Author Topic: Overheard at Work  (Read 8457128 times)

Asdfg

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Re: Overheard at Work
« Reply #11300 on: November 19, 2015, 12:44:13 AM »
My employer has a benefit that allows us to buy food at a really cheap price. Colleagues were discussing how much money they could save if they would buy big amounts of quality food when it's super cheap and freeze it for later use and use it as a meal component. Then they proceeded to talk how they can't do it, and continue eating at the company restaurant.

shanghaiMMM

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Re: Overheard at Work
« Reply #11301 on: November 19, 2015, 03:53:05 AM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

arebelspy

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Re: Overheard at Work
« Reply #11302 on: November 19, 2015, 05:33:46 AM »
I like the tie countdown concept though.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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boarder42

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Re: Overheard at Work
« Reply #11303 on: November 19, 2015, 05:54:38 AM »
I like the tie countdown concept though.

yeah i work at an engineering firm that still lives in the 20s and wears ties.  i may take this idea on.  we just got flex time a year ago and its not THAT flexible we just have 9-4 core hours now, waiting on the 9-80s to kick in, but by that time i'll probably be down to 32 hour weeks anyways.

astvilla

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Re: Overheard at Work
« Reply #11304 on: November 19, 2015, 09:04:05 AM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

I'm not sure what's wrong with this.  He's doing better than a real big majority out there and has his head on right.  If he can live w/in his means, he can live w/in his means.  If MMM had a lot of money, I'm sure he'd up his lifestyle a bit to adjust.

Plus 58 is a good age to retire for nonMMM. I wouldn't classify the guy as anti-Mustachian.

MgoSam

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Re: Overheard at Work
« Reply #11305 on: November 19, 2015, 09:06:21 AM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

I'm not sure what's wrong with this.  He's doing better than a real big majority out there and has his head on right.  If he can live w/in his means, he can live w/in his means.  If MMM had a lot of money, I'm sure he'd up his lifestyle a bit to adjust.

Plus 58 is a good age to retire for nonMMM. I wouldn't classify the guy as anti-Mustachian.

I concur, not everyone wants to retire as early as we do. Other people have other priorities.

Threshkin

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Re: Overheard at Work
« Reply #11306 on: November 19, 2015, 09:22:18 AM »
...snip...
Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!
...snip...

In 20 years $80K a year will not be much to live on.  Inflation hurts.....

u-238

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Re: Overheard at Work
« Reply #11307 on: November 19, 2015, 09:29:42 AM »
Doesn't bicycle, doesn't run, doesn't walk walk (if he can ride...)

;)

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Re: Overheard at Work
« Reply #11308 on: November 19, 2015, 09:41:32 AM »
If MMM had a lot of money, I'm sure he'd up his lifestyle a bit to adjust.


MMM does have a lot of money.  He's addressed this in his blogs and his annual spending reports.  Even when they feel they're letting loose because they have no financial constraints, they spend ~$25K.  It appears that his stash continues to grow untouched while they live off profits from his side hustle/hobbies like this blog.

Frugal Father

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Re: Overheard at Work
« Reply #11309 on: November 19, 2015, 10:05:03 AM »
So I am an external auditor working for one of the Big 4. As an incentive, if you get your CPA in the first year of working there you get a $5k bonus. So I was talking to one of our first year staff the other day, and she was telling me that several of her friends (also first years) were giving advice about the bonus. Specifically, they were saying how important it is to make sure you drop your 401k contribution to 0% for that paycheck and then immediately put it back to normal for the next paycheck so that you get as much of your bonus as possible. I just laughed and told her that if anything, she should increase her contribution percentage for that paycheck since you don't actually need any of it. Fortunately, she seemed to think her friends were being ridiculous, too...

Tjat

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Re: Overheard at Work
« Reply #11310 on: November 19, 2015, 10:48:00 AM »
So I am an external auditor working for one of the Big 4. As an incentive, if you get your CPA in the first year of working there you get a $5k bonus. So I was talking to one of our first year staff the other day, and she was telling me that several of her friends (also first years) were giving advice about the bonus. Specifically, they were saying how important it is to make sure you drop your 401k contribution to 0% for that paycheck and then immediately put it back to normal for the next paycheck so that you get as much of your bonus as possible. I just laughed and told her that if anything, she should increase her contribution percentage for that paycheck since you don't actually need any of it. Fortunately, she seemed to think her friends were being ridiculous, too...

I admit that I do this come March (annual bonus). However, the reason is because my company doesn't true-up matching contributions so front-loading contributions is a major disadvantage.

HairyUpperLip

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Re: Overheard at Work
« Reply #11311 on: November 19, 2015, 10:48:27 AM »
I'm not sure what's wrong with this.  He's doing better than a real big majority out there and has his head on right.  If he can live w/in his means, he can live w/in his means.  If MMM had a lot of money, I'm sure he'd up his lifestyle a bit to adjust.

Plus 58 is a good age to retire for nonMMM. I wouldn't classify the guy as anti-Mustachian.

lol.

Stashaholic

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Re: Overheard at Work
« Reply #11312 on: November 19, 2015, 11:11:06 AM »
Whew, I waited until I read entire thread (skimmed several pages of foam) before I decided to post something on the topic, but that also means my info is now also months old lol.

