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Enjoying one's wealth as one gets older

29,490 Views | 208 Replies | Last: 14 days ago by mefoghorn
cgh1999
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AG
MAS444 said:

Quote:

I'm sure everyone that reads this thread will join me in saying a prayer on your family's behalf.
+1 cgh1999

And damn jja79...do you know all of us old dudes on this thread?!?

JJA was my realtor when I bought my first house 22 years ago. He has done a couple of mortgages for me since then. I'm proud to call him a friend even though he's old!
SnowboardAg
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Lots of great advice on this thread.

I'm a believer in leaving the generation after me with more than I had. Now that I'm closer to retirement than the start of my career, I'm starting to relax more (financially) and coast. I have a tendency to be very frugal, but I'm more now, let's sit on an idea for 2 weeks and then make a decision (likely that decision changes with time).

I'm a big fan of classic cars and never forget my uncle telling me, get something now. You're only getting older and just get something to drive / enjoy (doesn't need to be perfect). Really great advice to apply to life - do some things now, bc tomorrow is never guaranteed.
Old McDonald
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this is why we leaned hard into the FIRE movement straight out of college. being comfortably retired by 40 = money, health (hopefully), and time
insulator_king
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AG
After I got RIF'd out of the US Navy in the early '90s, I went rural and basically homesteaded on 40+ acres in west central NM. Built a log house on the property and all the associated infrastructure. Earned less than $5000/year for about 15 years, so I know about frugal.

For marriage reasons. I moved to ABQ ~ 6 years and got a job with the VA, and was going to work until 70. Alas, I ended up divorcing 2+ years ago, so now I am retiring in 300+ days, still in my early 60's agewise.

I'm a laid back introvert, and not a lot of drive, so looking forward to not being on a schedule. Work is not my purpose in life, just an end to the means of doing what I want to do. Have a 55 HP turbo Diesel enclosed cab tractor, and a list of projects 2 miles long to do around the house and on the property, so I won't miss work AT ALL. Will also be close to my 2 grandkids who will be 11 & 9.

Moneywise, I'll have a very small amount coming in, probably $1400/mo SS and gov pension, and ~$250k in my TSP, and $50k each in HSA & IRA.

I can keep my federal healthcare into retirement for about $250/mo, and as a vet, am eligible for health care through the VA.

Travel? I had plenty of that in the Navy 'It's not just a job, it's an adventure" held true for me. I'll be fine hiking and exploring the beautiful scenery of NM, AZ, CO, UT, etc.

I'm still in very good health, and want to have the time to enjoy it. My dad died at 80, my mom is still living at 88, so it's time.
Tumble Weed
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insulator_king said:

After I got RIF'd out of the US Navy in the early '90s, I went rural and basically homesteaded on 40+ acres in west central NM. Built a log house on the property and all the associated infrastructure. Earned less than $5000/year for about 15 years, so I know about frugal.

For marriage reasons. I moved to ABQ ~ 6 years and got a job with the VA, and was going to work until 70. Alas, I ended up divorcing 2+ years ago, so now I am retiring in 300+ days, still in my early 60's agewise.

I'm a laid back introvert, and not a lot of drive, so looking forward to not being on a schedule. Work is not my purpose in life, just an end to the means of doing what I want to do. Have a 55 HP turbo Diesel enclosed cab tractor, and a list of projects 2 miles long to do around the house and on the property, so I won't miss work AT ALL. Will also be close to my 2 grandkids who will be 11 & 9.

Moneywise, I'll have a very small amount coming in, probably $1400/mo SS and gov pension, and ~$250k in my TSP, and $50k each in HSA & IRA.

I can keep my federal healthcare into retirement for about $250/mo, and as a vet, am eligible for health care through the VA.

Travel? I had plenty of that in the Navy 'It's not just a job, it's an adventure" held true for me. I'll be fine hiking and exploring the beautiful scenery of NM, AZ, CO, UT, etc.

I'm still in very good health, and want to have the time to enjoy it. My dad died at 80, my mom is still living at 88, so it's time.
Anybody that has a property and a tractor isn't bored.

