Leaving the rat race after COVID
Discussion
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
That is a bonkers attitude, unless you want materialistic spoilt children!There's a difference between being lazy and the kids wearing rags, to working all the hours to kit them out in Ralph Lauren and never see them.
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
Is it 1920?If you say ‘best’ life is valued by what you spend on them, maybe.
I don’t remember the expensive clothes, holidays, toys my parents bought me when I was a child I remember the time spent with them and my brother, etc.
On the beach in N Wales, playing football in the garden, my parents spending time with me to do my homework or read a story.
As I said, I earned a good living and now I make a comfortable one measured in time and reward, not just reward.
I know people / have friends who were given everything growing up (and into their 20’s) and they are generally narcissistic / selfish / spoilt / brats.
Edited by Lord.Vader on Wednesday 15th July 15:02
Edited by Lord.Vader on Wednesday 15th July 15:12
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
The mother is not necessarily the better parent.NickCQ said:
P1pps said:
Whether you work on a building site or in a professional services firm, most people working hard at demanding jobs will have 10-15 years of true graft in them at most. Some manage 20. But it is all downhill from there. You need to have a game plan and exit strategy from day one.
I think there is a lot of truth in this. The mistake some people make in high-earning, high-stress professional jobs is to spend like water in their 20s and 30s under the assumption that their earnings will continue on an upward progression through to their 50s/60s. This locks you into the 'golden cage' just as kids, school fees, and needing a 4+ bedroom house comes into play.Some people can do it but the downside risk if you burn out is huge.
It took a job loss in my early 30's to think about these things. I am late 30's now and in financial services...silly hours for what I would deem average pay. I don't hate my job but can't see myself in the role beyond late 40's..by then the younger generation would of come in and/or my role won't exist and if my health is still intact by then will be a good time to get out. I have no idea what I could do next to be honest, been thinking abt it a lot recently. I "fell" into financial services by luck more than anything rather than having a proper career plan. But don't think it was necessarily my calling in life, a means to an end of you will.
I am curious to know if anyone has left a longish career in financial services and what did you do afterwards?
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
None of the things money provides necessarily relate to well rounded children. Best as defined by societys outlook on a flash car or house, but that doesnt translate to best in human endeavour.
halo34 said:
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
None of the things money provides necessarily relate to well rounded children. Best as defined by societys outlook on a flash car or house, but that doesnt translate to best in human endeavour.
hyphen said:
AudiMan9000 said:
Playing devil’s advocate, is it not arguable that a husband/father is duty bound to maximise his earning potential to give his wife and children a life of opulence/privilege rather than take an easier/lower paying job forcing the family to downsize house and the kids to miss out on a childhood of exotic holidays and wanting for nothing? If you’re an unskilled worker, fair enough, get by on what little you’re able to earn. But if you’re someone capable of high earning, is it not incumbent on the person to do their best and give their loved ones the best life possible?
The mother is not necessarily the better parent.
) kingston12 said:
Jasey_ said:
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.
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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 !
That is a great result.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
The only thing that would have made it better would be to have kept the Teddington house and let it earn you a lot of free money to fund your retirement. I guess that wasn’t as easy or fashionable an option as it is now.
After 20 years it would have been a good return but I'd have been bankrupt by then !
hepy said:
Ex-colleague of mine in a well paying role has decided to retire at 55.
WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
Well done indeed.WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
I have heard alot of stories of people choosing to retire, and wonder if this is a decent proportion of the number who have left employment without claiming benefits. The rest may well be overseas workers in sectors like hospitality returning home.
hepy said:
Ex-colleague of mine in a well paying role has decided to retire at 55.
WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
I know of a couple who have done this at my work. There are a few others considering it too, I expect after a few weeks back at work they will come to the same decision. WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
fiatpower said:
hepy said:
Ex-colleague of mine in a well paying role has decided to retire at 55.
WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
I know of a couple who have done this at my work. There are a few others considering it too, I expect after a few weeks back at work they will come to the same decision. WFH during lockdown has made him reflect on what he enjoys, and he didn't fancy going back to the rat race, so has decided to take his pensions early.
Well done to him.
Monkeylegend said:
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 .
Very thought provoking post. I'm mid 30s and thinking along similar, less drastic lines. Going to spend a few more years minimising outgoings, paying down the mortgage, getting past any big financial commitments then look into re-training.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 .
Jasey_ said:
The mortgage payments (at the time) were c £1,400 pcm and I was getting in rent of £650.
After 20 years it would have been a good return but I'd have been bankrupt by then !
Yep, not as easy to do then as now. If we could have foreseen what was coming post-2008, we'd all have bought as many houses we we possibly could.After 20 years it would have been a good return but I'd have been bankrupt by then !
kingston12 said:
Jasey_ said:
The mortgage payments (at the time) were c £1,400 pcm and I was getting in rent of £650.
After 20 years it would have been a good return but I'd have been bankrupt by then !
Yep, not as easy to do then as now. If we could have foreseen what was coming post-2008, we'd all have bought as many houses we we possibly could.After 20 years it would have been a good return but I'd have been bankrupt by then !
I work in franchising, and the last two months have seen the greatest numbers of new enquiries since the 2008 crash (yes, franchising always flourishes when things go a bit pear shaped).
I am speaking with potential franchisees every day (often three or four a day) who have all decided that going back to their old life suddenly doesn't look very appealing, so the thought of being their own boss, working the hours they want to work and doing something they enjoy has become very important to them.
Buying a franchise usually means that you can completely change direction into a new career with no previous experience, which is quite a welcome change for most people who would normally only be able to get a similar job to the one they had/have (if at all...)
I have had a few people say that being at home for three months has made them decide that they definitely want a home-based business. (However, I have also had a similar number say that they have learned that they definitely DON'T want a home based business...)
One thing's for sure, not many people seem to want things to go back to 'normal'.
I am speaking with potential franchisees every day (often three or four a day) who have all decided that going back to their old life suddenly doesn't look very appealing, so the thought of being their own boss, working the hours they want to work and doing something they enjoy has become very important to them.
Buying a franchise usually means that you can completely change direction into a new career with no previous experience, which is quite a welcome change for most people who would normally only be able to get a similar job to the one they had/have (if at all...)
I have had a few people say that being at home for three months has made them decide that they definitely want a home-based business. (However, I have also had a similar number say that they have learned that they definitely DON'T want a home based business...)
One thing's for sure, not many people seem to want things to go back to 'normal'.
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