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To retire or not to... 

Gandalf77
Posts: 10

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6/29/2021
Gandalf77
Posts: 10
Just a quick update here. I have decided to continue for a while. I am a leader at a startup here that is growing rapidly and an IPO might be possible in 3-4 years. I think this is worth waiting for smile
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
IntoTheFire wrote:
Replying to what sertra2002 said, you (Gandalf77) could say your job is "writer" or even "scriptwriter" if you want to be fancy smile . Might be an easy out. And who knows, maybe you'll publish some books!




Haha smile I am a terrible writer...but teaching I can do!! That is my passion.
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
azphx1972 wrote:
Gandalf77: although you appear to have a substantial net worth, it looks like a lot of it is tied up in your primary(?) residence, and unless it's generating income for you in some way, I wouldn't count it toward my FI number. So if that is the case, then it looks like you have 1.744M in income producing assets, and at a conservative 3% SWR, that should generate enough income to sustain your $40k burn rate. However, I would probably wait until the pandemic is over before pulling the plug, just in case something unexpected between now and then. Good job and congrats!


My real estate is broken down into 4 properties each generating rent income (and value income as the prices increase). Thank you kindly.
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
sertra2002 wrote:
Looking at your profile you mentioned you moved back to India. If that is the case you have more than enough to retire. Cost of living in India, even a lavish one should be under 30K USD to retire financially. But, do realize in India people will be intrusive and ask you what do you do many times a day ! Be ready to get the question repeatedly and have a 'satisfactory' answer :-). When you do retire make sure you contribute and get a sense of satisfaction. You still have a good 30-40 years of life span left and that is a big period to not have to do anything. Once you figure that part out, retiring should be no issue.



The challenge is that I would like to give my kids a US education (I am a US citizen based out of India) This is expensive assuming I fund their education mostly. And you are right about India, but these days a lot of young folks are making a lot of money here and exiting..So it is more and more accepted.
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
JC wrote:
There’s really not enough info provided to give a good answer. For example: how old are you? Married or single? Kids? Parents that you may need to help? How much of your NW in in stocks vs real estate? Etc. Etc

Also, for a lot of people who retire early, money isn’t the only reason. It’s nice to have enough passive income to retire on. But, how you spend your days will become very important, esp when we still have covid around and you can’t even travel.

Lots to think about. But congrats on amassing a nice NW. and good luck!



Fair points...I am married, 2 kids, 43 years old. I plan to be teaching in a B-school consulting on the side...but who knows if this works.
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
girlnextdoor wrote:
You can read about other people's experiences and get an idea of things to think about here:

https://www.reddit.com/r/financialindependence/


My daughter is 2 right now, and I'm 36. I'm the primary breadwinner in my family, and am trying to make sure we're set up to where I could go to part-time if I wanted to when she's in school - or at least take more time off in summers so we could do long family road trips/adventures. If you have enough saved for retirement and your annual expenses are low, you don't need to be able to go back to your old job/career - you can just get a job covering your annual expenses and let your nest egg continue to grow until you're ready to be done working completely. I try not to view it as either-or (work or not work), but rather how to maximize flexibility while maintaining a reasonable degree of security. My job probably can't be done part-time or with summers off, but if we make a combined $50k/year, we could continue living our current lifestyle with some buffer to likely not need to pull from savings. So I have options if I want to do something else that pays quite a bit less but has more flexibility. For example, if you have technical skills, you might be able to do part-time work at non-profit that would be thrilled to have your skill set at a discounted rate in return for fewer hours/more flexibility.

Also definitely consider the non-financial benefits your job offers - this could include health benefits, insurance, travel perks, socialization, mental stimulation and interesting challenges to focus on, etc - and think about how you can get those things without a job.
edited by girlnextdoor on 1/4/2021




Wonderful thoughts there. Thank you. I plan to consult. I am a CXO on the product side...so thankfully some demand there. Ideally will be teaching in a B-school and consulting.
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Gandalf77
Posts: 10

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3/15/2021
Gandalf77
Posts: 10
luvmyyaris wrote:
If financially you are set to retire then one of the most important thing to ask yourself is “what will you be doing with your time when you retire”. The key to retiring when you’re young is to retire TO something, not FROM something. Once you retire, you’ll realize that you have a lot of hours in the day to fill. If you can fill those hours then by all means retire.



