In the start, I really loved working on the idea and making it into reality. Even though it was so much hard work. Now, however, it feels more repetitive and I don't enjoy working with our customers.
My preferred option would be to take a sabbatical to figure out if I would like to do "nothing". However, that's not really possible within the company, since we're too small and I can't promise to my partners that I would actually return to the company. I might enjoy it too much ;).
I can't imagine what it's like to be retired, now I'm there. Will it be disappointing? Would I lose a sense of purpose or at least a sense of getting things done? Also, it feels like I lack in grit if I leave the company now and that I would be letting my partners down. And what if I want to come back, because I miss the work?
Does it have to be all or nothing? Could you stay on as a board member, executive, advisor, etc? If you enjoy working with your partners and want to continue with the business, is there not some role where you could continue to offer your experience and expertise without having to do boots-on-the-ground work?
I wonder if there's a middle ground you could find between full-time work and full retirement? Would it be possible to restructure your responsibilities to include less of the parts you don't enjoy (e.g., dealing with customers) or working part time? Perhaps you could negotiate a reduced share in the company along with reduced responsibilities, maybe with an option to buy back your full share later?
All of these things are possible, and you won't know for sure until you've tried it. IMO you're likely to miss it at some point -- strictly based on the stereotypical hard-working, passionate self-starter attributes that I often see in entrepreneurs. But everyone is different, and maybe you would fill your time in retirement with other things and not miss this at all.
Dicey has a great point about being able to withstand a market correction or extended bear market. It sounds like you just recently achieved FI, and this occurred after a pretty solid stretch of great market returns (2018 notwithstanding). If you're on the lean side of FI you'll want to consider your comfort level about the possibility of starting your retirement in a bear market. If you can see yourself cutting backon spending and/or picking up some work in lean times, then maybe you needn't be overly concerned about this.
Pre-FIRE, I had two mantras. One is paraphrased in my signature line. The other is:
"Retiring too early is a mistake that can be recovered from. Too late and there is no recovery."
I've been confidently chasing my dreams for eight years now, and it's glorious. I must hasten to add that I had no big dreams of glory. I just wanted to live a happy life that didn't require involuntary work.
My only consideration is that you've been FI for a very short time. If your investments experienced a 20% pullback, would you still be FI?
Does it have to be all or nothing? Could you stay on as a board member, executive, advisor, etc? If you enjoy working with your partners and want to continue with the business, is there not some role where you could continue to offer your experience and expertise without having to do boots-on-the-ground work?I wonder if there's a middle ground you could find between full-time work and full retirement? Would it be possible to restructure your responsibilities to include less of the parts you don't enjoy (e.g., dealing with customers) or working part time? Perhaps you could negotiate a reduced share in the company along with reduced responsibilities, maybe with an option to buy back your full share later?
That's a good point from both of you. The tricky thing is that we only have a small team. So we would have to bring someone on board to replace me. It's definitely something I want to discuss. Although I can't really imagine a role like that, where I would still add sufficient value to the business. I don't want to drag on the company, just because of my (selfish) reasons. It's hard enough that I would be leaving.
Pre-FIRE, I had two mantras. One is paraphrased in my signature line. The other is:
"Retiring too early is a mistake that can be recovered from. Too late and there is no recovery."
Does it have to be all or nothing? Could you stay on as a board member, executive, advisor, etc? If you enjoy working with your partners and want to continue with the business, is there not some role where you could continue to offer your experience and expertise without having to do boots-on-the-ground work?I wonder if there's a middle ground you could find between full-time work and full retirement? Would it be possible to restructure your responsibilities to include less of the parts you don't enjoy (e.g., dealing with customers) or working part time? Perhaps you could negotiate a reduced share in the company along with reduced responsibilities, maybe with an option to buy back your full share later?
That's a good point from both of you. The tricky thing is that we only have a small team. So we would have to bring someone on board to replace me. It's definitely something I want to discuss. Although I can't really imagine a role like that, where I would still add sufficient value to the business. I don't want to drag on the company, just because of my (selfish) reasons. It's hard enough that I would be leaving.
