Author Topic: Starting My Retirement or FI Early... Sort Of  (Read 7090 times)

lifejoy

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Starting My Retirement or FI Early... Sort Of
« on: February 20, 2014, 10:09:03 AM »
Having read most of "Your Money or Your Life", and some of "The Overworked American", I have decided to start my "financial independence" early. And by FI, I mean do what I want because I want to, not because I have to. It also means saying no to lotsa monies $$, in favour of things like happiness and work-life balance.

I am 25 years old and will be debt free (0% interest) in April of this year. Here is the plan:

1. Finish paying back parents (April)
2. Finish two term positions that end in May
3. Pursue dreams (a. Work part-time in a jewellery store. b. Volunteer at the library c. Work casual shifts at the library d. Take silversmithing classes?)
4. Engage in free exercise (walking, biking, free weights at home, push-ups, etc)
5. Sleep more
6. Slow travel
7. Enjoy the f*ck out of my life, because life's too short to do work that bores you to tears!

This is my plan. I am going to try it out for four months, at which point I will assess the pros and cons of returning to my term position that is permanent and seasonal (it starts again in September). Thoughts?

SwordGuy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #1 on: February 20, 2014, 10:29:14 AM »
Silversmithing is an expensive hobby.  Tools and materials are not cheap! 

If you really have a desire to learn this, plan on needing an income stream to get you started with the tools you will need.

Let me know what part of the country you are in, I may be able to recommend some folks or facilities to learn from.

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #2 on: February 20, 2014, 11:25:19 AM »
Saskatchewan, Canada. :)

Yeah... I have been putting this hobby off for a loooong time because I can see it would be costly!

arebelspy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #3 on: February 20, 2014, 11:59:00 AM »
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

forward

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #4 on: February 20, 2014, 12:15:40 PM »

Great plan - badass!  I wish I had done the same thing.  The reality is people can do exactly as you describe you just have to decide to do so and then your future decisions are based on that reality.  Most of us do it the opposite, make the decisions that create your expensive lifestyle and then all of a sudden one day its like Whoah - what happened!  I and many others here are making new trails which split off from the old one.

I didn't know you were in Saskatchewan, Canada, beautiful place, only got to visit the area for a few days when I lived in Canada though.

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #5 on: February 20, 2014, 01:23:22 PM »
I'm a BC girl at heart, but yeah - SK for now!

Also... totally not telling my parents about this plan! They don't understand (yet) the idea of finding fulfilling work at the cost of lower pay.

Cassie

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #6 on: February 20, 2014, 01:31:30 PM »
I think it is a great plan! YOu are only young once.  You have plenty of time to find a career, etc. Enjoy yourself:))

JFC

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #7 on: February 20, 2014, 01:57:53 PM »
Hi libraryjoy,

Consider joining a lapidary club for silversmithing classes if there is one in your area. I'm in Vancouver and the club I'm part of has free silversmithing classes (once you've paid your membership of $20 a year). They'll let beginners borrow tools and such to make sure they enjoy it before buying their own. It's a great way to try it out.

I have to pay a drop-in fee of $2 (it might be $3 for silversmithing) whenever I use the workshop and all its fabulous equipment. For me it makes lapidary an affordable hobby (I don't do silversmithing). There might be a club in SK that's similar. Just go to lapidaryworld dot com and then click Clubs Canada to see if your city is listed.

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #8 on: February 20, 2014, 02:40:28 PM »
Hi libraryjoy,

Consider joining a lapidary club for silversmithing classes if there is one in your area. I'm in Vancouver and the club I'm part of has free silversmithing classes (once you've paid your membership of $20 a year). They'll let beginners borrow tools and such to make sure they enjoy it before buying their own. It's a great way to try it out.

I have to pay a drop-in fee of $2 (it might be $3 for silversmithing) whenever I use the workshop and all its fabulous equipment. For me it makes lapidary an affordable hobby (I don't do silversmithing). There might be a club in SK that's similar. Just go to lapidaryworld dot com and then click Clubs Canada to see if your city is listed.

