« Reply #17 on: September 22, 2017, 08:59:44 AM »
I could be retired and mostly I am, but my wife says she wants to run the business at least 5 more years. However, when/if she ever retires, I'm sure she will still be selling fruit and vegetables from her garden. She just can't help herself, it just seems to be in her blood, that if it's there she can make a profit from it. So, we will have a few thousand of extra income each year.