I have wondered how my joints (elbows, shoulders, knees) are going to hold up with the farm work. I still have quite a few projects that I want to build as well. May have to outsource the heavy lifting as I get older.
LMCane
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RightWingConspirator said:

I always feel like I never have enough. Would be curious to hear from those of you who retired, when was enough? We have reached the magical 7 figures about ten years back so we have that plus a couple more. Is this enough? I'm Type 1 diabetic and in pretty good shape considering I've had it since I was 11. I'm now 51. Wife is 46. One kid is off and married and I have a sixteen and a young thirteen year old still at home.

My job pays me well enough to have my wife stay at home as she chooses, but keep thinking of what "five more years" can do for my retirement accounts.

I think it would be prudent to keep working until AT LEAST all your kids are out on their own in college or working.
LMCane
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infinity ag said:

SW AG80 said:

You and your friend are very spot on. In the early 1990s I was making more money than I should have been for a guy in my early 30s. My financial planner, who did me a really good job and was a good guy, sat down with me one day and told me I was more focused on saving for retirement than any of his other clients had ever been. He convinced me that I needed to enjoy the journey much more than I was.

I took his advise and did better.

Now my wife and I are both retired. 67&66 years of age. In good shape financially and pretty healthy. BUT we are now caring for my wife's 95 year old father. I had always heard it is harder on the care givers. But I never imagined it would be this hard nor life changing.

So what should be our truly golden years are spent doing things I never imagined. I know many people of my generation are going through the same situation. Just never know what life will throw at you.

Guess this was more of a rant. Sorry.

That's some good insight here, I hadn't thought about that. I am guilty of the same thing, of being too focused on retirement and kid's college and debt freedom that I neglected enjoying the journey. But then grass is always greener, it is great to be debt-free with a good amount saved up. I am beginning to absolutely hate the tech industry these days. I am 10 years away from retirement but I feel like just quitting and doing other things with the 30 odd years I have left.

LOL-

where do we go to get the notification that we have "30 odd years left"?!

would make it a heck of a lot easier for investment and retirement planning if we knew the date of expiration.

I have had 7 friends over the course of my life who have died all before age of 55

none of them from drugs.

2 suicides, 2 cancer, 2 car accidents
htxag09
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AG
LMCane said:

RightWingConspirator said:

I always feel like I never have enough. Would be curious to hear from those of you who retired, when was enough? We have reached the magical 7 figures about ten years back so we have that plus a couple more. Is this enough? I'm Type 1 diabetic and in pretty good shape considering I've had it since I was 11. I'm now 51. Wife is 46. One kid is off and married and I have a sixteen and a young thirteen year old still at home.

My job pays me well enough to have my wife stay at home as she chooses, but keep thinking of what "five more years" can do for my retirement accounts.

I think it would be prudent to keep working until AT LEAST all your kids are out on their own in college or working.
I mean our kids haven't started kindergarten so obviously a lot can change. But, based on our models and planning, we should be able to retire earlier, but our goal is to retire once the youngest is out of college, maybe her junior or senior year.
beerad12man
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one safe place said:

I would think most people who post here (even if you discount those who make 7 figures, pay $275,000 in income tax, max our their 401(k), IRA, HSA, etc.) will die with a decent pile of money they never got to spend. Once the pile is high enough, not sure why people continue to work, many well into their 70s, Perhaps working gives them some feeling of worth, I don't know. When you have way more net worth than time, it would seem sensible to make better use of the thing that is slipping away.

I've not been bored since I retired. Always have something to do, we have hundreds and hundreds of acres of water to fish within 15 minutes of the house (went yesterday and my son kicked my butt), berries to pick, volunteer work, enjoy the grandbabies, and so many things. The best part of it is having no timetable in which you must do things, do it today, or tomorrow, or next week. I truly don't see how I ever found time to work, lol.
I HATE the idea of going from 100 to zero (full time work to just nothing) all at once. Unfortunately, health insurance is a big reason why many have to do that, and that kind of stinks. But the people you are talking about can likely afford concierge or Obamacare for 15k a year or so. Unfortunately, my personal experience has seen far too many people retire at or near normal age with money and a lot of plans, and then within 1-2 years get cancer (2 separate people) or get emphysema, or just lose their sense of purpose and let themselves go too quickly. A couple are still alive, but haven't really enjoyed retirement. They would have been far better off leaving the full time work for a decade earlier. It stinks for them.

