As I read the recent article in Straits Times about PMETs who are “highly trained, middle aged and out of work”, and the many blog comments about why these highly paid people need to work now when they were so highly paid before, I am contemplating if I am ready to be “out of work”.
I am also middle aged, although I feel young and looks like I am in my 30s (this comes from regular exercise, a positive outlook and low stress). I have been working for 17 years now, in 3 full time jobs with 2 one-year breaks. Unlike these PMETs who seemed to be struggling to cope with their current circumstances, I am fortunate enough to be considering if I should retire from my paid work.
Re-tire-ment does not mean I will stop working for the rest of my years. Rather, it means I will stop working for the money but try my hands at anything that interest me, even if it does not pay much. It is like a F1 car taking a pit stop and changing its tires, so that it can be ready for the next lap.
Unlike the 55 year old gentleman mentioned in the news article who is earning more than 300k pa, I bring home a more modest 120k each year currently. That translates to about 10k per month. Not too bad I think, but nothing to really shout out at. But the pay is stable and there is little risk of retrenchment or getting fired. However, unless there are policy changes, this pay is also my “maximum” pay, as I have reached the ceiling of my pay scale.
But I am tired. I do not detest my job but I am craving for new experiences and a more varied lifestyle. After being at my current job scope for the last 10 years, I have experienced most of what it can offer. I have considered changing departments or work scope, but nothing can really compare to what I am doing now. I have long annual leave (almost 12 weeks each year), leave my office before 3pm often (but I start the day at 7am), do not bring back home any work, and do make a difference in the lives of others. And the last pointer is what has been keeping me in this job for the past decade.
So I do have it great, except that strangely, I am not totally fulfilled or satisfied. It seems crazy, but I am actually willing to forgo what I have now to seek something new and exciting, except that I have no idea what the “new” truly is. In the Maslow’s hierarchy of needs, I am probably searching for that elusive fulfilment in the upper tiers of the pyramid.
Guess that is what most people call a “mid life crisis”. Knowing long ago that I am a lousy employee, I have been preparing for such an eventuality. I have a simple lifestyle, surviving totally on my passive income. Unlike some of the amazing bloggers in the financial sphere, I do not have a huge amount of such money. Based on the past year, my recorded passive income was only 29k. But I had spent only this amount as well for the entire year. So I managed to save all of my earned income.
I also have no debts. I live in a fully paid for HDB flat, have zero liabilities, and is disciplined enough to live simply. My hobbies are to exercise and play, and these are cheap activities that occupies most of my leisure time. So the 29k annual passive is currently sufficient. And I have a “secret weapon”: I am only 47% invested, which means I am sitting on 53% low yield cash in my portfolio. This implies that I may be able to increase my passive income when a suitable opportunity comes along. Looking at the recent volatility in the markets, such an opportunity may not be far away.
As far as “highly trained, middle aged” guys go, I am not out of work yet. But that day may come soon when I ditch the safety net of a stable job to go “explore” the world. Some friends think I am lucky when I shared my plans, but others think I am crazy or irresponsible, to leave a good job or not settling down to be more “stable”. Sometimes, I also wonder if I am doing it right, and if I will have regrets for not leading a more “normal” life.
Is a passive income of 29k pa enough of a buffer for me to be “crazy”? Am I too unambituous or not resilient? If I quit my current job, I intend to take a long break off work before working at something else that will excite me. I will look for employment again some day, but I suspect that I will be like those guys in the news article then: highly trained, middle aged and drawing a much lower salary.
So am I ready to be out of work? Am I brave enough to take the path less travelled? Am I able to sail out of the habour and test my ship in rough seas, where it might sink, or can I reach new frontiers?
Am I ready to live my life with no regrets, or look back in years to come, and wonder why I was not courageous to try. Or will I try and laugh at myself when I am much older at my silliness for being foolish.
Stay hungry? Stay foolish?
Questions with no “correct” answers, and I guess I can only in hindsight, know if I had taken the right path.
Any advice?
My Money and Me 
I have to say that give that nothing to shout abt 10k monthly salary to a million or 2 individuals the chance in sg. They wont shout out loud. Probably cry in tears with gratefulness.
Not gonna talk abt expense increase as income goes up.
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Hello R, usually expenses will increase when income increase. Most people will encounter that. But not people like AK or Christopher, or the other successful financial bloggers. I am also learning to be like them.
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Hi
I love reading your blog. I am in no position to give you advice since you have achieved Financial Independence earlier than me.
However, I could be used as a “reminder” to you from a different perspective:
1) Your income is definitely on a high side for more than maybe 80% of Singaporeans?
2) You have achieved $29k passive income and you have the same amount of warchest for safety net. It is more than enough to live a better than average Singaporean life. If you still don’t have the courage to pursue anything because of money, you never will.
3) You are not competing with anyone, lead the life you want, not the society want you to. We will all be dead one day.
Frugal Daddy
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Thank you for reading what I write. Have not been writing much since my last post “Regrets”. Not difficult to guess why. But some people do like how I write and what I write about. So I will try to continue.
