Leaving the rat race after COVID

Leaving the rat race after COVID

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Discussion

dmahon

Original Poster:

2,717 posts

63 months

Monday 6th July 2020
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Is anyone planning on stepping back from the daily grind after COVID?

I’ve always been quite career oriented, but the longer this drags on, I’m starting to think more about early retirement, picking up small bits of consulting, or maybe a complete career change. Even though I’m not exactly loving how we live now, I can’t be bothered going back to how things were.

Most of my friends seem to be thinking along the same lines. I know a lot of IT contractors facing the triple whammy of COVID, IR35 and Brexit. I think a lot of them are going to do something completely different and less stressful rather than go permie.

I know a few other people talking seriously about leaving London. If they get out with their equity in tact I can see them moving to a really different way of life. Working long hours for a big mortgage with a long commute feels soooo 2019.

The obvious challenge is finances, but with millions of people seeing how little you need to live on, there must be an awful lot of people in similar positions wondering whether to bin it all off early.

Nickbrapp

5,277 posts

129 months

Monday 6th July 2020
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No, but I would never live in London and work huge days to pay a massive mortgage anyway.

Quiet life has always been the one for me

Zstar

119 posts

46 months

Monday 6th July 2020
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Yes, I’ve been thinking the same. I’ve worked in London, Singapore and Hong Kong, working ever longer hours for more pay and more stress. I own 2 properties but still live in rented accommodation as work and family keep changing. We have a 1 year old and WFH has been a revelation. I’m dreading going back to work, and I hate that he sometimes sees how busy and stressed I am. My wife is self employed and is always working late.

I think we will give it another 2-3 years (I’ll be mid 40s by then) and then look to move somewhere less stressful and try and get more enjoyable jobs (I’m thinking of training as a financial advisor) and spend more time together as a family. We also want to build a family home so that our son can settle down and make friends properly rather than living an expat lifestyle.

Miopyk

869 posts

144 months

Monday 6th July 2020
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I feel the same way. Been contracting for the last 15 years, travelled the world and really enjoyed it but the last year has been a bit of a drag especially as IR35 was looming on the horizon.

My last contract finished in January and the Mrs decided to pack her job in at the same time so we took a month out abroad. We flew home 2 weeks before lockdown and since then have reassessed our priorities. I was intending looking for another potential contract in the autumn after taking the summer off but now think I'll just stop. We've got no debt and enough money to do pretty much all of the things we want for the foreseeable future so apart from the risk of getting bored the incentives aren't really there anymore.


ninepoint2

3,260 posts

159 months

Tuesday 7th July 2020
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I had always planned to work till I was 65, however I got offered a deal in my late 50's that was too good to turn down, decent lump sum, generous pension and a years salary as an extra incentive. At the time I wasn't sure, we have 2 boys still at home, however now looking back 4 years later it was the best decision I ever made. This year has been a bit of a bugger, lots of stuff cancelled or postponed to 2021, so next year should be a cracker. If you can do it and the sums work out I can thoroughly recommend it

Mazinbrum

929 posts

177 months

Tuesday 7th July 2020
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Did it in January and no regrets.

hutchst

3,696 posts

95 months

Tuesday 7th July 2020
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30th September. The clock is ticking.

Robertj21a

16,475 posts

104 months

Tuesday 7th July 2020
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dmahon said:
Is anyone planning on stepping back from the daily grind after COVID?

I’ve always been quite career oriented, but the longer this drags on, I’m starting to think more about early retirement, picking up small bits of consulting, or maybe a complete career change. Even though I’m not exactly loving how we live now, I can’t be bothered going back to how things were.

Most of my friends seem to be thinking along the same lines. I know a lot of IT contractors facing the triple whammy of COVID, IR35 and Brexit. I think a lot of them are going to do something completely different and less stressful rather than go permie.

I know a few other people talking seriously about leaving London. If they get out with their equity in tact I can see them moving to a really different way of life. Working long hours for a big mortgage with a long commute feels soooo 2019.

The obvious challenge is finances, but with millions of people seeing how little you need to live on, there must be an awful lot of people in similar positions wondering whether to bin it all off early.
Plenty of comments around that many others are taking the opportunity to totally rethink their lives - perfect time really. Cutting out commuting time and costs is a big plus point for many and WFH may be ideal if possible.
Or have a total change of job, house, car etc. This is the time to do it, you only get one life.

kingBadger

194 posts

162 months

Tuesday 7th July 2020
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Covid seemed the perfect kick up the butt to assess the what life is all about and the importance of money for me.

