In my 40's, earning years, or time to stop and smell the roses?

[fastfredracing]

I have really busted ass to get to where I am at now. I have worked the last 20 years of my life away, the last 10 I have worked a lot, and the last 5, I have really put in the extra effort, and given up most , if not all of my spare time.
So do I keep the hammer down, focused on saving and planning for an early exit from the day to day grind, or try to live a little bit, while I am still healthy, and of sound mind ( questionable sometimes)?
It seems hard to find that balance in life. I would like to hear what some of you older guys have to say about this. Regrets?

[Red88Carrera]

I'm only 47. I tipped the scales in my favor at age 32. Before that, it was 16 hour work days, and being there whenever they called. I thought I was living to work, then realized that I was working to live. My only regret is that I didn't figure it out sooner.
I decided that I wanted a life more than a job. I took the mindset that I was more valueable to them than they were to me. I quit my job at 32 years old, and have worked for three other companies since. Each time I found that I am still more valuable to them. Never been fired or laid off. I moved on to create a better life for me and my family. The last thing I want to do when I get older is to look back and say "Woulda Coulda Shoulda".

[masraum]

I understand, but you need some balance. You can keep working hard, maybe not quite as hard, but you need to also take some time to smell the roses.

You could die tomorrow, next week or this year.

[nostatic]

Not sure I know anybody on their death bed who said, "I wish I'd worked more..."

At age 50 there are things I can't physically do that I did when I was 30. Glad I did them when I did. 10 years from now if I'm still alive I want to avoid saying, "gee I wish I'd done that 10 years ago when I still could."

[tevake]

How about trimming down the work load at your shop, and work only cars that you enjoy working on. Pick your favorite clients and work by appointment only. Take any signs down on the outside of the shop. So you don't have to deal with walk ins or jobs that wear on you.

I know this was brought up in an earlier thread, but seems to answer lots of your concerns. Have you thought along these lines?

Congrats on your moving on from the smoking!

Cheers Richard

[Joeaksa]

You just do not want to get to be at an age where you cannot do the things that you have not done, then get perturbed at yourself.

Remember that life can end at anytime and you should IMHO gradually work at your "bucket list" and whittle the more difficult items off early as later on they might not be possible.

[epbrown]

I had the same thought at around 35, after a promotion. I'd been racking up the hours and saving/investing 50% of my take-home. I decided that while I was preparing for a comfortable life down the line, I wasn't having much fun right then.

Oddly, for some people, my idea of fun was to start running marathons. But yeah, I also scaled back on the long hours, live-for-tomorrow funding and started traveling, (a few summers we went away literally every weekend), got a more comfortable place, nicer cars. I'm still living well below my means, so no debt stress, but more relaxed.

I don't regret it. At my job, we have "cohorts" - sort of like your class in high school, people all brought into the company the same year. A couple of my cohort have been promoted ahead of me, but they also complain of the stress and often wonder why I look younger than them, and about 60% are gone. People tell me I must love my job, but the truth is simply like my life more, now that it's more well-rounded.

[sc_rufctr]

Keep going hard. You can smell the roses sometime in your mid 60s.

That doesn't mean you shouldnt have some fun along the way. Plan annual vacations and do stuff in your limited spare time that you enjoy.
Take care of your health by excersising and watching what you eat.

We are living longer than ever now and it's only going to get longer. This is not the time to sit back and relax.

[vash]

balls to the wall..at least to your fifties?

[KFC911]

Originally Posted by vash

balls to the wall..at least to your fifties?

I had planned to exit corporate america at 50...when outsourced (at 48), all my ducks-in-a-row were quacking (despite a 50% drop in my KMA fund), so I exited. Now several years later, the KMA fund is doing fine and life is good. Life is to short, and "you can't take it with you when you go..."'. Make no mistake, I'll always be busy doing something (rental properties, helping my parents, FISHING ), but acquiring $ is not near the top of the list. Our number of days on this earth are finite...damn I wish I'd have attended more "meetings"...not this kid...

[dan88911]

Go for it. "Do today what most people won't, To have tomorrow what most people cannot''....... Discipline backed with commitment.

[LakeCleElum]

Originally Posted by fastfredracing

I would like to hear what some of you older guys have to say about this. Regrets?

OK, I'm old - Just turned 60 and been retired almost 8 years.

