If you’ve read my blog you probably have seen that I have had one of the cushiest gigs in retirement imaginable. I work about eight hours a week and get paid expenses plus right at six figures a year in income. That works out to $250 an hour. But its even better than that because the pay is flat fee, I get it even if there is no work to be done that week or that month. I’ve had this arrangement for the last five years. Sweet, right?
So now I’m considering stopping paid work altogether. I’m turning 65 next week, and I have more money than I will ever spend and I’m just not really excited about continuing to do what I’ve been doing. I think it is time to reinvent that part of my life, to replace eight hours of work with something else that could be a different type of paid work or might not be any kind of work at all.
I’ve got a full life without work. I chair a college board of trustees. That brings with it board meetings, committee meetings, commencements, an occasional speech or interview and opportunities to rub shoulders with the Governor, politicians and government agencies. We have a local charitable foundation that runs a clinic, health and fitness facility, hospice house and a few other missions in the community. I also chair the board there and like the college there are meetings, committees, press, speeches, etc. I volunteer with my University and serve on the advisory board of the engineering department. I’m a member of the local and state Chamber of Commerce’s. I’m active in my church.
I have multiple hobbies. My wife and I are up to run before 5 AM with a group of friends three days a week. We both play tennis several times each week and do drills with each other in addition. We also play on several tennis teams across the state. We play pickle ball, though we are new at it and not nearly as good as we are at tennis. We bass fish, actually do all kinds of fishing on local lakes, trout streams and even off shore ocean fishing. We cook together frequently, she is the master, I am the grasshopper. We read. We watch movies, though that is an individual sport for us. She doesn’t get that Die Hard is the best Christmas movie ever.
We hike, a lot. We spent ten years hiking to every waterfall in the official book of Arkansas waterfalls by Tim Ernst. These are not waterfalls on nice trails, these involved life threatening bushwhacks through cliffs and over extreme terrain. That’s why it took ten years. We ride off road trails, Arkansas has some of the best in the country and we have a little side by side two seat ATV that will go anywhere, almost. We ski, not often but we enjoy it. We travel all over the US, by car mostly. Every year we have several multi-thousand mile trips out west, up north or across Texas to hike, ride off road, to fish or to see our kids who live far away. Of course I blog a little as well. We travel overseas too, this year was to have been a hiking trip in Switzerland. But Covid happened so maybe next year, or the next.
Life is pretty full without my consulting gig, its only a few hours a week in any event. But it has served a purpose. It has kept my employability alive, l have no gap in my resume thanks to consulting. I’ve done some other gigs in addition to the main ones, like expert witnessing and chemical plant operations consulting. Even a little paid lobbyist work. All that contributed to my making over $100K per year in retirement in spite of not working very many hours. And since we spend about $100K it has allowed us not to dip into our investment income at all. It also has kept me socially active in my old world of business. I deal with many of the same people I dealt with in my 9 to 5 job. It kept me feeling plugged into the network of movers and shakers and politicians. It kept my name in the news from time to time. All things I enjoy. But the work itself, I really don’t enjoy that part much. I became an expert in the narrow niche I consult in because I knew I could monetize it in retirement, not because I had a passion for it, and maybe that was a mistake. It pays well but when you are past needing more money then without passion it becomes drudgery. I’ve never been good at doing a good job if I wasn’t having fun. And that’s the problem, I’m not having fun at it now. So I’m going to quit.
I know what I do have a passion for, what I truly enjoyed most in my career. It was mentoring and teaching less experienced people about engineering and giving them career advice. Or it could be in the personal finance mentoring area, but that is already a crowded field and I’m not a real expert. We have a local university that has a fledgling engineering department, I am going to try to see if there is some way I can get involved over there. Failing that I’m going to need to invent something else. I’m open to suggestions.
What say you? What should I replace that eight hour work week with?
How do I find a part time gig that fits my passion to mentor, paid or volunteer?
As usual, if you don’t see a comment box just click on the title of the post.
