Question: Work & more money or more free time & fun?
What do I do?
I am 28 & male. I inherited a middle class home in the Midwest. It is worth ~$244,000 and is paid off. I could rent it out for $1,600-2000 a month.
I m currently working on an MBA but once I am finished I am seriously considering not reentering the workforce.
There is what society and my family expects: job, family, and kids. Bluntly, I would like to have children but for no other reason than to carry on my genes (however I would be in their life and take care of them if they were brought into the world).
I really don't need a whole lot of money to be happy, I just want my time, a girlfriend, a car, and the opportunity to travel the world. So, I am considering renting out my home with the intention of living off the investment income. I would be poor in the US, but I am considering moving to Thailand, Argentina, Eastern Europe, or other developing area where there is good US dollar arbitrage (I would try to travel the world too) (the avg GDP in said countries is about $6-14k US, so I would be upper-middle class).
A less extreme option I am considering is that of a mini-retirement. I would travel for a couple years, and then see if I can handle mind-numbing work. I think it would be more fun to take retirement years now, and a younger guy, than later, as an old man.
So as you can see, I am having trouble with the classic dilemma of money versus time--a good problem to have, since most people do not get to seriously consider the money option until they are in their 50s. I am not sure what direction to choose. More if it comes down to guilt since I know my mom would want me to be working.
Thoughts??
Answer:
Think your first idea is pure genius ... run with it. Though it would help if you were to back it up ... with getting training for something you can do from anywhere, a skill that has a value .... ie: web development or other IT skill profession. Which you can train for anywhere, while you're doing your thing.
So that you'll always have the option of a job field with a decent living wage open to you. Taking off and dropping out of site for years ... tends to screw up someone's work history and can hurt their prospects for employment ... if they ever want/need to reenter the rat race.
Good journey dood !!!! Send me a postcard and have a great time.
:)