Author Topic: 2019 fire cohort  (Read 166402 times)

Trifele

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Re: 2019 fire cohort
« Reply #950 on: July 25, 2018, 06:25:38 PM »
As an update to my prior posts, I'm really almost to the point where I say goodbye here and join the 2018 cohort.  I am thinking about giving notice in a couple of weeks, but will almost certainly in any case not make it to Jan 1 2019.  I'll confirm when/if I should be taken off the list - I don't want to jinx it somehow by saying so yet.

Wow @sui generis!  Go you!  :)

2Birds1Stone

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Re: 2019 fire cohort
« Reply #951 on: July 25, 2018, 06:45:51 PM »
As an update to my prior posts, I'm really almost to the point where I say goodbye here and join the 2018 cohort.  I am thinking about giving notice in a couple of weeks, but will almost certainly in any case not make it to Jan 1 2019.  I'll confirm when/if I should be taken off the list - I don't want to jinx it somehow by saying so yet.

Wow @sui generis!  Go you!  :)

Get it! I'm pulling for you, that you pull the chord asap.

SpareChange

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Re: 2019 fire cohort
« Reply #952 on: July 25, 2018, 11:38:09 PM »
Leaving in a couple days for a trip to Vancouver/remote work in Seattle for 9 days, and I'll decide then whether to give notice the very day I am back in my office or not.  But that's where my mind is right now.

Good luck in your decision!!

Loren Ver

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Re: 2019 fire cohort
« Reply #953 on: July 26, 2018, 12:36:23 PM »

@Richmond 2020 -- I also meant to add that your plan is similar to what we've been doing.  For the past three years DH has been a SAHD, and is simultaneously doing a major re-build on our house.  It has worked out great for all of us.  I'm so glad he has had this time with the kids, and he has saved us tons of money on construction costs by using his amazing skills.

I forgot to mention, this is most impressive!

LV

edited to fix my quote messing up
« Last Edit: July 26, 2018, 12:48:14 PM by Loren Ver »

Richmond 2020

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Re: 2019 fire cohort
« Reply #954 on: July 26, 2018, 03:21:27 PM »
Congratulations on your decision Sui and thanks everyone for the continued warm welcomes and support.

About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. Little does he know I will only be completing 6 months of the period before pulling the plug.  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process.

Oh just remembered, I also have to put these in place for the 3 guys that report to me, and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.

PhilB

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Re: 2019 fire cohort
« Reply #955 on: July 27, 2018, 12:44:56 AM »
Congratulations on your decision Sui and thanks everyone for the continued warm welcomes and support.

About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. Little does he know I will only be completing 6 months of the period before pulling the plug.  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process.

Oh just remembered, I also have to put these in place for the 3 guys that report to me, and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.
One of the great benefits I have had from having been completely open with my employers about my departure is their agreement that I can simply opt out of all this corporate bullshit.  Bliss!

Loren Ver

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Re: 2019 fire cohort
« Reply #956 on: July 27, 2018, 04:44:24 AM »
Congratulations on your decision Sui and thanks everyone for the continued warm welcomes and support.

About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. Little does he know I will only be completing 6 months of the period before pulling the plug.  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process.

Oh just remembered, I also have to put these in place for the 3 guys that report to me, and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.
One of the great benefits I have had from having been completely open with my employers about my departure is their agreement that I can simply opt out of all this corporate bullshit.  Bliss!

Nice!  I know I will have to go through it for the end of the year and starting next year.  I still don't know why to announce or how.  I don't think they would lay me off, but if I tell too soon, it could effect my rating and therefore bonus.    My boss works out of the country, so I  would like to tell him in person when he comes to the states to visit....

LV 

Livingthedream55

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Re: 2019 fire cohort
« Reply #957 on: July 27, 2018, 12:01:32 PM »
Congratulations on your decision Sui and thanks everyone for the continued warm welcomes and support.

About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. Little does he know I will only be completing 6 months of the period before pulling the plug.  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process.

Oh just remembered, I also have to put these in place for the 3 guys that report to me, and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.

With 10 months to go I am now enjoying the knowledge that "I won't be doing this next year!" with every mind numbingly boring task I do.   Seven months till I file my pension paperwork!!  Even after I file I get to decide when I tell my boss. I'm thinking two months notice is plenty. Woohooo!!!

dude

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Re: 2019 fire cohort
« Reply #958 on: July 27, 2018, 12:25:15 PM »
Congratulations on your decision Sui and thanks everyone for the continued warm welcomes and support.

