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  1. #1

    Default Advice on early retirement "45"

    Not an arrogant post but after some genuine advice on people who have achieved retiring relatively young, I'm at a stage were I can replace my income from my investments ,Im 45 been a tradesmen for 30 years and my bodies over work...more afraid than anything to retire at my age..Im Maori so my life span is most likely 70s,still 30 plus years to wonder what to do? Worry about my mental health aswell as physical when I stop working, but am seriously over work...what have others done in my situation?

  2. #2

    Default

    It's a very good post.
    What will you do when you achieved "Financial freedom"? Does financial freedom bring happiness?
    Three are lots of people on this forum could give you an answer but my answer is no.

    I'm in a similar situation, might not be as rich as you but I actually don't need to work for money. Retiring at "45" has been my goals for a number of years but recently I'm in a mid-life crisis and do wondering if I'm gonna be happier after retiring at 45? What will I do seems I've lost motivation and passion for life, I don't need more money and anything else... anyway it's your post and I don't want to whining about my crisis.

    simple answer is, sounds to me you just need a long break. Take a holiday for a couple of months, go to beach or a different country, unwind yourself, then re-think about retirement.
    If you do not have any other hobby/other "things" to fulfill your life, then don't easily quite your job.
    Last edited by Chelsea; 10-01-2020 at 07:39 PM.

  3. #3
    Join Date
    May 2004
    Posts
    2,859

    Default

    Could start by cutting down hours, especially hours on the tools. We have a similar aged experienced tradie in the family. He now focuses more on the business side of things, including things like talking with clients, quoting, quality control. On the tools if needed. Uses subbies mostly, no staff (too much paperwork, compliance and hard to get rid). And is quietly learning more about investments and passive income.

    A pity to walk away from 30 years experience when you could be keeping your hand in a few days a week and learning new skills the other days.

  4. #4
    Join Date
    Jan 2007
    Location
    Christchurch
    Posts
    240

    Default

    What do you want to do when you retire? It sounds like you need a purpose, or a new challenge. It does not have to be monetary. It needs to be something to get you out of bed in the morning raring to go. Retirement to me is about choice without financial worries. To do the things I haven't done before, challenge me, expand my mind.

    A family member of mine is also a tradie and said early on around the age of 20 that he did not want to be a moaning, buggered tradie at 40. He did retire early and does projects/activities now that interest him. He has a greater sense of personal fulfillment than when he had his nose to the grindstone.

  5. #5

    Default

    It's a tough choice, I listened to my peers buy a house young, invest in assets and now my youngest is about to start uni...all your life you are told were to be and what time..now with a realization money isn't a concern anymore and you have dedicated your whole life to work and family then you achieved your goal of early retirement and boom...what next?travel?been there done that nothing beats a NZ summer or a clear winter's day...wish I could pick up a hobby?...I enjoy property investment but I really don't need any more....first world problems

  6. #6
    Join Date
    Apr 2004
    Posts
    789

    Default

    Quote Originally Posted by Jeffa View Post
    It's a tough choice, I listened to my peers buy a house young, invest in assets and now my youngest is about to start uni...all your life you are told were to be and what time..now with a realization money isn't a concern anymore and you have dedicated your whole life to work and family then you achieved your goal of early retirement and boom...what next?travel?been there done that nothing beats a NZ summer or a clear winter's day...wish I could pick up a hobby?...I enjoy property investment but I really don't need any more....first world problems
    LOL yes I know exactly what I'll be doing playing more Golf and get much better at it (I love competition) into adventure/trail motorbike riding etc + snowboarding and doing these activities with others..... so for me if I'm lucky enough to retire @ 45 in another 3yrs... you won't here me complaining about what I can do with my spare-time (Got young kids so they certainly will keep us busy for the next 12yrs+)

    Your certainly not the only person not to have any really hobbies .. I know plenty of guys that have all the gears but not the motivation do actually get out there and experience the joy of excelling at it..(activities much more enjoyable when your good at it) but everyone is different everyone enjoys something ... matter of getting out there and experiencing LIFE

  7. #7

    Default

    Quote Originally Posted by Jeffa View Post
    Not an arrogant post but after some genuine advice on people who have achieved retiring relatively young, I'm at a stage were I can replace my income from my investments ,Im 45 been a tradesmen for 30 years and my bodies over work...more afraid than anything to retire at my age..Im Maori so my life span is most likely 70s,still 30 plus years to wonder what to do? Worry about my mental health aswell as physical when I stop working, but am seriously over work...what have others done in my situation?

