Author Topic: Target FIRE: 2017  (Read 164010 times)

Cookie78

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Re: Target FIRE: 2017
« Reply #150 on: March 21, 2016, 09:05:32 AM »
500 days to go!
36 paychecks!

Does anyone else find this final year extra tough? It's like time drags on more slowly now or something.

We've had a week or two of nice weather in my area and it is killing me! I work alone in a big room out on a dusty production factory environment, about 7 stories up. I have the rare luxury of a window. Looking out on the bright sunshine, the greening landscape and mild weather I want to walk out and not ever come back.

I'm FI now, and it is going to take all of my self control to hang in there for the next nine months.

Agreed. I'm not sure I have the self control to last. I keep trying to figure out ways to get out sooner. It may happen depending on housing market here. Things are looking up economically (in my uneducated and mostly uniformed and often overly optimistic opinion) and I think it'll be better within a year.

MandyM

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Re: Target FIRE: 2017
« Reply #151 on: March 21, 2016, 09:18:49 AM »
500 days to go!
36 paychecks!

Does anyone else find this final year extra tough? It's like time drags on more slowly now or something.

We've had a week or two of nice weather in my area and it is killing me! I work alone in a big room out on a dusty production factory environment, about 7 stories up. I have the rare luxury of a window. Looking out on the bright sunshine, the greening landscape and mild weather I want to walk out and not ever come back.

I'm FI now, and it is going to take all of my self control to hang in there for the next nine months.

Agreed. I'm not sure I have the self control to last. I keep trying to figure out ways to get out sooner. It may happen depending on housing market here. Things are looking up economically (in my uneducated and mostly uniformed and often overly optimistic opinion) and I think it'll be better within a year.

437 days, ~29 paychecks. Depending on how much notice I decide to give...actually hoping to stay on at about 20 hrs/week, but prepared to leave.

I always struggle with my motivation this time of year. Its even started a little earlier than normal. I just hope it doesn't last for the next 437 days. My date is set based on picking up income at some point and not on a WR of 4% (probably more like 5%), so I don't think I should pull the plug any sooner. But it is tempting...
"Freedom lies in being bold." -Robert Frost

JoJo

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Re: Target FIRE: 2017
« Reply #152 on: March 21, 2016, 06:53:30 PM »
There is some work stress that is making me rethink 2017.  Might need to move up to 2016.  I have a big vacation planned for May that involves a combined work trip so need to stay on til mid-year.


Freedom17

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Re: Target FIRE: 2017
« Reply #153 on: March 21, 2016, 07:04:12 PM »
I'm struggling right now with the layoff question due to some recent stability issues with my project at work. There might be an opportunity for a package in October this year but it's earlier than I planned. If only this had happened 6 months later. I might just have to find another project instead.
Do it and work on bringing in some side income, or ask if your company wants you as a consultant after you've been laid off. If you're that close, the worst that can happen is you have to grab a part time job for a little while to tide you over.

My savings rate in my current job is about 8 times what I'd save in a similar position in Hong Kong. Which means staying that extra 9 months saves me 6 years of work. Actually that's a really motivating way to think about it :)



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Re: Target FIRE: 2017
« Reply #154 on: March 23, 2016, 10:04:24 AM »
500 days to go!
36 paychecks!

Does anyone else find this final year extra tough? It's like time drags on more slowly now or something.

We've had a week or two of nice weather in my area and it is killing me! I work alone in a big room out on a dusty production factory environment, about 7 stories up. I have the rare luxury of a window. Looking out on the bright sunshine, the greening landscape and mild weather I want to walk out and not ever come back.

I'm FI now, and it is going to take all of my self control to hang in there for the next nine months.

Agreed. I'm not sure I have the self control to last. I keep trying to figure out ways to get out sooner. It may happen depending on housing market here. Things are looking up economically (in my uneducated and mostly uniformed and often overly optimistic opinion) and I think it'll be better within a year.

The two reasons for my OMY are extra contingency money and I really want to have a garage built when I FIRE. I expect it will be about $22,000 including extending the existing driveway.

Last Sunday I spent an hour or so crunching numbers and considering the strategy of a July 2016 retirement.

Pros:
Three months left instead of nine.

Get enrolled in Obamacare while I have an income that may not trip troublesome flags.