About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. Little does he know I will only be completing 6 months of the period before pulling the plug.  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process.

Oh just remembered, I also have to put these in place for the 3 guys that report to me, and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.

With 10 months to go I am now enjoying the knowledge that "I won't be doing this next year!" with every mind numbingly boring task I do.   Seven months till I file my pension paperwork!!  Even after I file I get to decide when I tell my boss. I'm thinking two months notice is plenty. Woohooo!!!

I'm feelin' ya, LTD55! I just finished annual evaluations for my folks and realized it's the last time I'll ever do those! (9 months and a few days to go for me)

itchyfeet

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Re: 2019 fire cohort
« Reply #959 on: July 28, 2018, 02:08:32 AM »
Itís the 28th.... close enough to call it another month done ✅ 

And as Iíll finish on 27 June next year, it now less than 11 months to go... unless I finish sooner.

Itís been a bit of a terrible month spending wise as we had to replace the transmission on our car. It was a real toss up as to whether bother repairing the car of just take it to the wreckers, but in the end I spent almost what the car is worth in repairs. Sigh.

On top of the car we also managed to spend a crazy fortune in many other ways too embarrassing to write about here. Donít worry, I am suitably bruised from self face punches.

The Sydney property market continues to correct downwards. I picked the top of the market in Q2 last year but we decided not to sell, after many discussions. Itís a bit frustrating seeing the value in my spreadsheet going down so significantly, but as we wonít be selling for prob 5 more years, thereís nothing to be done. I feel the correction still has a ways to run as property prices are still crazy high. I expect another 10% drop before it levels out. Hopefully by the time we sell it will be into the next upward cycle.

Despite all the above gloom, my stock market investment returns for July were pretty incredible (at least they have been with 2 trading days to come). We got a bit lucky with foreign exchange rate movements, and managed a 2% return in AUD in just one month. awesome!!

In the end, our stash has climbed to new heights this month despite the hurdles, and Iíll spend most of August on vacation , which is mostly already paid for. Canít complain!

nazar

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Re: 2019 fire cohort
« Reply #960 on: July 28, 2018, 08:13:07 AM »
Hello 2019. I'm currently in the 2021 cohort, but your siren song is calling me. I am seriously considering TLY.  2021 was because of a particular carrot offered for sticking things out that long.  I can probably walk away in 2019 with minimal regret because time > money, but 2020 it would be harder to justify walking away without the carrot.  So for now I am a lurker, but am doing what I can to make it happen.
« Last Edit: July 28, 2018, 08:14:43 AM by nazar »

DreamFIRE

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Re: 2019 fire cohort
« Reply #961 on: July 28, 2018, 08:45:14 AM »

My stash hit a new high on Thursday but pulled back on Friday.  Almost down to 10 months to FIRE, maybe PT.   I still have about 2 months of shortened work weeks to go (using benefit days).

Trifele

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Re: 2019 fire cohort
« Reply #962 on: July 28, 2018, 10:14:28 AM »
Hello 2019. I'm currently in the 2021 cohort, but your siren song is calling me. I am seriously considering TLY.  2021 was because of a particular carrot offered for sticking things out that long.  I can probably walk away in 2019 with minimal regret because time > money, but 2020 it would be harder to justify walking away without the carrot.  So for now I am a lurker, but am doing what I can to make it happen.

Hello @nazar!  Lurk all you like and I hope you can join us.  I understand the 'siren song' -- I visit the 2018 thread frequently.  Fantastic that you might be able to do 2LY.

2Birds1Stone

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Re: 2019 fire cohort
« Reply #963 on: July 28, 2018, 11:05:43 AM »
I never thought I would say this, but I'm potentially switching out of this cohort due to an impending career change.

If I accept the offer, it would be a 1-3 year commitment.

Trifele

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Re: 2019 fire cohort
« Reply #964 on: July 28, 2018, 11:46:54 AM »
I never thought I would say this, but I'm potentially switching out of this cohort due to an impending career change.

If I accept the offer, it would be a 1-3 year commitment.

Man down! 

Must be a very tempting offer!

markbike528CBX

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Re: 2019 fire cohort
« Reply #965 on: July 28, 2018, 12:53:45 PM »
I never thought I would say this, but I'm potentially switching out of this cohort due to an impending career change.

If I accept the offer, it would be a 1-3 year commitment.

:(  what would Peter Gibbons do?

2Birds1Stone

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Re: 2019 fire cohort
« Reply #966 on: July 28, 2018, 02:53:49 PM »
If things worked out well, there is the opportunity to double our net worth over 36 months. From $500k to $1M, so I would say that it would be very significant. I would still be able to retire well before my 35th birthday.

