Leaving the rat race after COVID
Discussion
red_slr said:
I find it a bit strange that people who follow "FIRE" get a bit of a bad time of it on here as weirdos who will be bored in retirement. Then COVID comes along and suddenly people are seeing things differently and *now* they are looking at how to retire early or go PT or whatever.
Its almost like they knew all along
Not so odd. Its almost like they knew all along
I’ve been a big fan of the idea of FIRE for years, but in my mid-50s means I’ve missed the boat to to it properly.....but I think anything under 55-60 still counts!
I suspect that is because I’m like many here: like a nice motor (or two...or three) on the driveway, have a regular fairly decent paying job, have a family, like an occasional nice holiday....perhaps skiing (never a cheap week!). Maybe many even use independent schooling and have a bolt-hole somewhere.
Many of those things are at odds with ditching the rat race and “living the simple life”, I would say.
COVID has given everyone time to re-evaluate their lives & consumption. Maybe made people think about the sources of those “luxury items” arriving from Amazon, and what they really need in their lives to be happy.
Must dash: delivery driver bringing more rubbish soon
hyphen said:
Whats FIRE?
Monkeylegend said:
Financial Independence Retire Early. 
https://www.mrmoneymustache.com is a fella with plenty of useful information, albeit US-based.There are many bloggers on this topic.
Obviously a chunk of it is around how to financially afford it (clue in the first 2 letters in the acronym!) - I particularly like this article to explain things...
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?".
Some seem to have a clear-cut idea and plans a-plenty. Others (me included!) just want a change of pace and the choice to perhaps even spend a year doing nothing before choosing what next....3+ months of COVID has perhaps made more people consider these things.....
I made the decision last year at 30.
Working daft hours, travelling the world, always away from home but earning silly money, for why? A new car I don’t need, a fancy watch when I have my phone, £5k holidays, more savings ...
4 days a week and 35 hours (exc lunch), 10 min commute will do me, turned down a promotion as 8% more money for 30% more work.
WFH since March, loads of time with wife / dogs, learning to ride a motorbike, took up fishing, loads of time with friends, bbq’s, mini house projects.
Still have a big mortgage but a nice 4/5 bed house that means we don’t need to move again if children do eventually come along.
Earning 50% of what I did with 60-70% of the hours, bliss.
Working daft hours, travelling the world, always away from home but earning silly money, for why? A new car I don’t need, a fancy watch when I have my phone, £5k holidays, more savings ...
4 days a week and 35 hours (exc lunch), 10 min commute will do me, turned down a promotion as 8% more money for 30% more work.
WFH since March, loads of time with wife / dogs, learning to ride a motorbike, took up fishing, loads of time with friends, bbq’s, mini house projects.
Still have a big mortgage but a nice 4/5 bed house that means we don’t need to move again if children do eventually come along.
Earning 50% of what I did with 60-70% of the hours, bliss.
hyphen said:
It depends though.
If you are fortunate to be in a career you love, then those people don't want to retire.
That’s me to an extent. As is I should be able to retire at the latest 58, possibly a few years earlier if I manage to put a few quid to one side. If you are fortunate to be in a career you love, then those people don't want to retire.
If anything the COVID world is a slightly false environment, it’s not entirely like retirement because you can’t just bugger off to foreign lands on a whim (which is certainly my plan) but it does teach you how good you are at entertaining yourself and I’ve discovered that I’m not great at that. I will gladly work for another 20 years, I work max 35hrs per week, I get plenty of leave and I enjoy the challenge of work and I leave it at the door. Retiring in my 40’s just doesn’t appeal but I can absolutely see why it would to many/most especially those who work silly hours or have horrendous commutes or have young kids later in life.
mikeiow said:
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?". ..
TBH, this applies to any sort of Retirement. I saw this when living and working in Thailand, i was something of a minority being a westerner having a normal office job there, many of the other westerners that i knew were older retired people who had worked hard all their lives for their (sometimes early) retirement in tropical sun.
Thing was for many, once they stopped working they didn't know what else to do with their time, so many just ended up sitting in the bars from open to shut getting pissed .... which then has serious impact on your finances.
XJSJohn said:
mikeiow said:
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?". ..
TBH, this applies to any sort of Retirement. I saw this when living and working in Thailand, i was something of a minority being a westerner having a normal office job there, many of the other westerners that i knew were older retired people who had worked hard all their lives for their (sometimes early) retirement in tropical sun.