CW1, ~55yo. who moved here from a city 3 hours away so he can be closer to his daughter, SIL, grand kids, basically family. Nice guy, but him and his family are like Murphy magnets. He's always missing work for all kinds of reasons. Car breaks down, everyone in the family gets a bug, house floods, house catches on fire, alarm didn't buzz, etc. Obviously that translates to less pay and more and more expenses. I feel bad for the guy but he misses so much work that we have to cover for him and it gets annoying. He does come in sometimes on weekends to try and catch up so that helps.

He's living with daughter, grand kids and SIL, and his commute to work is over 1.5hrs so he decided to rent an apartment much closer. Well that didn't last long because it's too much and couldn't afford it so he moved back in with them and is back to driving 1.5hrs each way.

He wants to sell his house from the other city and needed to make repairs and get rid of things, but can't afford it. Then a few months ago the roof got damaged from a storm, then a small fire broke out in the garage and in both instances he had to borrow money to cover the cost before insurance paid (about 2-3k each time minus deductible).

Recently heard; after being here 2yrs and have almost completely settled in, his daughter and family wants to move back to the city where he moved from! But the kicker is, they can't do it unless he helps pay for a bigger house that they want to build from scratch. He agreed, but he hasn't sold his old house yet so they are scrambling now to sell that sooner so whatever they get (very little I'm guessing after so many cash out refi) can be used for a down payment. Even worse, he says when that happens, he will continue to stay here (3 hrs away) so he will also be renting an apartment while also helping pay for the new house!

---------

CW2 doesn't like inconveniences and a little hassle. He bought a new $35k car online with no haggling because he doesn't want the hassle. He likes to buy supplies or equipment for work, sometimes hundreds of $ a year that is reimbursable, but refuses to fill out a simple 1 min. paperwork to do it. I've tried convincing him but he just gets upset. The last time this happened I asked if he could buy me some things without having to pay him back, he just wandered off.

He also had a couple of friends on his cell plan that he continued to pay for hundreds/mo. even after they have already gotten their own plan. He said he didn't want to spend time changing his plan. He buys tons of toys and gadgets that aren't useful or just get stored. Like a $400 3d printer that he printed a couple things and no longer uses.

He's single and renting a 3 bedroom town home from a friend for over 10 yrs. He can rent something cheaper, but at least the friend has not raised rent in all those years. I suggested why not offer to buy it since it's actually quite affordable and he is obviously not leaving, but he is not interested in talking about it to him (his friend lives out of the country btw and just hung on to the property because he obviously found a cash cow).

mm1970

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Re: Overheard at Work
« Reply #11313 on: November 19, 2015, 11:37:16 AM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.
I like the tie thing.

I don't see 58 as old.  I work with many guys who are 58-62 and still fit and trim and with it.  And good at their jobs (and financially stable enough to quit if they wanted.)

Shoot, I'll still have a kid in HS when I'm 58.

jorjor

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Re: Overheard at Work
« Reply #11314 on: November 19, 2015, 12:35:11 PM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

Reminds me of a conversation I had a couple months ago with a co-worker. She is lower 30s. Their quite expensive house will be paid off in a year or two. They are quite frugal. She would agree with a lot of the things on this site. We've had discussions about frugality and early retirement before.

CW: I work hard so that I can retire as soon as possible.

Me: That is my goal as well. Life is too short to work.

CW: What do you think you need to retire?

Me: Idk, a couple million and many who want to retire early would think that's too much.

CW: WHAT? I'm aiming for like $12M!

Conversation then went towards why she thinks she NEEDS that much. It boiled down to a lot of risk aversion. I tried to advance the idea that spending that much would be tough, especially since they live very frugally now. Oh well. I'll still keep having good chats with her even if our feelings on what it takes to FIRE are different.

MgoSam

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Re: Overheard at Work
« Reply #11315 on: November 19, 2015, 01:43:46 PM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

Reminds me of a conversation I had a couple months ago with a co-worker. She is lower 30s. Their quite expensive house will be paid off in a year or two. They are quite frugal. She would agree with a lot of the things on this site. We've had discussions about frugality and early retirement before.

CW: I work hard so that I can retire as soon as possible.

Me: That is my goal as well. Life is too short to work.

CW: What do you think you need to retire?

Me: Idk, a couple million and many who want to retire early would think that's too much.

CW: WHAT? I'm aiming for like $12M!

Conversation then went towards why she thinks she NEEDS that much. It boiled down to a lot of risk aversion. I tried to advance the idea that spending that much would be tough, especially since they live very frugally now. Oh well. I'll still keep having good chats with her even if our feelings on what it takes to FIRE are different.

Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Reynold

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Re: Overheard at Work
« Reply #11316 on: November 19, 2015, 02:07:45 PM »
I always go with our lowest coverage plan. About 3 months after joining my current company and starting on their insurance, my wife had an emergency room visit that lead to an overnight stay at the hospital. The total bill came out to over $25k, but after insurance covered it we only owed a little under $500. I don't understand somebody that is willing to spend 2-300 per pay period on insurance, when my policy is only $35 out of each check and the coverage is still that good.

