Working better than FIRE? (Poll)

I wish

I can not not walk the dogs…. They go nuts at around 8 am.

 

So many can afford business class yet won't fork out for dog walkers
Or use slave labor aka family.

 

I stopped working full time when I was 37 and then stopped casual work around 43, I just didn't feel the need to put myself through all the headaches for a little bit of extra wealth. I would go back to work if I fell on hard times but that is highly unlikely and I'm not really a big spender.

Most education systems teach people to be regimental and competitive, that's all most people know that don't look out of the box. I worked in a very fast paced environment and I don't miss it one bit, my multiple hobbies and odd jobs around the home take up most of my time. I made quite a few new friends through my hobbies and still see the odd work colleague for the lunch catch-up.

 

LOL

House/dog sitter ….. yes

…. But no dog walkers for me.
I dont have slave labour

 

I would potentially keep working part time but my motivations wouldn't be financial... which would influence the type of job i did.

I had a couple of years off the day job during covid which I liken to a mini FIRE.
I didn't need the money, but I eventually did some part time work for the social element of getting out of the house. Everyone my age was still working during the day, and I had already travelled as much as I could given the then restrictions.

To put it another way, your definition of 'work' will probably change once FIRE is achieved.

 

The trouble with work is it usually ties the worker down to a location meaning you cannot travel. If you don’t need the money it may not be worth it unless you don’t plan to travel. If you do need the money or enjoy it and it is remote there is no need to not work

 

A colleague of mine liked to always remind the boss that he doesn't need to work and if pushed he is happy to leave the job today. It was always comical but he was very competent in his job.

 

Hubby retired some time ago. When we move to the Gold Coast, he intends to get some paid work as a musician, not because we need the money, but because it's something he's always wanted to do, but really couldn't as he wanted the stability of a regular income to support the family,

 

It also teaches them to be servants. Employees are essentially servants. The education system is geared towards the skills and attitudes that will suit you to make a profit for an employer. That shows up here as the idea that if you're not taking direction from someone then you're loafing. You can engage in productive and financially rewarding activity that isn't at someone else's direction.

 

Didnt realise he was a muso. My hobby’s song writing though I’m working on collecting guitars as a side gig ….

Currently making up a wish list as compensation for selling weekender . White Falcon , Cherry red 335 and a PRS McCarty 594 ( it what a Les Paul would be if someone was designing one now instead of in the 50’s ). Vicki is going to have equity in a collection of her choice …

What’s your time frame at this stage ?

cliff

 

At one stage, he worked as the lead singer for a Theatre Restaurant, which was perfect, as they only operated on Friday, Saturday nights maybe once a fortnight, until the Christmas silly season, when the shows were most nights for a couple of weeks and a few matinee's mixed in. Then they lost the venue, and although they did a few gigs in the Town Hall, that proved too expensive, and they eventually closed.

It was great, as there was no interference to the day time job and the only time they needed rehearsals was when they changed the show. It wasn't a child friendly show, but the kids saw it many times. Much of the innuendo went completely over their heads.

The last few years he's been working on his guitar skills. There's been little chance to do anything with covid, although one mate of his wanted him to join up and do something. That didn't work out as the mate was a bit of a prima-donna. Another wanted him & few others to do some entertainment at retirement homes, not really his thing, but he went along with it as we'd already bought by then, but after the first one (which went well, by the way) the 'mate' got cold feet.

As for timing, we should have already moved, but I've had some health issues that doctors have advised that I need sorted before we go. The tenants leave this weekend, so I'm hoping I'm given clearance soon, or we'll have to put another set of tenants in and wait another six months.

 

Whether it be traditional paid work trading time for money, starting your own business, passion/aspirational projects and goals, a job that is focused on enjoyment and may not pay much/anything, philanthropic endeavours; would imagine having something to "work" for could only do good for the mind and soul.

It's no wonder many of the wealthiest people in the world start their own foundations and philanthropic organisations once their fortunes have well exceeded the need to "work" a traditional job.

 

Exactly....

I'm bemused by the common perception that work is at a fixed time & location that therefore impacts personal freedoms.... it just isn't true for many in the 21st century.

