Announcing my Semi-Retirement at 52!!

[Cujet]

Glad to see you've retired early. That's rare today.

Consider that you may become bored easily. I certainly do. I find that I simply need to be involved in the aviation industry for a feeling of satisfaction and fulfillment. Being away for more than a few weeks drives me crazy and I want to know what's going on.

My friend "Doug" who just died, refused to retire. He and I discussed the retirement issue and we both agreed that our business is a wonderful place to be, most of the time. And that, quite simply, we like it. He worked until 2 days before he died. And, he died satisfied with his choice. I'm not sure that's for me, but I can see his point.

Choose a good and satisfying direction!

 

[R80RS]

Congrats, and I hope your decision works out for you. I’m within a year of you in age and in almost the same field (engineering, but from the mechanical side), so I’m a little in envy of you being able to pull it off.

BTW, I think an equity income strategy like you mentioned has a lot of positives as a means to generate retirement income. I’ve personally known several people who used stock dividends to enhance their retirement circumstances. These folks were not sophisticated investors, just diligent about saving and investing, and living a simple life. It’s amazing the income a portfolio of "widows and orphans" stocks like diversified utilities can throw off. It’s a strategy I intend to use as my primary source of retirement income, when (if) the time finally comes.

 

[JHZR2]

So, Turk... How'd you do it? How did you manage to retire early? Obviously you had a plan from an early age. So how did you lay it out and structure things? Was it any big windfalls or all just organic growth and frugality??

Us early 30-somethings want to be sure were on the same path.

 

[Artem]

I've been blessed to be my own boss and own my own business since my early 20s and hope to have it expanded enough so that I can also retire early and relax on a beach somewhere while someone manages the business and makes me money. That's my plan anyway...

Turk, congrats on your achievement. Enjoy life to the fullest.

 

[Turk]

Originally Posted By: JHZR2
So, Turk... How'd you do it? How did you manage to retire early? Obviously you had a plan from an early age. So how did you lay it out and structure things? Was it any big windfalls or all just organic growth and frugality??

Us early 30-somethings want to be sure were on the same path.


Wow, someone really wants to know.... Most people shun & don't wanna learn from old farts... I'm pleasantly surprised!!

Ok, here you go....

Preface -- I was flat broke at 30 after a lousy divorce. I gave way too much & had to work at a Bait Shop Part-time to get by...... Then I was Single for 20 years, so I had to pay for everything myself, no help with expenses.


Spending Summary:

- Watch the Sale Ads. Stock-up on big sale items that you are absolutely going to buy anyway. Stretch that Dollar!

- Low to no waste on Movies, Drinking, Material items, even moderately expensive clothes & ALL things that are unnecessary to get by. MANY ways to enjoy life for FREE.

- Almost never eat at Restaurants. Buy the food on sale & make it at home.

- Buy seasonal items (Charcoal, needed clothes, bug spray, etc.) on Clearance at the off season

- Make ALL trips to the stores ON THE WAY HOME FROM WORK - never back-track as it wastes gas money & time.


Saving:

- Put away a large % into your 401k, but not too large (see below...)

- KEY: Once you built up the 401k & Roth, save a large % and invest well in your Regular Account. Why?? Well, this is how you retire early... because... you'll need Dividends for Income & Emergency fall back money from your early Retirement age to your Retirement fund draw date! This is what you need to do to make it from when you want to retire until you can take from retirement accounts!!


Oh, I made a lot of mistakes & was foolish at times, but used this as a base rule.

There's more but does that help?

 

[Shannow]

 

[Silk]

Originally Posted By: Turk
There's more but does that help?


You don't mention children....that would certainly help.

 

[Turk]

Originally Posted By: Silk
Originally Posted By: Turk
There's more but does that help?


You don't mention children....that would certainly help.


Oh yea, I spent well on my now grown Daughter...

I now have 2 Step-Daughters that I spend money on as well - just not on "wasted" items!

 

[Pop_Rivit]

Congratulations.

I sold my first business about that same age. I could have retired and never lifted a finger to work again, but I'd find that sort of existence far to boring. I chose to keep myself busy with a number of other business ventures, all of which have been a lot of fun (as well as profitable).

Even now at 69 I'm looking to do something I've never before tried. I'll find out on the evening of November 5th if I'm successful.

 

[hattaresguy]

Congrats man!

 

[hattaresguy]

Originally Posted By: Win
Congratulations.

I've always been self employed and can't really imagine ever being retired. New businesses to open, new properties to acquire, can't see much point in retiring.

What would you do all day?


Meh, I love what I do and playing with property is a blast but their is more to life.

One day I'm going to get on a boat, head over the horizon and that's it. Their is a big world to screw around in.

My bucket list includes sailing around the world on something like the Picton Castle. Than I would like to do an overland expedition across Russia, or maybe an Alaska to the tip of South America trip.

 

[Turk]

Originally Posted By: Cujet
Glad to see you've retired early. That's rare today.

Consider that you may become bored easily. I certainly do. I find that I simply need to be involved in the aviation industry for a feeling of satisfaction and fulfillment. Being away for more than a few weeks drives me crazy and I want to know what's going on.

My friend "Doug" who just died, refused to retire. He and I discussed the retirement issue and we both agreed that our business is a wonderful place to be, most of the time. And that, quite simply, we like it. He worked until 2 days before he died. And, he died satisfied with his choice. I'm not sure that's for me, but I can see his point.

Choose a good and satisfying direction!



Thanks!! Too bad about "Doug". I'll be darn if I work until I die.....


I got a lot lined up & will be very busy. Now, it's on my terms & without being stressed out to the Max.