I've read your posts and know you work very hard and put up with a lot of stress involved in running the business. I think your question is: Keep the same pace, or slow down to enjoy life, but not retire yet?

We all know stress can lead to health issues and shorten the life span. If you keep your current pace, you will burn out and leave the business sooner, rather than later. For a net loss in the long run.

So, I would say it would be best to hire some help, relax and consider a 4 day work week for yourself? With the right staffing, you might just make more money?

Regarding your life style. None of us know how long we have here. I lost 9 good friends just this year, one as young as 51.

Go places and do things while you are young enough to enjoy them. I'm kind of limited by many years of injuries and surgeries. There are some activities I can't do now, and wish I had done them when younger.

As you get older, health costs are a big issue. Plan for them When younger, I'd often go 5 yrs or more w/o going to a Doctor. Can't say that anymore; glad I have good insurance connected with my retirement plan.

Regrets? Not really. I know now that I didn't have to work quite as hard as I did. I could have spent a little more in my younger years and still been fine today. I kinda "overshot" my mark, if that makes sense?

Go smell some roses.......

[McLovin]

Originally Posted by nostatic

Not sure I know anybody on their death bed who said, "I wish I'd worked more..."

Really?

I'd think there are a lot of people who in their waning years (or even days) wish they would have worked harder when they were younger, to set themselves up better for those waning years.

I'm pretty sure I know many people like that.

[Baz]

Each person must make that determination for themselves, of course.

Trying to find THE BALANCE is, in my opinion, the challenge for all of us.

I think if you feel you are working too hard you start by at least taking weekends off. Then graduate to working a 4 day week.

But I also believe in MAKING $$$ so you can obtain total financial security one day where everything is paid for essentially and you can dictate how much you work and how much you don't.

I have a friend of mine who retired early and he has been under financial strain for the past few years and had to go back to work for less pay....a good lesson to learn by for some. I already knew he made a mistake when he announced he was retiring.

I am VERY fortunate that I LOVE what I do for a living. And I'm self-employed. I see myself doing what I do almost forever - but scaled back more and more as I age.

I also believe when certain humans "retire" they start going downhill. Depends on the circumstances, of course, but that's the trap some fall into, I think.

[enzo1]

Live every moment in the "now" , the only thing there ever is ....no past, no future

[McLovin]

Anyways, I worked really hard, in a really stressful profession, very long hours, all through my late 20s and 30s.

By my late 30s, I had paid off my house, had a debt load of zero, and built up a decent nest egg. I still work in the same profession, but the last decade or so has been at a much reduced pace. I have breakfast every day with my wife and kids, and home for dinner every day, and don't work weekends. I've spent more time with my kids than any other dad I know, by a large margin.

The memories we have, and the relationship we have, are priceless to me. I've certainly left a decent amount of money on the table to do it, but I feel very fortunate to have been in a position to do it, and won't regret it a bit.

[McLovin]

Originally Posted by enzo1

Live every moment in the "now" , the only thing there ever is ....no past, no future

That makes no sense at all.

[McLovin]

Originally Posted by Baz

I have a friend of mine who retired early and he has been under financial strain for the past few years and had to go back to work for less pay....a good lesson to learn by for some. I already knew he made a mistake when he announced he was retiring.

yeah, right there is someone who might on his deathbed say "I wish I would have worked more (when I was in my peak earning years) . . ."

[genrex]

Fred, here's the way many shop owners do it around here...

They get to work around 7:30 and put the "open" sign on the door, and unlock the door. They answer the phone, and make phone calls.

At 8:00 they start working on cars and (if it's a one-man shop) any phone calls go to the answering machine. The phone calls are returned during breaks or the lunch break.

They don't chit-chat with people who walk in.

At 5:00 the "closed" sign goes on the door, and the door is locked, and they straighten things up. They can pick and choose "walk-ins" as they please. At 5:30 they have left the shop and are on their way home.

Quality of life is waaaaaay better. Please do as others here have suggested, and limit your business to the kind of clientele that you want.... either by choosing to keep the customers you want, or by choosing a "niche" group of cars that you want to work on.... air-cooled, water-cooled, whatever. Think about the clients you have now, and think about keeping some of them, but not all of them.

Sit down with a pad of paper, and figure out which clientele to focus on.

_

[enzo1]

Originally Posted by McLovin

That makes no sense at all.

What causes anxiety?