We’re on our journey to FI but a consistent theme we noticed among other members of the FI community is this question:
What will you retire to?
We discuss our future and our finances quite a bit and here’s our working plan so far.
Stay in LA
After hitting FI, many people decide on geographic arbitrage, moving to a place with lower cost of living. But for us, LA is where it’s at. We know it’s pretty expensive out here but there’s good reason for it. For starters, the weather is perfect. The food scene is amazing. I can pretty much get any type of cuisine here. Also, a large majority of our family is here. I can’t imagine living anywhere else.
Mr. Quest has suggested to move use geographic arbitrage when the market is taking a dip. For example, moving to Taiwan for a few months and then coming back. I would be open to that.
For Mr. Quest, his plans are a moving target. He has talked about keeping his job as a consultant but just working part time. He also has dreams of working at a coffee shop, so he can make coffee for people on their way to work. Another dream is to work at a Nike or Lululemon retail to get the employee discounts. The last two seems like he just wants to revert back to a high schooler job mentality-get a job, make a few bucks, and spend it on dinner out with friends.
As for me, I really do love my job and I just don’t see myself quitting. However, I would probably ask to work part time to cut down on the grading I need to do. Occasionally, I might ask for a year off to do more travelling or maybe spend more time with my kids.
I am pregnant with our first and we want 2 kids to become a family of 4. Reflecting on our childhood, we both wished our parents were around more. Both our parents had full time jobs and we were mostly raised by our grandparents. It would have been nice to have our parents there at our extracurricular activities or to help us out more with homework.
When we envision ourselves as parents, we really want to be available to our kids. We don’t want to ship our kids off to after school tutoring/day care centers, rush to pick them up, whip up something quick for dinner, and then call it night. We just want to be around and we hope FI can bring us that.
Since I plan to keep my job and have kids soon, our travels will still be at peak travel times. If we hit FI, we’ll have enough money to cover all of our basic needs and any extra money I make, we can use it as vacation money or for more extra activities for our kids.
If I decide to take a year off, we can use that time to travel during off peak seasons. Our passive income coming in would be able to cover it since we already budget travelling into our current expenses.
All of these are working plans. Once we hit FI, we’ll let you know. To learn more about why are choosing to pursue FI, click here.