Since you don’t need money, there is not point working for more if you don’t love the job.
I think mentoring engineering students is a great idea. They need a lot of help at that age. Unfortunately, I don’t know a way to formalize that. I’m too far removed from the university. My tenant is a professor, though. I’ll ask him when he gets back from Europe. He’s teaching remotely.
Thanks Joe, I appreciate it. Its kind of a delicate thing, I don’t want to be viewed as a potential financial donor that they invent a useless volunteer role for in order to tap into my assets, I see a lot of that in the volunteer world.
There’s one thing that you should try that will keep you in touch with people, requires you to always be on your A-game, and doesn’t pay very much — and that is to run for local public office (e.g., councilman, mayor, trustee,….)
It doesn’t take much time – a couple of meetings a month, and meet with constituents a few times per week,…. It’s certainly something else that’s a different type of work, and offers the opportunity for an “occasional speech or interview and opportunities to rub shoulders with the Governor, politicians and government agencies…” (something right up your alley!) Plus, it’s fun, exciting, and never a dull moment.
I would never recommend something that I wouldn’t do or hadn’t tried —> https://webapp2.wright.edu/web1/newsroom/2015/08/28/following-his-heart/
That’s a great idea Brian, and I’ve thought about it. I am a registered lobbyist and know my way around the legislature but I’m a little put off by the fund raising aspects. I hate asking people for money, I’m really bad at it. I don’t live in the city so those positions aren’t available and the only county position is justice of the peace, which doesn’t really interest me much. I’d stand a pretty good chance of getting elected to the state legislature because my career was high profile and most people know my name already but that requires a lot of advertizing spend unfortunately.
No-brainer on giving up work if you’re not enjoying it! There’s also something to be said for the fact that you have the self-awareness to realize that you need some kind of purpose to replace it with. It’s sad when people fully retire and then get super depressed or insecure. I also wouldn’t discount your value when it comes to personal finance mentoring. I can say that in the brief time I’ve been reading your blog, I’ve gotten a different perspective than I see most other places, particularly with respect to how satisfying a 9-5 can be. All of that said, I like the idea of linking up with the local university. Maybe they need support with engineering clubs, competitions, preparing for interviews, etc. Or heck, you said it’s fledgling, so maybe they need even more help than that so they can build a stronger program.
Thanks Mrs. FCB, you are a great encourager! Maybe I can do some of both, I’ve thought about teaching a Ramsey course, although I differ a little bit from his philosophy, I’m pretty close to it, but our church has never been too interested in hosting. I’m definitely not depressed but I do tend to be a little lazy and the structure imposed even by a few hours of scheduled time a week has been beneficial to me.
8 hours/week in a sweet gig you don’t love and don’t need the money is pure punishment. Just say no and it may surprise you at what other opportunities knock on your door. In addition, Switzerland is an outdoors mecca for hikers, mountain bikers, roadies, and etc. I did the hiking in 6 days in Verbier, Jungfrauhoch, Interlaken, and Grindewald because that’s the only time off I had and I so wish I could stay there for 3 weeks. I said “No” to my day job and I’m researching the W Trek out of Chile now that I can getaway for 3 weeks or more. Best of luck whatever you decide Steve.
I love Chile, I went on a guys ski trip there in August a few years ago. Terrifying slopes and almost no regard for personal safety, which made it all the more fun. Its obvious they don’t have many lawyers! We plan to do the Swiss thing whenever things get “normal” again. Actually I like the travel and social aspects of the consulting, its just the core work that is mind numbing sometimes. The biggest problem is I don’t do a good job when I’m not engaged and I don’t like not doing excellent work, so I really have to stop. Thanks for the comment!
I get what you are saying. I feel the same thing when the golden package was offered. After hitting FI, it gets drastically harder to do work that just doesn’t sing to you. Adventurers think alike. Skiing Valle Nevado during our summers and their winters is something I want to experience. Did you ski there? How did you travel from Santiago to there? Planning a 2 weeks Chile vacation but maybe that is way too long after what you said.