Edited to add - and if it sucks, I can always pull the plug at any time, there are some golden handcuffs though =)

PizzaSteve

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Re: 2019 fire cohort
« Reply #967 on: July 28, 2018, 04:00:23 PM »
I never thought I would say this, but I'm potentially switching out of this cohort due to an impending career change.

If I accept the offer, it would be a 1-3 year commitment.
Happy for your opportunity!  It is not a race or a competition to FIRE first.  Live your life for the best challenges and opportunties.  If you are hitting FI and choose to work for your own reasons, I totally respect that.  Have fun!

Ajb147

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Re: 2019 fire cohort
« Reply #968 on: July 29, 2018, 01:56:36 PM »
Hi! Original plan in my 20s was to retire my 40.  But I'm now 31 and have been taking a closer look at my savings, improve frugality, increase passive income, and side gig opportunities (especially in the stock market) and found I can actually retire sooner.  Much, much sooner.  Plan is to give a 6month notice to my employer this week if I can build up the courage to pull the trigger.

Loren Ver

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Re: 2019 fire cohort
« Reply #969 on: July 29, 2018, 02:56:16 PM »
Hello to those joining the cohort, as recently discussed we are the most awesome of the cohorts!

I really love hearing about people that really look at things and then cut years off the work plan.  That is soo heartening!

Thank you for sharing!

LV

Trifele

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Re: 2019 fire cohort
« Reply #970 on: July 29, 2018, 03:28:08 PM »
Hi! Original plan in my 20s was to retire my 40.  But I'm now 31 and have been taking a closer look at my savings, improve frugality, increase passive income, and side gig opportunities (especially in the stock market) and found I can actually retire sooner.  Much, much sooner.  Plan is to give a 6month notice to my employer this week if I can build up the courage to pull the trigger.

Welcome @Ajb147!  Sounds like it's an exciting time for you.  Let us know when things get firmed up and we'll get you added to the roster! 

sui generis

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Re: 2019 fire cohort
« Reply #971 on: July 31, 2018, 03:11:31 PM »
Goodbye, 2019 Cohort!  I am all-in for 2018, and will be giving notice next week.  It's a little scary, trying to figure out all the things I thought I had 6 months to do and now may need to do in the next 2-3 weeks.  But I'm excited to be gone from this job and to have more time to commit to working on the mid-term elections, which it was turning out I would have almost no time for with how crazy work has been. 

Interestingly, we had a "check-in" meeting with a lot of our practice group at work yesterday (something about how BCG had implemented monthly check-ins and it increased happiness or something like that there).  And when we were talking about sustainability of our jobs, I piped in a lot about how I'm not sure it's super sustainable and I'm not terribly fond of the recent raises they gave (which was really just a way to show that our firm is a top law firm, nothing about paying people what they're worth).  That I'd rather get paid less and feel like some of my time actually belonged to me and that I didn't have to feel guilty going to sleep, like I should still be working, because they pay me so much.  So whether or not that statement makes an impression on anyone (and it wasn't any of the head honchos there anyway, but some more junior honchos), who knows.  But it did do a little work in the laying the foundation for my departure next week.  So that's good.  I do feel a little guilty about leaving, since a number of my co-workers were expressing extreme distress at the amount of work we have right now (and how hypocritical it is for the head honchos to say we can say no when we don't have capacity, but then when push comes to shove, they say "we have no one else to do this, you can't say no to this").  They are going to be hit hard when I leave, unfortunately.

2Birds1Stone

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Re: 2019 fire cohort
« Reply #972 on: July 31, 2018, 03:39:29 PM »
Congratulations Sui!!

Trifele

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Re: 2019 fire cohort
« Reply #973 on: July 31, 2018, 04:00:47 PM »
Huge congratulations @sui generis !!!   Wooooo Hooooooo!!!!!!!!!!!!

May your quitting process go smoothly, may your FIRE adjustment period be quick, and may you live happily ever after.   :)

itchyfeet

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Re: 2019 fire cohort
« Reply #974 on: July 31, 2018, 08:50:21 PM »
Congrats Sui

edgema

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Re: 2019 fire cohort
« Reply #975 on: August 01, 2018, 03:42:14 AM »
Pinch punch.... Another month closer. April 1st is just 8 months away and I cannot wait!

As some have noted, I am enjoying the realisation that certain tasks I have been doing over the past 4 months will simply not be part of my life next year.

Sui Generis. Congratulations!