Cons:
Would pay $130 monthly (2015 rates, I checked them in December 2014) for Obamacare silver plan health insurance.

Won't top out 401k for 2016 (but would come close).

Stash will be reduced (compared to working until January 3) by about $18,000.

Last year profit sharing came at end of July (for the previous calendar year). It was about $900, into my 401k. So I'd miss that this year by a month. Previous 12 years we got profit sharing in March (in years when there was any to be had), so that's just one more annoying thing about my work.

If I worked until January 3rd, I'd get 18 more paid days (15 days vacation, two personal days, and New Year's Day paid holiday. Plus the day I worked, making it 19 days pay, just for working one day in 2017. To explain, on my job, the vacation is a contractual right, guaranteed to be paid in the case of job separation, even if discharged. Plus I got zero vacation the first 365 days of employment, so the vacation is earned, not granted.

The garage. I'd have to DIY it or else use stash money that had been earmarked for other contingencies (such as increased medical cost as I reach old age). Or just continue to do without a garage.

Conclusion:
I am eager to retire and eager to be rid of my employer. But there are good reasons to grind away another nine months.

That said, If I were to get completely fed up before January 3, I think I could end up making a post in the “epic FU money stories” thread.
FIRE'd on January 4, 2017

Jim2001

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Re: Target FIRE: 2017
« Reply #155 on: March 25, 2016, 08:14:59 PM »
FIRE me,

  You don't need to post it, but consider what percentage of your stash that 18K represents.  If it's small, it's easier to FIRE early. If it's significant, then it probably warrant's staying longer.

BTW, as of today, I've got to earn 46 more paychecks, then I'm out!
Cheers!

Jim

RedmondStash

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Re: Target FIRE: 2017
« Reply #156 on: March 25, 2016, 10:01:15 PM »
20 more paychecks until a potential FIRE date of 1/1/17. That date may change; in some ways, mid-June 2017 would be better.

Nice round number. Pretty sure I can do at least that.

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Re: Target FIRE: 2017
« Reply #157 on: March 26, 2016, 10:27:22 AM »
FIRE me,

  You don't need to post it, but consider what percentage of your stash that 18K represents.  If it's small, it's easier to FIRE early. If it's significant, then it probably warrant's staying longer.

BTW, as of today, I've got to earn 46 more paychecks, then I'm out!

I wish I still got weekly pay.

My stash will not be 25x my annual spending. So the 18k is a relatively large 10.6% of my contingency (and garage construction) money.

The reason I'm comfortable with that is that I'll be age 59.5 in November 2016. Rather old, compared to most of my fellow Mustachians. As of January 2017, I'll be just 31 months away from my 1st SS check (age 62 plus two months). No pension for me.

After 31 months of living off the stash, SS will be slightly more than enough to cover all my spending. My current spend is about $900 per month. SS will be about $1,280 per month.

I'll have about $200k in January. Should be about $170k left when SS starts.

My plan is to have $110k in VTSAX / VBTLX (probably split about 80 / 20) at age 62, and have that provide a $360 monthly supplement (4%) to SS. Most months I won't need the supplement at all, so after SS starts, I'll be living on on much less than 4%.

Since my income will be low, I am expecting health insurance to cost $100 per month, or less. Hopefully, ACA and its subsidies won't be repealed. After I'm 65, Medicare will be more than that, but there is a local real estate tax break for seniors that cancels out the extra expense.
FIRE'd on January 4, 2017

rachael talcott

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Re: Target FIRE: 2017
« Reply #158 on: April 07, 2016, 06:20:22 AM »
Hi everyone.  I recently decided that I'm going to quit after one more year, so that puts me in this cohort (late spring/early summer 2017 -- I will be 42).  I have been buying one rental property a year for four years now, and current income from the rentals after all expenses (including deferred maintenance) is about $24K/yr, while my expenses now that I've paid off my mortgage are about $12K/yr.  The thing that has enticed me to take the plunge is that I will soon sell a former home that will bring in enough money to fund the purchase of my next three rentals.  So in three years after retirement I should have 7 rentals total bringing in $42K/yr, which is really overkill for me. 

I'm not sure if I should call myself retired if I'm still working on fixing up rentals, but I really do enjoy it and I've been doing it on top of my regular job for years. 

