I also have a plan to quit my day job but it’s so I don’t have to do any job at all. So my date is 7 years and 4 months in the future (right after my free MLK day!). I picked the date based on when I can retire with a pension at my current employer. But the rules for pension plans can change, so I decided that even if they change again, I want to have enough of my own money saved up that I can retire anyway. Fortunately, even if I keep paying the minimum, my house will be paid off by then (yea for 15-year mortgages!).

I am not that rich, so I calculated the minimum I think I could live off by then and the amount I would need to save to be able to draw off enough to live on and was able to come up with a number that seemed possible to attain. Then I can work funner jobs if I want extra money, plus my pension would eventually kick in or at least I’d get a refund of the parts I put in.

So the main things I do now are try to think of ways to save more money and ways to get raises or promotions or at least have more fun at my current job. If the pension plan changes and I’ll need to have my own insurance, I may look into which professional organizations have group insurance plans. (Hmm, AARP has insurance, and you only have to be 50 to join them. I’ll be 50 in 5 years 4 months.)

Of course I also learned a lot about investing.

I’m also researching part-time and temporary jobs that would be fun, but mostly the pay is extremely horrible. It would probably be better to work full-time an extra year or two than to work part-time the rest of my healthy life. I’m thinking self-employment type stuff would be much better, even if it’s just babysitting, running errands for my unretired friends, selling crafts, having a breakfast cart at some business, etc.

Since we had developed a good business up to that point (in the year we had been doing it) and it seemed like once we had a little time to invest it took off, we had to decide a year later if we wanted to expand and hire more people, we eventually decided to keep it small & specialized. He’s now making significantly more than he did at his previous job (which he quit 5 years ago).

For those of you considering it – go for it. It’s wonderful to work from home (we both do). Our lives are much less stressful, and we spend much less on driving & work related costs!

Just make sure you have a business that’s wanted & needed in your area! And make sure you focus on quality & customer service!

Networking is by far one of the most important aspects of running a successful personal business! We’ve been focusing on this for the past 5 years and we’re at the point where we don’t even need to advertise anymore because of all the contacts we have that recommend us to clients (which we in turn do for them as well). Plus it’s nice to have someone to talk to that understands what you’re experiencing. Most of our friends have started their own successful businesses and they are a wealth of information and encouragement!

Good point, I didn’t factor in the cost of commuting and work attire. And $52 is based on an 8 hour work day, so any time I work over that would definitely lower the rate per hour.

Lazy, not a bad idea, I’ll adjust my schedule : )