- yearly passive income > yearly expenses
- having emergency fund for unforeseen situations
- sufficient insurance for any critical illness or disability
- having sufficient fund for the children education
- ability to maintain current lifestyle
I had done my due diligence on my check list and I had met all my conditions for retirement. All these conditions were met before I hit 40 years old. In fact, I had been planning my for my retirement for nearly four years before I decided to truly retire.
The the big day came when I 'lost' my day job in Nov 2011. My day job was a contractual obligation when my father, brother and I sold away our business in 2008. Although I am excited about my life turning point, I was never prepared for the following situation:
- What to fill in on the application form field 'parent occupation' for my second son primary school enrollment form. 'Retired' is not a occupation and technically I am 'unemployed'. In the end, I decided to chose 'investor' as my occupation.
- My application for a new credit card was rejected when I told the bank that I do not have a job.
- When someone ask me what is my occupation. I told them I am retired and they all give a skeptical look.
I am sure I will be experiencing more unpleasant situation due to my new found status and I hope I will get used to them soon. On the other hand, there are many advantages:
- I can wake up at 9 am everyday
- no more Monday blues
- indulge in my interests any day, any time.
- .....
The privileges of being retired at my age goes on and on. I hope I will not get bored too soon.
Hi YJ72,
ReplyDeleteWonderful to have you dropping by in my blog. Actually, I stumbled onto your blog from Jared's blog and have already read all your posts a few days ago.
I got the impression that you were in the hardware business and sold it off. It is impressive how you switched from being an Electrical Engineer by training to working in the hardware business for your father, then setting up your own business in the oil and marine industry and making a success out of it all.
My respect to you!
What to fill in on the application form field 'parent occupation' for my second son primary school enrollment form. 'Retired' is not a occupation and technically I am 'unemployed'. In the end, I decided to chose 'investor' as my occupation.
ReplyDeleteI fully understand your awkwardness. With my present jobless status, one of the things I dread most is to fill in forms with the field "Occupation". It is a humiliating experience.
I am wondering if it is a good idea to simply set up a shell company and employ oneself. Although there is no income, at least one can be spared the humiliation when people ask basic questions like "Where are you working now?".
Hi hyom
ReplyDeleteI had the same idea as well! I do have a shell company and I can give myself a 'big' title to avoid this awkward situation. However, I decided to bite the bullet and announced to all my friends and relatives that I am retired and no longer run a business or employed. I learn to live my own life.
My Father was in the hardware business but I transformed the company into a service oriented hardware company focused mainly on the oil and marine industry.
Hi YJ72,
ReplyDeleteJust read on Jared's blog that your mum has just gone for a surgery. Hope everything is fine now with no further complications.
Jared is an unusual person. He announces to the world of his intention to be a Man of Leisure, disregarding societal pressure. I doubt if I have the guts to do that. I think both of you have earned the rights to step aside and enjoy the new lease of life for a while. As long as those who retire early have the money to meet their family obligations, I think it is fine. Haha. In fact, your parents should be even more glad that you have more time to look after them should something happen to them.
Setting a new business is sound advice for ex-entrepreneurs. If I were in your shoes, I would consider it. But, I think it is best to stay idle until a meaningful opportunity arise to start a new business. Being hurried into taking action usually leads to bad consequences. Keep fit and stay healthy until this opportunity emerges:)
Jared is indeed a unique guy and I am sure he is very popular and well liked as well.
ReplyDeleteThanks for your concern and my mother is recovering very well. My father is a entrepreneur all his life and he is still looking for different oportunities. I have decided to retire and I will not be moved by family or social pressure. However, I must have inherited my father's gene and is constantly exploring new business opportunities when an idea pop up in my daily life. Sound contradicting to my original plan but it is just a habit.
BTW, I like your letter to the PM.
Hope you find a new lease of life as a reborn entrepreneur soon. Do take your time to wait for that opportunity:)
ReplyDeleteI am flattered to know you liked the letter. I was worried it was too long and readers will stop reading it halfway through. I really wish the intended audience would at least read it once even if he strongly disagrees with its content.