RT

noble_goal

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Re: Target FIRE: 2017
« Reply #159 on: April 07, 2016, 08:10:36 PM »
Hi everyone.  I recently decided that I'm going to quit after one more year, so that puts me in this cohort (late spring/early summer 2017 -- I will be 42).  I have been buying one rental property a year for four years now, and current income from the rentals after all expenses (including deferred maintenance) is about $24K/yr, while my expenses now that I've paid off my mortgage are about $12K/yr.  The thing that has enticed me to take the plunge is that I will soon sell a former home that will bring in enough money to fund the purchase of my next three rentals.  So in three years after retirement I should have 7 rentals total bringing in $42K/yr, which is really overkill for me. 

I'm not sure if I should call myself retired if I'm still working on fixing up rentals, but I really do enjoy it and I've been doing it on top of my regular job for years. 

RT


Awesome, Rachael.  Welcome!
"Money often costs too much." ~Emerson

Lnspilot

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Re: Target FIRE: 2017
« Reply #160 on: April 07, 2016, 08:31:36 PM »
So in three years after retirement I should have 7 rentals total bringing in $42K/yr, which is really overkill for me.

That is really awesome! Well done.

rachael talcott

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Re: Target FIRE: 2017
« Reply #161 on: April 08, 2016, 11:37:52 AM »
Thanks, Lnspilot and noble_goal!

zephyr911

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Re: Target FIRE: 2017
« Reply #162 on: April 08, 2016, 11:40:29 AM »
Congrats and welcome!
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RedmondStash

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Re: Target FIRE: 2017
« Reply #163 on: April 08, 2016, 06:15:29 PM »
I can't really share this with my coworkers, but I just started contributing the maximum possible percentage of my paycheck to my 401k at work, just in case I end up leaving that job before the end of the year, so I can be sure to hit the $24k max (including $6k of "make-up" contributions).

I got my first paycheck at this contribution level: $15.27.

I am laughing my ass off.

2017 is starting to look really good. :)

zephyr911

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Re: Target FIRE: 2017
« Reply #164 on: April 09, 2016, 09:30:32 AM »
What inexcusable smartassery! ;)
What are you living on? Cash savings, side work, etc?
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Re: Target FIRE: 2017
« Reply #165 on: April 09, 2016, 09:47:02 AM »
I can't really share this with my coworkers, but I just started contributing the maximum possible percentage of my paycheck to my 401k at work, just in case I end up leaving that job before the end of the year, so I can be sure to hit the $24k max (including $6k of "make-up" contributions).

I got my first paycheck at this contribution level: $15.27.

I am laughing my ass off.

2017 is starting to look really good. :)

I'm not too far behind you. With my 401k at 80%, I take home $35 weekly at 40 hours. At 40 hours, the Federal tax withheld is $3 weekly. It feels like I'm really sticking it to Uncle Sam.
FIRE'd on January 4, 2017

RedmondStash

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Re: Target FIRE: 2017
« Reply #166 on: April 09, 2016, 10:53:27 AM »
I can't really share this with my coworkers, but I just started contributing the maximum possible percentage of my paycheck to my 401k at work, just in case I end up leaving that job before the end of the year, so I can be sure to hit the $24k max (including $6k of "make-up" contributions).

I got my first paycheck at this contribution level: $15.27.

I am laughing my ass off.

2017 is starting to look really good. :)

I'm not too far behind you. With my 401k at 80%, I take home $35 weekly at 40 hours. At 40 hours, the Federal tax withheld is $3 weekly. It feels like I'm really sticking it to Uncle Sam.

I know! Isn't it great? :)

RedmondStash

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Re: Target FIRE: 2017
« Reply #167 on: April 16, 2016, 07:26:31 PM »
What inexcusable smartassery! ;)
What are you living on? Cash savings, side work, etc?

Zephyr, you're right, I am a total smartass. And proud of it. :D

Living on cash savings and spouse's income. Some of that income will eventually go into spouse's SEP, but we have more time leeway for that than for my 401k.

noble_goal

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Re: Target FIRE: 2017
« Reply #168 on: April 21, 2016, 08:36:25 PM »
Markets have been hot.  Anyone thinking 2016 now??  I know, I know, that kind of logic is totally dangerous.  Build the buffer... play long ball.  Not moving any dates, just staying the course.  Kicking @$$ at work with my now unapologetic approach to working on what I consider important.  People tend to respect my choices; should have done it my way all along.
"Money often costs too much." ~Emerson

RedmondStash

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Re: Target FIRE: 2017
« Reply #169 on: April 22, 2016, 08:28:11 AM »
Markets have been hot.  Anyone thinking 2016 now??