We did ski there, El Colorado and Portillo. One of them had a five person poma lift that went uphill at 20 MPH. You actually could catch air on the poma, it was straight up and insane. Another slope funneled you down to a landing platform about the size of a big living room, you went straight down a vertical slope and had to stop in that space because on the far edge it fell 200 feet to a frozen lake, no guard rails, no sign, just better pay close attention, stick that hockey stop, or die! I think you could easily spend two weeks. We rented a car, the roads are another adventure that feels life threatening. You can see the Santiago basin from the mountains, the smog is bad during the day because so many heat with wood there. We stayed up on the mountains in a little hotel that also provided meals, the food was good and the people are simpatico. Lots of Brazilians on vacation, the top of one mountain is half in Argentina and half in Chile. You have to go, but if you are not an advanced skier take some care, it really wouldn’t be hard to die there.
Lol. This makes great content for your next post. We checked out the Hotel Valle Nevado and they said it is the most “high end amenities” hotel with half-board meals but it looked really gross and we might end up with bed bugs infestation. Thanks for the tip on the safety deal. I had no idea what an experience this would be.
I with Denver Outdoors Gal, ditch the gig. The science is clear that to increase healthspan (not just lifespan) you should double down on your physical activities. Tennis, hiking, and even fishing are all awesome. Try to add more on or increase what you’re doing. As we age we need to stay more active, you have the tie and money so just enjoy it. Sounds quite wonderful actually.
Thanx Dave, is huge to get great advice from world class bloggers like you and DenverGal. I pulled the plug today. A three month exit plan to protect my clients and I’m out. I’m confident, my wife of 41 years is less so, but she has been my rock for decades so I know she’ll stand fast. At 65 the clock is ticking, but still time for a great finale!
Great post Steve. I’ve really enjoyed your blog and your career advice. I’m 5 years younger than you and learn a lot from your journey. Thanks for the transparency on not really liking your consulting gig. It keeps things real for the readers!
I am leaving a job at the end of this year that I have not enjoyed at all for the last 4 years. Long story short is I joined the company for a role in my area of expertise that ended up evaporating after a year and I moved to another role within the company. I’ve been doing the OMY thing for a few years, but this year I decided since we’re FI that life is too short to do something I don’t like (despise is a better word). (I’m really good at it though because I apply my engineering discipline and strong program management and leadership skills to do very well.) I’m looking at other full time options (back in my core expertise) or maybe just doing some consulting as you have done. Thanks for the inspiration and modeling living an active lifestyle!
Regarding teaching a financial course at a church that doesn’t support it. Don’t do it! We taught a financial course at our church and the leadership did not support it at all. We got a lot of pushback from the students. Guess they want to be “slaves to the lenders” for the rest of their lives! We had maybe two or three students from over 50 we taught that really seemed to get onboard with the financial principles. Not that they weren’t worth the effort, but the general push back from the attendees and church leaders was rather stunning.
Thanks, Mick, I appreciate the advice about teaching a church financial course. Exactly what I feared and why I haven’t pursued it. I appreciate all the positive feedback on everything!
Hi Steve,
I have two suggestion, first no need for you to continue consulting. Second, as part of your mentoring, find your replacement for assume the duties you were fulfilling as a consultant. This way, you help your client and a fellow engineer.
Hope this helps as the info you provide is very insightful.
Semper Fi,
Luis
I like the advice Luis, I think I can hand off the consulting to the two lawyers I’ve used. They still need to earn money and are interested in keeping things going. I’m going to work through next March on the handoff. I just have to convince my clients, business types, that the lawyers are OK with minimal supervision since I won’t be around to ride herd on them. My main role was as the spokesmodel. A widely known and recognized business leader who ran one of our state’s oldest and largest corporations. I think like my clients, other large household name corporations. They trusted the decision making to me, not so much to a young lawyer. So its a delicate handoff. The truth is the lawyer is better technically at this niche regulatory work than I ever was but he doesn’t have the same world view as me, or as my clients, who take feeding hundreds or thousands of families seriously. That’s the thing, lawyers love to fight, business leaders, if they are decent, worry about their employees and keeping those paychecks coming for our team members. I appreciate your suggestions, I think you are right on friend.
