Author Topic: What is your most unexpected result from being FI?  (Read 11961 times)

TartanTallulah

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Re: What is your most unexpected result from being FI?
« Reply #100 on: December 26, 2018, 03:16:38 PM »
Since deciding to morph my LSL into retirement, I've mentioned this to just a few people. I've spent 34 years in a highly specialised area of medicine and don't have anything much in the way of transferable medical skills that wouldn't lead to a malpractice suit. And as a wily downshifter I've pretty much optimised my job to my preferences.

My biggest surprise is that just about everyone has come up with an unworkable  suggestion of more medical practice I could do e.g. work in a small private hospital locally with very few patients (i.e. not many billable hours), whilst doubling my insurance/registration costs, needing to maintain the same amount of CPD but in the private sector I would have to pay for it out of pocket AND be on call 24/7. Umm, no, I'd lose money as well as sleep. OR several suggestions to just "do a bit of family medicine" on the side...( same problem with the costs sides, not to mention lack of skill set). And finally a left of field email from a friend of my brother suggesting I get involved in his medical charity work.

NO people, just NO! Did you not hear I'm 60 years old and retiring from the practice of medicine?

This SO chimes! When I announced I was done with family medicine and had handed in my notice, I got so many suggestions of ways I might find joy in continuing to practise medicine, as if for some reason people who knew sod all about the realities of my job or the way the practice of medicine is structured thought they could offer me inspirational "solutions" to something that wasn't even a problem, or couldn't cope with the thought of me being retired. Some of those "solutions" were eye-rollingly inappropriate.

As it happens, a small amount of highly suitable post-retirement medical work presented itself to me without any effort on my part and I'm enjoying it for now. The professional fees did make me hesitate and if this work dries up I won't look for anything else.

SunnyMoney

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Re: What is your most unexpected result from being FI?
« Reply #101 on: December 28, 2018, 10:46:01 AM »
For those of you have reached FI:

How has it changed your life in a way that you never realized it would?

Good or bad

1) Simplified tracking expenses.  Before FI (and for the first 2-3 yrs after FI) we were tracking expenses on a category basis.  Categories were things like groceries, eating out, utilities, property tax, insurance, car repairs, vacation expenses, gifts, etc...  This was tracked by keeping every single receipt and carefully cross referencing with credit card and bank statements.  I typically updated the expenses tracking spreadsheet every 4 months and this process would take a good 2 - 3 hours.  Now we have abandoned the categories and instead track outflows from our financial accounts.  We have 2 bank accounts plus a PayPal account that is used for paying bills and withdrawing pocket cash.  No more categories, just a single expenses number.  This new process takes about 30 min to track 12 months worth of transactions.

2) Loosed up the purse strings.  Before FI we always bought the cheapest, most filling item on the menu - now we order what is most desirable to eat.  Before FI we would study Consumer Reports and Craigslist for months to find a reliable, and depreciated, used car with moderate mileage.  Now we buy new cars that are FUN and comfortable.  Before FI all of my reading came from borrowing library books or buying used books.  Now I poke the 'buy' button on my Kindle from the comfort of my couch without hesitation.  Before FI we rarely shelled out $100/yr total to charities - now we have several organizations we support every year for thousands of dollars.  Small $ changes and big $ changes.. you get the idea.

3) Stopped looking through an exhaustive list of every product.  For example when buying headphones.  Before FI I would look at EVERY headphone option Amazon had in my price range.  Now I look at 3 or 4 options and if one of them is acceptable for covering the features I want then I stop and poke the buy button.  Very rarely does my purchase turn out badly.  What I really regret is the hours I lost in the past looking through far too many options.

DreamFIRE

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Re: What is your most unexpected result from being FI?
« Reply #102 on: December 28, 2018, 03:45:12 PM »

Although this is thread is in the Post-FIRE section, the OP clearly states "FI", not "FIRE" or "RE".

I've been FI for several years, not even sure exactly when I first hit it because my goal was always to save far more than that.  At the market high in Sept. of this year, I hit 3X FI and am still around 2.8X FI since the recent drops.

What changed?  Really, nothing at all for the first few years of being FI, and then I started thinking, planning, and talking more about FIRE over just the last couple years of being FE as my stash grew to a more desirable level.  I've always had a high savings rate, but I've actually tightened up the spending even more since I've hit FI, although being FI was not the reason for the drop in spending, but rather a change in my feelings about what seems like wasteful spending, even though I was already pretty frugal to begin with.

If the question was about FIRE, I couldn't quite answer yet, but in the future, I imagine I would have a lot more to say about the significant changes in my life.