I may have entertained that thought a time or two. I might be entertaining it right now. We'll see how work goes.

zephyr911

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Re: Target FIRE: 2017
« Reply #170 on: April 22, 2016, 09:54:41 AM »
Zephyr, you're right, I am a total smartass. And proud of it. :D

Living on cash savings and spouse's income. Some of that income will eventually go into spouse's SEP, but we have more time leeway for that than for my 401k.
A man (and/or woman) after my own heart!

I try to leave DW out of my FIRE plans because she's barely out of grad school and wants to work longer, but doesn't make a lot, and also because it makes me work harder and save more. But I could probably lean on her a bit if needed. She is, quite unlike me, a natural saver stashing 50% or so in most months just because she has what she needs and she grew up overseas with major economic insecurity.

As is, while I'm taking home a little over half my FT pay, I too am spending none of it. My side jobs have surpassed my spending, so my regular paycheck all goes to investments and energy improvements to the house. High fives, BTW.

Markets have been hot.  Anyone thinking 2016 now??
I may have entertained that thought a time or two. I might be entertaining it right now. We'll see how work goes.
If anything, all the ensuing naysayers have me hoping it's a bubble and I can get next year's shares at bargain prices. But I'm pretty happy in my job right now so I may not look at this stuff like the average classmate here.
I am not a cog. I am an organizational lubricant.

Jim2001

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Re: Target FIRE: 2017
« Reply #171 on: May 06, 2016, 05:54:16 PM »
Paycheck #44 arrived today.  43 left to earn...
Cheers!

Jim

RedmondStash

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Re: Target FIRE: 2017
« Reply #172 on: May 06, 2016, 06:04:52 PM »
I've got a foot straddling both class of 2017 and class of 2016, though recent market activity suggests that I may end up sliding more firmly back to this class. :)

Less than 8 months to go, even so.

MandyM

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Re: Target FIRE: 2017
« Reply #173 on: May 11, 2016, 12:09:45 PM »
This month is killing me - my work motivation is always at its lowest point during the month of May. I have just decided to move my FIRE date from 6/1/2017 up to 5/1/2017. I am officially in my last 12 months.
"Freedom lies in being bold." -Robert Frost

Cookie78

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Re: Target FIRE: 2017
« Reply #174 on: May 11, 2016, 12:16:55 PM »
This month is killing me - my work motivation is always at its lowest point during the month of May. I have just decided to move my FIRE date from 6/1/2017 up to 5/1/2017. I am officially in my last 12 months.

Wooo!
So exciting!!

Good idea to move it up. If May is typically your lowest month, the May just before FIRE would be brutal I imagine.

zephyr911

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Re: Target FIRE: 2017
« Reply #175 on: May 11, 2016, 12:24:55 PM »
I don't know to what extent I'm going to be able to call myself retired, because my outlook with PT work is looking more involved than my original plan, but I'm still gunning for next June. TBH, I'm feeling rather lackadaisical about it - work is better than ever these days and my pay keeps creeping up - but my business is taking more and more time to run correctly, and I may have to quit just to give it the attention it deserves. That and I'm having so much fun with it that I'm thinking about opening another startup, since the other parties to that endeavor are unlikely to invest any more than the initial stake we agreed to. Probably not a good idea to try to run two partnerships and be a military reservist AND still work FT for more than a short period. SO, anyway. I know I ramble. It's great to have options, which is what I set out to do, and now all I have to do is pick them.... heh
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jack06

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Re: Target FIRE: 2017
« Reply #176 on: May 12, 2016, 06:01:49 AM »
Updated list:

Name           |       FIRE Date

MrsWhipple     January 1, 2017
FIRE me          January 3, 2017
noble_goal       March 3, 2017
Myhotrs           March 31, 2017
MandyM           May 1, 2017
Jack06             June 1, 2017
Fairviewite       June 1, 2017
Freedom17      June 1, 2017
SwordGuy        June 6, 2017
Zephyr911       June 15, 2017
Cookie78         August 3, 2017
Jim2001          December 31, 2017

JoJo

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Re: Target FIRE: 2017
« Reply #177 on: May 12, 2016, 10:12:54 AM »
My goal:  Last day of full time work: Aug 19, then part time (50-60%) until November 9.  Then done.