Hi JFC, I had come across the Vancouver club but didn't think to check if SK had one! I'm very jeaolous of the Vancouver club! Will you be going to the gem show in Abbostford? http://www.lapidary.bc.ca/gemshow.html

limeandpepper

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #9 on: February 20, 2014, 03:32:00 PM »
I think it is great! I'm keen to know how it goes for you. Enjoying life now without being tied down to a full time job is is why a sabbatical appeals to me so much. My boyfriend is a freelancer so he already does this on some level, he takes breaks from accepting work from time to time. How are you planning to slow travel?

JFC

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #10 on: February 20, 2014, 07:11:37 PM »
Quote
Hi JFC, I had come across the Vancouver club but didn't think to check if SK had one! I'm very jeaolous of the Vancouver club! Will you be going to the gem show in Abbostford? http://www.lapidary.bc.ca/gemshow.html

Oh yes, I will definitely be at the show!

I'm also curious to hear about your plans for slow travel.

vern

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #11 on: February 21, 2014, 12:24:50 AM »
Quote
3. Pursue dreams
4. Engage in free exercise (walking, biking, free weights at home, push-ups, etc)
5. Sleep more
6. Slow travel
7. Enjoy the f*ck out of my life, because life's too short to do work that bores you to tears!

I approve of this message. 

Congratulations and best of luck!

Gray Matter

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #12 on: February 21, 2014, 05:06:49 AM »
Love!  I so admire your courage.  When I was 25, I had fully bought into the American dream...was starting a business with two partners, going to graduate school full-time at night, buying a house, completely stressed out and gaining significant weight year-over-year.  Now I look back at my 20s and wonder what the hell I was thinking.  It's like I was rushing through everything in order to get to the end of my life earlier.  Crazy.

meadow lark

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #13 on: February 21, 2014, 05:48:36 AM »
Yay!  This sounds perfect!

arebelspy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #14 on: February 21, 2014, 08:05:29 AM »
I'm also curious to hear about your plans for slow travel.

+1!
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

jrhampt

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #15 on: February 21, 2014, 08:30:38 AM »
It's like I was rushing through everything in order to get to the end of my life earlier.  Crazy.

Ugh.  I can totally relate to this feeling. 

Also envious of the OP.  I had this life once...irregular schedule...working a couple of part-time jobs...and I liked it.  Now I have a higher income than I would ever have dreamed possible, and I am afraid of giving it up too soon and regretting it. 

windawake

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #16 on: February 21, 2014, 09:00:19 AM »
This was essentially my life for the last couple years. I was in grad school and working part-time (with tuition benefits) and volunteering or interning someplace interesting. I had so much time for friends and yoga. It was great. However, I'm very glad that it's over. I think this has more to do with the kind of work I was doing. It was mostly schoolwork and part-time work from home, so I always felt like I had something hanging over my head that needed to be done. Especially when I was also applying for full-time jobs.

Aside from the fact that I used up all my savings (on tuition, my tuition benefit only covered 75% tuition and my living stipend only covered living), it was a good time in life. I definitely want to work part-time in the future. My current strategy is to work full-time at my current job, prove myself, and then drop down to .75FTE or work from home part of the week.

Good luck!

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #17 on: February 21, 2014, 11:16:54 AM »
Thanks for posting cautionary tales, you guys! I have only been out of school for two years, but I have seen the work force eat up my coworkers and spit them out. They are overweight, stressed, sleep-deprived, and... perhaps unhappy. That is not the life I want! In reading about MMM and Jacob from ERE, I can see that it is possible to survive on a very small income. I will have more than enough money to attempt this experiment, and I look forward to seeing how it plays out in the future. This classic story inspires me:

A Little Story

The businessman was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The businessman complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied only a little while.

