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In point of fact I am revered for my wisdom by people who actually know me, and I am loved by many. What I contribute here is genuinely intended to be useful to other people, and hundreds have in fact let me know they have found my advice, rooted in my broad experiences and deep understanding of life, to be helpful to them on their own path. What you think of me is irrelevant, and what you have to say about what you think of me is unwelcome.
You humblebrag brag about your important job
Sorry, what was I thinking oh revered one and loved by many who always brings up my job over and over and over. If people only knew oh revered one just how low on the totem pole your career actually progressed.
Back to the op oh revered one, since a lease is unlikely, VRBO unlikely for long lengths at a time and expensive, sublets unlikely with no job - how will they make this dream a reality picking coffee. Live with you? That would actually be a real problem solving statement not a bunch of sugar coated unrealistic ideas.
Sorry, what was I thinking oh revered one and loved by many who always brings up my job over and over and over. If people only knew oh revered one just how low on the totem pole your career actually progressed.
Back to the op oh revered one, since a lease is unlikely, VRBO unlikely for long lengths at a time and expensive, sublets unlikely with no job - how will they make this dream a reality picking coffee. Live with you? That would actually be a real problem solving statement not a bunch of sugar coated unrealistic ideas.
Hey, guys, can we get back to the OP's questions? What he originally wrote on November 6 said that he and his wife have made smart financial decisions that have allowed them to take 18 months off of work, and they had some basic questions about jobs and housing on the Big Island. He also said "not really worried about the rehiring when back. We both have extensive working networks and could pick back up fairly quickly upon returning." I didn't see anything in any of his posts where he was asking a bunch of anonymous strangers about financial planning.
What he did say is that he appreciated the "out of the box ideas around how to live and work" on the Big Island. Could we possibly focus on addressing the OP's questions and not try to advise him on how to live his life?
Back to the original questions. We'll forget about the chance that their lives will be seriously degraded and long-term damage will occur and assume they can immediately pickup better new jobs that pay even more after one and a half years, when they move back to the mainland.
I think before such a move is attempted, the OP needs to figure out if they can afford it. How much does it cost for them to live for one to one and a half years where they currently reside? It may take 6 months to a year to find a job. Or, maybe multiple low-pay part-time no-benefits jobs could be obtained sooner. Enough resources need to be saved up to survive some period of time with little or no income. How much will it cost to make the move? How much is going to be moved? Are cars going to be moved? Does the OP own a home that has to be sold or rented out? Is the OP renting now, and have to wait for the lease to expire, or buy out the lease? Will the possessions be stored, sold, or moved? Are they going to continue contributing to their retirement accounts during the year and half, or suspend the contributions?
How much is the budget for the year to a year and a half? Where is the money coming from? Is it savings, or it is withdrawing before age 59 1/2 from a 401K, taking about a 40% hit on extra ordinary income taxes and penalties.
A good starting point might be how much does it cost to live for one year and a half where they live right now. That should be very easy to calculate. Take the gross incomes, subtract income taxes, subtract savings. Take living expenses and compare it with a cost of living comparison web site with the OP's location and Kona. If savings cannot cover the whole amount, then add back in the income taxes that will have to be paid from working two or three part-time low-wage no-benefits jobs for each person, then add health insurance costs on top of that.
If the savings and low-wage jobs aren't enough to make it 12 to 18 months, then an emergency escape budget will be needed so that they don't become broke and homeless on the Big Island.
We can let the OP answer for himself, but what I don't like is that you are still assuming that he and his wife are young and in need of financial planning advice. He already covered the financial stuff in his first post!
Yes, you and I are older and I, for one, have a comfortable retirement, but I'm not about to assume anything about this guy's finances. When I was in my early twenties, I quit my good-paying job and spent three years as a ski bum in Colorado. This did absolutely nothing to deter my future career earnings. Granted that was many many years ago and the economic climate is different today, but I did certainly enjoy my three years and I never, ever have to say "I wish I had done it while I had the chance".
Skipping over all this pointless discussion, my suggestion to ucf510 is to go for it, because I did almost exactly the same thing. Most everything will work out for you, and it's a great way to experience the local culture. I took an unpaid leave of absence from my company (with boss's approval obviously) and my wife was fed up with her job so she quit. Same as you, we were experienced in our fields and didn't worry too much about being rehired if necessary. We shipped 6 boxes USPS to ourselves at general delivery, moved to Kauai, stayed in the equivalent of a VRBO for one month, bought a used car, found a 1-year lease, and hiked and camped to our heart's content.
Don't worry about a rental. As long as you seem respectable and willing to sign a 1-year lease (even if the landlord doesn't, just offering to shows commitment), you'll find something. Pre-paying the whole year is not unheard-of, because that's what we did! It was a special situation, because the landlord was going out of country, pretty much out of touch, and didn't really have an agent on-island. Yeah, that is against the law too, but since he gave us 40% off the annual rent, everyone was happy (at least until we had a problem with the plumbing). I think that was the biggest check I'd written at that point in my life--and we didn't get the keys until it cleared. What I'm saying is if you have the resources to be flexible, maybe stay a 2nd month in a VRBO (and check out another side of the island), you'll eventually find something.
I would not work in retail or sales, unless you really have a love for it. It will help you meet people, but mostly tourists, not locals--in any case, the people you will mostly get to know in the first year are the recent transplants like yourselves. I would find something closer to your calling. My wife made small websites for various people and businesses and got to meet some interesting people. She also tried to sell bead and beach glass jewelry--selling at craft fairs was a lot of work for her, so she didn't peruse it. Or start an outdoor fitness/yoga class at a beach park--by donation at first, and then maybe a small fee. I can tell you that once I got here, had a bit of fun, and de-stressed, my mind was full of fun projects (both personal and potential income): build a solar oven, raise chickens for eggs, write a book, make a map, join the historical society, carve rocks and sell them, make art from local materials, join the local activism. If you can get by without a salary, you can spend the time on your own projects and mini-ventures--and then you can tell people you tried to start a business during your sabbatical. Or maybe you succeed and don't go back!
Personally, from the way you've researched this so far, and your attitude towards such a move, I don't think you'll have any big issues. Just the usual logistics of sorting your stuff, packing, finding rentals online for the first month, getting a car and more permanent housing. There will be small challenges and frustrations, but if you have the financial cushion to not get stressed out, you'll make it through. And don't say you won't be welcomed--most people will be friendly, and other transplants you meet will be your social circle if you want one.
OP, you sound like you are in a very similar situation as my husband and I. I say if you can line things up and have enough money to keep you where you want to be, just go for it. There will always be a million reasons not to! I haven't visited this forum in a while because after going to the BI, looking at homes, at the area, going to stores, getting lost, checking out some local spots... certain things that are repeated on here just don't hold water.
I have lived in other countries so maybe I have a different outlook, but I don't see anything wrong with a few months or a couple of years in a new place to see if you like it, or to make you miss everything you thought you could do without
A recent family crisis has also opened my eyes to the fact that even the most carefully laid plans can become obsolete in a heart beat. It only strengthened my resolve to move on from this place and go for my heart's desire. Part of my plan is taking more college courses, volunteering, and a more active, outdoor life. If it wasn't for waiting our the 120 day rabies titer period, we would be there already. Can't leave the fur kids behind!
Take the sound advice on here but I think you know in your heart what is best for you guys, and I think being in your 30's without children is actually a great time to take time for self improvement. You say you have been financially responsible and are well connected in your field... you will be fine and those 18 months will fly by.
I don't have any financial planning/life style advice to give, but I sure am looking forward to Ken's - 56 days and counting from lift off.
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You'r making me hungry