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Re: Target FIRE: 2017
« Reply #178 on: May 12, 2016, 12:55:46 PM »
Don't know about you guys but work is driving me nuts. I really can't see making it to next year despite the relatively large bonus waiting in March. Takes me back to my first year in banking and putting up with all kinds of shit to make it bonus time (got shafted anyways!)

I think I'd rather get a job at Freebirds World Burrito where they all seem to be having a lot of fun whenever I stop by.
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rachael talcott

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Re: Target FIRE: 2017
« Reply #179 on: May 12, 2016, 06:09:02 PM »
Updated list:

Name           |       FIRE Date

MrsWhipple     January 1, 2017
FIRE me          January 3, 2017
noble_goal       March 3, 2017
Myhotrs           March 31, 2017
MandyM           May 1, 2017
Jack06             June 1, 2017
Fairviewite       June 1, 2017
Freedom17      June 1, 2017
SwordGuy        June 6, 2017
Zephyr911       June 15, 2017
Cookie78         August 3, 2017
Jim2001          December 31, 2017

May 21, 2017 for me. 

jack06

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Re: Target FIRE: 2017
« Reply #180 on: May 12, 2016, 06:49:09 PM »
Update: added Jojo and Rachael

MrsWhipple     January 1, 2017
FIRE me          January 3, 2017
noble_goal       March 3, 2017
Myhotrs           March 31, 2017
MandyM           May 1, 2017
Rachael            May 21, 2017
Jack06             June 1, 2017
Fairviewite       June 1, 2017
Freedom17      June 1, 2017
SwordGuy        June 6, 2017
Zephyr911       June 15, 2017
Cookie78          August 3, 2017
Jojo                  November 9, 2017
Jim2001           December 31, 2017

Jim2001

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Re: Target FIRE: 2017
« Reply #181 on: May 14, 2016, 10:41:36 AM »
Updated list:

Name           |       FIRE Date

MrsWhipple     January 1, 2017
FIRE me          January 3, 2017
noble_goal       March 3, 2017
Myhotrs           March 31, 2017
MandyM           May 1, 2017
Jack06             June 1, 2017
Fairviewite       June 1, 2017
Freedom17      June 1, 2017
SwordGuy        June 6, 2017
Zephyr911       June 15, 2017
Cookie78         August 3, 2017
Jim2001          December 31, 2017

May 21, 2017 for me.

Rachel,

  Welcome to the club!

Cheers!

Jim

rachael talcott

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Re: Target FIRE: 2017
« Reply #182 on: May 14, 2016, 08:40:21 PM »

Rachel,

  Welcome to the club!

Thanks, Jim.  It will be fun to see people on this thread retire one by one next year. 

Lnspilot

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Re: Target FIRE: 2017
« Reply #183 on: May 17, 2016, 07:53:05 PM »
It's been a while since I've posted in this thread.



Yeah, I was pretty stoked to have been a self made millionaire by 29 years old. I also hadn't lived in the US since 22. Things were different while on a sweet expatriate gig. The pad was paid for. And the car. Utilities. Cost of living allowance. Etc.


Fast forward to now. I'm back in the US and have been LOVING 2.5 months off of work. I call it "Pre-Fire test", and number three to be exact. I've been hiking my A$$ off, street and trail running 6-10 miles, focusing on ME, meeting new paragliding friends and flying new sites, and simply loving living.

Holy shit, has it been the best months of my life. I cannot exaggerate this statement.

But... There's always a but.

I've been mostly failing at my proposed budget of $2,500/month. (It's only been three months, so this is hardly an average. Fear is talking here) This is mostly due to a fair bit of travel after being away for so long, and beer. Yes, beer. I loooovve beer. But I digress.

A stateside job  - a thing that rarely happens in my industry - opened up as soon as I got home. This means I can do the same thing without overseas (Afghanistan and other shitty places) travel. It means a 78k salary for relatively easy work. The only sacrifice is my, and our, most precious resource: Time, and a metric f*ck-ton if it.


