The point of diminishing returns is real. Especially in Corporate. Many years ago I was on the "corporate ladder". I was salaried, but worked unpaid overtime. Lots and lots of hours. I had a bonus plan, and there were promotions promised. One year I worked about 800 hours above a 40 hour week. When I got my bonus (and no promotion) I calculated that my base work was paid at about (at that time) $100/hr. While my unpaid overtime generated $2.13/hr in bonus. Never again.
I like the formula of daily costs and expenses. Keep at it.
There is an important ingredient in the semi-retirement plan which needs attention and repeating.
If you opt to avoid the standard save, save more, save the most for retirement route aka the American dream, then to follow Rocco’s outline of work more evenly, work less for longer and challenge yourself then you do need to squirrel away a buffer to deal with periods of low income.
This year I liquidated an IRA account to help smooth the finances.
I started living the semi-retired life before it was a thing. It started in my 40s. I'm 66 almoat 67. I understood time was a precious commodity long ago, one I could never trade. My father dying was the catalyst. He retired at 50 and lived until 75. He taught me about retiring in good health and opportunities he could not have taken advantage of, had he done the norm.
I was 42 when he died and realized that I wasn't going to be able to retire at 50 like he did. So I essentially planned work around living and activities, which is why I moved around so much and had fun in the process... I called these moves and job changes working vacations. For me, vacations weren't lying around on some beach at a resort for one or two weeks out of the year. The trade didn't seem fair, even earlier that at 42.
I can't do what others my age are doing today, but I do try to make life work my way, for me. I'm getting ready to start another job soon to save for (our) trip to explore Colombia... we're going to need to stay there a few months at least... and yes, we could use some savings, but why? It's all about doing what's best to use the time we're given. We never know what tomorrow will bring, so I'm living today. Can't wait until you hit the soil across the pond. It'll be exciting for me to experience this through you and your wife, the countdown is real!
The old 'wish I knew then, what I know now' along with the never retire concept, is helping me rethink everything. To get out of the American Dream quicksand, I cannot go into my future with the same process in mind that landed me where I am now. I need to look at things with a whole new approach, which is where I get lost. It seems there is no quick fix, only slow adjustments. I continue to work, while applying for opportunities to hopefully change everything.
The point of diminishing returns is real. Especially in Corporate. Many years ago I was on the "corporate ladder". I was salaried, but worked unpaid overtime. Lots and lots of hours. I had a bonus plan, and there were promotions promised. One year I worked about 800 hours above a 40 hour week. When I got my bonus (and no promotion) I calculated that my base work was paid at about (at that time) $100/hr. While my unpaid overtime generated $2.13/hr in bonus. Never again.
I like the formula of daily costs and expenses. Keep at it.
That's the key. Doing the hourly breakdown. It sure is eye-opening!
There is an important ingredient in the semi-retirement plan which needs attention and repeating.
If you opt to avoid the standard save, save more, save the most for retirement route aka the American dream, then to follow Rocco’s outline of work more evenly, work less for longer and challenge yourself then you do need to squirrel away a buffer to deal with periods of low income.
This year I liquidated an IRA account to help smooth the finances.
I started living the semi-retired life before it was a thing. It started in my 40s. I'm 66 almoat 67. I understood time was a precious commodity long ago, one I could never trade. My father dying was the catalyst. He retired at 50 and lived until 75. He taught me about retiring in good health and opportunities he could not have taken advantage of, had he done the norm.
I was 42 when he died and realized that I wasn't going to be able to retire at 50 like he did. So I essentially planned work around living and activities, which is why I moved around so much and had fun in the process... I called these moves and job changes working vacations. For me, vacations weren't lying around on some beach at a resort for one or two weeks out of the year. The trade didn't seem fair, even earlier that at 42.
I can't do what others my age are doing today, but I do try to make life work my way, for me. I'm getting ready to start another job soon to save for (our) trip to explore Colombia... we're going to need to stay there a few months at least... and yes, we could use some savings, but why? It's all about doing what's best to use the time we're given. We never know what tomorrow will bring, so I'm living today. Can't wait until you hit the soil across the pond. It'll be exciting for me to experience this through you and your wife, the countdown is real!
The old 'wish I knew then, what I know now' along with the never retire concept, is helping me rethink everything. To get out of the American Dream quicksand, I cannot go into my future with the same process in mind that landed me where I am now. I need to look at things with a whole new approach, which is where I get lost. It seems there is no quick fix, only slow adjustments. I continue to work, while applying for opportunities to hopefully change everything.