Perhaps I am not a good person but I struggle to relate when people feel guilty about leaving. I don't work in a particularly 'worthy' field (investment management - don't shoot me) so maybe this is part of it, but with only partial information I suggest that your highly paid 'lawyering' likely falls in the same category. The 'company' certainly does not care, and my belief is that immediately after your leaving drinks are over (maybe sooner) everyone will mostly just be eyeing up your billable hours regardless of any personal cost to themselves. We might not like to hear it, but some will be happy you are leaving as it provides them opportunity.   

People have choice and are (like you until now) choosing to be in the highly paid, highly stressful situation you have been in, even if you now believe it is a bad life trade-off. They would be enraged if they were given a pay cut in exchange for better conditions. That you have planned and executed your departure is not something you should feel guilty about and, call me cynical, but I unfortunately put zero percent on the chance that your 'Jerry Maguire' moment to some junior honchos will change a thing. It is not what people think they want so don't worry about it. Certainly don't worry about the company being hit hard as while this is a momentous time for you, it is just another departure for them (presumably turnover exists in your firm) and they will be just fine.

Admittedly a few presumptions in the above so apologies if I am way off mark.

The important thing is that you are free!

Trifele

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Re: 2019 fire cohort
« Reply #976 on: August 01, 2018, 04:09:39 AM »
Hello August!  Another month is in the books -- One step closer. 

I am enjoying the realisation that certain tasks I have been doing over the past 4 months will simply not be part of my life next year.

This.^  I have an odious annual meeting this morning, one that I normally dread. But this time all I can think about is -- this is the last time I ever have to do this.  The knowledge is like a secret glowing medallion of power and happiness.     


sui generis

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Re: 2019 fire cohort
« Reply #977 on: August 01, 2018, 07:52:07 AM »
Pinch punch.... Another month closer. April 1st is just 8 months away and I cannot wait!

As some have noted, I am enjoying the realisation that certain tasks I have been doing over the past 4 months will simply not be part of my life next year.

Sui Generis. Congratulations!

Perhaps I am not a good person but I struggle to relate when people feel guilty about leaving. I don't work in a particularly 'worthy' field (investment management - don't shoot me) so maybe this is part of it, but with only partial information I suggest that your highly paid 'lawyering' likely falls in the same category. The 'company' certainly does not care, and my belief is that immediately after your leaving drinks are over (maybe sooner) everyone will mostly just be eyeing up your billable hours regardless of any personal cost to themselves. We might not like to hear it, but some will be happy you are leaving as it provides them opportunity.   

People have choice and are (like you until now) choosing to be in the highly paid, highly stressful situation you have been in, even if you now believe it is a bad life trade-off. They would be enraged if they were given a pay cut in exchange for better conditions. That you have planned and executed your departure is not something you should feel guilty about and, call me cynical, but I unfortunately put zero percent on the chance that your 'Jerry Maguire' moment to some junior honchos will change a thing. It is not what people think they want so don't worry about it. Certainly don't worry about the company being hit hard as while this is a momentous time for you, it is just another departure for them (presumably turnover exists in your firm) and they will be just fine.

Admittedly a few presumptions in the above so apologies if I am way off mark.

The important thing is that you are free!

No, you're mostly right, and I don't feel guilty to the firm at all. But several of my colleagues have expressed how stressed out they are after two other recent departures, working hours they feel are unsustainable. So my departure will terrify them, as it will be at least 4-5 months before they can bring on one new person, much less 3. no one's looking for more hours right now! However, the lack of support and team work at this particular firm from those same colleagues is part of why I'm leaving, so I only feel so bad. And no matter what, it's not as if I created the system that is ultimately causing that problem. I may be the proximate cause, but more like just the straw the broke the camels back. So I'm not gong to spend too much time feeling bad!

Thanks for the congrats all! I'm working like crazy and hardly sleeping from stress for the few hours I have to sleep, so I'm really, really looking forward to my departure!

Loren Ver

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Re: 2019 fire cohort
« Reply #978 on: August 01, 2018, 08:53:30 AM »
Congrats Sui!  Soon you can have all the sleep you want, and no one can tell you other wise :).

itchyfeet

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Re: 2019 fire cohort
« Reply #979 on: August 01, 2018, 11:20:37 AM »
Pinch punch.... Another month closer. April 1st is just 8 months away and I cannot wait!

As some have noted, I am enjoying the realisation that certain tasks I have been doing over the past 4 months will simply not be part of my life next year.

Sui Generis. Congratulations!

