Any Pelicans financially 'independent' ?

[livi]

Do any of you live a life on an income that does not require you to do much work ? Any good friends that do ?

Whats it like in the longer perspective ?
How does it change a persons outlook on life ?
Pros / cons ?

Asking as I hope to finalize a patent rights agreement soon, that potentially has the power to set me up for a long, long time.

Intuitively, I will feel like running strait to my boss and tell him to go stuff himself. But then, what am I suppose to do with all my time ? What would become of me ?

Any input or experience would be much appreciated!

[singpilot]

Markus;

I no longer give a flying F if I make enuf every month.

Does that count?

[stevepaa]

Not me , but I'll ask my children


Seriously, I have known a few people of the upper strata. One wanted to know if I would like to join the Bohemian Club some 30 years ago. His wealth never affected his desire to work or make a difference in life. He has passed away. His cousin still works for a major Bank as a lawyer, and does a lot of volunteer work. All the kids in the extended family work, no one lives off the massive wealth of these families.

I knew one guy who won the NY lottery in the 80's . He tried to continue to work, but got so much crap from coworkers that he had to quit. If you ever get rich, don't tell anyone, don't show it, just use it to make your families' lives better in small ways. A few thousand here and there when they are in dire straights after a major issue in their lives (divorce, etc. ) does help.

[jdm61]

I am in a situation like that.......for now....lol. What you do is find things that will continue to make money for you and that you enjoy. For the time being, I am developing some real estate projects. If those work out over the next 5 or more years, then i may "retire" on rental income after i turn 50 and take up serious knifemaking....lol.

[gatotom]

First thing I learned about life is never brag about anything, because when you do it all turns to crap.

Be thankful for what you have or about to have, fly your plane below the radar cuz everyone will know otherwise and drive you stark raving crazy with there needs.

I guess the bottom line about how you will handle your free time is up to you, some people can't figure out how they had time to go to work and others need the work to stay sane.

Never burn bridges.

[Rodeo]

I'm thinking of taking the rest of the afternoon off ... does that count?

[livi]

Thanks, good points.

I did not start out this project for monetary reasons at all. I saw a distinct problem at work and decided to figure out if I could improve it for the benefit of every day work. Then one thing led to another and all of a sudden I might end up with some extra money. Well, a ridiculous lot of money actually. Its frankly a bit intimidating and very strange. I was raised to work hard for a living and not expect anything like any free rides.

I really love my little patients and can not see myself not working with them. On the other hand I have four little ones of my own, for whom I can´t seem to find enough quality time.

Oh, well...perhaps they won´t sign the agreement..

[Moneyguy1]

Live simply and within your means and you will be, by any measure "wealthy". That does not mean the same as "rich", it is much more meaningful.

Read Benjamin Franklin's ideas on wealth. They still apply today.

[kaisen]

Financial independence is a relative thing. Learning to live with less and not want for more seems to be the key. Assets can devalue, investments can go bad, expenses can rise, agreements can be broken. Do what makes you and your family happy and keep your priorities straight. If you have enough cashflow to truly sustain that lifestyle without worry, consider yourself blessed.

[Hugh R]

Calling Tabs.......

[Superman]

I know a number of people who have land that is paid for, have built comfortable homes on that land, are not served by any power company or telephone company, and who grow and raise their own food, stack enough firewood for the winter, etc. They have no need to work or earn income. BTW, these are by far the happiest and most relaxed people I know.

[kaisen]

Originally posted by Superman
I know a number of people who have land that is paid for, have built comfortable homes on that land, are not served by any power company or telephone company, and who grow and raise their own food, stack enough firewood for the winter, etc. They have no need to work or earn income. BTW, these are by far the happiest and most relaxed people I know.

Hippie happy

[Bill Verburg]

I'm retired at 56, I find myself going out of the way to find "projects", a couple of my friends are in the same boat. As long as you can find interesting things to work on I think you will be ok. Tennis, running, biking, sailing etc While great fun and a nice diversion don't count. You need something that can be considered productive. I like to stand back and say, I did that and it's good!

[pwd72s]

Originally posted by kaisen
Financial independence is a relative thing. Learning to live with less and not want for more seems to be the key. Assets can devalue, investments can go bad, expenses can rise, agreements can be broken. Do what makes you and your family happy and keep your priorities straight. If you have enough cashflow to truly sustain that lifestyle without worry, consider yourself blessed.

Plus one. Radio show host Bob Brinker calls this "critical mass", becoming financially secure enough that the only reason for working is because you want to. The monetary amount needed for "critical mass" varies for each individual. What to do once you reach this? The answer to that question is as varied as those who ask it of themselves.