Thing was for many, once they stopped working they didn't know what else to do with their time, so many just ended up sitting in the bars from open to shut getting pissed .... which then has serious impact on your finances.
85Carrera said:
Zstar said:
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.
I did the expat thing like you. Best thing I ever did was move back to the UK and buy a semi-rural property. Makes you realise how much you sacrifice for that expat cash. 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.
XJSJohn said:
mikeiow said:
....but an equally important piece is "what do you spend your time on if you to 'Retire Early'?". ..
TBH, this applies to any sort of Retirement. I saw this when living and working in Thailand, i was something of a minority being a westerner having a normal office job there, many of the other westerners that i knew were older retired people who had worked hard all their lives for their (sometimes early) retirement in tropical sun.
Thing was for many, once they stopped working they didn't know what else to do with their time, so many just ended up sitting in the bars from open to shut getting pissed .... which then has serious impact on your finances.
siovey said:
Yes, I'm cashing in my final salary pension and buying a property abroad to rent out in the summer and live in during our winter. Just need a financial advisor to 'sign it off ' if anyone knows one!
Life's too short for this s
t
You'd better hope life is short if giving up a final salary pension Life's too short for this s
tdjc206 said:
That’s me to an extent. As is I should be able to retire at the latest 58, possibly a few years earlier if I manage to put a few quid to one side.
If anything the COVID world is a slightly false environment, it’s not entirely like retirement because you can’t just bugger off to foreign lands on a whim (which is certainly my plan) but it does teach you how good you are at entertaining yourself and I’ve discovered that I’m not great at that. I will gladly work for another 20 years, I work max 35hrs per week, I get plenty of leave and I enjoy the challenge of work and I leave it at the door. Retiring in my 40’s just doesn’t appeal but I can absolutely see why it would to many/most especially those who work silly hours or have horrendous commutes or have young kids later in life.
You mention 2 (out of 3) trigger points that made me to re-assess my life priorities. I became a Dad @ 47, and the commute to Canary Wharf was just soul destroying... I originally planned to retire at 55, but review of my financial plan show we were financially secure, but more importantly, free from the daily grind! I worked for a further 4 months to complete the project delivery and handed in my notice. My boss didn't want me to leave and offered a new 5 days week WFH contract which is ironic given this is the norm now! I decided near 3 decades in the IB industry (in Finance IB / FICC) was enough, and the generous compensation has set us for life. Never followed the FIRE movement bullsIf anything the COVID world is a slightly false environment, it’s not entirely like retirement because you can’t just bugger off to foreign lands on a whim (which is certainly my plan) but it does teach you how good you are at entertaining yourself and I’ve discovered that I’m not great at that. I will gladly work for another 20 years, I work max 35hrs per week, I get plenty of leave and I enjoy the challenge of work and I leave it at the door. Retiring in my 40’s just doesn’t appeal but I can absolutely see why it would to many/most especially those who work silly hours or have horrendous commutes or have young kids later in life.
t myself, so I applied the common sense approach where I lived a lot, and saved a lot too As an 4 eyes check, I hired a specialised financial planner to assess the viability of my retirement plan (which it was). I also took this opportunity to perform a back-2-back comparison between a paid V's free financial planner. IMO, the methodical cash flow model and advice from the fee charging FP was money well spent.After 3 years from early retirement, we have zero regrets with our decision. There are many positives e.g. spending times with my girls is soooo much fun, and seeing them develop has just been amazing. Also, my relation with my family/siblings are improving as we are meeting up more regularly. One warning though, my wife & I sometimes found we need our own space too (a real testing time during the lockdown!), but luckily my wife and I have different hobbies and circle of friends, so we avoid seeing each other 24/7 7 days a week!!
I never planned to work in the IB industry, but it gave me the opportunity to retire early and spend time with family/people I actually care and love. If your get the chance to retire early, I thoroughly recommend it.
Edited by chip* on Wednesday 8th July 17:54
Already done it.
I've been contracting for 8 years and with IR35 looming I bought my retirement forward a couple of years (I'm 54). My final contract finished last month, and I'm just winding the company down.
Work suits, shirts and ties have all been dumped and the DIY list has been started.
I have so many things planned that I don't know what to start first
I've been contracting for 8 years and with IR35 looming I bought my retirement forward a couple of years (I'm 54). My final contract finished last month, and I'm just winding the company down.
Work suits, shirts and ties have all been dumped and the DIY list has been started.
I have so many things planned that I don't know what to start first
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