If you were not anywhere near financially ready to retire, would you do it anywa

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   Billie Kelpinposted 10 years ago

   If you were not anywhere near financially ready to retire, would you do it anyway?
   
   Sometimes when you're so financially far behind, it seems like it doesn't make sense NOT to take a risk. There is no way we will ever be able to "comfortably" or maybe even SLIGHTLY comfortably able to retire, so I'm thinking why not do it anyway?  We'd focus on our educational software business. We have less than a years' salary in savings, so we're selling our condo to get out of debt, get a class C RV and figure it out as we go.  Your thoughts?

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   CraftytotheCoreposted 10 years ago

   Yes.  I did it.  I retired from a career I loved and put my whole self into.  I did it for my family.  I couldn't take care of my family and maintain 60-70 hours a week working for someone else.  It was good money, but I adapted very well on a lifestyle that offers us less things and places more importance on the value of each other.  Best wishes to you in your endeavor.

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      Billie Kelpinposted 10 years agoin reply to this

      Thank you so much Crafty.  "I did it for my family" is very helpful.  Sometimes we don't realize that not killing ourselves at work is actually "for the family".  I like to think that having my husband stop his 4 hour commute each day is just that.

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   dashingscorpioposted 10 years ago

   I probably would never stop working completely regardless of my financial position. I'd simply do work that I (love).
   When it comes down to wanting to retire without being "set" one has to be creative and open to numerous options. This may even include living in another country where one could have a decent lifestyle based upon their social security or pension plan. Some research would be necessary but it's not unheard of.
   Other people have sold their homes/condos and opted to purchase a mobile home in cash. I once knew of a man who lived on his sail boat!
   However before you make any decisions I would suggest you search your soul to determine if you are "tired of working" or if you're simply tired of (your) job!
   A lot of people begin new careers in their "golden years" these days. Very often it's an instance of returning to a "dream occupation" they set aside for whatever reason during their youth.

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      Billie Kelpinposted 10 years agoin reply to this

      Thank you so much, D.  Very helpful!  I stopped "working" when my husband was taking "contract software jobs" around the US.  We have an ed.software business that I can't seem to run all by myself. If he stops his permanent job, we might make it soar

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   LandmarkWealthposted 10 years ago

   It doesn't sound like your planning to retire, but rather start your own enterprise.  If you believe it's a good idea, then it may be worth pursuing.  From personal experience, I left a well paying job out of frustration to start my own firm a few years ago.  The risk was enormous. If I failed I would have lost my home.  That is the risk you take when you pursue self employment.  I don't know anything about your expertise.  But my only advice is that it's best to go into a business on your own that you have some experience in.  And if you don't have any...do your homework.   I worked in my industry for 15 years.  But starting my own venture in a field I was familiar with still presented many unexpected challenges.  And I planned it for years in advance.  If it's a venture you can pursue while keeping your job, all the better. For me that was not the case due to non-compete issues. 
   But whatever you do...have a plan.

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   1. 84

      Billie Kelpinposted 10 years agoin reply to this

      L, Thanks so much!!! My husband is a software engineer n  I'm  former teacher of the deaf. We have created classic game software for years,  but with only me focusing on our business,we haven't made money.  If Mike quits,the two of us might succeed.

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      LandmarkWealthposted 10 years agoin reply to this

      If you need financial planning assistance, I might suggest contacting the FPA local chapter. http://www.fpanet.org/  Some planners do pro bono work.  There may be some near you.

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      Billie Kelpinposted 10 years agoin reply to this

      L, again...EXCELLENT.This is very much appreciated.  We're listing all of our debts, etc. this afternoon and were trying to figure it out.  I listen to Clark Howard, but when I hear people wondering what to do with their thousands, I get discouraged.

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      LandmarkWealthposted 10 years agoin reply to this

      Don't worry about other people.  The key is to prioritize debt, based on interest rates, tax benefits and who is negotiable to a settlement or re-negotiation if need be.  If you settle with a credit card company, the debt forgiven is taxable income

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   5. 84

      Billie Kelpinposted 10 years agoin reply to this

      L, thanks for all your help - don't think we'd settle with a credit card company because we can pay, but I do like the negotiating interest rate.  We got an offer on our house, so I think we're just going to take it, get our debts gone and RV it!

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