If I can afford the HI in my 50s, I 100% plan on scaling back to part time work as young as I can. I'm currently shooting for between 50-55. More time to travel, golf, or do whatever I want in my 50s whereas there's no guarantee I can do those same things in my 60s or 70s. I'd rather work part time from 50-70 than full time from 50-60 and just outright be done. JMO that I understand not everyone would take that risk.

But again, either way, the day I leave full time work will probably be an infinitely better day than when I leave part time work.
LMCane
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jja79 said:

By the standards of this board I'm probably not wealthy but I pulled the plug on my career earlier this year. I'm 67 and might have continued to work but my industry isn't fun anymore. I am not suggesting anyone follow my path. I gave away all my personal property, packed what would fit in my Kia Telluride and moved 1,200 miles away to a place I didn't know one person. I knew I was moving to where I want to be and quickly found I out I had found the right people. I know people that are so focused on having everything within their control and every I dotted and T crossed and their stress level is through the roof as the time approaches.

Again I'm not suggesting anyone else follow my plan.
where did you move to?
htxag09
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AG
LMCane
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Strat said:

LMCane said:



and this is why I have told my company I am retiring July 2026 at age 55

and going to Europe for 4 or 5 months

then down to Florida, Scottsdale, or southern california (if there is a cool job near the beach)
Any concern that giving your employer 2+ year notice will impact your compensation and work opportunities? I'm turning 55 in a couple of months and plan on retiring next year. I'm going to wait until I receive my bonus (50% is discretionary) and LTI grant (which will vest pro-rata since I'm 55) next March and then turn in my notice with my last day worked around July 1. I will be willing to work a little longer if they want me to but I expect a retention payment. I'm in a niche single incumbent role so I have some leverage.
good question

but I work for an Israeli defense contractor who when I told them swore they would find a way to keep me. they already let me work overseas for 3 months back in 2023.

so no, we are like a family owned company they aren't going to harm my career prospects or bonuses.
jja79
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AG
Mesa, Arizona.
94chem
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I'm 52. Don't know whether I have a day or 50 years left, and neither does my wife. We have 6 kids, 2 adopted, and she has been a SAHM for 22 years. I've done okay as a scientist, but I know people with smaller families who've made twice as much and have little to show for it. The trips you take, the places you stay, the food you eat, the cars you drive...I've loved all those things, but in my own cost-effective way. I don't ski, but I go to Leadville and hike 14ers. I don't golf, but I played racquetball and run marathons. I grill my own steaks. My kids didn't go to A&M because it wasn't a good value. I drive used beater cars. Circumspection and stewardship have been my guides. My commute is 4 minutes, and has never been more than 10. 26 years with the same company. 594 consecutive payments into my 401(k) with max company match.

I've no clue what the future holds, but I've been around long enough to know that the center of God's will is the right place to be. Worrying about having enough, and not enjoying what you have...I'm not sure which sin is worse, but I hate doing either. Both are such entitlement postures toward my Creator.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
Fireman
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AG
Cool thread - enjoyed reading about everyone's situations.

My career has allowed me to travel all over this planet God has bestowed upon us. For me, travelling Internationally has largely been a disappointment (with a few exceptions) as it seems like many places want to copy Western Culture and the United States, and most largely fail. So for me, travel plans in retirement really only include locations in the US, which has everything I could ever want. I share only to provide context for others to plan carefully any $20K+ vacation plans overseas, and make sure there is something in these countries you really want to experience (perhaps historical significance or unique geographic characteristics) that adds to the enjoyment of the trip. Absent some specific experience you are looking for, you could end up really disappointed that most countries feel very similar to life in the US.