Maybe I have indeed achieve FI, but funnily the feeling is not as great as I thought it might be. And as I contemplate leaving the rat race for good, the opportunity cost seems even higher now. I also hope I will be brave enough, but it is scary. And my peers wonder why I am not treading the easy path, but veering into the unknown. My greatest obstacle is myself, and I must learn to overcome my personal demons. I thank you for your encouragement. Thank you.
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Hi An9elfire,
Now I finally know who you are 😉
What you are struggling with is quite common among people in their mid-life. I had similar thoughts. But then talking to elder people with more life experience who usually share regrets about things they have not done and hardly any regrets about what they have done, was telling me something. My conclusion: Just do it. Go my own way.
One can always correct a move in the remote event that one regrets it.
The fact is that this moment – right NOW – is where we are creating what we call our “future”. Don’t wait to start living. but live in the now.
“Stop dreaming about the future, start doing it now” sounds like a good advice to me.
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Thank you. I really need a kick in the ass to start moving. Life slips by, easy but…. There can be something more. I feel it but can’t grasp it.
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Hello an9gelfire,
You might want to watch this old movie by Billy Crystal: City Slickers.
Find out what’s your “Just One Thing”.
http://singaporemanofleisure.blogspot.sg/2014/08/just-one-thing.html
Your “restlessness” has nothing to do with anything financial 😉
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Thank you. I might try catch it over the NDP weekend. What is this “JOT” the movie talks about? Want to give me a synopsis? 🙂
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There is no time like the present.
Time to get your dreams.
I have just started on this journey of FI, but feel happy for others who have achieved it.
Best of luck for the rest of your lives & go get your dreams
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Thank you. It is a worthwhile journey. The feeling of freedom and control u have when u don have to march to the tune of capitalism is invaluable. Even my bosses and colleagues notice the difference in my strides when I walked, compared to those who are burdened and yet stuck. Jia You!
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Hi,
Guess I am a little bit late on the scene. =p
Do take your time to ponder before making a decision. I probably can guess your vocation and if I am not wrong, with the number of years spent working, it is likely that you could be granted a 1/2 year or even a 1 year sabbatical.
Can do a compare and contrast after the sabbatical and see which option is more suitable for you.
For most that reaches the FI stage, there’s always that “unknown fear” that holds them back. It’s the primitive part of our brain at work. Big changes and going against the societal norm is scary, especially if the current status quo is rather comfortable.
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Hello 15HWW,
Never too late to reply, and I will always try to reply as well 🙂
I had already done a 1 year sabbatical in 2013, and before that, a 1 year study break in 2009 as well. But still my heart remains restless. And the funny thing is, I am actually a good teacher. My students love my lessons and I teach them more than what the syllabus dictates; I teach them about life.
So I am rather good at my job, but I don’t want to always work at this. Conflicting right? And I can’t think of what else to do that pays as well, or is as satisfying (at times at least).
Mid life crisis? Or I am just plain silly? I don’t know. And what will I do next? I also don’t know. I will just take a step at a time. Scary to leave my job, but I comfort myself that at least I can.
Thanks for leaving a comment 🙂
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Hi,
Somehow, I stumbled upon this article in the most random fashion :D.
Thanks for sharing your story, I find it an enjoyable read! Hehe. I no longer work full time due to different set of circumstances (no, I don’t have much passive income! I am still building them up), but I guess I can be considered to have been through ‘out of work’.
I have two thoughts:
First, before you even consider leaping out, are you ready for questions? A lot of questions, from your family, extended relatives and your friends. People will talk to you as though you are mad, you need to have a strong stomach and good temper for that. My father alone can drive me up the wall (still happen now once in a while). But we all know, aiyah life is too short to care about what others think too much, so you get ready some template answers then we move onto…
Two, so if you don’t work for money now, what would you really do? Personally, I only started searching after I ended my work and came back from a blast of a trip. My working hours were too hectic to allow me to think and I was so shag then that I only wished to sleep more for a month haha. But having read your description, it sounds like your job moves at a non stressful pace (omg can at 3pm!), so I suggest to stay in your job first and plan a little! We can’t plan for everything but at least we need a simple structure in place. When you are finally out and have too much time, you may feel very lost, so don’t fall into that trap that I almost did.
Having wrote too much (oops), all the best and I hope to see you update on this again!
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Hello Ellaa. Thanks for commenting. What was the “most random fashion” that u stumbled on this article? That should be interesting to hear.
U no longer work full time 🙂 wow. Congrats. How have u been coping with being “out of work”?
I answer mostly to myself. My loved ones are supportive cos they believe in me. But that makes it even more “risky” as they are also staking on me to be able to live without working for money.
The second issue is more troublesome. I haven’t come to terms with that yet. I love to travel. And play games. But there is only so much travels or games I can play before they prove to be not so fun. I sometimes feel that work exists so that leisure is exiting. Take away work, and holidays cease to be holidays. Then I may not look forward to them anymore. That will be really sad.
Live life well 🙂 cheers
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