Interesting dilemma and almost reads as a need for a reset for your need to make a shift in your contributions that provides some level of satisfaction.
Only eight our per week to fill cannot seem right. Surely you are not counting prep work, planning and travel for your gigs. Arriving on the door step of age 65 might also indicate a pre-programmed plateau. You’re both in fantastic shape/health so you have another good 30 years of runway in front of you. You just have watch out for the overuse injuries and longer recovery times.
I can only suggest forming/joining a group, mentoring circles, if you will. Look what it has done for Bill Gates and Warren Buffet. (of course at the billionaire level). The FIRE community is ready for this as initial escapes from the cubes has run it’s course.
Some weeks it included four hours of travel but I’d say on average eight hours is about all I spent on it. Many times I’d go several weeks working zero hours but still getting paid for being available. A group is an interesting idea. I don’t really know how to go about that. My friends right now are clustered around hobbies. My fishing friends, my tennis friends, my pickle ball friends, my off roading friends, my hiking friends. There is some overlap but they are mostly just one hobby friends. I do battle overuse injuries which are of some concern. Some stuff just starts to wear out. Thanks for some profound thoughts, I appreciate your commenting with wisdom.
Hi Steveark,
this is not exactly a comment – more of an attempt to get in touch 😉
I had a sudden desire to have a chat with you – as someone way further down the career and FI path than me.
As a way of giving back, I’m a mentor for early and mid-stage career professionals, so I thought: why not see if you would be interested in a short call/email mentoring me on a specific career move.
Ping me if that sounds like something you’d be interested to do.
Glad to hear you relinquished the gig. While it pays well for little effort, it doesn’t seem to make much sense. If anything m, like you say, that income stream can be diverted to others who may need it and greatly appreciate it.
My opinion is to use that time to fuel your passion for mentoring and developing others, which is always such a great thing to do. Of course, another part of me says you should fill that 8 hours with more fishing 😎.
I think I’ll do both! Lately I’ve been taking my bass boat down to the Gulf Coast of Louisiana catching monster bull redfish on bass tackle. It’s crazy fun, going to go again this week. By retiring from the gig it will divert some more money to my two lawyers who do need the income. Thanks for commenting.
Where are you fishing? My partner is catching trout and red fish off grand isle, Holland back of ypu are looking for fishing recs…
I’m fishing south of Houma, I am fishing in a small boat, not a bay boat, so I can’t really get out of the marsh safely if its windy. Unfortunately there aren’t any trout to speak of in the marsh right now, but there are some truly giant bull reds!
Okay, gotcha. Congrats on the reds — makes a good couvillion, cher…
I agree with what’s been said, with one caveat… does that mean they need to fill the spot? :). Congrats on a well-reasoned decision!
There aren’t many people with the right skill set for the narrow niche I occupy. Hopefully my lawyers can handle it without me.
I’ll be excited to read the next chapter Steveark!
Time to create a new identity, define yourself beyond work (and perhaps first as something else other than your corporate self). What will you become?
Not all that many people get to redefine themselves, ever, in life—much less with the wisdom of years, the freedom of money, and the knowledge of what might be fulfilling. Cheers!
Thanks Chris! It will be an adventure. One thing is for sure. Facing the future with financial independence is a lot more promising than it would be otherwise!
When you like your career, you generally don’t consider work to be work at all. And for college professors teaching 3 classes a week its like being semi-retired anyway, but collecting a $175k paycheck. Hard to beat that.
That’s very true Ryan. I’ve thought about teaching but hesitate to trade in the total time freedom I have now to be locked in to a schedule.