Next tip, for young people reading this thread and thinking, man these people are old. Take risks with your investments early in life (20 to 35) and trust your instincts for companies / ideas that will be game changers in the future. The next bitcoin / amazon is out there, and a $5,000 or $10,000 investment might seem like a lot at the time, but it could open up possibilities and a lifestyle you could honestly never dream of. If you believe in it - take the risk, and don't sale when your investment doubles or triples......think of it as a life changing investment, and until your life is truly changed, it's not time to sell.

Lastly, when I think about retirement, it's always been a specific number I want to achieve. The minute I reach that milestone, my time is no longer for sale, and I look forward to spending my life helping others learn about Jesus and spending time with my wife and two sons. Deer hunting, saltwater fishing / swimming, combined with managing my investments and commitments to our Church will easily fill up the 40 to 50 hours I've spent working weekly for the past 25 years. I think of life as a journey in God's timing, and while I look forward to retirement, I'm not necessarily in a hurry to get there.
Hey Nav
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Quote:

I feel for those who served in the military and expected Tri Care to stay the same. It didn't, and they too have to pay premiums that are adjusted based on income.
You've got to admit, though, that paying Medicare Part B is a pretty good deal (even though it's means tested).

No other expenses like drugs. No need ever for a Medicare supplement. As Medicare counselors will tell you , Tricare for Life is "the golden coin".
RightWingConspirator
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I'd argue not worrying enough shows a grievous lack of stewardship over what God has entrusted to you. Mind you I've known quite a few people that were simply convinced "things will workout" and made horrible decisions that ensured the necessity of them working till the day they died because "things would workout" without any preparation on their part. To your point, it is a fine balance between enjoying what you have and being a good steward. Too much of either, I'd agree, shows a lack of gratitude for what we've been given.
"But it is easier to purchase products that denote superiority than to be actually superior in economic achievement." - Thomas J. Stanley
94chem
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Just paraphrasing a mentor of mine who hasn't given me a lot of wiggle room.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
LMCane
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SW AG80 said:

I had that same notion with MediCare. Boy was I in for a surprise.

But the coverage is good. What I can't believe is how little the Drs. are paid by Medicare.

and this leads to the related issue of Physical HEALTH

the healthier you are before retirement, the less cost you will have to pay into the insurance system

which also leads to retiring early- so that you can spend more time hiking and at the gym every day than sitting in your office at your desk for 9 hours a day then fighting 40 minutes in traffic to get home
schwack schwack
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AG
Interesting post full of great advice & different opinions.

We "retired" about 6 years ago @ 50 & 60 after both of us being self employed for our entire careers. There were definite "feast or famine" years in there, but overall we did great. We put everything into our business for years, then lucked into a really nice, honest, fee only advisor (since retired) about 10 years before we quit. We still have those funds & instead of continuing to fund our SEP IRAs we went with real estate - he said our ROI was much better there than in the market. He was right and we capitalized on some really low priced houses/multi family properties back then that recouped our purchase price & renovations within 5 years. Like a post above, do some risky stuff when young - the Apple stock we bought years ago when they were down has exploded. That was not a "sanctioned by the advisor purchase" way back then but our industry was all Mac all the time so we had a feeling they would rebound.

We self manage our rentals and it's relatively easy. We did major renovations at purchase which holds off most big time & expense projects. We have a good reputation in town for having good, clean properties in good, safe locations at a fair price and generally never miss a full month in rent between tenants. Our current tenants usually refer people they know when we have any openings.

It's worked for us at 56 & 66 now, since we had no corporate retirement/pension coming in - only what we saved, invested. We now have in rental money coming in on 20 "doors" + one of us took SS earlier than we planned at 65 because, why not?

We have 3 older vehicles - '98, '11, '16 that still run great. Traveled a lot with work, so like a post above we explore the US when we want. We live in a small house on a small, private lake that we bought right before the housing crash in 2008 to retire to - we sweated that purchase at the time, but so happy now that we didn't back out. It's like a vacation every day!

The Mrs. did talk me into buying a nice small acreage property locally that is Ag Exempt with beautiful trees and really nice. Bought it as prices were rising out here - not cheap but I know that was her "what if he gets bored and starts hanging around the house all the time" plan. I have already built a shooting berm & don't mind mowing the trails every few weeks. She's a wise woman.