[74-911]

I agree with Bill. I retired (or became unemployed) 3 years ago at 57. I have the Porsche to play around with and a sailboat but they are diversions / hobbies. We sold our house and moved to the coast when I retired (wife was already retired). I am (at my own pace) totally remodeling / updating the "new" house. I've gotten pretty good at laying tile, installing hardwood floors, installing trim, crown molding etc. The point is, I do something productive most every day but I don't bust my tail doing it.

A lot depends on your personality and at what point in life you are. I have friends who retired and moved onto sailboats and spend everyday doing pretty much nothing except fishing ( and consuming massive quantities of beer in a few cases). I can only take about 5-6 days on the boat and I start going stir-crazy.

The downside: I must admit I miss the interaction with co-workers, the BS / bi$%h sessions and dealing with the clients we had (most of them anyway).

Just some thoughts to consider.

Jack

[targa911S]

Originally posted by 74-911
I agree with Bill. I retired (or became unemployed) 3 years ago at 57. I have the Porsche to play around with and a sailboat but they are diversions / hobbies. We sold our house and moved to the coast when I retired (wife was already retired). I am (at my own pace) totally remodeling / updating the "new" house. I've gotten pretty good at laying tile, installing hardwood floors, installing trim, crown molding etc. The point is, I do something productive most every day but I don't bust my tail doing it.

A lot depends on your personality and at what point in life you are. I have friends who retired and moved onto sailboats and spend everyday doing pretty much nothing except fishing ( and consuming massive quantities of beer in a few cases). I can only take about 5-6 days on the boat and I start going stir-crazy.

The downside: I must admit I miss the interaction with co-workers, the BS / bi$%h sessions and dealing with the clients we had (most of them anyway).

Just some thoughts to consider.

Jack

+1

Sounds like my own story. Retired at 55. Sold the old house paid cash for the new house. Living off my and the wifes pension. Got a little stuffed away.Stocks and securities, 401K. No debts other than utilities, taxes, food, day to day living stuff. I spend my days getting up early..or not. Doing something ...anything I like...or not. I'm not beholding to anyone. Feels great ...I'm not rich by a long shot but I make it every month with a bit of walk around cash. Got the P car, and I'll be restoring a tractor come spring. Don't miss the work and day world one bit.

[HardDrive]

Originally posted by kaisen
Financial independence is a relative thing. Learning to live with less and not want for more seems to be the key. Assets can devalue, investments can go bad, expenses can rise, agreements can be broken. Do what makes you and your family happy and keep your priorities straight. If you have enough cashflow to truly sustain that lifestyle without worry, consider yourself blessed.

Buddhism.

[PorscheGuy79]

Markus,

You are a good guy, if anyone deserves a quick break its you.


That said, you gotta ask...do you love your job?

You gotta be in a position right now to say "I would wake up every day to do this for free". If the answer is yes, then keep at it and bring in the income, even if you just bank it all for a rainy day.

If not, look into a profession that will make the most of your time and is something that you go home satisfied...like a professional race car driver . You get the picture.

Also, to add to Bills point.

To live a life a diversion, even enjoyable, is a waste. You need to better your own person, not just pass the time. This situatiuon almost begs the question of the meaning of life.

[Ed Bighi]

Markus, if you are truly "South of Sweden" you are already on the right track. Here is why. The US is a decent place to get rich in. Not as easy as getting rich in South America, but not bad. But once wealthy, it isn't the best place to be in. Not to mention having a culture which isn't conducive to staying rich. It would take me hours to explain. Also, as some mentioned here in this thread, fly under the radar. Go ahead and let the newbies flaunt. Don't play that game since there are two kinds of people in this world. Those with money and those who spend money. Don't look at wealth as a means of acquiring toys. Look at it as being able to put your head on the pillow at night (or in the middle of the day if you want to) and falling right asleep without worrying about crap. To be able to sleep as hard as your dog. To be able to help who you want to help. But the best part. To be able to live anywhere on the planet. To be subject to not only no boss, but no government either. That, my friend, is true freedom. Also, as someone else mentioned, you don't need that much wealth in order to do what you want to do, when you want to or not do much at all if you want to. My brother in law does not have much. But his house is paid for, his car was bought for cash over ten years ago, and since he isn't stressing himself out while chasing the money to pay for the latest widget, he is pretty damn healthy. The secret to a good life. Something that escapes most people where I live.

[SD Porsche Fan]

Markus - Sounds like this is weighing heavily on you. Here's what I'm willing to do... Send me the money and I'll make sure it's spent wisely!

Seriously, I hope your patients work out. If it happened to me I'd open up a coffee and sandwich shop or a B&B. I've always wanted to be my own boss.