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Thread: Semi Retirement

  1. #16
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    Quote Originally Posted by danshell View Post
    $100 a day for my 'retired' life is actually quite a comfortable life down here. That would be saving a little bit of money.
    We all have different ideas about what is an acceptable standard of living, but $100 a day seems very optmistic.
    It's the unexpected expenses that constantly blow my budget. $800 out of pocket for a tooth crown this month. $2400 for new brake pads, rotors, tyres and a timing belt for my car last month. That's 32 days at $100 a day. Rego and insurance on two cars is about $2800 in Melbourne. There's another month at $100 a day. The wife tells me snow peas are now $35/kg. They reckon the price of gas and electricity could double. So I reckon at least $200 a day where I live. More if you want a holiday or to eat out occasionally.

    Maybe I should move to Tassie!
    Chris

  2. #17
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    Quote Originally Posted by jack620 View Post
    We all have different ideas about what is an acceptable standard of living, but $100 a day seems very optmistic.
    It's the unexpected expenses that constantly blow my budget. $800 out of pocket for a tooth crown this month. $2400 for new brake pads, rotors, tyres and a timing belt for my car last month. That's 32 days at $100 a day. Rego and insurance on two cars is about $2800 in Melbourne. There's another month at $100 a day. The wife tells me snow peas are now $35/kg. They reckon the price of gas and electricity could double. So I reckon at least $200 a day where I live. More if you want a holiday or to eat out occasionally.

    Maybe I should move to Tassie!
    Jack620, the beauty of this system is the numbers that each person comes up with are applicable for that person. There is no generic number like a super expert tells you. If for someone there bottom number is a $1000 a day, that is what it is and that is the life they want to live. It is then up to them how they want to try and achieve that. I know my parents would easily keep under the $100 a day but they live a different life than what I would like.

    Steve

  3. #18
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    Quote Originally Posted by Chris Parks;[URL="tel:1998704"
    1998704[/URL]]I look at this in a simplistic fashion. You started work at about 18 years old and by 52 have worked for 34 years give or take a few years. At 52 you have a life projection of about 38 years, do you think you have accumulated enough wealth to last longer than you have worked?
    i wish I had a cushy upbringing like that. I started work at 5, worked most weekends and holidays until I started working full time at 15, by the time I was 18 I had 3 jobs and was working 100 hours a week!

    Life expectancy of 38 years from 52 is pretty optimistic, that would get you to 90 which is well above the odds for a male. Personally my planning is around being comfortably self funded until I am 80, assuming I get that far. At that point I will have no issue with collecting the pension.

    Cheers Andrew

  4. #19
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    Quote Originally Posted by AJ. View Post

    Life expectancy of 38 years from 52 is pretty optimistic, that would get you to 90 which is well above the odds for a male.
    After seeing many old people in action, I think I would like to go out on my terms. The problem is by the time you lose the plot, you do not know you have lost the plot, only the people around you know.
    Gold, the colour of choice for the discerning person.

  5. #20
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    Danshell - sounds like you've got things reasonably worked out, and to my mind if you're in a relatively secure financial position and have a plan for how to make an income you think is suitable - just go for it!!

    What is the worst that could happen?? You give it a crack for a couple of years, find that it isn't working out the way you thought it would (either financially or otherwise) - you just go and find a job working for someone else again. At least you won't die wondering "what if"...
    If it works out, then you are much happier with the new situation, make suitable income, and enjoy life.
    If you DON'T do it, you're going to continue feeling stuck in a rut, looking for something different/better, getting older, even less likely to give it a crack.

    A couple of people I know of that have done similar.
    My father stopped working full time when he was about your age. He was an electrician but had always worked for other people in the commercial/industrial space. He would then spend up to a few months a year working away on a couple of shutdown or project jobs for some income, and the rest of the time doing what he loved - just being on their small acreage, planting trees, growing a few steaks and gardening etc. MUCH happier and healthier than if he had kept working full time until official retirement age. He turned 80 last xmas and is still very active - bought himself a portable sawmill as a birthday present
    While he was doing the project/shutdown work I see that he was filling a niche - ie because he wasn't working full time he was available and a solid resource for the primary contractor.

    A good friend of mine quit full time work as a cabinet maker when he was around 45yo. He'd always worked for someone else.
    He had a few 4wd accessory bits he'd been making for a niche market and flogging on eBay for pocket money but decided he needed a lifestyle change. Over the last 10 years he's built up a solid business working for himself out of home and reckons making the decision to quit full time work and do something for himself was the best move he's ever made.

