This post is in reply to Saving Ninja’s thought experiment this month – what to do when you retire? I’ve been thinking about it for a while and this is my view on it.

Having started getting serious about FIRE fairly late, and with a young child to support for many years to come, FIRE still feels far away for me. In a recent interview I stated that I am aiming not to need to work any longer at 55, which means 13 more years. But for the purpose of this thought experiment, I’ll assume I can stop needing a salary now.

Well, the idea is very exciting! I haven’t made clear plans – because it still feels far away – but here is what I’d do.Enjoy it!

I’d take it easy for a while, especially with the summer approaching. I’d spend more time with my young daughter bringing her to nursery a little later and picking her up a little early. I’d still want her to go to nursery because I find that the social interaction with other children and adults, as well as all the activities they do, add so much to her upbringing, happiness and routine. But I could be more relaxed and spend more peaceful and relaxed time with her, cycling and going to playgrounds and to all the parks where we live.

Travel

A few years back I was made redundant twice – great financially, it sucked on any other level – I thought I’d go travelling for a few months before getting back into work. Well, on both occasions my husband couldn’t take extended time off. I suspect it would be the case this time too, but I’d have many short holidays in various parts of the world!

Find my crowd

As most other FIRE seekers and FIREd people, after a while I’d probably get bored and restless. People who are not at work during a normal week in the area where we live are often parents, especially mothers, who tend to talk a lot about kids just because that is how they spend the bulk of their time. As much as I love my daughter, I find this a little restrictive, I like to talk about so many more things than just kids! When FIREd, I’d need to find my crow to hang out during the day. I’m quite active online in this community – but I’d like to find like-minded people offline too.

Financial education

When talking to many of my friends – smart professionals in a number of different industries – so many lack the knowledge on personal finance that I have acquired in the last few years. I’d like to change that. A few examples:

  • How to get full tax credits on their pension contributions that they are entitled to – most people I tell don’t even know they can claim this money. In a moment in time when people feel their salaries are not raising in line with inflation and young people feel left out from buying a property in London any time soon, getting their tax back – now – which they are entitled to, could be a game changer.
  • Why people should save their pension tax claim and watch their money grow rather then just spend it – it is so powerful and motivating to watch your money grow!
  • Set up a local monthly book club on personal finance – it is my opinion that everyone should read Your Money of Your Life, Simple Path to Wealth, RESET, Overcoming Underearning and many more of the books I listed here. Then help spread this concept to other areas in London.
  • My personal pet hate: advocating for direct debit to be the default option when getting a new credit card. It’s crazy this is not the case in the UK!
  • I’ll probably think of many more things in the course of time 🙂

Support charities

Whatever you may think of charities (there has been some criticism of them recently in the FIRE circles), there is one I’ve been following for a while that works to reduce food waste in London by redirecting overstock from supermarkets and restaurants to people who need it, such as the homeless, people in shelters and food banks. Their work is great, and I’ve been thinking for a while to help them out in a very practical way. Google gives away up to $40,000 a year to registered charities that fulfil certain standards (nothing crazy). They can spend this money by running Google Ads in order to raise awareness or funds. There are some restrictions in what they can or cannot do, but they are pretty reasonable. As a digital marketer with in-depth knowledge of Google Ads, I could look after their paid search activity for free and support them, while being flexible when it comes to my time commitment. And knowing me, I will probably find a couple more charity to support this way.

See what happens next

Life is ever changing and full of surprises. Do let me know if you know of an interesting project! 🙂


2 Comments

What's next? | { in·deed·a·bly } · 25th April 2019 at 7:30 am

[…] Sonia @ Money For The Modern Girl […]

What to do When You Retire? • Saving Ninja Thought Experiments · 25th April 2019 at 8:44 am

[…] WMoney For The Modern Girl […]

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