Like many people who start a financial blog, I have a desire to achieve financial independence or be able to “retire.”Some people argue that you can’t be retired if you still work. I don’t think it matters what you call it. I hope to get out of the day to day grind that we get stuck in to pay the bills. Within 10-12 years, my husband and I hope to be free of that, but I am not one to sit around the house watching the Game Show Network. I have a list of possible business opportunities that seem promising. These may never pan out, but it’s fun to dream.
1) Property Management-We already have a residential rental and a commercial rental. We hope to add 2-3 more over the next several years. By that time, we should be more experienced as landlords, and might even take on management of other properties. If we are “retired,” we should have plenty of time to take calls and fix leaky toilets in the middle of the night. However, I watched a show called World’s Worst Tenants this weekend. After seeing them wrestle an alligator out of a tenants bath tub, that could make me change my mind. We’ll see.
2)Laundromat-Don’t laugh. My neighbor is a true entrepreneur. He’s “retired” from his career as a police detective, and has owned several businesses. He currently owns a laundromat and is raking in the dough. His biggest money maker is drop off service. Paying someone to do your laundry, who would have thought? There would be a good chunk of money to put down in buying one, either through cash savings or a business loan, but then your overhead is only rent, insurance, repairs, electricity, water, and a few minimum wage employees. You also need a big bucket to take all the quarters to the bank.
3)Pet Sitting/Boarding-It is no secret that I love animals, and I could certainly see myself pet sitting if I didn’t have a day job. A boarding kennel would be more of an investment, but I think the local ones in our area do really well. Cons would be working when everyone else is on holiday, but I guess you could hire someone if you had to.
4)Mountain Bike Guiding-We live in an area with a very active outdoor culture. Some of the bigger mountain bike towns like Moab, UT and Durango, CO have mountain bike guides that take beginner-intermediate mountain bikers out on trails and basically supply bikes and helmets, lead them, make repairs, and make sure they don’t get eaten by mountain lions. We are in a smaller area, but have some great trails, and there are tons of tourists that visit Mesa Verde National Park nearby. We’d have to work out some sort of agreement with a bike shop for rentals, have some sort of a transport van or truck, and we’d need insurance. My husband is an expert biker, and used to be a ski instructor, so he knows how to be a cheerleader and hold hands when necessary. I think we could make this work for the warm months if our bones and joints hold out.
5)Be an Eye Doctor-This is probably the most likely scenario. I don’t want to run a practice or work full time, but I already have the training and connections to make this pretty likely. I can’t sing, don’t play instruments, am not great with computers, cooking, or housekeeping, but I am good at being an eye doctor, and there are always doctors looking for fill in work. I wouldn’t have to reinvent the wheel.
When I “retire” or achieve financial independence, I hope to have enough passive income to cover expenses, but running some sort of a business or continuing to do what I do now are very likely options to earn extra income and challenge the brain. The other nice thing about any of these opportunities is the fact that I could take an extended leave to travel if we wanted to do that. Whether I do one, several, or none of these options, it is pretty fun to imagine a life where I get to pick and choose.
Do you consider it retirement if you still work in some capacity? What would your “retirement” business be?