    I'm definitely not (and have never been) a businessman, but I've worked for some very successful ones for the past 20 years. I reckon you're on the right track if you're looking at filling a niche and keeping your overheads low.
    Provide a good quality product/service for a reasonable price and don't settle for turning out something half-assed (anyone can do that).
    The big boys have the average quality at a low price volume markets already covered, so its pointless trying to play in the same space as them.
    The other thing I've noticed is that people have no respect for "cheap", so don't undervalue your work or what you produce.
    If someone just wants cheap - there's no value or respect in your relationship with them so they best go elsewhere.
    You mentioned trailers earlier - there's some classic examples there. Domestic use, 6x4 or a tandem car trailer that a bloke can use to pick up a project wreck or loan to a mate in exchange for a slab. Cheapest price gets the sale - the buyer likely isn't going to pay an extra $500 for a better build.
    Move up to something over 2T that will be used for business purposes and the price jumps up significantly. It costs money for a business to have a trailer out of action so typically that market wants something that is well built and won't let them down - and sees the value in the extra cost.

    Anyway - just my 2c.
    Good luck with it

    Steve

  6. #21
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    If you decide to do trailers , consider buying a few car and 10x6 cage trailers and renting them out , it will generate some income and get people in , you can tell them you make trailers as well and if they see you do good quality work , it might generate a sale or two for a custom build and that is where the money is. Dog trailers and horse floats are good money makers if you got the skills. Good luck with it !

  7. #22
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    Funny that Im pretty much doing the same thing... maybe

    Been in a real rut lately(well the last 2yrs or so), been at the smelters since 94 as a process operator, the last 15yrs I've been trying to further my career by becoming leading hand and a trainer then a becoming a shift team leader(relief)trying to land a staff job as a shift/team leader... seems they just like kicking you in the guts rather than promoting the right person. They keep telling me Im not hard enough even though my team get the highest amount of work and production done consistently under my direction, I've worked hard to maintain decorum and respect from "my guys" being a good leader and not a ####.
    Anyways I feel as being a leader is not worth it(not for this current company)and as a operator the work is physically heavy(its a lead refinery after all)and Im getting towards the age where its getting harder to keep up after all these years working there and the worst part is no job satisfaction... a stack of lead bars is the end result is so impressive, take away my shift work allowance I could stack shelves at Kmart and earn the same per hour(then take away the lead poison bonus... and monthly pays)

    So currently Im on holidays I've built up 2mths worth and very seriously thinking pulling that pin, currently in the process of starting my own business as a handyman for the rental market.
    There's a real shortage of handyman services here, I'm already loaded with tools and skills being heavily into renovations woodwork and metalwork over the years and thanks to my father in-law know how to render and plaster(old school not gyprock) lots of double brick ex housing trust rentals here!
    Already have ABN and registered business name, insurance, seeing my tax agent tomorrow and ordered my signage for the ute... even taken me new work shirts in for embroidering on a logo.
    Another plus is my sister owns 7 rentals and a workmate who has 5 as well even have 1 myself, both are itching to get me working
    Hopefully will start next week Im going to give it a couple weeks and see how I go, I do need to still earn near what I get at the smelters can afford to drop somewhat, given the going rate for handyman here I only need after overheads to work about 30hrs a week too match my current wage... but it may take a while to get that many hours on a consistent basis.

    Had a lot of trouble coming up with the name tried so many different combos, my name and nickname Harry is super common and every combo is taken, was venting my frustrations to the missus and said an old saying, so now its been rearranged to a tongue in cheek name that should really stick in customers heads
    "HARRY'S NOT TOM OR DIKK HANDYMANSERVICE"
    cant have Dick in the name apparently!
    ....................................................................

  8. #23
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    Quote Originally Posted by jack620 View Post
    We all have different ideas about what is an acceptable standard of living, but $100 a day seems very optmistic.
    It's the unexpected expenses that constantly blow my budget. $800 out of pocket for a tooth crown this month. $2400 for new brake pads, rotors, tyres and a timing belt for my car last month. That's 32 days at $100 a day. Rego and insurance on two cars is about $2800 in Melbourne. There's another month at $100 a day. The wife tells me snow peas are now $35/kg. They reckon the price of gas and electricity could double. So I reckon at least $200 a day where I live. More if you want a holiday or to eat out occasionally.

    Maybe I should move to Tassie!
    Jack Im hearing what you are saying. But when I say $100 a day or $700 a week net I am saying with significant savings in the bank and debt free. But if I am perfectly honest I know people here that actually live on less net income per week AND are paying a mortgage...albeit small.
    I would even go as far as saying a large percentage of Tassie's population do in fact live on less than $700 net per week.