Perhaps I am not a good person but I struggle to relate when people feel guilty about leaving. I don't work in a particularly 'worthy' field (investment management - don't shoot me) so maybe this is part of it, but with only partial information I suggest that your highly paid 'lawyering' likely falls in the same category. The 'company' certainly does not care, and my belief is that immediately after your leaving drinks are over (maybe sooner) everyone will mostly just be eyeing up your billable hours regardless of any personal cost to themselves. We might not like to hear it, but some will be happy you are leaving as it provides them opportunity.   

People have choice and are (like you until now) choosing to be in the highly paid, highly stressful situation you have been in, even if you now believe it is a bad life trade-off. They would be enraged if they were given a pay cut in exchange for better conditions. That you have planned and executed your departure is not something you should feel guilty about and, call me cynical, but I unfortunately put zero percent on the chance that your 'Jerry Maguire' moment to some junior honchos will change a thing. It is not what people think they want so don't worry about it. Certainly don't worry about the company being hit hard as while this is a momentous time for you, it is just another departure for them (presumably turnover exists in your firm) and they will be just fine.

Admittedly a few presumptions in the above so apologies if I am way off mark.

The important thing is that you are free!

I am 100% with you here.

No guilt and very happy for whomever follows me in my job and I hope they too can use the good salary to save their way to freedom.

TartanTallulah

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Re: 2019 fire cohort
« Reply #980 on: August 01, 2018, 11:51:35 AM »
Hello August!  Another month is in the books -- One step closer. 

I am enjoying the realisation that certain tasks I have been doing over the past 4 months will simply not be part of my life next year.

This.^  I have an odious annual meeting this morning, one that I normally dread. But this time all I can think about is -- this is the last time I ever have to do this.  The knowledge is like a secret glowing medallion of power and happiness.   

I am also enjoying the thought that I am doing certain things for the last time. Such as, most recently, being at work on the day before travelling on vacation and having to stay very late to make sure everything was cleared up before I went.

On the other hand, my job is so intrinsically repetitive that there are many tasks I'll have to do far too many times before I leave.

Eric

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Re: 2019 fire cohort
« Reply #981 on: August 01, 2018, 12:38:13 PM »
May your quitting process go smoothly, may your FIRE adjustment period be quick, and may you live happily ever after.   :)

I love this FIRE version of the Irish blessing!  Excellent work!

I bet they don't have stuff like this in the 2018 cohort thread.  ;)

markbike528CBX

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Re: 2019 fire cohort
« Reply #982 on: August 01, 2018, 06:13:43 PM »
snip.....     The knowledge is like a secret glowing medallion of power and happiness.   

Quite the turn of phrase Trifele! 

Minor objection... It is not a SECRET to us, and I bet not secret to others in real life either.   
Some people in real life can tell when you are happy and relaxed, but they might not understand why.

Trifele

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Re: 2019 fire cohort
« Reply #983 on: August 02, 2018, 04:19:50 AM »
snip.....     The knowledge is like a secret glowing medallion of power and happiness.   

Quite the turn of phrase Trifele! 

Minor objection... It is not a SECRET to us, and I bet not secret to others in real life either.   
Some people in real life can tell when you are happy and relaxed, but they might not understand why.

Haha --  You've got it right Mark -- the secret part is why we're smiling . . . :)

Loren Ver

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Re: 2019 fire cohort
« Reply #984 on: August 02, 2018, 05:05:15 AM »
May your quitting process go smoothly, may your FIRE adjustment period be quick, and may you live happily ever after.   :)

I love this FIRE version of the Irish blessing!  Excellent work!

I bet they don't have stuff like this in the 2018 cohort thread.  ;)

^^^^^
I didn't catch the Irish Blessing part when I saw this earlier.  Now I am double impressed.  :D.

Cornbread OMalley

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Re: 2019 fire cohort
« Reply #985 on: August 02, 2018, 04:31:24 PM »
Goodbye, 2019 Cohort!  I am all-in for 2018, and will be giving notice next week.  It's a little scary, trying to figure out all the things I thought I had 6 months to do and now may need to do in the next 2-3 weeks.  But I'm excited to be gone from this job and to have more time to commit to working on the mid-term elections, which it was turning out I would have almost no time for with how crazy work has been.
Congrats!  Go get 'em, sui generis!

DreamFIRE

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Re: 2019 fire cohort
« Reply #986 on: August 02, 2018, 08:05:39 PM »
Congrats to those who are retiring earlier than originally planned or are planning to delay their FIRE dates for new opportunities.