The businessman then asked why he didn't stay out longer and catch more fish? The Mexican said he had enough to support his family's immediate needs. The businessman then asked, but what do you do with the rest of your time? The Mexican fisherman said, "I sleep late, fish a little, play with my children, take a siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos; I have a full and busy life, seņor."

The businessman scoffed, "I am a Harvard MBA and I could help you. You should spend more time fishing and with the proceeds buy a bigger boat. With the proceeds from the bigger boat you could buy several boats; eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman, you would sell directly to the processor and eventually open your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City where you would run your expanding enterprise."

The Mexican fisherman asked, "But seņor, how long will this all take?" To which the businessman replied, "15-20 years." "But what then, seņor?" The businessman laughed and said, "That's the best part! When the time is right you would announce an IPO and sell your company stock to the public and become very rich. You would make millions." "Millions, seņor? Then what?" The businessman said, "Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a siesta with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos."

The fisherman, still smiling, looked up and said, "Isn't that what I'm doing right now?"

-Author Unknown


I want to be that wise fisherman! :)

Slow travel: Getting from point A to point B at a leisurely pace. Slow travelers, who prefer trains and boats to cars and jets, brag that they take as much pleasure in the journey as in the destination.

Nothing too radical, but I hope to drive to BC instead of flying there, and maybe check out Vancouver Island a bit. I have a bunch of friends and family in BC, and I miss them always. I don't like flying, or the cost of flying, so I think a nice road trip + audio books could be just the thing. If I have a job that allows me to take time off, this could be a great travel opportunity! (Side note: my car uses diesel so it is very good on gas!)

Thanks for everyone's support! It's hard to opt out of the rat race BEFORE your first heart attack ;)

KLina

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #18 on: February 23, 2014, 07:37:11 AM »
It's awesome that you know what you want to do! I have a friend who lives very simply. He teaches art classes at a community center, bringing home maybe $6-8k per year, but his only expenses are a room in a co-op community and food. He travels by bus or with friends, and stays with family and friends.

When we graduated college, many people thought he was crazy for barely working, and some insinuated that he was lazy or pushed him to get a job. I admire him (and you) for knowing what you want and acting on it, despite outside pressure.

Also, I love your tumblr and have been reading it for a few months!

C. K.

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #19 on: February 23, 2014, 07:55:33 AM »
There is a young female who travels alone at http://www.legalnomads.com/about

She saved up her money for 6 years, quit her job and travels indefinitely. She says something about Asia giving you the best bang for your buck. Europe has attracted too many tourists and is, therefore, expensive.

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #20 on: February 23, 2014, 08:04:26 AM »
We'll see if I can stick to my guns. There is a library job that has popped up, that would not make my heart is BUT would pay very well and bring me closer to real FI. I'm still hoping that I'll get the job at the jewellery store and try that out, at least.

We regret the things we don't do! Right?

arebelspy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #21 on: February 23, 2014, 11:14:21 AM »
We regret the things we don't do! Right?

Don't regret anything, the things you do or don't.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Hedge_87

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #22 on: February 23, 2014, 12:07:44 PM »
Like the fisherman story. I feel like I am to much like the business man and not near enough like the fisherman. I spend way to much time setting and reaching goals so I can finally do "what I want". Face punch I'll start working on this

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #23 on: February 23, 2014, 09:24:57 PM »
We regret the things we don't do! Right?

Don't regret anything, the things you do or don't.

Even better!

lifejoy

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Re: Starting My Retirement or FI Early... Sort Of
« Reply #24 on: February 23, 2014, 09:25:53 PM »
Like the fisherman story. I feel like I am to much like the business man and not near enough like the fisherman. I spend way to much time setting and reaching goals so I can finally do "what I want". Face punch I'll start working on this

Good luck to us both :)

I am currently mustering up the courage to turn down a job that would be good for me financially but potentially bad for me mentally and emotionally. Tough!