    But for me, at $700 per week net with zero debt is very easy, id be banking money on some weeks.

  9. #24
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    Quote Originally Posted by AJ. View Post
    i wish I had a cushy upbringing like that. I started work at 5, worked most weekends and holidays until I started working full time at 15, by the time I was 18 I had 3 jobs and was working 100 hours a week!

    Life expectancy of 38 years from 52 is pretty optimistic, that would get you to 90 which is well above the odds for a male. Personally my planning is around being comfortably self funded until I am 80, assuming I get that far. At that point I will have no issue with collecting the pension.

    Cheers Andrew
    haha well my upbringing wasn't quite like that but I was definitely brought up very poor as a child. Dont get me wrong, we never went without as far as I knew but we were the kids in home made or donated clothes and we lived a very simple life.

    As kids we would pick Brussel sprouts and spuds at the local farms for a bit of cash or collect coke bottles. I left home when I was 15 and worked full-time from that day.

    I too wonder where Ill be when I am in my 80's, im guessing I won't be too concerned about making money.

  10. #25
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    Quote Originally Posted by OxxAndBert View Post
    Danshell - sounds like you've got things reasonably worked out, and to my mind if you're in a relatively secure financial position and have a plan for how to make an income you think is suitable - just go for it!!

    What is the worst that could happen?? You give it a crack for a couple of years, find that it isn't working out the way you thought it would (either financially or otherwise) - you just go and find a job working for someone else again. At least you won't die wondering "what if"...
    If it works out, then you are much happier with the new situation, make suitable income, and enjoy life.
    If you DON'T do it, you're going to continue feeling stuck in a rut, looking for something different/better, getting older, even less likely to give it a crack.

    A couple of people I know of that have done similar.
    My father stopped working full time when he was about your age. He was an electrician but had always worked for other people in the commercial/industrial space. He would then spend up to a few months a year working away on a couple of shutdown or project jobs for some income, and the rest of the time doing what he loved - just being on their small acreage, planting trees, growing a few steaks and gardening etc. MUCH happier and healthier than if he had kept working full time until official retirement age. He turned 80 last xmas and is still very active - bought himself a portable sawmill as a birthday present
    While he was doing the project/shutdown work I see that he was filling a niche - ie because he wasn't working full time he was available and a solid resource for the primary contractor.

    A good friend of mine quit full time work as a cabinet maker when he was around 45yo. He'd always worked for someone else.
    He had a few 4wd accessory bits he'd been making for a niche market and flogging on eBay for pocket money but decided he needed a lifestyle change. Over the last 10 years he's built up a solid business working for himself out of home and reckons making the decision to quit full time work and do something for himself was the best move he's ever made.

    I'm definitely not (and have never been) a businessman, but I've worked for some very successful ones for the past 20 years. I reckon you're on the right track if you're looking at filling a niche and keeping your overheads low.
    Provide a good quality product/service for a reasonable price and don't settle for turning out something half-assed (anyone can do that).
    The big boys have the average quality at a low price volume markets already covered, so its pointless trying to play in the same space as them.
    The other thing I've noticed is that people have no respect for "cheap", so don't undervalue your work or what you produce.
    If someone just wants cheap - there's no value or respect in your relationship with them so they best go elsewhere.
    You mentioned trailers earlier - there's some classic examples there. Domestic use, 6x4 or a tandem car trailer that a bloke can use to pick up a project wreck or loan to a mate in exchange for a slab. Cheapest price gets the sale - the buyer likely isn't going to pay an extra $500 for a better build.
    Move up to something over 2T that will be used for business purposes and the price jumps up significantly. It costs money for a business to have a trailer out of action so typically that market wants something that is well built and won't let them down - and sees the value in the extra cost.

    Anyway - just my 2c.
    Good luck with it

    Steve
    Thanks Steve You are 100% on the money.

    My father stopped working full-time at a reasonably young age as well. He is a mechanic. During his semi retired time he always managed to make an income doing various things too. Now he potters around in his garage on his vintage cars and does rallys etc.
    But he did say to me once when I was complaining about the daily grind of work..... "I wish I still worked full time in a good job".....that took me back a bit because of course I couldn't fathom someone would say that. But I think his motivation for saying it at the time was boredom. And possibly the lack of a large income. I doubt my father had any super so he would have been 100% self funded on a weekly basis.

  11. #26
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    Quote Originally Posted by Iron triangle View Post
    If you decide to do trailers , consider buying a few car and 10x6 cage trailers and renting them out , it will generate some income and get people in , you can tell them you make trailers as well and if they see you do good quality work , it might generate a sale or two for a custom build and that is where the money is. Dog trailers and horse floats are good money makers if you got the skills. Good luck with it !