It is possible in many professions/ vocations to shift from full time fixed location work to part time no location.... how? Well, you apply your skills to things like project support, training development, publication/document review, policy development, digital products etc. etc.

Think laterally just like you do for financial planning.... so many possibilities if only we think & look.

 

FIRE and work are compatible. You can work and be financially independent, and retired. It doesn't have to be one of the other - similar to gender.

 

I'd still work on my own business, but definitely not an employee. Before I bought this house I was in the position to FIRE but as the kids are still at school and freedom is not there based on their schedule, I opted for a nicer house with a mortgage. Work is very quiet at the moment and I'm happy with that. Longer morning coffees, a bit of Netflix during the day and a bit of work in between is a good balance.

 

Lazy sod... get back to work!

Who is going to pay for the hospitals and pension for us oldies....

 

There are a number of definitions of FIRE.

What Is the Financial Independence, Retire Early (FIRE) Movement?
frugality and extreme savings and investment.
By saving up to 70% of their annual income, FIRE retirement proponents aim to retire early and live off small withdrawals from their accumulated funds.

I've always been careful with money, but extreme savings - never. I'm not living off small withdrawals. I'm saving from income that exceeds expenditure. The current plan is for a substantial addition and reno for the PPOR, high fives or low sixes, all from cashflow unless things move too fast.

FIRE: Financial independence retire early | First Financial
it focuses on saving and investing as much money as you can while you are young so that you can retire far earlier than normal.
That's more like it, and is what I did.

FIRE: Financial Independence, Retire Early | Canstar
(FIRE) is about saving and investing while you’re young so you can retire younger, say in your 30s or 40s ... Stopping work suddenly can be a psychological danger zone

The last part is useful advice. I ceased full-time work in my early forties, and became self-employed, part-time, sundry diverse jobs. Apart from a crazy boss, this was enjoyable. I decided what to do and when to do it. Over time shares and property accumulated there was less need to work. Now I manage shares and property, hoping for a bargain, volunteering, and enjoying life.

"Work" may be defined as any activity that creates income. Shares and property require a little time to manage, maybe 4-10 hours a week. The difference to 9-5 is that what I do for work and when I do it is up to me. The internet has made a huge difference, and work can be spread out over time. Next week I start on my FY23 tax return, adding data as it happens, a few minutes each week.

My FIRE has:
- income from passive sources a multiple of expenditure, and likely to stay that way;
- enough cash to weather a GFC, pandemic, or similar event where income drops;
- no requirement to do more than the minimum work to manage passive income;
- discretionary time to do as you please: gardening, travel, volunteering, working;
- enjoying life.

After being careful with expenditure for some time, several years ago I bought my forever house. While the pandemic created a few moments of cashflow interest, I survived. It's very nice exiting the rat race decades earlier than most. It's nice having enough material possessions and not needing more. Financial security feels good.

It seems to me that FIRE is nuanced with everyone having their own approach, probably with overlap with others.

 

I think background/culture plays a big part. In Asian society, you never "fully retire" till you're six feet under. Personally my ideal would be to partially still work but nothing like at the peak of my "career" - financials aside, I have sufficient hobbies and hopefully grandchildren to fill the rest of whatever time I have left at that age!

An old place I worked at struck up this deal with the old CFO who knew Accounting Standards backwards. I started when he "semi retired" about 12 years ago - he was 71 but still came on at Audit and Tax time but just provided support for a few years before we fully cut him off. Paid pretty darn handsomely too for what he did!

My actual ideal lifestyle (but granted I have two young kids so I can't execute this) would be to actually work from home (home being keyword here...) but overseas for like at least 6 months. Having said that reality but be a real PITA when you work overseas vs when going on holidays.

 

Wouldn’t mind working as a dog walker and collecting the dole I mean hole, digging a hole lol. That would be pretty close to retirement in my book.

 

Back in high school, a teacher asked the class what profession we want to be when we grow older and therefore we need to work at the skills to get there.

A drop kick class mate yelled out "Male gigolo sir!"

1. Can such profession keep working post retirement age?
2. Would such profession be enjoyable in the first place?

I thought about it for a split second as a high schooler and decided it would not be for me