A couple of years ago our highest price plan was something like $800/month out of pocket, vs. the "cheap" plan we picked which was more like $80/month.  The main difference was in coverage of out-of-network costs, but it was pretty easy to calculate that we'd need to spend something around $200k in out-of-network health care costs to make up for paying ~$8600 more in premiums.  Ironically, if you then spent much more, you hit expense caps on either plan, so there was a tiny window where you could save a few hundred dollars. 

My boss's boss, a VP, technical, and very smart, was complaining when they took away the high priced plan because he wanted to have "the best coverage", though he admitted he had never done the math.  He likes toys, though, he just bought an Amazon Alexa (voice activated Siri-like thing) for the office, in addition to one at home.  He has also commented that he can't imagine anyone wanting to retire early, what would they do? :)

jorjor

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Re: Overheard at Work
« Reply #11317 on: November 19, 2015, 02:14:26 PM »
Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Nah, that's fine. I assume you mean "Why do you think you need that much?" My calculations have come out anywhere between much less than that and somewhat less than that based on assumptions for extra discretionary income, kids, withdrawal rate, etc. I didn't want to come out and quite make that proclamation to a co-worker since I had an idea of her risk aversion before. Slowly ease her into the idea, and what not.

My wife and I are young (I'm 27). We are just starting out in a lot of ways. New house, no kids yet, just started following this blog/forum in the last 6 months or so. We're getting a feel for where we can cut expenses and such. Needing $2M is probably overstating it, especially if we were to pick up a side hustle(s) after working. I like what I'm doing now. As things progress, I plan to react and adjust projections accordingly. When we are FI, we can make that decision as to whether it's also time to RE.

It's also partially that I'm an actuary and we seem to shift towards the risk averse side since risk aversion has been mostly beaten into us through training, education, and daily work.
« Last Edit: November 19, 2015, 02:16:08 PM by jorjor »

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Re: Overheard at Work
« Reply #11318 on: November 19, 2015, 02:42:50 PM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

Whatever it takes to stay motivated, I guess. Personally, I'd find a consignment shop and sell the ties to future Mustachians instead ;-)

There's a thread going on how much people were planning to accumulate before pulling the plug, it seems to skew a little more conservative than I might have guessed initially:

http://forum.mrmoneymustache.com/welcome-to-the-forum/what-is-your-target-amount/

dragoncar

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Re: Overheard at Work
« Reply #11319 on: November 19, 2015, 03:11:55 PM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

Whatever it takes to stay motivated, I guess. Personally, I'd find a consignment shop and sell the ties to future Mustachians instead ;-)

There's a thread going on how much people were planning to accumulate before pulling the plug, it seems to skew a little more conservative than I might have guessed initially:

http://forum.mrmoneymustache.com/welcome-to-the-forum/what-is-your-target-amount/

I actually have the same tie system.  Here's the collection I'm working through:


MgoSam

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Re: Overheard at Work
« Reply #11320 on: November 19, 2015, 03:29:06 PM »
Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Nah, that's fine. I assume you mean "Why do you think you need that much?" My calculations have come out anywhere between much less than that and somewhat less than that based on assumptions for extra discretionary income, kids, withdrawal rate, etc. I didn't want to come out and quite make that proclamation to a co-worker since I had an idea of her risk aversion before. Slowly ease her into the idea, and what not.

My wife and I are young (I'm 27). We are just starting out in a lot of ways. New house, no kids yet, just started following this blog/forum in the last 6 months or so. We're getting a feel for where we can cut expenses and such. Needing $2M is probably overstating it, especially if we were to pick up a side hustle(s) after working. I like what I'm doing now. As things progress, I plan to react and adjust projections accordingly. When we are FI, we can make that decision as to whether it's also time to RE.

It's also partially that I'm an actuary and we seem to shift towards the risk averse side since risk aversion has been mostly beaten into us through training, education, and daily work.

Fair enough. That's awesome that you're an actuary, how far have you progressed through them tests?

jorjor

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Re: Overheard at Work
« Reply #11321 on: November 19, 2015, 04:03:53 PM »
Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Nah, that's fine. I assume you mean "Why do you think you need that much?" My calculations have come out anywhere between much less than that and somewhat less than that based on assumptions for extra discretionary income, kids, withdrawal rate, etc. I didn't want to come out and quite make that proclamation to a co-worker since I had an idea of her risk aversion before. Slowly ease her into the idea, and what not.

My wife and I are young (I'm 27). We are just starting out in a lot of ways. New house, no kids yet, just started following this blog/forum in the last 6 months or so. We're getting a feel for where we can cut expenses and such. Needing $2M is probably overstating it, especially if we were to pick up a side hustle(s) after working. I like what I'm doing now. As things progress, I plan to react and adjust projections accordingly. When we are FI, we can make that decision as to whether it's also time to RE.

It's also partially that I'm an actuary and we seem to shift towards the risk averse side since risk aversion has been mostly beaten into us through training, education, and daily work.

Fair enough. That's awesome that you're an actuary, how far have you progressed through them tests?