Took the opportunity of early retirement in April and am happy so far!

JulianPH

9,912 posts

113 months

Tuesday 7th July 2020
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I did it years ago. Bought a nice house with land in the sticks and just work from home.

Sometimes I will go away for a few months. As long as I have phone and internet connection it doesn't really matter where I am.

My role guarantees a fair level of stress still, but I do it because I enjoy it, not because I have to.

You wouldn't get me back to London in a million years!

Life is for living and enjoying,

Many people these days seem to have gone through huge pressure at school to get the grades to go to university where come out with big debts to get a job that they don't really enjoy to save for a deposit for a house that wasn't what they really wanted and then spend years of their lives commuting to somewhere to spend each day with people they don't really like in order to pay off the mortgage, credit cards, HP payments and then try to put something aside for an underfunded retirement until they croak it.

That is not living.

The rat race is not what it is cracked up to be and one of the happiest, fittest, and least stressed people I know is our postman.

If you are lucky enough to be able to get out of the machine, then do it!




Edited for typossmile

Edited by JulianPH on Tuesday 7th July 09:50

Hitch

6,100 posts

193 months

Tuesday 7th July 2020
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We started this process a few years back when we moved back from Sydney after 8 years overseas. I've not left the rat race but I do it on my terms now; it doesn't have to be a binary choice.

We bought a place in rural Cheshire with a little bit of land and said that life would build around us rather than it revolving around work as it had done previously. The train to London is only 90 mins but I've had to turn down some great opportunities because of not being based in the SE. That said, our mortgage is peanuts so the pressure is less.

The massive move to WFH this year has just made it all easier. I've just picked up a previously London-based role on a 'London package' but I now get to commute to my workshop in the garden on the 3ish days a week that I'm not with clients. It means I see the kids at breakfast when I would previously have been on the road and I often get to cook dinner and sit down with the family in the evening. I can also nip out for a quick 5k jog at lunch. We're all benefiting!

Jasey_

4,823 posts

177 months

Tuesday 7th July 2020
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In my early 20s I was working in London "enjoying" the commute from Teddington to Westminster.

We got a 6 week job in Aberdeen and I volunteered to take it on.

2 years later and still on the job the client offered me a permanent job that essentially meant talking a 50% pay cut.

took it and have never looked back.

Sold my 2 bed mid terrace house in Teddington and bought a 4 bedroom detached new build in Banchory for pretty much the same money.

[url]

v



When I had to make the decision it basically came down to working in London is a young person's game - I wouldn't want to be doing it after I was into my 30s - And that was 30 years ago - pretty sure it hasn't improved !


Edited by Jasey_ on Tuesday 7th July 09:43

Robertj21a

16,475 posts

104 months

Tuesday 7th July 2020
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Some good changes outlined on here already.
Remember - this life is not a rehearsal, you only get the one chance to enjoy it however you wish.

Monkeylegend

26,226 posts

230 months

Tuesday 7th July 2020
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I left a very stressful but well paid job in industry in my mid 40's without another job to go to. Had a few months off then decided to set up my own little chauffeur business, not caring what anybody else thought, driving mainly business people to airports etc, the sort of people in highly stressed jobs, similar to the job I had walked away from.

I had 15 very enjoyable years in charge of myself, of being paid to drive a series of nice cars, seeing how stressed out many of these people were in their jobs, wanting to leave but not daring to as they were too committed financially.

I then sold the business and retired at 62 and have now had 5 years of very enjoyable retirement living as I have done for the last 36 years in a very small village with no stress, waking up each morning when I feel like it, knowing that there are still millions of people on the financial tread mill wanting to get off but unable to.

Makes you feel good.

My advice would be do it. Many people say they cannot afford to step off this treadmill, I said to myself I could not afford to stay on it for my wellbeing.

It is surprising how much less you can manage and be happy with in both financial and materialistic terms when it really matters, and something like the current pandemic has given many pause for thought.

New cars, bigger houses, all the latest technology,latest clothes fashions, everything designed to keep you wanting more money so you can show how successful and wealthy you are to your friends and neighbours means nothing and can often bring only unhappiness and a feeling of failure and unfulfillment .