With it being August already and quite a few vacation days coming up, along with having a pretty good working environment, there's almost no chance I will FIRE this year, but I'm still hopeful for FIRE or going PT in Spring 2019.

MoMan

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Re: 2019 fire cohort
« Reply #987 on: August 03, 2018, 09:30:36 AM »
About to head into work to finalise my next 12 month work plan/performance and development plan with my boss. ...  Hate doing these time wasting, government, bureaucratic exercises that in my case arenít even linked to my remuneration.

Happy that this will be my last. Sad that I have partake in this rubber stamping bullshit process. ... and no doubt like last year, my boss will copy and paste my plan into his so he can get away with not actually doing one for himself.

Ha Ha! This is exactly what I assume happens when I turn in my self-evaluations. To test my theory, one year I submitted this on my performance evaluation (my company has a serious erection for metrics, data, statistics and numbers.):

Quote
... After submitting to the volunteer coordinator, I received the following email June 26, 2012 from (Corporate Communications Intern):
ďThanks MoMan!  This looks great!  It is great when people go above and beyond.  Iíll let you know if we need anything else! ď
 Ö which effectively netted a gratitude ratio of 3-to-1 exclamation points to periods. (emphasis mine)

No one said a word, which suggests no one read a word of it. But it gave me a smile.

In other news, I am dropping in for some gloating and self-congratulations: On Wednesday we made our final mortgage payment, which makes me 100% debt free for the 3rd time in my life.  It feels fucking great!! We are throwing a party tomorrow to celebrate. 14 months and 4 days to go.

--M

exit2019

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Re: 2019 fire cohort
« Reply #988 on: August 05, 2018, 03:54:44 PM »
I am still on track for February.  What kinds of things are people doing to plan?

I want to freeload on the plans of others since I am working insane hours right up to the end and have really not done much more than get my finances right.

The pre-fire checklist is interesting but I'd like to know what's fresh.

DreamFIRE

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Re: 2019 fire cohort
« Reply #989 on: August 05, 2018, 04:34:46 PM »
I am still on track for February.  What kinds of things are people doing to plan?

I want to freeload on the plans of others since I am working insane hours right up to the end and have really not done much more than get my finances right.

The pre-fire checklist is interesting but I'd like to know what's fresh.

A similar discussion came up a few pages back:

https://forum.mrmoneymustache.com/welcome-to-the-forum/2019-fire-cohort/msg2071876/#msg2071876

Since I'm 11 months out from FIRE, there's not too much I'm doing now except continuing to save 80% of my take home pay.  Near the end of the year, I'll decide what changes to make to my 457B and see if I can front load the deductions to minimize my MAGI for ACA PCT/CSR purposes, while also closely watching developments / changes relevant to the ACA.  I'll make sure I get a medical exam next spring before I pull the plug.  I'll try to schedule some personal days in the Spring before I FIRE since I don't get a payout for those.  Another key thing is to determine whether I can schedule things so that I can FIRE a month earlier as I would prefer to FIRE in early May.  I don't know if that will be authorized, so I'm assuming June for now.  One thing I wanted to do was shift to a more conservative AA over this last year, but I recently accomplished that.  I might try to get some home projects out of the way if I'm in the mood, but I figure that I'll have a lot more time for that after I FIRE.  I'm considering relocating down the road, so I'm spending some time researching into other areas including housing just to keep my pulse on things.

FIRE 20/20

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Re: 2019 fire cohort
« Reply #990 on: August 05, 2018, 08:29:20 PM »
I am still on track for February.  What kinds of things are people doing to plan?

I want to freeload on the plans of others since I am working insane hours right up to the end and have really not done much more than get my finances right.

The pre-fire checklist is interesting but I'd like to know what's fresh.

I just looked at my company's vacation and retirement policies.  I found out that vacation explicitly cannot be used to push out a retirement date.  I thought that was the case, but I hoped I would be able to finish up with 6-8 weeks of vacation time saved up and use that to push out the date so I could keep my benefits.  I'm looking at other options now.  I am fortunately in a really good job at the moment and it's one I could do part-time.  I am going to propose a part-time arrangement early in 2019 where I'll continue as full-time in the payroll system but I'll only work 4 days a week and will charge about 8-12 hours per week of vacation until I reduce the balance.  Once I'm down to 40-60 hours of vacation (down from ~300) then I'll formally transition to part-time.  I'm going to look into the sabbatical process next.  There are a lot of reasons I'd like to still technically be affiliated with my employer in December 2019 (related to hard to get and very expensive certifications).  Because I plan to continue to consult for them or at least have that as a back-up plan, they should be willing to renew my certs if I'm on sabbatical and still technically an employee.