No kids & our siblings need nothing, so whatever is left will go to nieces & nephews - they should score.
hedge
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Very sobering thread.

I am definitely in the camp that gets off watching my net worth grow. I throw almost all disposable income into retirement account, brokerage or hysa. I'm single and don't have kids but would like to change that soon. Im definitely trying to take advantage since I don't have major expenses or responsibilities right now. That being said I would like to get to a point of living off interest, retiring early and spending that time towards family, travel and hobbies
LMCane
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YouBet said:

That Time, Health, Money paradox is valid. We are 50 and 48. Can retire now if we want to, but I'm working my ass off at a startup. My hours have eased up since we finally hired a few people under me but it's been 55-70 hrs per week for close to two years now.

But I've been constantly thinking about the time box we have from 50ish to 70ish that you can physically do stuff. I haven't taken a PTO day that was real in a year. We are squandering our time on earth and I know this. It's time to fix that and we are now planning real time off this fall.

My next decision is going to be do I wait for the golden handcuffs to pay off or do I just walk away from it and forego the payoff. First world problems but I'm leaning more and more just walking.

I'm nearly 54 but everyone thinks I am 44.

my suggestion would be to wrap up the stressful part of your career by 55 and then in the back half of your 50s you do what you want to do.

so you have some income stream coming in where you don't have to draw down your savings, but it's not a chore and gives you the time to take a daily walk outside and go to the gym and the beach and do what you want most of the week
LMCane
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jja79 said:

If you polled truthful retirees they would tell you the first 2 or 3 weeks of retirement are boring as hell. When you've been on a schedule, had responsibility and the positive feedback of accomplishment waking up with nowhere to go hits hard. If it happens to you welcome to the club.

for me it will be the EXACT OPPOSITE

the first year would be awesome because there are so many things I want to do (working on a second book, building hobby model tanks, taking language classes, travel around Florida, go to gym every day, take a walk, watch pods, take a nap)

it's the NEXT year that I worry about.
LMCane
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you really should spend more and enjoy Europe for a few months

your nieces and nephews will be fine without ALL of your money being left to them!
schwack schwack
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AG
Quote:

you really should spend more and enjoy Europe for a few months

The Mrs. used to travel for work on other people's dimes. Most of the "normal tourist" countries in Europe, a month on a less traveled island in Greece - time in Turkey (where the Greeks told her she'd get cholera - lol) Lots of travel back when airlines were nicer, travel more civilized. She also traveled private jets a lot, so the allure of current travel is not appealing to her. Me? I like fishing in my backyard. We can go & will if we ever get the urge, but it's not top of the list. You are right though, everybody should do it if they can.



jja79
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AG
Maybe your first year will be great. I was talking about the first 2 or 3 weeks. My last work day was a Friday. I was involved in meetings, taking calls, answering emails and trying to contribute to transactions still weeks or months in the future. That lasted until about 6pm. When Monday came no one needed to talk or communicate with me. I had no input so yes that's a jolt. I live in a community with about 5,000 mostly retired people, and the vast, overwhelming majority of them have shared similar feelings with me.
Comeby!
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AG
cgh1999 said:

A few years ago, someone pointed out to me that I was the only person who found joy in watching my net worth grow. My family didn't care. My son tells me what's the point of having "lots" of money if you don't spend it.

On the other hand, my wife is fighting cancer right now and my job is stressful…and I'm able to manage because finances aren't a concern. Bills are rapidly approaching $1MM (pre insurance) and if I had to pay all of them out of pocket, I could figure that out.

Her fight has given me a much clearer perspective. I will continue to do my job…but it is 100% secondary to quality time with the family.


This was me, last year. Prayers for guidance, clarity and peace. We worried about so much dumb sheet. My outlook today is much different.
94chem
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If you've been responsible saving your whole life, trust that you'll be responsible spending too. I realized that with the market doing so well and with interest rates so high, the 10% penalty on early withdrawals isn't a big deal. Just sayin.'
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
LMCane
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DannyDuberstein said:

Planning to go at 55 (5 more to go) and look forward to more golf and making my health a bigger priority. Instead of having to make time for my workouts, I look forward to building the rest of my schedule around my workouts. I also look forward to having more time to cook healthy meals at home.