I'm done. I finished a few years ago. I started in college because I knew I wanted to move to my current location and a professor convinced me if I could pass exams I could get a job. After I graduated, I was in "get this done as soon as possible so I can move on with my life" mode so I rushed to get the rest done over the next two years. Things are much better now post-studying.
« Last Edit: November 19, 2015, 04:09:18 PM by jorjor »

MgoSam

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Re: Overheard at Work
« Reply #11322 on: November 19, 2015, 06:43:00 PM »
Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Nah, that's fine. I assume you mean "Why do you think you need that much?" My calculations have come out anywhere between much less than that and somewhat less than that based on assumptions for extra discretionary income, kids, withdrawal rate, etc. I didn't want to come out and quite make that proclamation to a co-worker since I had an idea of her risk aversion before. Slowly ease her into the idea, and what not.

My wife and I are young (I'm 27). We are just starting out in a lot of ways. New house, no kids yet, just started following this blog/forum in the last 6 months or so. We're getting a feel for where we can cut expenses and such. Needing $2M is probably overstating it, especially if we were to pick up a side hustle(s) after working. I like what I'm doing now. As things progress, I plan to react and adjust projections accordingly. When we are FI, we can make that decision as to whether it's also time to RE.

It's also partially that I'm an actuary and we seem to shift towards the risk averse side since risk aversion has been mostly beaten into us through training, education, and daily work.

Fair enough. That's awesome that you're an actuary, how far have you progressed through them tests?

I'm done. I finished a few years ago. I started in college because I knew I wanted to move to my current location and a professor convinced me if I could pass exams I could get a job. After I graduated, I was in "get this done as soon as possible so I can move on with my life" mode so I rushed to get the rest done over the next two years. Things are much better now post-studying.

Nice, congrats! Are the less than 40 hour work weeks true?

JoeBlow

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Re: Overheard at Work
« Reply #11323 on: November 19, 2015, 07:31:08 PM »
Small thing, grating on me.

In work everyone has reusable cups, awesome idea as it saves the environment and you save 50c every time you buy a coffee (don't worry I squashed that habit upon stumbling onto MMM). Everyone has these cups: www.keepcup.com and I do too, however my sister in law's work got free cups that are in a blue and black and not the "fancy" multicoloured ones and she snagged one for me of THE SAME BRAND, but blue and black.

CW - You need a new cup
Me - Why? It's same brand but my one is dull colours
CW - It's dull, just buy a new cup, you need a new cup
Me - Um, no
CW - They are only $13 NZ (or something like that)
Me - Okay

A week later...

CW - Have you not bought a new cup yet?
Me - No
CW - Buy a new cup, you need a new cup
Me - I'm probably not going to do that

A week later... you get where this is going...

I DO NOT NEED A NEW CUP. My cup is perfectly fine and even if it wasn't, I have other thermal cups. I will NOT be buying a new cup!!!

I feel like the drink and drugs advert - Just say no. Do not give in to peer pressure!!

Just buy the cup man. All your friends have one. One won't hurt, it'll help you relax.
You too good to buy a cup like the rest of us? Cup chicken? Bwok bwok bwok.....


I'm now waiting to be told how all the cool kids are doing it...

Is it wrong that I'm now online "designing my own KeepCup"?  ;-)  (But not buying -- just designing.)

If these thing last more than a couple of years, I could see spending $9 on one.  The ones I buy for $6 seem to break in one way or another after about a year.

jorjor

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Re: Overheard at Work
« Reply #11324 on: November 19, 2015, 07:35:34 PM »
Not to be critical, but I'm curious as to why you think you would need a couple million to retire early?

Nah, that's fine. I assume you mean "Why do you think you need that much?" My calculations have come out anywhere between much less than that and somewhat less than that based on assumptions for extra discretionary income, kids, withdrawal rate, etc. I didn't want to come out and quite make that proclamation to a co-worker since I had an idea of her risk aversion before. Slowly ease her into the idea, and what not.

My wife and I are young (I'm 27). We are just starting out in a lot of ways. New house, no kids yet, just started following this blog/forum in the last 6 months or so. We're getting a feel for where we can cut expenses and such. Needing $2M is probably overstating it, especially if we were to pick up a side hustle(s) after working. I like what I'm doing now. As things progress, I plan to react and adjust projections accordingly. When we are FI, we can make that decision as to whether it's also time to RE.

It's also partially that I'm an actuary and we seem to shift towards the risk averse side since risk aversion has been mostly beaten into us through training, education, and daily work.

Fair enough. That's awesome that you're an actuary, how far have you progressed through them tests?

I'm done. I finished a few years ago. I started in college because I knew I wanted to move to my current location and a professor convinced me if I could pass exams I could get a job. After I graduated, I was in "get this done as soon as possible so I can move on with my life" mode so I rushed to get the rest done over the next two years. Things are much better now post-studying.

Nice, congrats! Are the less than 40 hour work weeks true?