I'm also working on brushing up the skills and renewing contacts I have related to consulting work that forms another layer of my back-up plan.  I scheduled lunch with a friend and former co-worker who owns a company that I might be able to consult for.  We haven't talked in 6 months and I want to keep all of those connections active.  While I hope to get down to ~3.5-3.7% withdrawal rate, there's still a chance that could fail or that my actual or desired spending will exceed a SWR if we have a bad recession.  Consulting income is one part of my series of back-up plans so I'm doing the work now to increase the odds that I'll actually be able to generate that income if needed.

The only other thing I'm doing right now is taking advantage of having FIRE money to make work less irritating.  I moved from a senior engineering job late in 2017 to a job that I'm technically overqualified for.  It's an easy 8-hour a day and low stress job, but even though I'm not working very hard I'm getting recognition for doing a great job.  When I'm asked to do more, if I want to do whatever "more" is I'll do it and if I don't want to I decline.  I've been mentoring the other more junior engineers in this position and I've gotten involved in some interesting new technical work but I've been able to let some good opportunities that I have no interest in go to people on my team.  On of my SW developers is going to present a paper at a conference soon, and it's an opportunity that she's never had before.  I had *zero* interest in doing that for the millionth time, and she's really excited about it.  Win/win!  When senior leadership has come to our site for program reviews, I've been able to have my team give most of the presentations.  They get face time and recognition while I can take the easy way out.  They get experience and good stuff to put on their performance appraisals while I don't have to prepare for a pointless presentation to someone who won't understand or remember any of what was presented. 

Half Stached

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Re: 2019 fire cohort
« Reply #991 on: August 05, 2018, 10:31:55 PM »
At the recommendation of @spartana , I've started writing out a retirement plan with some specificity. Here is an early draft - comments welcome!

All numbers are in 2018 dollars.

I expect to be laid off next year (2019). With this, severance pay will take me through the end of the year. My wife plans to work at least through the end of 2019.

By the end of 2019, we estimate having $1,250,000 invested, plus a fully paid off condo worth $750,000.

Our investments are 95% total market (VTSAX), and 5% cash. We plan on living off of $68,000/year. Note that $68,000 is 5.44% of $1,250,000.

In 2022, we plan to update our home. While the extent of this is currently undefined, we are planning for $20,000 for this update.

My wife turns 62 in 2025. If our investments have fallen more than 20% (so, below $1,000,000) weíll elect to take her social security (worth approximately $11,000/year). Otherwise, weíll continue to defer taking this annually until she turns 70, or our investments fall below $1,000,000.

In 2030, if our investments are below $1,000,000 we will sell our condo with the intent to reduce our cost of living to no more than a 5% withdrawal rate. This may mean renting elsewhere in Seattle, or moving somewhere with a lower cost of living. Otherwise, we plan on staying in the condo as long as our investments exceed $1,000,000.

In 2033, I turn 62. If we sold the condo and our withdrawal rate exceeds 5.5%, Iíll elect to take my social security (worth approximately $17,000/year). Otherwise, weíll continue to defer taking this annually until turning 70, or we have sold the condo and our withdrawal rate exceed 5.5%.

Plan buffers not included above:
 * My wife will probably work longer than end of 2019. Following this job, she is interested in part time work.
 * I may do some consulting after retiring. If so, this could provide up to $100,000/year.
 * I have collectibles worth approximately $50,000. I plan on selling these in the first calendar year following both of our retirements from work.
 * We irregularly receive gifts in excess of $10,000. I would estimate that weíll receive $50,000 - $100,000 in gifts between 2020 and 2030.

Plan risks include:
 *While I have high expectations of being laid off next year, I may need to quit instead. This would eliminate the 6 months of severance (and so I might need to work those additional 6 months).
 * Social Security payouts could change. While I am reasonably confident in my wifeís social security, mine is far enough out that there is more risk.
 * I am estimating our investments at the end of 2019. With a market downturn, they could be lower than that.

Trifele

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Re: 2019 fire cohort
« Reply #992 on: August 06, 2018, 02:29:53 AM »
Here's my rough draft FIRE plan -- comments welcome!

I will quit my full time job somewhere between 2/1/19 and 4/1/19. Exact date depends on a couple of 'carrots' I am waiting for and whose dates are somewhat up in the air -- a large bonus, and the vesting of employer contributions into my 401k.

