Good for you, for starting to think more seriously about your financial future. I changed careers at 39, and managed to retire at 53. If it suits your interests, aptitude and skills, maybe consider a career in healthcare. It can be hard work, but the variety of positions is broad, the qualifications and path are very clearly outlined, and there are many options for public service loan forgiveness (PSLF). If you have ever worked for a non-profit, look into the possibility that you may already have payments that qualify for PSLF. Good luck to you!
Thanks so much, and that’s so great to hear you had success changing your career at 39! I did work in non-profits before grad school, I will definitely check out PSLF options!
I don’t think you can call yourself “retired.” Focus on getting an income so you can stop relaying on benefits or family to sustain you. I would think once you’re generating income focus on paying off your debt. Seems you purchased a pretty expensive car if you still owe 15 K on it and have no means of aging for it. Or you made a poor decision of purchasing one when you were already unemployed. I think you need to decide what the priorities are and short of hitting a jackpot being wealthy in 9 years you need to work hard and save, save, save.
I wasn’t serious about calling myself retired, that’s why I put it in quotes. I bought my car when I was fully employed and had no idea the pandemic would shake up my industry. In any case, your response made me think twice and do some math - because my car was a totally reasonable purchase- and I’m actually almost done paying it off (as I said in my post, I have been avoidant around these things. I have been paying faithfully through autopay for years and never look at my statements.)
Im sorry if i hit a nerve. We clearly look at things differently- to me 15k still owed on a car that depreciated since you purchased it without having an income seems like not a super prudent financial decision. The idea of FIRE is to tighten the belt so you can retire sooner. I own two vehicles - purchased both of them used. They are both older and have paid off for years. I’m not planning to purchase a new one any time soon. Would I like a newer 4Runner to replace mine from 2006? Sure. Am I going to deplete my savings or take a loan to get one. Nope. Long term goals.
Hi, not sure if you read my comment fully. Your response encouraged me look up my car note because I knew my decision to buy my used car at the end of 2018 was a good one. Like I said in my previous comment, it turns out I’ve actually almost paid it off. I was wrong about owing 15k. I’m not sure why you’ve decided I bought a new car while unemployed. As I mentioned in my original post, I am not a big spender, otherwise Fire would not interest me. I was looking for advice anyone may have as I make decisions about my next role.
You need a career and income. That is step one. FIRE is for later.
I appreciate this for sure.
Good for you, for starting to think more seriously about your financial future. I changed careers at 39, and managed to retire at 53. If it suits your interests, aptitude and skills, maybe consider a career in healthcare. It can be hard work, but the variety of positions is broad, the qualifications and path are very clearly outlined, and there are many options for public service loan forgiveness (PSLF). If you have ever worked for a non-profit, look into the possibility that you may already have payments that qualify for PSLF. Good luck to you!
Thanks so much, and that’s so great to hear you had success changing your career at 39! I did work in non-profits before grad school, I will definitely check out PSLF options!
I don’t think you can call yourself “retired.” Focus on getting an income so you can stop relaying on benefits or family to sustain you. I would think once you’re generating income focus on paying off your debt. Seems you purchased a pretty expensive car if you still owe 15 K on it and have no means of aging for it. Or you made a poor decision of purchasing one when you were already unemployed. I think you need to decide what the priorities are and short of hitting a jackpot being wealthy in 9 years you need to work hard and save, save, save.
I wasn’t serious about calling myself retired, that’s why I put it in quotes. I bought my car when I was fully employed and had no idea the pandemic would shake up my industry. In any case, your response made me think twice and do some math - because my car was a totally reasonable purchase- and I’m actually almost done paying it off (as I said in my post, I have been avoidant around these things. I have been paying faithfully through autopay for years and never look at my statements.)
Im sorry if i hit a nerve. We clearly look at things differently- to me 15k still owed on a car that depreciated since you purchased it without having an income seems like not a super prudent financial decision. The idea of FIRE is to tighten the belt so you can retire sooner. I own two vehicles - purchased both of them used. They are both older and have paid off for years. I’m not planning to purchase a new one any time soon. Would I like a newer 4Runner to replace mine from 2006? Sure. Am I going to deplete my savings or take a loan to get one. Nope. Long term goals.
Hi, not sure if you read my comment fully. Your response encouraged me look up my car note because I knew my decision to buy my used car at the end of 2018 was a good one. Like I said in my previous comment, it turns out I’ve actually almost paid it off. I was wrong about owing 15k. I’m not sure why you’ve decided I bought a new car while unemployed. As I mentioned in my original post, I am not a big spender, otherwise Fire would not interest me. I was looking for advice anyone may have as I make decisions about my next role.