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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1498  
Subject: RWOL By Having Alternate Income Date: 12/5/2004 3:57 AM
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I would like to suggest that one powerful way to retire well on less is to look for ways to have an alternate or supplemental source of income one can exploit as needed in retirement or should investment returns turn negative.

Hobbies, a prior trade or profession, even volunteer work might provide avenues for such an income source.

My furnace repair business functions that way for me. Indeed, I was financially independent when I quit my regular job at age 49 in 1999. With this supplemental income, I could have quit several years earlier had I wanted to do so.


And I've found there is a huge difference between doing a regular job and this kind of supplemental work where you may be free to do only the work you are happy to do.


Does anyone else have plans to include that kind of thing as a strategy in order to retire well on less?



Seattle Pioneer
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Author: preben Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 795 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/5/2004 11:42 PM
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Still not Fired but playing with different similar ideas from scuba diving instructor (freelance/peak season) to financial advisor. Cheers! Ben

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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 797 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/6/2004 12:45 AM
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<<Still not Fired but playing with different similar ideas from scuba diving instructor (freelance/peak season) to financial advisor. Cheers! Ben
>>


Heh, heh! Being a diving instructor when the water is warm sounds like the way to go!



Seattle Pioneer

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Author: NuclearRedneck Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 798 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/6/2004 1:11 AM
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I recently went diving in Goa, India. One of the dive instructors was a British civil servant who was retired with a small pension. I think it was around 500 pounds/month. He told me his lving expenses were about 200 pounds/month. That included an apartment with air conditioning, cable TV (six english channels), food, whiskey, and regular phone calls back to the UK to keep up with family. He had been living there about 10 years and seemed to enjoy it very much. He dove more for the exercise and human companionship than for the income, but it paid for his hobby. Scuba diving is one of those highly portable job skills and can be done nearly the world over.

Nuclear Redneck

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Author: NuclearRedneck Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 799 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/6/2004 1:22 AM
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One of the pillars of my retirement plan is to buy quality items for those things that I want to do once I retire and to use my vaction time to do things as hobbies now, that I might want to do later in life for fun income producing activities.

I have started on the path to getting my dive instructor qual thru PADI. I research very carefully before I buy my gear; I have found that quality gear both lasts longer and enhances my experience thereby encouraging me to keep up in the hobby.

One of the other things that I do is wood working. I am slowly building a quality set of tools, mostly hand powered, that will help me to make good quality wood products. Even if I never sell any; by making things myself, I will save money. And I just might start making a little money on the side.



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Author: cyberisme Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 800 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/6/2004 12:16 PM
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Does anyone else have plans to include that kind of thing as a strategy in order to retire well on less?

Hi SP -

I haven't been posting much on the boards lately as a lot has changed in my life. All good.

In response to the question above, one of the major changes is that I gave my notice at my current "job". I started my own business, which has been very successful, and the bonus is, what I do is flexible and requires 1/2 the hours to exceed my current "job" income. I don't consider myself "retired" per se, but I'm definitely out of the "work" force.

Another thing that is happening is my DH is also resigning from his position come August. He's completed his 1st Masters and is going on for his 2nd, he's excited to be doing what he loves, and that is working in his field of choice. Not retirement, but doing what he loves (which provides us with a lot of flexible free time because of his chosen profession).

We've purchased another property again (we had several before and sold them all when we moved cross country) and we are in the process of buying another multi-family property. We are working on creating residual income via real estate (plus our retirement accounts) which should enable us to be totally "free" within 8-10 years tops.

We do expect a major expense coming up (outside of DH's 2nd Masters - which is paid for through assistantship), and that is another cross country move. We definitely want to be closer to family, but we want to finish some things where we are first. We expect this expense to happen by end of 2007.

And, we are just starting our family this year :D

C.

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Author: dozer183e Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 801 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/6/2004 5:16 PM
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In response to the question above, one of the major changes is that I gave my notice at my current "job". I started my own business, which has been very successful, and the bonus is, what I do is flexible and requires 1/2 the hours to exceed my current "job" income. I don't consider myself "retired" per se, but I'm definitely out of the "work" force.

We've purchased another property again (we had several before and sold them all when we moved cross country) and we are in the process of buying another multi-family property. We are working on creating residual income via real estate (plus our retirement accounts) which should enable us to be totally "free" within 8-10 years tops.


This is very much in line with what I am doing/hope to do. For quite sometime I have been investigating Real Estate as an investment. I have some working capitol, and would like to make the move and do it full time. I am currently working on a new construction development that should earn me 3 times my current salary by June. With this money I'll put away 1 year living expenses (1/3 of the profit) and use the rest to really get my own business going. I also may invest in some long term properties for rentals, though my focus is on fixers and new developments.

Dozer

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Author: bhowardinaz Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 806 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 12/23/2004 12:04 PM
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I would like to suggest that one powerful way to retire well on less is to look for ways to have an alternate or supplemental source of income one can exploit as needed in retirement or should investment returns turn negative.

SP, I heartily agree. When I left corporate I had fun for a year then got bored with no one to play with! So, I applied the education I'd gotten thru my ex-employer and got into managing a small non-profit organization. It's very flexible, I'm learning a lot, and I haven't had to touch my retirement funds yet. I also consulted a bit in my old field, very lucrative but not as much fun. And, I'm working on a couple hobbies (music, sewing) that may be useful down the line.

B


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Author: LudditeAndroid Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 819 of 1498
Subject: Re: RWOL By Having Alternate Income Date: 1/26/2005 6:06 PM
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Does anyone else have plans to include that kind of thing as a strategy in order to retire well on less?


I'm late to the thread again. Oh well. I'm just catching up on posts since I'm ducking the LBYM board right now.

I posted about my semiretirement awhile back:
http://boards.fool.com/Message.asp?mid=19691649

Some of the things I mentioned in that post that I do for extra money when I feel like it are:

Reselling used books (and other goods, but books are most convenient for me)

Being a market research test subject. I've never tried being a health research test subject, and I probably wouldn't. Working as a pharmacy tech I've seen enough material safety data sheets that I wouldn't want to ingest anything untested, let alone many FDA-approved things.

I didn't mention it in that other post, but I've worked as a painter and as a tutor before, and I could do those again if I felt like it. That's something that can be contracted out on a short term basis.

Pulling useful things from a trash pile, then selling them or donating them for the tax deduction. I'm not above the rare dumpster diving if someone's throwing out a perfectly useful item. Small wooden furnature is the most common item in this category. I avoid upholstered, electronic, or large items. Someone else can mess with that stuff.

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