I have a “retire by 40” plan.
It’s not very complicated.
It has 3 steps:
- earn as much as I can
- spend as little as possible
- invest as securely and profitably as I am able.
Not particularly ground-breaking I hear you say, but I feel that by having this aim I am more conscious of my financial decisions and so should, in theory, at least end up retiring earlier than if I didn’t have a plan.
Now I didn’t have a job I would need to come up with a new way to earn as much as I could.
Options I considered for my future included:
- Running away on my boat
- Mooring somewhere permanently and tutoring
- Starting a city farm/microgreens farm
- Starting a small flower shop
- Starting a small coffee bean shop
- Teaching abroad
- Opening an independent cinema
- Getting another geophysics related job
- Painting/crafting and selling at markets/online
- Doing a Masters abroad in Big data or Remote sensing
- Online study of Big data or Remote sensing
Running away on my boat was tempting, but sadly not a long-term solution on its own. Even without having to pay long-term mooring fees I would need to pay for diesel and the general boat upkeep and so would eventually need some sort of income. I could combine this with selling paintings and other creations or carbooting which may provide sufficient income to prevent using my savings too quickly. Tutoring was also a lucrative side-line, one I had pursued whilst teaching and could easily continue but would require a more stable location or to branch into online tutoring. Irregular methods of income like these could also provide the time for online study giving wider career options in the future, plus I just really love learning new things.
Sadly for now, this is not a tale about escaping the rat-race and living an idyllic life on the waterways, maybe one day.
With savings in the bank it may have been the perfect time to start some form of business. I spent a fair amount of time researching various ideas. The cinema, although a dream I’ve had for a while, my savings would not cover and I couldn’t find a viable building available on the market. The flower shop idea smelt good and included the perfect perishable product but after considering the early mornings, markets and general hassle I realised I wasn’t actually that interested in flowers. It was at this stage the coffee bean shop idea occurred to me. It too smells great and is a consumable, and in the current age there is a lot of interest in different beans and roasts, I still think this idea could be a good future plan, maybe for my next adventure.
This is definitely not a tale of taking on a brave new business venture in a difficult economic climate, rather a tale of pipe-dreams without any real substance, but who knows maybe one day I’ll flesh one of them out.
Re-entering the world of geophysics seemed to many to be the obvious choice. My degree was in geophysics and before I became a teacher I worked for a couple of companies as a geophysicist. The difficulty with this option was that most of my experience was in the oil industry and quite frankly it bored me to tears. I had no intention of returning to a dull, 9-5 office job. Consequently It would be best to gain some current training in a different area of geophysics which lead back to online or university study.
This is also not a tale about doing the sensible, grown up thing and getting a stable job in an industry I’m familiar with. Frankly who would want to write about that, let alone read about it.
Going back to university was tempting as I love getting a new piece of paper with my name on, no really, not being sarcastic, I love getting qualifications. Initially I looked specifically at overseas masters as many of them have no course fees, however most would be costly in other ways, mainly living expenses. So I moved on to considering UK based courses, they weren’t free, but if I studied at a university near a canal network I could live on my boat and so save considerably on living costs. After a bit more thought and a few spreadsheets I concluded the amount spent on course fees, plus living expenses, plus the amount lost due to not earning that year, added up to a sum that would require many years to recoup in theoretical extra earnings. As I mentioned earlier, I love learning new things so I would enjoy the process, but it would likely put a dent in my “retire by 40” plan.
In case you were wondering, this isn’t a tale about becoming a mature student, retraining, fulfilling my potential and achieving my career goals. I mean that might be worth writing and reading about, but nope, just wasn’t feeling it.
So if these are the futures I didn’t choose, what did I do? I’ll tell you next time.