Throughout my career I have had jobs with varying degrees of schedule flexibility and work/life balance. When I first entered the workforce, I was able to take two weeks of vacation per year and am now at a point where I get 4 weeks per year. The one thing that has been consistent across any job I’ve ever had is that it has been difficult to take vacation for much longer than one week at a time. I’ve always been envious of jobs that allowed for significant amounts of time off, but always thought that type of flexibility was only for people like teachers or professors.
There are, however, several employers in a variety of industries that still offer sabbaticals. For example, Charles Schwab offers 4 week sabbaticals every five years. Intel has a program that offers any US based employee an 8-week paid sabbatical every seven years. I even know people at Intel who have combined their sabbatical with all of their vacation and turned their sabbatical into 12 weeks. These programs sound great, except I’ve never worked for an employer that had a similar benefit.
So far in my career, the longest vacation I’ve taken has been 11 days (7 work days and 2 weekends). Oh yeah, except for that one time that we created our own 8-week sabbatical…Allow me to explain.
In 2012, I was in my last year of a part-time MBA and was working full-time as a financial advisor. I knew that I wanted to transition to working in corporate finance and was using the career center at my school to get interviews with big name companies that were coming on campus to recruit. Throughout Fall 2012, I interviewed with 15-20 Fortune 100 companies and ended up accepting an offer right around Thanksgiving 2012 to start in June of the following year. Most of the time you receive a job offer you would be expected to start soon, but hiring through school campuses tends to be different since students are hired contingent upon finishing their degrees. I was looking forward to the new job but wasn’t in a huge hurry to start since I would be taking a pay cut and would need to sell my house and move to another part of the country.
Over the next few months, I continued on at work like nothing had changed and outperformed expectations while making sure I did not make any promises I couldn’t keep (ie, I knew I would be leaving and didn’t want to promise anything I couldn’t fulfill). We narrowed down where we wanted to start looking for houses in the new area and listed our house for sale. My boss at the time had an idea that I would be leaving the company when I graduated the following Spring, but I hadn’t let him know the details until that end came closer as I had fears (with basis) that he would be forced to fire me if he was given formal notification I had accepted another offer even though it wasn’t from a competitor and there was no conflict of interest. If I were let go before the end of the year it would have been unpleasant as I wouldn’t get my year-end bonuses that made up a decent portion of my total annual income.
In that job, roughly 75% of my income came in the form of quarterly and annual bonuses so if I quit without working an entire quarter I would be leaving a good chunk of money on the table. Since I was expected to start the new job in June, I decided that it didn’t really make sense for me to work for April and May (meaning 25% of my normal pay), so we decided that I would give my formal notice on April 1st.
Leading up to that date, I think everyone in the office knew I was leaving except my actual boss. There are times when I regret not telling him, but I had seen too many people walked out when providing notice that I really didn’t want to risk it. When I finally dropped the news that I was giving two weeks’ notice, he wasn’t surprised that I was leaving but was surprised that it was then and not three months later. My fears of being walked out did not come to pass and over the next week or so was able to help transition my clients to the advisor I felt would be best for each of them individually.
Leading up to quitting, we had put our house up for sale and were under contract and timed it so that our closing date was also my last date of work. My new job came with a relocation package that provided movers who packed up all of our things and kept them in storage until we found a new place to live, which allowed us a ton of flexibility. If I ever have to move again I will definitely make sure to get a similar relocation benefit or else I’ll pay for it myself. We packed up my little Corolla with everything we would need to live for 8 weeks for me, my wife, and our two kids (ages 5 months and 2 years), and we set off on a fantastic adventure.
Our first day of our trip started with a real-estate closing. All our things had been packed up so we stayed the night at a friend’s house and showed up the next morning to finalize the sale of our house. We had been aggressively paying down the mortgage so were excited to get nearly $90k of cash out. We didn’t need any of this money for our trip since we had pre-paid some of the more expensive parts and I would still be getting paid bonuses and commissions for the next two months, but it was a huge relief knowing that we had signed what we needed to sign and could embark on our massive road trip and never have to look back.
Over the next 8 weeks, we spent a week on the west coast of Florida, then a week on the east coast of Florida, then a third week at yet another beach in the Florida panhandle (we like the beach, ok?). We liked the last beach so much it has become our new favorite and we’ve been back a few times in the intervening years. Since we were travelling before school was out, most everywhere we went we were able to get good deals on places to stay and we mostly had the beaches to ourselves. After about the two week mark I started to forget what day of the week it was and it was AWESOME. I was able to catch up on my reading, exercise, and overall not be tied to any schedule for anything. The only thing that I kept track of was Sunday, where we ended up visiting a new church in a new part of the country pretty much each week for this entire time.
If you haven’t been to Miramar Beach FL (near Destin) in the off-season, you’re missing out
When our time in Florida was up, we headed across the country again to pay visits to some of our scattered extended family before ending up at a family members’ house that we made our home base for the last few weeks. At pretty much every stop we visited with cousins, parents, siblings, or grandparents and were able to see most of our extended families. By this time, I think I had also memorized the audio of at least a half dozen Disney movies that we had playing in the backseat for our kids, so it was good to have a few weeks with no long drives planned.
Our last big hurrah was a trip to Mexico where we brought some other family with us to spend a week at an all-inclusive resort near Cancun. This particular resort came highly recommended from good friends and I had never been to a resort like it so I didn’t have a reference point to know how it compared on price. I booked the trip and didn’t think much more about it until we got to the resort and realized that we had booked a huge suite with spectacular ocean views. Had I done some more research I may have downgraded our suite to something smaller without an ocean view, so for once I’m actually glad I didn’t do more research. These views made the entire trip.
Sunrise was always amazing
Sunset wasn’t bad either
The kids spent a lot of time napping, but we totally didn’t mind staying within our suite while they did so.
Many nights I just sat out on the balcony and read with the sound of the ocean in the background. It was heaven.
BACK TO REALITY – RECAP
Eventually we had to get back to the real world and start my new job, requiring yet another cross-country drive. I made the drive alone and my family flew to join me a month later when we closed on our new home (I lived in a hotel for that first month and visited them on the weekends).
From the time I quit my job to the time I started my new job, we drove nearly 7,000 miles in 8 weeks and were in 17 different states. We visited most of our extended family members throughout the country and spent around $7,000 on hotels and airfare, $1,600 on gas and car repairs (brakes, tires, oil changes), and $1,500 on food/groceries. Because I waited until April to give my resignation, our income for these two months was more than enough to replenish our savings for all these expenses, and the time off to rejuvenate allowed me to prepare well and start fresh at my new job.
This trip gave me a taste of what early retirement could look like and has encouraged me in the years since to continue to save aggressively towards that goal. If I didn’t have another job lined up, the trip wouldn’t have been nearly as enjoyable since we hadn’t achieved financial independence yet. We still haven’t achieved financial independence, but our net worth has more than doubled since this trip and only needs to double two more times before I’d feel comfortable retiring for real.
I’ve heard the phrase that you should ‘Retire Early and Often’ which I guess is what we did (minus the often part). As much as I loved it, I’m not sure we’ll be doing anything like it again. As time passes, I’ll just have to weigh the benefit of taking another sabbatical/mini-retirement against delaying my true full-retirement date. I’m only about 15 years away from being able to fully retire. Some days that seems farther than others, but most of the time I feel that I can ride things out until then and have made changes that will help prevent my burning out.