Building on this thought, could you make it your goal for 2021 to find an employee or partner to replace or partially replace you? That could give you closure, and maybe break up the repetition of the work. I don't know the nature of your work, but there are plenty of dislocated people at the moment--a broad pool to pull from. And if it was actually a new partner, you could get your cash out, too.
Of course, all this needs to be reviewed with your current partners. Maybe they have their own doubts? Maybe they would just as soon buy you out as bring in someone else? For better or worse, your life is entangled with theirs, and any ideas you have could run into major complications until you know what they are thinking.
One thing not mentioned yet is: it is absolutely fine to be the sort of person who enjoys setting up a new business rather than the kind of person who enjoys running a business after it's been set up. They are two different skillsets and interests. You have discovered something about yourself with the realisation that you are the first sort of person and not the second. I bet that if you talked about this with your partner they would understand and would work with you to find a solution, including your retiring.
The other thing I would say is, I don't think you need to worry about what you would do in retirement. I think you need to forget about retirement, I think you need to think "I'm going to do something new with my life now, and I've not only got the money that gives me time to find it I've got the money that means I can find something that doesn't may make money but doesn't need to".
And now I've reached FI and... well... now after so many years I've doubts, if I should retire.
About 5 years ago I started a company together with a former co-worker. Now we're a team of 3. I really enjoy working with them. However, I don't enjoy the work.
Now, however, it feels more repetitive and I don't enjoy working with our customers.
My preferred option would be to take a sabbatical to figure out if I would like to do "nothing". However, that's not really possible within the company, since we're too small and I can't promise to my partners that I would actually return to the company. I might enjoy it too much ;).
I can't imagine what it's like to be retired, now I'm there. Will it be disappointing? Would I lose a sense of purpose or at least a sense of getting things done?
My parent's aren't impoverished in their retirememt, but their money is very tight. Medical bills and home repairs are eating away at their savings at an irreplaceable rate. They are in their late 70s and it's getting harder for them to do everthing themselves. They were in pretty good shape financially and health wise when they early retired in the 90s, in their 50s. Time and inflation marches on. Don't turn off the FIRE hose of dollars till you are sure you are ready.
My parent's aren't impoverished in their retirememt, but their money is very tight. Medical bills and home repairs are eating away at their savings at an irreplaceable rate. They are in their late 70s and it's getting harder for them to do everthing themselves. They were in pretty good shape financially and health wise when they early retired in the 90s, in their 50s. Time and inflation marches on. Don't turn off the FIRE hose of dollars till you are sure you are ready.
I am curious about what are your parents' retirement income(s)? investment, social security, or pension?
My parent's aren't impoverished in their retirememt, but their money is very tight. Medical bills and home repairs are eating away at their savings at an irreplaceable rate. They are in their late 70s and it's getting harder for them to do everthing themselves. They were in pretty good shape financially and health wise when they early retired in the 90s, in their 50s. Time and inflation marches on. Don't turn off the FIRE hose of dollars till you are sure you are ready.
I am curious about what are your parents' retirement income(s)? investment, social security, or pension?
The world of the 90s is gone. Multiple market wipeouts during drawdown have hit their mutual funds. Social Security helps a bit. A small pension doesn't even cover medical expenses. When you think you have saved enough, triple it.
The world of the 90s is gone. Multiple market wipeouts during drawdown have hit their mutual funds. Social Security helps a bit. A small pension doesn't even cover medical expenses. When you think you have saved enough, triple it.
The journey of forum member @Omy could provide some comfort.
https://forum.mrmoneymustache.com/post-fire/serious-'one-more-year'-syndrome-advice-appreciated/
Spoiler alert:Spoiler: show
That's a nice update: congratulations on finding a win/win solution.Thanks! It's a good first step. Very curious to see where/how it will go from here.