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For those on the FIRE train, what are you going to do professionally?

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  • For those on the FIRE train, what are you going to do professionally?

    It seems that the  fire movement puts most people with a retirement date around their 40's. After spending years in training, I believe some will truly retire to have the ability and do whatever they want (the point of firing), however I'm curious about those who are going to pursue a second career in something they are passionate about. What will that career be? Teach, garden, yoga, brew master, etc?

  • #2
    Franchise if I can figure how to start.

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    • #3
      care more about the FI than the RE. I think a lot of people would like their jobs a whole lot more if they could do them 3 days a week instead. FI lets you work on your terms. I think most professionals would be bored if they retired in 40s unless they had another serious hobby they could devote a lot of energy to.

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      • #4
        My plan is to work in medicine just enough to say I have a career, but then explore different things and see if anything is interesting enough to cut the cord.  If I were starting over, I think I would probably go into actuarial science, but from what I can tell, to get started in that I'd probably have to work my way back up through internships then 8-5 jobs with employers, 2 weeks PTO, etc.  No thanks.  Other ideas are getting a financial advising certificate in a program similar to what DMFA is doing and offering advice by the hour (without the asset management), teaching, providing language services.  Goal wouldn't be to replace current income, but ideally fill up Roth IRA + employee 401k + HSA, find constructive use of time, keep mind sharp, etc.  It would be several years down the road at any rate.

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        • #5




          I’m curious about those who are going to pursue a second career in something they are passionate about. What will that career be?
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          ..




          I think a lot of people would like their jobs a whole lot more if they could do them 3 days a week instead.
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          ...
          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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          • #6
            I'd like to continue doing a bit of EM (my whining on this board notwithstanding), but it's really hard to find a gig with few to no nights and weekends. Telehealth? Urgent Care? I don't know. I realize more and more the world of work is really set up for those with massive debt and obligations; there's no concept that, at a certain point, some aspects of work make it not worth doing at all. Once I hit LeanFire, nights and weekends became less and less worth it, but thus far I haven't found a situation where I can drop them. At moderate or fat, I will.

            I would feel uncomfortable not earning at least 100k a year until 65, so I'll have to find something.

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            • #7




              Other ideas are getting a financial advising certificate in a program similar to what DMFA is doing and offering advice by the hour (without the asset management)
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              This is a great idea if you love the work and don't need to depend on it to earn a living, but it will be difficult to earn even a high five-figure income this way (working full-time).
              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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              • #8




                I’d like to continue doing a bit of EM (my whining on this board notwithstanding), but it’s really hard to find a gig with few to no nights and weekends. Telehealth? Urgent Care? I don’t know. I realize more and more the world of work is really set up for those with massive debt and obligations; there’s no concept that, at a certain point, some aspects of work make it not worth doing at all. Once I hit LeanFire, nights and weekends became less and less worth it, but thus far I haven’t found a situation where I can drop them. At moderate or fat, I will.

                I would feel uncomfortable not earning at least 100k a year until 65, so I’ll have to find something.
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                Wouldn't urgent care offer regular hours for decent pay?
                Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                • #9




                  Franchise if I can figure how to start.
                  Click to expand...


                  You could begin your research here: https://www.entrepreneur.com/franchise500/2018/6
                  Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

                  Comment


                  • #10







                    Other ideas are getting a financial advising certificate in a program similar to what DMFA is doing and offering advice by the hour (without the asset management)
                    Click to expand…


                    This is a great idea if you love the work and don’t need to depend on it to earn a living, but it will be difficult to earn even a high five-figure income this way (working full-time).
                    Click to expand...


                    You're probably right.  With my current level of spending, even a "low" five figure income would probably be okay, especially if I also have several years of a non-governmental 457b withdrawal and taxable dividends to spend.  I guess it will depend on what my spending desires/needs are at that point.

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                    • #11
                      work 0.5 FTE for the healthcare

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                      • #12
                        Fascinating Comment, CM

                        Like a lot of the "hobbyists" here I also love reading and thinking about finance and investing.  It is my favorite spot in the bookstore.  I don't think I would enjoy being a full time analyst or RIA either.

                        Currently, I practice clinically three days a week.  I use the days off for family, exercise, health maintenance, hobbies (like finance blogging), and building passive income streams.

                        I encourage doctors to work towards FI.  It provides options.

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                        • #13
                          Interesting comments, Lithium. How are you going to find time to complete the CFA requirement of full-time work? Or do you plan on just obtaining the certificate and sitting for the exam? I have thought about this in the past as a side business, but the requirements for CFA are pretty tough given that we work full-time.

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                          • #14
                            I have considered high school football coach and teaching health/weightlifting. Not sure if there will be personal finance classes for the kids or not. Starting an amazon based business has crossed my mind. I have also looked into owning a self storage.

                            I have actually saved a few lives recently and it definitely recharged my battery for medicine. I am not sure I will retire when FI but as of now I don’t think I could do urgent care even with the better hours.

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                            • #15




                              Interesting comments, Lithium. How are you going to find time to complete the CFA requirement of full-time work? Or do you plan on just obtaining the certificate and sitting for the exam? I have thought about this in the past as a side business, but the requirements for CFA are pretty tough given that we work full-time.
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                              This isn't anything comparable to working toward a CFA.  It's just the educational component of getting a CFP.  If I even do it, I'll probably wait until after I leave my full-time job, but it likely won't take very long to get through the courses.

                              The programs are cheap and many are online.  This is one of them:  https://utsa.financialplannerprogram.com/

                              If I decide I definitely want to do it, I'll probably go ahead and open a 529 in my name.

                              There was a thread with deeper discussion about this, maybe a year ago.

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