Unlike most of you, I've totally fallen ill with OMY syndrome. It's hitting me hard, but I think I may be able to overcome it in a couple years.


For now there is so much to think about... How it affects my SuperPlan, specifically.. But that's a topic for another discussion. Or at least, another night when I haven't had a few "celebratory" drinks to solidify this shitty exchange of precious time for money. Tell me I'm insane?


I wish all of my prior 2017 cohorts success and strength to follow through. I'm looking forward to reading about your experiences.


All the best,


Lnspilot

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Re: Target FIRE: 2017
« Reply #184 on: May 17, 2016, 09:44:13 PM »
I've been mostly failing at my proposed budget of $2,500/month. (It's only been three months, so this is hardly an average. Fear is talking here) This is mostly due to a fair bit of travel after being away for so long, and beer. Yes, beer. I loooovve beer. But I digress.

A stateside job  - a thing that rarely happens in my industry - opened up as soon as I got home. This means I can do the same thing without overseas (Afghanistan and other shitty places) travel. It means a 78k salary for relatively easy work. The only sacrifice is my, and our, most precious resource: Time, and a metric f*ck-ton if it.

Unlike most of you, I've totally fallen ill with OMY syndrome. It's hitting me hard, but I think I may be able to overcome it in a couple years.

For now there is so much to think about... How it affects my SuperPlan, specifically.. But that's a topic for another discussion. Or at least, another night when I haven't had a few "celebratory" drinks to solidify this shitty exchange of precious time for money. Tell me I'm insane?

Okay, you're insane.

Or, actually, probably not.

We took our RE for a test drive a couple of years ago, and found our spending was higher than anticipated, which precipitated going back to work for both of us. I'm glad we did.

Freedom is intoxicating. But the math has to add up so that you can sustain that freedom -- unless you want to just nudge your money upward now and then with occasional part-time work? That might satisfy your desire for freedom and your need to bulk up your monies. So it's a third option (besides OMY or FIRE).

And you know, OMY isn't the worst thing in the world. You're so close! If OMY makes the math work, would that make you more confident and comfortable in your freedom? Or are you a risk-taker who can comfortably roll the dice, maybe with a 5% SWR instead of 4%?

For me, OMY is chafing hard right now. My job is pretty great, but I'm trying to address some health issues, and darn if taking 40 hours out of every week where I have to be productive and sharp doesn't interfere. The idea of having expansive free time to deal with (and hopefully resolve) those health issues in a targeted way is really appealing -- as is FIRE in general, of course. And also of course, the decent health insurance through the job makes dealing with medical stuff cheaper and easier.

So I guess I'm in the opposite boat. I'm trying to stick it out through the end of the year, but my body might not let me. I'm trying everything I can to last until then, because even though we're bare-bones FI now, I'd be more comfortable with some extra padding, especially with our becalmed stock market. (Sail, damn you, sail!) I do not want to roll those dice now. I want better odds first.

Anyway, @Lnspilot, free time ain't free; it costs money. You're the only one who can say if your stash is sufficient to make the gamble likely to pay off in your favor. I wish you luck whatever you decide.

Freedom17

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Re: Target FIRE: 2017
« Reply #185 on: May 17, 2016, 10:59:22 PM »
It's been a while since I've posted in this thread.



Yeah, I was pretty stoked to have been a self made millionaire by 29 years old. I also hadn't lived in the US since 22. Things were different while on a sweet expatriate gig. The pad was paid for. And the car. Utilities. Cost of living allowance. Etc.


Fast forward to now. I'm back in the US and have been LOVING 2.5 months off of work. I call it "Pre-Fire test", and number three to be exact. I've been hiking my A$$ off, street and trail running 6-10 miles, focusing on ME, meeting new paragliding friends and flying new sites, and simply loving living.

Holy shit, has it been the best months of my life. I cannot exaggerate this statement.

But... There's always a but.

I've been mostly failing at my proposed budget of $2,500/month. (It's only been three months, so this is hardly an average. Fear is talking here) This is mostly due to a fair bit of travel after being away for so long, and beer. Yes, beer. I loooovve beer. But I digress.

Have you tried home brewing? Travel hacking could help drop your travel costs substantially too.