For many, yes. For me, not so much. I work in consulting, so I essentially work with lots of different insurers, hospitals, employers, etc. Very fun to see things from different angles, but it means you are sometimes at the mercy of what a client needs (and the client doesn't ask the other client if it's cool that they take some of my time). Even then, hours aren't nearly like management consulting or things like that. 40-50 hours average. I've talked to my boss about pulling back some, because this year was closer to 50 due to some weirdness and I wasn't much of a fan of that.
« Last Edit: November 19, 2015, 07:39:27 PM by jorjor »

Squirrel away

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Re: Overheard at Work
« Reply #11325 on: November 20, 2015, 05:45:17 AM »




CW: What do you think you need to retire?

Me: Idk, a couple million and many who want to retire early would think that's too much.

CW: WHAT? I'm aiming for like $12M!



$12M! OMG.

GuitarStv

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Re: Overheard at Work
« Reply #11326 on: November 20, 2015, 07:12:32 AM »




CW: What do you think you need to retire?

Me: Idk, a couple million and many who want to retire early would think that's too much.

CW: WHAT? I'm aiming for like $12M!



$12M! OMG.

Hmm . . . safe withdrawal limit of just under 500,000 a year.  I might be able to live on that in retirement.

LifeAtTheLodgeHouse

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Re: Overheard at Work
« Reply #11327 on: November 20, 2015, 02:16:10 PM »
Small thing, grating on me.

In work everyone has reusable cups, awesome idea as it saves the environment and you save 50c every time you buy a coffee (don't worry I squashed that habit upon stumbling onto MMM). Everyone has these cups: www.keepcup.com and I do too, however my sister in law's work got free cups that are in a blue and black and not the "fancy" multicoloured ones and she snagged one for me of THE SAME BRAND, but blue and black.

CW - You need a new cup
Me - Why? It's same brand but my one is dull colours
CW - It's dull, just buy a new cup, you need a new cup
Me - Um, no
CW - They are only $13 NZ (or something like that)
Me - Okay

A week later...

CW - Have you not bought a new cup yet?
Me - No
CW - Buy a new cup, you need a new cup
Me - I'm probably not going to do that

A week later... you get where this is going...

I DO NOT NEED A NEW CUP. My cup is perfectly fine and even if it wasn't, I have other thermal cups. I will NOT be buying a new cup!!!

I feel like the drink and drugs advert - Just say no. Do not give in to peer pressure!!

Just buy the cup man. All your friends have one. One won't hurt, it'll help you relax.
You too good to buy a cup like the rest of us? Cup chicken? Bwok bwok bwok.....


I'm now waiting to be told how all the cool kids are doing it...

Is it wrong that I'm now online "designing my own KeepCup"?  ;-)  (But not buying -- just designing.)

If these thing last more than a couple of years, I could see spending $9 on one.  The ones I buy for $6 seem to break in one way or another after about a year.

Agree. I bought a cool trendy one (back in the day) and it fell to bits. However I still have a Starbucks cup I was gifted 10 years ago that is going strong. So even if this cup dies, I won't be buying another one.

The new thing I am now getting pressured into (because there are 3 of them going) is a circuits group. I went along for the free class (because they booked me in and told me I was going and didn't want to let anyone down) and it is good, but we literally go to a free park and do circuits with no equipment, all body weight. It costs $250 NDZ or $165 USD for 10 classes. Now I enjoy exercising and I don't mind a class but $25 a class is never going to happen, especially when it is just my body weight I am using. If you bulk buy like 30 of them I can get it down to $18 or $16 a class.

I understand why other need to pay someone to make the commitment to go along, but I'm quite self motivated so I'm not paying $25 a class.

Joggernot

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Re: Overheard at Work
« Reply #11328 on: November 20, 2015, 06:28:52 PM »
Small thing, grating on me.

In work everyone has reusable cups, awesome idea as it saves the environment and you save 50c every time you buy a coffee (don't worry I squashed that habit upon stumbling onto MMM). Everyone has these cups: www.keepcup.com and I do too, however my sister in law's work got free cups that are in a blue and black and not the "fancy" multicoloured ones and she snagged one for me of THE SAME BRAND, but blue and black.

CW - You need a new cup
Me - Why? It's same brand but my one is dull colours
CW - It's dull, just buy a new cup, you need a new cup
Me - Um, no
CW - They are only $13 NZ (or something like that)
Me - Okay

A week later...

CW - Have you not bought a new cup yet?
Me - No
CW - Buy a new cup, you need a new cup
Me - I'm probably not going to do that

A week later... you get where this is going...

I DO NOT NEED A NEW CUP. My cup is perfectly fine and even if it wasn't, I have other thermal cups. I will NOT be buying a new cup!!!

I feel like the drink and drugs advert - Just say no. Do not give in to peer pressure!!

Just buy the cup man. All your friends have one. One won't hurt, it'll help you relax.
You too good to buy a cup like the rest of us? Cup chicken? Bwok bwok bwok.....


I'm now waiting to be told how all the cool kids are doing it...

Is it wrong that I'm now online "designing my own KeepCup"?  ;-)  (But not buying -- just designing.)

If these thing last more than a couple of years, I could see spending $9 on one.  The ones I buy for $6 seem to break in one way or another after about a year.