I would like to teach. I want to be a proff! Love love love being in class....
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IntoTheFire
Posts: 5

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2/1/2021
IntoTheFire
Posts: 5
Replying to what sertra2002 said, you (Gandalf77) could say your job is "writer" or even "scriptwriter" if you want to be fancy smile . Might be an easy out. And who knows, maybe you'll publish some books!
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azphx1972
Posts: 44

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1/29/2021
azphx1972
Posts: 44
Gandalf77: although you appear to have a substantial net worth, it looks like a lot of it is tied up in your primary(?) residence, and unless it's generating income for you in some way, I wouldn't count it toward my FI number. So if that is the case, then it looks like you have 1.744M in income producing assets, and at a conservative 3% SWR, that should generate enough income to sustain your $40k burn rate. However, I would probably wait until the pandemic is over before pulling the plug, just in case something unexpected between now and then. Good job and congrats!
link
sertra2002
Posts: 3

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1/26/2021
sertra2002
Posts: 3
Looking at your profile you mentioned you moved back to India. If that is the case you have more than enough to retire. Cost of living in India, even a lavish one should be under 30K USD to retire financially. But, do realize in India people will be intrusive and ask you what do you do many times a day ! Be ready to get the question repeatedly and have a 'satisfactory' answer :-). When you do retire make sure you contribute and get a sense of satisfaction. You still have a good 30-40 years of life span left and that is a big period to not have to do anything. Once you figure that part out, retiring should be no issue.
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JC
Posts: 48

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1/21/2021
JC
Posts: 48
However, reading your post over now, based simply on your NW and cost of living, it does appear you have enough to retire. You should easily be able to generate enough passive income from $3M.
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JC
Posts: 48

view JC's Portfolio
1/21/2021
JC
Posts: 48
There’s really not enough info provided to give a good answer. For example: how old are you? Married or single? Kids? Parents that you may need to help? How much of your NW in in stocks vs real estate? Etc. Etc

Also, for a lot of people who retire early, money isn’t the only reason. It’s nice to have enough passive income to retire on. But, how you spend your days will become very important, esp when we still have covid around and you can’t even travel.

Lots to think about. But congrats on amassing a nice NW. and good luck!
link
girlnextdoor
Posts: 31

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1/4/2021
girlnextdoor
Posts: 31
You can read about other people's experiences and get an idea of things to think about here:

https://www.reddit.com/r/financialindependence/


My daughter is 2 right now, and I'm 36. I'm the primary breadwinner in my family, and am trying to make sure we're set up to where I could go to part-time if I wanted to when she's in school - or at least take more time off in summers so we could do long family road trips/adventures. If you have enough saved for retirement and your annual expenses are low, you don't need to be able to go back to your old job/career - you can just get a job covering your annual expenses and let your nest egg continue to grow until you're ready to be done working completely. I try not to view it as either-or (work or not work), but rather how to maximize flexibility while maintaining a reasonable degree of security. My job probably can't be done part-time or with summers off, but if we make a combined $50k/year, we could continue living our current lifestyle with some buffer to likely not need to pull from savings. So I have options if I want to do something else that pays quite a bit less but has more flexibility. For example, if you have technical skills, you might be able to do part-time work at non-profit that would be thrilled to have your skill set at a discounted rate in return for fewer hours/more flexibility.

Also definitely consider the non-financial benefits your job offers - this could include health benefits, insurance, travel perks, socialization, mental stimulation and interesting challenges to focus on, etc - and think about how you can get those things without a job.
edited by girlnextdoor on 1/4/2021
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luvmyyaris
Posts: 1

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1/4/2021
luvmyyaris
Posts: 1
If financially you are set to retire then one of the most important thing to ask yourself is “what will you be doing with your time when you retire”. The key to retiring when you’re young is to retire TO something, not FROM something. Once you retire, you’ll realize that you have a lot of hours in the day to fill. If you can fill those hours then by all means retire.
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Gandalf77
Posts: 10

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1/3/2021
Gandalf77
Posts: 10
I would like some advice from folks here. My net worth is about 3.2M and my cost of living is <30-40K per year right now. Simulators tell me that I am 90%+ probability to retire successfully if I quit now. I am however struggling with this decision. Am I really ready? Once I quite my job, I may never be able to get back (if things go wrong). How should I think about this decision?

Thoughts?
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