Intersection of life

I'm at a crossroads in my life. Each year, during Christmas break, I usually assess the year that just passed.  For the last couple decades, I would see where I was career wise and personal life, look at vacation plans for the next year, set some goals, see if I accomplished what I wanted and review my financial plan.  My financial plan review was usually around how much I saved, what debt I had, how my investments did and where I would invest the following year for the best growth. The Christmas week review was the culmination of a years worth of study and reading, discussion with my wife and others and was fun to do, most times.

What I learned was simple. It takes a long time to save money and time is definitely on your side. The simple act of compounding is the absolute key to saving any sort of nest egg. That and some prudent stock picking. I'll expand on my experiences in another blog on finances. Oh, and marrying well really helps, especially if your wife was a good saver before you met her.

I don't want to spend each day bored

I have been very focused on retirement the last few years and surprisingly not the financial end of it. I am in pretty good shape there although some changes will need to be made in lifestyle to accommodate the lack of a paycheck. My main concern is this, just what does one do all day when retired? I have interests, like golf, travel and working around the house but I am concerned about all this free time. Will I end up bored with all this free time? I can envision feeling like I am on an extended vacation at first and I am sure that will be great but what then? At this point in my career, I have been very focused on keeping my current job. I am fairly compensated and know that it would be very difficult finding another job at my age and in this environment. I am thinking that 2014 will be my last year working at this profession. My current thinking is to take a year off, travel and relax but also do some new learning for a new career. But what is that new career? Ideally, it would be a flexible job, something that is seasonal or I can work when I want to.  Something I could keep busy at and make $20 or 30K per year. That would pay my taxes and keep me from dipping into retirement savings too much for the next 6 or 7 years.

Is the path I'm on?

To be perfectly honest, I'm sort of amazed to find myself this old. It sort of snuck up on me.  I've spent the last forty years working at my career, trying to prepare myself to be financially secure.  So, it's a great feeling to be where I need to be in the finance area but I want to use the rest of my life to do something very different. Just what I'm not sure. I don't know how many good years I have left. Already peers of mine are dying off.  I may have fifteen good years left.








Some of the part time careers I may be interested in:

And by the way, these have nothing to do with my current line of work. Now I am in the manufacturing business and have been in Exec. Management for the past 20 plus years. The bulk of it in a corporate position. Much of my job is managing the commercial and technical relationships with customers. I have worked in start ups and a few of the largest companies in the world.

• Home inspection: I like working with my hands, I am fairly handy. I have run into a few guys that took this route and are making six figures doing this full time. I like photography, using a computer and writing so this uses all those skills in writing up a report. It would get me out of the house and I could freelance and make $300-$400 a day doing this so it fits the part time test as well as the earning potential I want. I would need to go to school and get certified.

• Videography: This is another interest. I could do small scale shoots for businesses or commercials. Maybe even a small movie from time to time as long it is somewhat local. (DC, Baltimore, Philly or even NY)  To do this I would need to gain experience and a portfolio. I could even do weddings for experience. A back up to this would be editing which I may like even more. Earning potential is good although I'm not sure how part time fits in, it may be full time project work with breaks in between.  I may explore a class in this.

I think the common thread here is I want to work for myself or by myself, I think. I've had enough of large corporations. The only way I work for a large company in the future is if I start one and it grows that large. Honestly, I don't think I that would keep my interest anymore, I've done that already.

So, what's your plan? Work until you drop? No job and travel or whatever you want in your retired years?    Start a new career?     Volunteer?   Whatever it is, you gotta have a plan !