Agree. I bought a cool trendy one (back in the day) and it fell to bits. However I still have a Starbucks cup I was gifted 10 years ago that is going strong. So even if this cup dies, I won't be buying another one.
I'm using a used Starbucks cup that I bought for $1 at a garage sale last year.  Best buy I've made in a long time.

shanghaiMMM

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Re: Overheard at Work
« Reply #11329 on: November 21, 2015, 08:34:41 PM »
I have one that's a little sad.

A couple at work, both have decent paying positions. He has a degree in finance and seems savvy towards investing and the like. He once mentioned he bought $30,000 of gold and it went up to 4x that amount (not an indicator of much at all, I know, but still, he's into investing which is more than many). I've broached the topic of retirement with him before, as he seemed the only one at work who might get it. This time we talked and it went something like this:

Me: You wear that same tie every day?

Him: Yep! I have a row of ties in my cupboard and use one each year. I then cut it up and it's my count down to retirement!

Me: Huh, interesting! How many ties do you have left?? (Note - The guy is about 38)

Him: About 20. That should do it. We want over $2m for retirement.

Me: But... but... that's ages away! That's going to give you about $80,000 a year, what can you even spend that on?!

Him: Oh we have our eye on this relaxing retirement place with a lake and nice garden.


I mean, he's doing better than most and seems fairly financially savvy but ffs. Retire at 58 to grow fat and old in a quasi-retirement home?! Damn.

I'm not sure what's wrong with this.  He's doing better than a real big majority out there and has his head on right.  If he can live w/in his means, he can live w/in his means.  If MMM had a lot of money, I'm sure he'd up his lifestyle a bit to adjust.

Plus 58 is a good age to retire for nonMMM. I wouldn't classify the guy as anti-Mustachian.

I concur, not everyone wants to retire as early as we do. Other people have other priorities.

Yeah fair enough, I thought I had hinted I thought he was still doing quite well in comparison to many people, perhaps I wasn't clear enough.

And I definitely like the tie idea too!

DutchGirl

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Re: Overheard at Work
« Reply #11330 on: November 22, 2015, 04:20:15 AM »
Colleague of mine, in July:

"Yes, I invested some money. I don't know where exactly, I don't know what I invested in, and I don't know the current value. But I will just ignore it and then in the future it will turn out to have grown wildly!"

Same colleague, last week:
"Oh, dear, I can't remember whether or not I've left the gas on at home. And I can't go back home now that I'm at work. I realized when I was driving here, and I thought about what I would miss if my house exploded. Well, replacing the furniture would cost a few bucks. No, I don't have renter's insurance. I cancelled it a while back when cutting costs."

(She ended up phoning her neighbor who could go and check on her gas; it was off, luckily, so she still has a house).

MgoSam

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Re: Overheard at Work
« Reply #11331 on: November 22, 2015, 10:22:54 AM »
Colleague of mine, in July:

"Yes, I invested some money. I don't know where exactly, I don't know what I invested in, and I don't know the current value. But I will just ignore it and then in the future it will turn out to have grown wildly!"

Step 1. Invest
Step 2. Forget about what you invested
Step 3. ???????
Step 4 .PROFIT!

edmundblackadder

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Re: Overheard at Work
« Reply #11332 on: November 22, 2015, 10:46:28 AM »
That's ....kind of my strategy?

1. Dump money into Vanguard index funds.
2. Ignore news about the stock market for ten-fifteen years so I don't panic.
3. Profit!

arebelspy

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Re: Overheard at Work
« Reply #11333 on: November 22, 2015, 10:49:40 AM »
Yeah, but you know where it is and what it's invested in. :)

Your plan is much more solid.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

DutchGirl

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Re: Overheard at Work
« Reply #11334 on: November 22, 2015, 12:47:54 PM »
@Mr. Blackadder: given her other financial choices, I'm very, very afraid that she heard something about "investing is the thing to do!", then talked to someone willing to relieve her of her money, who had her channel a few thousand euros into some kind of high-fee very risky investment or real scam, and she's out of that money already but doesn't even know it yet.

With This Herring

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Re: Overheard at Work
« Reply #11335 on: November 22, 2015, 05:42:11 PM »
I've finally made it through the thread!  Now I can finally participate, once something comes up.

Metta

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Re: Overheard at Work
« Reply #11336 on: November 22, 2015, 06:34:18 PM »
There are a lot of unhappy people in my office lately, and for good reason. We are engaged in a project that will end the need for most programmers in our department within one to two years. (That's about 40 very senior programmers in both the mainframe and Java environments who will either lose their jobs or will have to do something other than code for a living.) Management has been brutally frank that people need to take responsibility for their own "re-tooling" and that nothing is guaranteed moving into the future. Because of the aggressive deadline management has chosen, it is going to require very long hours for the next 18 months. (I think a plan presented to workers as "You need to work very hard for the next two years and then we will fire you" is crazy. But no one asked me my opinion.)

People are, of course, pretty upset and they've been venting to me. I've told each person that they have a year or two to get together FU money, which will make everything feel better and less scary and that I can show them how I've saved money. Most have told me that it is impossible.

