Author Topic: Do you have side gigs while FI?  (Read 2484 times)

nara

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Do you have side gigs while FI?
« on: June 11, 2017, 06:41:51 PM »
DH and I are on track to be FI in 10 years. At that time our assets will produce $33k a year until we're 100. We are not entirely mustachian though and while $33k will ensure our survival--we would like to have a little more to be able to enjoy some of the extras.

My questions for all of you who are already (or close to) FIRE:

1. What was your target annual portfolio income?
2. Do you do any side gigs to earn additional money? And if so, are you doing something entirely different than your previous career or do you still work in the same field (just scaling back hours or consulting, etc.)?

Miss Piggy

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Re: Do you have side gigs while FI?
« Reply #1 on: June 11, 2017, 07:19:41 PM »
I plan to keep my consulting business and work on a limited number of projects to cover the cost of health insurance...just as a safety net.

MaaS

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Re: Do you have side gigs while FI?
« Reply #2 on: June 11, 2017, 07:45:02 PM »
I plan to keep my consulting business and work on a limited number of projects to cover the cost of health insurance...just as a safety net.

+1.  I'm also a consultant and just plan on scaling it down to a small number of projects I find interesting.

Acastus

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Re: Do you have side gigs while FI?
« Reply #3 on: June 12, 2017, 12:59:36 PM »
My target is 60k with possible excursions to 70k. I am hoping to FIRE within the year. I am about 10 years from collecting full social security, so I think I can comfortably draw 4% each year and draw up to 5%, sometimes, if the need arises. SS will cover at least 50% of current expenses if I can count on their calculations.

 Healthcare costs and my son's college expenses are the big unknowns. If I could rely on ACA, I would be set.

andystkilda

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Re: Do you have side gigs while FI?
« Reply #4 on: June 17, 2017, 04:20:27 AM »
We do a bit of Freelance work and side-jobs - both in and out of our previous careers.
I see us continuing the Freelance work until our stache is at the beyond-doubt levels, then it will be total 'do whatever we want' time (which will include work and volunteering) but money will be a zero consideration at that point.

Unique User

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Re: Do you have side gigs while FI?
« Reply #5 on: June 23, 2017, 10:01:02 AM »
For those that are consultants, can you share what type of consulting you do and how do you find contracts?

Syonyk

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Re: Do you have side gigs while FI?
« Reply #6 on: June 23, 2017, 02:02:06 PM »
NO!  You MUST refuse any and all work to be considered "retired" - any "work" or "pay" means you aren't retired!  At least according to the Internet Retirement Police.

http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/

I certainly intend to do paid projects after I'm retired, but they'll be much more "on my terms" and "things I find interesting."
My random project blog - ebikes, DIY, fans, and more: http://syonyk.blogspot.com

Acastus

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Re: Do you have side gigs while FI?
« Reply #7 on: June 24, 2017, 11:54:58 AM »
I am reading Pascale, et. al. The Retirement Maze right now. They define worker or retiree as the self selected state of being. It does not matter whether you are working at the moment or not. If  you feel you need to work,  you are a worker. If you feel retired, even if you work 40 hours, you are retired.

Cassie

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Re: Do you have side gigs while FI?
« Reply #8 on: June 25, 2017, 02:56:22 PM »
WE each have a small pension of 20k/year. I work p.t. for an additional 25k/year. My DH works contract jobs for 6-12 months at a time and then does not work for a year or 2.  Since we are 58 & 63 we want to travel and have lots of experiences. We spend about 65-70/year. Now that we don't work f.t. we have time and energy for other things.

Miss Piggy

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Re: Do you have side gigs while FI?
« Reply #9 on: June 25, 2017, 10:35:19 PM »
I am reading Pascale, et. al. The Retirement Maze right now. They define worker or retiree as the self selected state of being. It does not matter whether you are working at the moment or not. If  you feel you need to work,  you are a worker. If you feel retired, even if you work 40 hours, you are retired.

That seems odd to me.

Fishindude

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Re: Do you have side gigs while FI?
« Reply #10 on: June 26, 2017, 05:34:42 PM »
I'm still working a little part time but not for long.  Have side income streams that require very little work and generate around $80k annual income.   Those items include rental property, farm income, board of director fees and a stock that pays routine dividends.   

We are budgeting for around $140k annual spending.  The balance of this will come from 401k, social security, and stock investment returns.

arebelspy

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Re: Do you have side gigs while FI?
« Reply #11 on: June 26, 2017, 07:25:54 PM »
Yes, we have a few side gigs. Managing some of our properties. Selling tradelines. My wife writes romance novels.  I do some real estate/early retirement consulting.

We don't need any of the income, and donate all of it.  But we enjoy them all.  Sometimes we add new ones, sometimes we drop some, depending on our whims.

I am reading Pascale, et. al. The Retirement Maze right now. They define worker or retiree as the self selected state of being. It does not matter whether you are working at the moment or not. If  you feel you need to work,  you are a worker. If you feel retired, even if you work 40 hours, you are retired.

