I’ve always had this interesting thought about highly paid athletes that are financially independent and retire early from their careers: why don’t they work “one more year” and donate all of the money they earn their last season to charity? Wouldn’t that be a magnanimous gesture? Wouldn’t every fan and city they visited be excited by what the are doing?
Obviously some athletes’ careers end because they get injured or cut from the team (and can’t catch on with another). But what about the really high profile ones that essentially do a “victory lap” like Derek Jeter or Mariana Rivera of the New York Yankees did recently?
Then I was thinking – shouldn’t I do the same thing? I’m a (relatively) high paid employee for Megacorp and my dear wife and I are financially independent at 48. Rather than retire early – how about working the next year and build a charitable nest egg to then give away in early retirement? (FIRE at Fifty). It’s not like I’ve been injured or cut from the team.
We already give time & money to charity each year, so this would be an “extra” and give our early retirement a purpose – to give away the OMY treasure. My last year will be an added year of service: both to the company and the causes that will benefit from the giving tree that we will grow. Starting this April, we are going to challenge ourselves to save all of our paychecks (and bonuses) in a “One More Year Fund” for philanthropy in immediate retirement.
Anyone else thought of thought of this? Anyone else already doing it?
Image Credit: asenat29