One person told me that she is extremely frugal and thinks my idea has merit, so we talked about her expenses and what she can cut. (My guess is that she makes somewhere between 100K and 150K in a LCOL city, so she doesn't have a cash inflow problem.) She's apparently paying for three cable hook-ups just for her and all possible channels. I told her how we had cut cable television (but still use cable for Internet access) and suggested she should do the same since it would save her somewhere north of $150 a month. (Also, if she's going to be working 80 hour weeks, she won't have time to watch much tv.) I also recommended Ting and a couple of other painless strategies for saving money. At the end she thanked me and then said, "I'm going to do it!"

"Great!" I said.

"But not yet."

"Why not? What are you waiting for?"

"I have to get current with the cable company first."

I was dumbfounded. Here was an intelligent, well-paid, well-educated, middle-aged woman who had let her finances spiral so far out of control that not only did she have no savings and no FU money, she was behind on her cable bill. What can one say to that?


RWD

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Re: Overheard at Work
« Reply #11337 on: November 22, 2015, 06:52:13 PM »
"I have to get current with the cable company first."

Can't you cancel even if you aren't current? I don't know, I've never had a TV subscription, but I don't see how they could force you to keep a service just because you aren't current on your bill...

Metta

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Re: Overheard at Work
« Reply #11338 on: November 22, 2015, 07:19:02 PM »
"I have to get current with the cable company first."

Can't you cancel even if you aren't current? I don't know, I've never had a TV subscription, but I don't see how they could force you to keep a service just because you aren't current on your bill...

I don't know. I've never really had to deal with that. I should ask her. I was so startled that it drove all sensible thoughts from my mind.

mairuiming

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Re: Overheard at Work
« Reply #11339 on: November 23, 2015, 05:24:20 AM »

Hi, this is my first post in this forum.
I started reading about FI few weeks ago and was talking about MMM forum with one of my office colleague (CW1).

CW1: So when do you plan to retire ?
Me: I haven't done all the calculations yet, but I would target to be FI by age 45 (I know few mustachian may think 45 is too late).
CW1: What are you going to do with your time when you retire so early ?
Me: I will devote more time practice music instruments (I play flute)

CW2 jumps in the conversation and reasons retiring early is a bad idea.

CW2: When you grow older you 'have' to buy a larger car and a bigger house.
Me: Why ?
CW2: Because this is what we should do. My father just bought a new car (his father used to drive a Audi 2012 model)

I tried to run away from the conversation and not get influenced by anti-mustachians

mm1970

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Re: Overheard at Work
« Reply #11340 on: November 23, 2015, 09:24:36 AM »
There are a lot of unhappy people in my office lately, and for good reason. We are engaged in a project that will end the need for most programmers in our department within one to two years. (That's about 40 very senior programmers in both the mainframe and Java environments who will either lose their jobs or will have to do something other than code for a living.) Management has been brutally frank that people need to take responsibility for their own "re-tooling" and that nothing is guaranteed moving into the future. Because of the aggressive deadline management has chosen, it is going to require very long hours for the next 18 months. (I think a plan presented to workers as "You need to work very hard for the next two years and then we will fire you" is crazy. But no one asked me my opinion.)

People are, of course, pretty upset and they've been venting to me. I've told each person that they have a year or two to get together FU money, which will make everything feel better and less scary and that I can show them how I've saved money. Most have told me that it is impossible.

One person told me that she is extremely frugal and thinks my idea has merit, so we talked about her expenses and what she can cut. (My guess is that she makes somewhere between 100K and 150K in a LCOL city, so she doesn't have a cash inflow problem.) She's apparently paying for three cable hook-ups just for her and all possible channels. I told her how we had cut cable television (but still use cable for Internet access) and suggested she should do the same since it would save her somewhere north of $150 a month. (Also, if she's going to be working 80 hour weeks, she won't have time to watch much tv.) I also recommended Ting and a couple of other painless strategies for saving money. At the end she thanked me and then said, "I'm going to do it!"

"Great!" I said.

"But not yet."

"Why not? What are you waiting for?"

"I have to get current with the cable company first."

I was dumbfounded. Here was an intelligent, well-paid, well-educated, middle-aged woman who had let her finances spiral so far out of control that not only did she have no savings and no FU money, she was behind on her cable bill. What can one say to that?
I understand being unhappy...I mean, I work for a company that has been downsizing and all (so many people are quitting).

Why don't they just look for another job?  80 hours a week for 18 months then out of a job?  I'd be hitting the pavement pretty hard, unless there is overtime. No, I'd still be looking.

mlejw6

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Re: Overheard at Work
« Reply #11341 on: November 23, 2015, 11:36:13 AM »
So, my husband has been telling me about his CW. CW's car died: the engine timing belt broke and took other parts of the engine with it. This made the repair more expensive than the value of the car. Here's the kicker:

 - It's a 2009 VW SUV that cost ~$40k
 - He still owes $7000 (wtf?) on this 6 year old car
 - He decided to replace it with the same exact car in the 2015 model
 - But - guess what - the dealer magnanimously took off $3500 of what they owe on the old car! What a great deal!

I just shook my head. I guess he's the type of person who thinks he will always have a car payment, so it doesn't matter how much car he gets as long as he can make the payments.