    Thanks and I agree.

    Trailers are not the motivating income earner here but I know there are gaps in the market so I know I can build the odd trailer and sell it. They are just another way of mixing it up a little.

    But I agree on dog trailers and horse floats, also larger tipper trailers and plant trailers are all area's where people either private or commercial will pay the money for a well built product. I am not looking at the main stream box trailer etc as the market is flooded with those the return for effort just isn't worth it imho.

  12. #27
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    Quote Originally Posted by Harry72 View Post
    Funny that Im pretty much doing the same thing... maybe

    Been in a real rut lately(well the last 2yrs or so), been at the smelters since 94 as a process operator, the last 15yrs I've been trying to further my career by becoming leading hand and a trainer then a becoming a shift team leader(relief)trying to land a staff job as a shift/team leader... seems they just like kicking you in the guts rather than promoting the right person. They keep telling me Im not hard enough even though my team get the highest amount of work and production done consistently under my direction, I've worked hard to maintain decorum and respect from "my guys" being a good leader and not a ####.
    Anyways I feel as being a leader is not worth it(not for this current company)and as a operator the work is physically heavy(its a lead refinery after all)and Im getting towards the age where its getting harder to keep up after all these years working there and the worst part is no job satisfaction... a stack of lead bars is the end result is so impressive, take away my shift work allowance I could stack shelves at Kmart and earn the same per hour(then take away the lead poison bonus... and monthly pays)

    So currently Im on holidays I've built up 2mths worth and very seriously thinking pulling that pin, currently in the process of starting my own business as a handyman for the rental market.
    There's a real shortage of handyman services here, I'm already loaded with tools and skills being heavily into renovations woodwork and metalwork over the years and thanks to my father in-law know how to render and plaster(old school not gyprock) lots of double brick ex housing trust rentals here!
    Already have ABN and registered business name, insurance, seeing my tax agent tomorrow and ordered my signage for the ute... even taken me new work shirts in for embroidering on a logo.
    Another plus is my sister owns 7 rentals and a workmate who has 5 as well even have 1 myself, both are itching to get me working
    Hopefully will start next week Im going to give it a couple weeks and see how I go, I do need to still earn near what I get at the smelters can afford to drop somewhat, given the going rate for handyman here I only need after overheads to work about 30hrs a week too match my current wage... but it may take a while to get that many hours on a consistent basis.

    Had a lot of trouble coming up with the name tried so many different combos, my name and nickname Harry is super common and every combo is taken, was venting my frustrations to the missus and said an old saying, so now its been rearranged to a tongue in cheek name that should really stick in customers heads
    "HARRY'S NOT TOM OR DIKK HANDYMANSERVICE"
    cant have Dick in the name apparently!
    Haha good for you mate we sound like we are in very similar positions in our working life. Your story is very relatable.

    I too took some extended time away from work recently to build a unit on an investment property but I really struggled going back to work. Funny how holidays do that to us!!

    When I was off I was working along side my son (he is a builder) and he was telling me he pays his labourers $25 an hour and Im welcome to come work with him. The temptation was real. Yes a massive drop in income but I was really enjoying the change even though he was a slave driver and I was actually working.

    I hope it works out for you, it sounds like it should. Good luck.

  13. #28
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    What you love doing for yourself, you may hate doing for others.

    I would think hard before turning my hobbies into jobs. Might be ok to spend 2 hours of hobby time making something you could buy for very little when bought in quantity. Equation changes drastically if you are trying to make any money.

    Semi retirement funded by passive income would be great.

  14. #29
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    I have a couple of tips of things you may need to look into. I don't know the answers but someone, preferably a trained professional will.

    The first is to look at indemnity insurance and apparently there are ways you can set up a hobby business, so that if someone really goes after you they only clean out the business and not touch you or your house.

    The second has been passed on to me but I don't understand all of the ins and outs. That is you can set up your business so that when it is closed say in ten years time all of the equipment and company 4WD have been depreciated. They can be sold from the business at the depreciated rate and if you happen to buy them from the business you can make a reasonable saving. I have been told by some in business that the net return not just comes from what you sell but from legitimate benefits from the business. With all the talk about reinvigorating manufacturing in Australia there may be some things on offer.

    On the other hand if the business only turns over a little bit there are apparently ways to set up a hobby business which means no tax deductions but different tax rates.

    Steve

  15. #30
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    Quote Originally Posted by pippin88 View Post
    What you love doing for yourself, you may hate doing for others.
    I would think hard before turning my hobbies into jobs.
    Me too.
    Chris

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