There are so many things I enjoy doing, but it always feels like I am working to find time to squeeze them in. I am so looking forward to when those things ARE my schedule.

The times I've stayed home for a week the past 5-10 years have proven to me that I'll have no trouble with boredom. Less cortisol. More fun.

ARE YOU ME?

LMCane
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jja79 said:

Mesa, Arizona.
Love Mesa although it's sad and depressing seeing all of the new massive BOT computer farms tearing down nature to help the BTC boys or NVIDIA and AI.

just asked my friend who lives in Mesa for a job starting in late 2026 just to move out to that area at Oracle.
jja79
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AG
Tonto National Forest, Lost Dutchman and the Yavapi nation create a boundary that hems them in though.
LMCane
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jja79 said:

Maybe your first year will be great. I was talking about the first 2 or 3 weeks. My last work day was a Friday. I was involved in meetings, taking calls, answering emails and trying to contribute to transactions still weeks or months in the future. That lasted until about 6pm. When Monday came no one needed to talk or communicate with me. I had no input so yes that's a jolt. I live in a community with about 5,000 mostly retired people, and the vast, overwhelming majority of them have shared similar feelings with me.

I hear where you are going with that and it's valid.

but my personality is okay with subsuming the ego for the larger goal.

I moved overseas to Israel where I had no job lined up -and then got stuck in a world of COVID, so I have a lot of experience of "one day you are an executive the next you are up a creek without a paddle and nothing to do and nowhere to go."

just depends on a person's ultimate drive for what makes them happy-

the accolades and status from a profession for some people.

or working on a book / hiking in nature / travel / learning new things / enjoying all different hobbies for someone like me.
94chem
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LMCane said:

jja79 said:

Maybe your first year will be great. I was talking about the first 2 or 3 weeks. My last work day was a Friday. I was involved in meetings, taking calls, answering emails and trying to contribute to transactions still weeks or months in the future. That lasted until about 6pm. When Monday came no one needed to talk or communicate with me. I had no input so yes that's a jolt. I live in a community with about 5,000 mostly retired people, and the vast, overwhelming majority of them have shared similar feelings with me.

I hear where you are going with that and it's valid.

but my personality is okay with subsuming the ego for the larger goal.

I moved overseas to Israel where I had no job lined up -and then got stuck in a world of COVID, so I have a lot of experience of "one day you are an executive the next you are up a creek without a paddle and nothing to do and nowhere to go."

just depends on a person's ultimate drive for what makes them happy-

the accolades and status from a profession for some people.

or working on a book / hiking in nature / travel / learning new things / enjoying all different hobbies for someone like me.


This is one of the things that makes me happy that I stayed an SME instead of trying to climb the ladder. I figured after 8.5 years in college, and the letters that come with it, why would I want to throw that out the window? The bad news is that I don't make the decisions. The good news is that I get paid for what I know, not where I sit. Cross-country meet? See you later. Meet the landscaper? Bye. Hit the Y an hour early? Whatever. I love my job as much as ever, and I'm just as creative as ever. And as good of a bargain as ever. And just as driven. But it's not getting in the way of my life any more. I'm done with that.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
Drillbit4
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AG
Just two weeks ago, a friend had a massive heart attack and died. Only 45 years old. Leaves behind 4 young kids and a wife. Live every day like it's your last.
AG81xx
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AG
One thing I've noticed is happening to our parent's and our generation is as people are living longer, you accumulate some meaningful wealth, but you end up not passing it to the next generation until they are also too old to spend it, and they do the same, and the money never gets enjoyed.

My wife and I are passing some of our wealth to our kids and grandkids by paying for family vacations. They get a free vacation they may not take if they pay themselves, and we get to spend time with them and the grandkids. We control where the money is spent, and never have regrets on what they spent it on if we just gave them money.

It's a win-win for everyone. Our goal is to spend it on them and us now. If we just pass in on when we die, we will never get to watch them enjoy it.

But I also did lots of "what if" cases to make sure we have enough to last our lives.
 
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