MgoSam

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Re: Overheard at Work
« Reply #11342 on: November 23, 2015, 11:42:21 AM »

I just shook my head. I guess he's the type of person who thinks he will always have a car payment, so it doesn't matter how much car he gets as long as he can make the payments.

Sounds like he's the dealer's best friend. If they continue to please him he'll come by every few years to trade it in.

JordanOfGilead

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Re: Overheard at Work
« Reply #11343 on: November 23, 2015, 11:52:30 AM »
So, my husband has been telling me about his CW. CW's car died: the engine timing belt broke and took other parts of the engine with it. This made the repair more expensive than the value of the car. Here's the kicker:

 - It's a 2009 VW SUV that cost ~$40k
 - He still owes $7000 (wtf?) on this 6 year old car
 - He decided to replace it with the same exact car in the 2015 model
 - But - guess what - the dealer magnanimously took off $3500 of what they owe on the old car! What a great deal!

I just shook my head. I guess he's the type of person who thinks he will always have a car payment, so it doesn't matter how much car he gets as long as he can make the payments.
If he's the type of person that doesn't pay enough attention to the preventative maintenance schedule of a vehicle that his life LITERALLY depends on functioning properly, why would he pay enough attention to the numbers to realize that car payments are bad?

Making Cookies

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Re: Overheard at Work
« Reply #11344 on: November 23, 2015, 02:09:18 PM »
Married couple, friends of mine and former work colleagues, used to commute separately by car ~35 miles each way to work here. Same company, same office, different department, so they didn't see each other during the day anyway. That's anywhere between 45 and 90 minutes drive, depending on traffic. They grew vegetables on their allotment, though, because it would save money and be good for the environment.
Pennywise, pound-foolish. Even one person driving that much for a job is insane in my world.

I have married friends who up until recently worked in different departments at the same large university and commuted at least 30 miles there. They'd frequently work different shifts (by 2 hours or so; he might work 8-4 and she was 8-6 because she worked four 10s) so they would drive separately. (I would totally sit and read a book, catch up on my Internet, etc. for two hours to save 60 miles worth of gas a couple times a week.) Then they had a baby, so needed to make some cutbacks, and therefore started "carpooling" sometimes.

Depends on what you drive. 99% of the time my wife and I carpool. Sometimes though (like this week) when the overlap is too great we drive separately (7 miles each way). We're talking several hours.

60 miles savings in a 30 mpg car at $1.85/gal gas. $4? Depends on how tight the rest of your schedule. If I needed to get home and clean or rake leaves then it might be worthwhile to drive separately when you need to. Just offset the expense by eating simple that week.

GoldenNeko

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Re: Overheard at Work
« Reply #11345 on: November 25, 2015, 03:28:52 PM »
This person if one of our big managers. Been having big salary and responsibilities for almost ten years now. We had a conversation that went like this:

Co-worker (after me saying I had almost finished paying my student debts in a conversation about them and money in general): but, you're young, how can you have almost finished paying your student debts? Between my own home payments, my student debts and all the costs of life, I can only try to refinance my rate. I need a raise. I've talked about it with (big boss).
Me : *O_O then putting the 'I understand" mask while screaming inside* uh yeah! Banks are so difficult...."

This person is single, has no children, and frequently brings family members to vacations and is shopping addict. And makes twice my salary at least. Yeah, and eats out on a daily basis (to me sounds more like spending problem than an income problem). This person got the raise.
And the circle goes on.

Can I also ask for a raise, because, you know, life is hard?
 
« Last Edit: November 26, 2015, 12:06:56 PM by GoldenNeko »

MoonShadow

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Re: Overheard at Work
« Reply #11346 on: November 25, 2015, 05:07:22 PM »

Can I also ask for a raise, because, you know, life is hard?

Yes.

jorjor

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Re: Overheard at Work
« Reply #11347 on: November 25, 2015, 05:23:13 PM »
So I am an external auditor working for one of the Big 4. As an incentive, if you get your CPA in the first year of working there you get a $5k bonus. So I was talking to one of our first year staff the other day, and she was telling me that several of her friends (also first years) were giving advice about the bonus. Specifically, they were saying how important it is to make sure you drop your 401k contribution to 0% for that paycheck and then immediately put it back to normal for the next paycheck so that you get as much of your bonus as possible. I just laughed and told her that if anything, she should increase her contribution percentage for that paycheck since you don't actually need any of it. Fortunately, she seemed to think her friends were being ridiculous, too...

Both places I've worked, the bonus was a separate "special" check and no 401k contributions came out of it (or any other elective contributions for that matter...just taxes). Weird.

nobodyspecial

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Re: Overheard at Work
« Reply #11348 on: November 25, 2015, 09:01:37 PM »

Can I also ask for a raise, because, you know, life is hard?

Yes.
You can ask ....

mairuiming

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Re: Overheard at Work
« Reply #11349 on: November 26, 2015, 12:02:23 AM »
Today at lunch.

CW: do you know person ABC in office earns so much and is saving more than 75% salary. I wonder what will he do with so much money
Me: May be he wants to retire early
CW: (silence)

I am happy someone in office is planning for FIRE