VR99

1,258 posts

62 months

Tuesday 7th July 2020
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Interesting thoughts and experiences here.
I am in my late 30's, work in financial services and certainly been thinking about the next 5 years and beyond. Realistically can't see myself in the same career/job beyond 46/47 and there is an illusion about how well paid the industry is. I am wondering if a career change is in order, not immediately but starting to think about options and what's realistic etc
Not sure if it's age related but I am born and bred in London yet increasingly becoming tired of just how busy it is and how long it takes to get about. Saying that, the other extreme.og being in remote rural countryside is maybe a step too far so just outside of London would do me just fine smile

Jasey_

4,823 posts

177 months

Tuesday 7th July 2020
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So this thread and my earlier post got me thinking.

This house is 4 up from my old place (and by the way opposite the house is a large Tesco car park)



And this one is in a village 25 minutes drive from Aberdeen.



BigMon

4,155 posts

128 months

Tuesday 7th July 2020
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I'm in a similar situation. Am currently furloughed but have worked in IT for just over 20 years. I very much enjoy my current role and the employer I work for, but I don't know if my job will be there.

If I get made redundant it's likely that most of any opportunities available will be a substantial commute away and I just don't think I can face a 2-3 hour commute again.

My wife is a self-employed accountant and there seems to be plenty of work available so, if I can't find a suitable IT role, I'm considering a change in career to work alongside her until retirement (I'm 48 this year).

Lifeisalemon

231 posts

174 months

Tuesday 7th July 2020
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Yup.

Timely thread.

Made redundant in January after 15 years with my previous employer with a decent payoff, started a new role shortly after - 4 months of 12 hour days, non stop teams meets, stress, people management and corporate bullsh*t made me realise that this is not the life I want even though it is a very well rewarded role.

Resigned this morning.

Lucky that mortgage aside I have no debts and have kept my redundancy pay off from January so enough to live on for a year if sensible.

Going to setup my own business after the summer and go part time.

Liberating.

BigMon

4,155 posts

128 months

Tuesday 7th July 2020
quotequote all
Lifeisalemon said:
Yup.

Timely thread.

Made redundant in January after 15 years with my previous employer with a decent payoff, started a new role shortly after - 4 months of 12 hour days, non stop teams meets, stress, people management and corporate bullsh*t made me realise that this is not the life I want even though it is a very well rewarded role.

Resigned this morning.

Lucky that mortgage aside I have no debts and have kept my redundancy pay off from January so enough to live on for a year if sensible.

Going to setup my own business after the summer and go part time.

Liberating.
Nice one, sounds great.

As others have said above, we only get one chance at this. No point being miserable.

Skyedriver

17,655 posts

281 months

Tuesday 7th July 2020
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Just a personal story
I've done the retire/part time work twice.

I was in Civil Engineering from 1970 to 2004 which was the first time I (semi)retired. I was 53, just married, new family, relocated to very rural area. Went part time as a postman then gardener.

You'll find firstly that the travel distances become longer. You'll find you are no longer near the facilities you take for granted, be it gym, supermarket, pub, hardwear store etc. Then you'll find the savings aren't lasting as long as expected and I forecasted we would eventually run out.

We relocated to a more industrial area and I found full time work again. This was 2009, I changed job in 2012, finding probably the best job in all my employment, still in Engineering. This lasted until 2018 when at the age of 65 I retired to Scotland again. I was sad to leave but once again we were relocating to a rural area, just not as rural as the last time. Life is relaxed, the family seem happy, I miss a few things like music and motorsport venues and no longer take part in any motorsport.
Funds this time are more secure.
I did however agree with my employer that i'd continue working from home part time and various links were set up. Sadly the clients expected me to be available full time, and the pressures of work became overpowering. Without the company of my colleagues to chat to I felt alone in a room. It quickly became depressing and I stopped.

The move to a new life in the country can be great, but don't be swayed by all the TV programmes, there are downsides, travel, supplies, you can't just pop down the road for a plumbing fitting or length of wood. The roads are so much less busy BUT if you are in a holiday area be prepared for motorhomes, caravans and idiots in hire cars.Rural areas can also suffer poor road conditions, in N Yorkshire the farmers are happy to spread the soil from their fields along the roads making it dangerous for cyclists and motorbikes. In general though the people are friendly, have more time to talk and help.

Get to know your new area BEFORE you move there. Take a few holidays to suss out the area and decide if and which part you want to relocate to. And make sure your finances will cope. Prices of run of the mill stuff can be higher than expected and inflation eats at your finances quicker than you think.