Also you should give your spending a really careful audit. I'll guarantee you there's some fat to trim. We're living very comfortably on $6000 per month with 2 adults, 2 kids and 2 cars. $4000 of that is rent and daycare costs. Of the remaining $2000 we have $600 put aside for restaurants that we typically don't use up. There are so many little optimizations that can be done to spending that really add up to a lot of savings without impacting lifestyle at all.

For us some of the big ones were downsizing our rental house, changing car insurance to liability only, changing to MetroPCS which dropped out phone plan to $25 per person all up, getting most of our groceries from Costco, and kicking our impulse buying habits on Amazon.

Good luck on your journey!
« Last Edit: May 17, 2016, 11:15:37 PM by Freedom17 »



Lnspilot

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Re: Target FIRE: 2017
« Reply #186 on: May 19, 2016, 12:43:59 PM »
@ RedmondStash - Thanks for the wisdom. OMY or 2MY will certainly me more comfortable. I'd be happy to do some part time work instead of selling depreciated shares, but it's just not a thing I want to incorporate into the main plan.

I'm one of those guys who is a little queasy even with 3.5-4% and a 60 year timeline, so I'm shooting for 3%.


@Freedom17 - I haven't tried home brewing but it's pretty popular here in Utah, probably because good beer is so expensive. A good half liter at a restaurant/bar is $7. Lately I've been a little more savvy and gone to the state liquor store to get my beers. The last trip was 28 good beers averaging $2.63 each. Better, but not ideal. Home brewing might be the way to go.

Re: travel hacking. Of the last two trips I've made I only had to pay for one, since points paid for the other. I still have 1 domestic trip payable with points.

Fat to trim? That's so true. I'm following Paula Pant's anti budget*, which is to essentially spend only X-amount per month regardless of which category it fits in. I watch my spending, but at the end of the month I look at how I spent my money. If I'm over $2,500 I look at the what affected it. Lately it's been groceries and alcohol.

Re: insurance. I'd love to go liability only, but there are minimums required for my umbrella policy which jacks up the cost.


*http://affordanything.com/2013/03/05/anti-budget-or-80-20-budge/



Thanks for the support y'all.

zephyr911

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Re: Target FIRE: 2017
« Reply #187 on: May 19, 2016, 12:51:41 PM »
Regarding homebrewing: you know what's underappreciated? SAKE. I make it every now and then. After initial setup cost, up to $100, you can run 2-3 gallons for about 20 bucks.
I am not a cog. I am an organizational lubricant.

Freedom17

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Re: Target FIRE: 2017
« Reply #188 on: May 19, 2016, 01:52:19 PM »
Quote from: Lnspilot
Re: insurance. I'd love to go liability only, but there are minimums required for my umbrella policy which jacks up the cost.

Umbrella makes you take out collision and comprehensive? That's weird, the umbrella policy only covers liability so why would they care about whether you have insurance for loss of your own property?



Lnspilot

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Re: Target FIRE: 2017
« Reply #189 on: May 19, 2016, 02:15:23 PM »
Collision and comprehensive are required for the umbrella insurance policy that I currently have.

I picked up this umbrella policy after I already had my car insurance for a month or so, and they informed me that I had to increase certain parts to meet a minimum for the umbrella policy. If I can find a better umbrella policy and/or car insurance company then that my help to trim some fat.

@zephyr911 - interesting! I can't remember the last time I had sake. Maybe I'll try some again sometime.

zephyr911

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Re: Target FIRE: 2017
« Reply #190 on: May 19, 2016, 02:19:27 PM »

@zephyr911 - interesting! I can't remember the last time I had sake. Maybe I'll try some again sometime.
I'm a huge fan of unfiltered semisweet stuff. Pearl or Snow Maiden would be a good start. Most people who don't like the standard fare feel differently about those.
I am not a cog. I am an organizational lubricant.

Freedom17

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Re: Target FIRE: 2017
« Reply #191 on: May 19, 2016, 02:29:49 PM »
Collision and comprehensive are required for the umbrella insurance policy that I currently have.

I picked up this umbrella policy after I already had my car insurance for a month or so, and they informed me that I had to increase certain parts to meet a minimum for the umbrella policy. If I can find a better umbrella policy and/or car insurance company then that my help to trim some fat.

@zephyr911 - interesting! I can't remember the last time I had sake. Maybe I'll try some again sometime.

