Just out of curiosity, how much are you talking about here? I assume at least a few millions?
I think most people would prefer not having to work vs. having to work and spending more time with their family. So that part is a no brainer.
As to the point about working another 15-20 years to have more possessions. I don’t think you need to work to have more possessions… I think you work to make sure you have enough savings/assets to make it through retirement. And also to comfortably live into old age.
I do agree in theory with part of what you wrote with the idea of, “how much is enough?”. I’m sure with most people, you have a goal in mind for how much you want to get to. The problem is with human nature, once most people get there……they reevaluate and set a new goal and so on and so on.
I know MANY people like this. They say they want to become a millionaire. So they hit that goal, then they say they want to be a multi-millionaire. Then hit it. Then say they want a net worth of $3 million or $5 million or whatever. And no amount is enough. So in that regard, I do agree with you that once you have enough to comfortably retire then you can do it. I guess the key is knowing how much is enough.
If there is one thing I’ve learned is it’s MUCH easier to make money while you are healthy and young. Even if you wanted to work later when you’re older, the opportunities just might not be there.
Like the others I don’t think this is a good idea unless you are talking multiple millions you have and probably even then you’d have to really take a good look at your situation. (i.e. how much debt you have, how many kids you have, if you plan on paying for their college education, health care costs as you probably will have to buy private medical insurance if you stop working and it’s not cheap, medical emergencies or other type of emergencies that you should be factoring.
I thought about retiring early or semi-retirement (I’m younger than you are) but I just really enjoy working and don’t think I could not work anymore.
I also believe that the time to make money is when you’re younger. It’s much harder later when you’re older.
Still, if you’re talking about a multi-million dollar portfolio and if you can swing it and have absolutely not debt at all, your house is paid off, your kids college education is all paid for, you have a rainy day/emergency fund saved up then only you know how happy you will be.
Me personally… rather than putting it all in the stock market you might want to think about income producing real estate. Granted being a landlord isn’t for everyone but I sure as heck much prefer owning properties and collecting rents each month vs. having it all in the stock market.
Certainly money isn’t the most important thing in life and I do admire your desire to spend more time with your family. Definitely IF you can comfortably swing it then I’d say go for it. But the key is to really see if you can swing it.
If it’s possible to take a ‘trial run’ at it and temporarily leave your job (I’m not sure what you do for a living) and see how it is.
I took a year sabbatical and kind of did what you planned. I still own a company and still working several hours per day but nothing like before the sabbatical. I’ve been traveling around the world the past 5 months with my family and it’s been a wonderful experience.
I’ve had some GREAT job offers that I’ve turned down for very good salaries to do this sabbatical. I probably will take at least another year off but I think by the end of it, I’ll be itching to get back to work.