That seems odd to me.

That's basically MMM's definition. If you are FI, even if still working, you are retired.

If you disagree, be prepared to be called IRP.  (I qualify there.)
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."

Miss Piggy

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Re: Do you have side gigs while FI?
« Reply #12 on: June 26, 2017, 08:34:37 PM »
Yes, we have a few side gigs. Managing some of our properties. Selling tradelines. My wife writes romance novels.  I do some real estate/early retirement consulting.

We don't need any of the income, and donate all of it.  But we enjoy them all.  Sometimes we add new ones, sometimes we drop some, depending on our whims.

I am reading Pascale, et. al. The Retirement Maze right now. They define worker or retiree as the self selected state of being. It does not matter whether you are working at the moment or not. If  you feel you need to work,  you are a worker. If you feel retired, even if you work 40 hours, you are retired.

That seems odd to me.

That's basically MMM's definition. If you are FI, even if still working, you are retired.

If you disagree, be prepared to be called IRP.  (I qualify there.)

Interesting. Maybe I haven't been paying attention, but this is a new "definition" for me. (And I have no idea what IRP stands for.)

I guess I'm retired, then. Sure doesn't feel like it since I work 50 hours a week. And where's my stinking party?  I must have missed it. ;)

arebelspy

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Re: Do you have side gigs while FI?
« Reply #13 on: June 26, 2017, 08:38:14 PM »
Interesting. Maybe I haven't been paying attention, but this is a new "definition" for me. (And I have no idea what IRP stands for.)

Both MMM's definition of retirement, and IRP, in this blog post:
http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/
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."

Miss Piggy

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Re: Do you have side gigs while FI?
« Reply #14 on: June 26, 2017, 08:54:07 PM »
Interesting. Maybe I haven't been paying attention, but this is a new "definition" for me. (And I have no idea what IRP stands for.)

Both MMM's definition of retirement, and IRP, in this blog post:
http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/

Okay, that's a great blog post, and he explains it a lot better than what I was envisioning was meant above.

And in that case, I guess I fall into the category of "Retired but still working due to being scared shitless about future health insurance costs, limitations, and possibilities." Is there such a category? Maybe not...maybe what I'm doing isn't retired at all. Definitely scared shitless, though.

Acastus

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Re: Do you have side gigs while FI?
« Reply #15 on: June 27, 2017, 11:08:28 AM »
I am reading Pascale, et. al. The Retirement Maze right now. They define worker or retiree as the self selected state of being. It does not matter whether you are working at the moment or not. If  you feel you need to work,  you are a worker. If you feel retired, even if you work 40 hours, you are retired.

That seems odd to me.
It is similar to "take a job you love, and you will never work again." If you burned out as a high powered executive, and now you are a barista so you can chat with the cool kids, you might think of yourself as retired. Bartender, SCORE counselor, adjunct professor might also be fun activities that just happen to pay you.  If you took a retirement package, but you need to work 15 hours at Walmart to make ends meed, you are a worker. You need the job.

AdrianC

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Re: Do you have side gigs while FI?
« Reply #16 on: June 27, 2017, 11:59:33 AM »
I plan to keep my consulting business and work on a limited number of projects to cover the cost of health insurance...just as a safety net.

+1.  I'm also a consultant and just plan on scaling it down to a small number of projects I find interesting.
I'm an engineering consultant and have scaled it down dramatically. Finishing up a few things. Consulting on a project for an old client and friend. Took on another project that I farmed out to a friend who does work for me on the side. Definitely part-time. I've turned down enough projects now that enquiries have pretty much dried up, which is what I wanted.

I go back and forth on the health insurance thing. More consulting income = less health insurance subsidy/tax credit. Not that we've qualified for any subsidy yet. Next year we should, if there is such a thing next year.

AdrianC

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Re: Do you have side gigs while FI?
« Reply #17 on: June 27, 2017, 12:05:53 PM »
And in that case, I guess I fall into the category of "Retired but still working due to being scared shitless about future health insurance costs, limitations, and possibilities." Is there such a category? Maybe not...maybe what I'm doing isn't retired at all. Definitely scared shitless, though.
I read someone else on here saying about the same thing - they were FI but waiting for the health insurance thing to settle before RE.

Y'all might be waiting a long time. I expect this mess and uncertainty will continue for years. I think we just have to be sure we have plenty in our budget: premium cost without subsidy plus max out of pocket. If we can cover that we should be OK.

Spitfire

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Re: Do you have side gigs while FI?
« Reply #18 on: June 27, 2017, 02:29:55 PM »
I guess I fall into the category of "Retired but still working due to being scared shitless about future health insurance costs, limitations, and possibilities." Is there such a category? Maybe not...maybe what I'm doing isn't retired at all. Definitely scared shitless, though.

I think this is the OMY "one more year" crowd.