    How very kiwi of you - apologizing up front for being successful - watch out for the tall poppy cutters.

    We retired before 40 on the back of our property portfolio and we've never been busier. Don't think of it as retirement, think of it as buying your time back.

    We used to work 60+ hours a week each in a suit building up a bunch of faceless shareholders wealth at a time and location of someone else's choosing. The toughest thing of all was giving up the monthly cheque - even though the xls said we didn't need it we still found it a very scary proposition.

    Set some goals for yourself - without them you'll likely float through life and you'll look back at 65 wondering where the time went. We set both personal (learning a foreign language) and financial (improve profitability by x or cash flow to y) goals to work on.

    We now work on the projects that interest us on the time frame and schedule that suits us. In 2019 we spend 6 months travelling China and Europe with our young kids which is something we will all never forget.

    If you don't have a partner who has retired with you it is very possible you could get lonely or bored (while JBM talks up the opportunity of playing more golf in reality when your mates have to go to work Mon-Fri you get sick of playing golf by yourself) so make sure you have others who have free time through the week.

    With your skills and the current demand for them you would be able to work on far more profitable projects - take on the jobs that interest you either because they're a challenge OR because they're profitable.

    Good luck

  8. #8
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,098

    Default Plenty of Gems & Beware of Hedonism

    Quote Originally Posted by Jeffa View Post
    It's a tough choice...all your life you are told were to be and what time..now with a realization money isn't a concern any more and you have dedicated your whole life to work and family then you achieved your goal of early retirement and boom...what next?
    Quote Originally Posted by Don't believe the Hype View Post
    How very kiwi of you - apologizing up front for being successful - watch out for the tall poppy cutters. We retired before 40 on the back of our property portfolio and we've never been busier.
    Quote Originally Posted by charlotte30 View Post
    Retirement to me is about choice without financial worries.
    A lot of gold nuggets in the responses. I've referenced three, but the last one (Charlotte's) is probably the most pointedly succinct.

    My late wife worked with the elderly, when still in their own homes. She had a few broad observations to make based on many years of experience. Some of them not at all nice, too. One was about blokes and their retirement. She averred that - generally-speaking - blokes either took on a "new lease of life," or were dead within five years.

    To the "new lease of life" ones, work was a means to an end and retirement offered options like pursuing a hobby or passion without the distraction of a job.

    To the "dead within five years" retirees, work was the be all and end all and without it, their life seemed to become purposeless and so they slowly ebbed away.

    As others have observed, it does not have to be all-or-nothing. Choose wisely.
    Last edited by Perry; 11-01-2020 at 11:21 AM.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  9. #9

    Default

    Great question and lots of fantastic supportive ideas. I have also reached 'retirement' at an early age. I still have my job and enjoy it. My wife doesn't have an income producing job but voluntars in several community groups. We also have an "ideas book". Anyone can put anything into the book and we then do it. Next thing we're doing is staying in Disney land for a week and having fun with the kids. Good luck with your decision, metal health is extremely important. Who knows, like me, you may choose work?

  10. #10
    Join Date
    Feb 2015
    Posts
    386

    Default

    Quote Originally Posted by Don't believe the Hype View Post
    With your skills and the current demand for them you would be able to work on far more profitable projects - take on the jobs that interest you either because they're a challenge OR because they're profitable.

    Good luck

    Some v good suggestions.

    Sometimes it may not be about projects or making more money, it could simply be of giving back, working with not so privileged groups and seeing their life turnaround.

    Jeffa , you are right though, Life is such a B***^ when you reach your end goal , sometimes its throws you curve balls like poor health, relationships , becoming a grumpy old fart - all sorts of things. Whats the point of having the wealth when you are diagnosed with life threatening cancer. so make the most of each day.


 

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