This discussion made me realize I should up my coverage. I increased liability for my car policy from 300K to 1M and it only increased cost by $10 per 6 months for a 2 car policy.



zephyr911

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Re: Target FIRE: 2017
« Reply #192 on: May 19, 2016, 02:32:03 PM »

This discussion made me realize I should up my coverage. I increased liability for my car policy from 300K to 1M and it only increased cost by $10 per 6 months for a 2 car policy.

I don't know how much it affects mine, but I have to have 250/500 IOT also have $1M personal umbrella (which is $20/mo). Worth it, being in real estate.
I am not a cog. I am an organizational lubricant.

noble_goal

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Re: Target FIRE: 2017
« Reply #193 on: May 21, 2016, 08:38:13 AM »
I am considering asking for a 6 month break when I hit my date and number rather than resigning and never looking back.

Keeping the same timeline, budget, and targets.

As the target gets closer, it is hard to reconcile leaving regular income on the table.  May be fear creeping in?  If I position my departure as a break, and my employer goes for it, I can test the waters of freedom and create the space to examine the value of free time as compared with the compensation time can be exchanged for.

And if they balk at the idea, I'll be ready to walk.
"Money often costs too much." ~Emerson

Freedom17

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Re: Target FIRE: 2017
« Reply #194 on: May 21, 2016, 02:30:22 PM »
Maybe it's time for a role call. Who's still on track with their plans?

MrsWhipple     January 1, 2017
FIRE me          January 3, 2017
Myhotrs           March 31, 2017
MandyM           May 1, 2017
Rachael            May 21, 2017
Jack06             June 1, 2017
Fairviewite       June 1, 2017
Freedom17      June 1, 2017
SwordGuy        June 6, 2017
Zephyr911       June 15, 2017
Cookie78          August 3, 2017
Jojo                  November 9, 2017
Jim2001           December 31, 2017
noble_goal       OMY



Lnspilot

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Re: Target FIRE: 2017
« Reply #195 on: May 21, 2016, 02:46:02 PM »
I am considering asking for a 6 month break when I hit my date and number rather than resigning and never looking back.

I'll be taking a leave of absence when my time comes. Just to be safe. And sure.

MrsWhipple

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Re: Target FIRE: 2017
« Reply #196 on: May 21, 2016, 03:02:50 PM »
Who's still on track with their plans?
Check and check. I am finishing up my last novels before August when the baby arrives. Right on track to quit work then, so I'm technically starting early but will still be getting paid for August releases on a delayed schedule. I'll be spending all of 2017 figuring out what the kid does to the budget and seeing if I can really quit forever or if I need to get back into work again.

One issue with tracking expenses: currently the biggest expense for us after the mortgage is health insurance ($600/mo). This is going to jump up with a kid, but as soon as I start getting paid less, we'll be able to get on a cheaper ACA plan.  So I am finding it hard to plan out given that I actually have no idea what our income is going to be in 2017 with royalties, or how much we'll be paying for  insurance because it's related. I guess it's a good problem to have (oh no, I might be making passive income during retirement!), but I've been finding that everything I do has a year's lag built into the plans because self-employment income is so fickle.  So the current plan is to just stop working for a few years and see how it all shakes out. It's definitely less structured than my mathematical brain would like, but there's just no good way to come up with every possible contingency.
« Last Edit: May 25, 2016, 05:11:36 PM by MrsWhipple »

oblivo

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Re: Target FIRE: 2017
« Reply #197 on: May 21, 2016, 06:16:35 PM »
I'm joining this group. Going to give my notice in January, probably stay on at work through Feb or March of 2017.

zephyr911

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Re: Target FIRE: 2017
« Reply #198 on: May 22, 2016, 05:30:34 PM »
I'm still on track. Adding layers of safety margin as we speak. If I'm still working after next June it's because I decided it really want to... hehe
I am not a cog. I am an organizational lubricant.

MandyM

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Re: Target FIRE: 2017
« Reply #199 on: May 23, 2016, 06:04:24 AM »
Maybe it's time for a role call. Who's still on track with their plans?

Pretty much. Technically, my FIRE date is partial FIRE (hopefully). I will offer to stay on PT (20hrs/wk), but will walk if they don't agree.
"Freedom lies in being bold." -Robert Frost