Assets at the time I quit will consist of ~$800k in pre-tax and taxable accounts; $180k in 529 plans for our 2 kids; about $50k cash; and a paid off house worth $450k.  By the time I quit we will have finished a very major renovation of the house, and have no other known big expenses on the horizon.  Spouse is a SAHD who says he wants to go back to work.  Both of us are 51.

Liabilities -- none.

All 2019 income will be used to front load HSA, then 401k plan. This will reduce MAGI to 0 from my full time job for 2019; I will be left with my side gig earnings, which have averaged $40,000 over the past 10 years.  If nothing changes with the ACA, then we will go on the Exchange for health insurance.  At those earnings we would qualify for a Silver plan for under $100 per month.  (I've played with the Exchange calculator quite a bit, and if it looks like my side gig earnings will be so low as to push us into Medicaid territory, I think I can do some IRA-Roth conversions to bump the income up just a bit).

Our typical yearly expenses are around $30,000, but we can decrease that if need be.  That is a little less than 4% of our stash, but hopefully we will not have to touch the stash at all for a while.  We would like to do some traveling in 2019 -- one month long trip to Europe (travel hacked with points) and several camping road trips around the US and Canada.  Our kids are 12 and 15.  I want to spend some time with them before they are gone.   

I intend to enjoy the hell out of life for 1-2 years, then re-evaluate.

Plan buffers not included in the above:   
*Spouse has been brilliant as SAHD/homeschool teacher/house renovator extraordinaire, but says he wants to return to work relatively soon.  Any income or health insurance he would bring in are gravy. 
*I'm a lawyer and intend to maintain my license after FIRE . . . With that, I could pick up part time/contract legal work if need be.
*I also maintain a professional certification in a field that has lots of opportunity.  If I wanted/needed to go back to work full time/turn on the cash firehose I am confident I could do that fairly easily.

Plan risks:
*Health insurance.  If the ACA goes away our healthcare costs will shoot way up.  Either DH or I would likely have to go back to work full time, or part time if we were lucky enough to find a PT job with benefits.
*If my side gig ended, we would have to tap the stash for living expenses, which I am loath to do.   

 

Loren Ver

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Re: 2019 fire cohort
« Reply #993 on: August 06, 2018, 04:57:52 AM »
Those are some good plans.  I don't have a formal one yet, but I should look into it.

I just scheduled a long vacation with MIL that eats up all my 2019 vacation days.  They cannot be cashed out, so now they are spoken for.  That way if the company decides to lay me off before I tell them I am leaving I don't lose the days. 

I do have a question:  the ACA uses previous early income to determine benefits.  So if DH and I stop working in May, are they going to use 2018 income, or a different estimator since it isn't open enrollment?  I was going to start that info digging at the end of this year (in case it changes) but thought I'd ask you smart folks. 

LV

edited to add - so I just did some poking, looks like you just need to estimate your income.... interesting.  So is there a settling up at some point if you are wrong...?
« Last Edit: August 06, 2018, 05:26:39 AM by Loren Ver »

DreamFIRE

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Re: 2019 fire cohort
« Reply #994 on: August 06, 2018, 05:39:28 AM »
Those are some good plans.  I don't have a formal one yet, but I should look into it.

I just scheduled a long vacation with MIL that eats up all my 2019 vacation days.  They cannot be cashed out, so now they are spoken for.  That way if the company decides to lay me off before I tell them I am leaving I don't lose the days. 

I do have a question:  the ACA uses previous early income to determine benefits.  So if DH and I stop working in May, are they going to use 2018 income, or a different estimator since it isn't open enrollment?  I was going to start that info digging at the end of this year (in case it changes) but thought I'd ask you smart folks. 

LV

edited to add - so I just did some poking, looks like you just need to estimate your income.... interesting.  So is there a settling up at some point if you are wrong...?

I don't know from first hand experience, but...

I've read that if you underestimate your income, you will later have to pay back the PCT (premium tax credit).

I've read that underestimating your income does not require you to pay back any CSR (cost sharing reduction) subsidies.

I've read that overestimating your income, when you end up not reaching the minimum income level to qualify for an ACA plan, does not require you to pay back the PCT or CSR.
« Last Edit: August 06, 2018, 05:41:16 AM by DreamFIRE »

edgema

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Re: 2019 fire cohort
« Reply #995 on: August 06, 2018, 06:51:13 AM »
FIRE date April 1st, 2019.

Based in the UK so unless I am missing something there aren't quite so many complications regarding tax planning and health insurance, so my pre-FIRE checklist is thin. Mostly just waiting (whilst desperately trying to keep my corporate game-face on!)

FIRE retirement plan is something I have spent a lot of time thinking about but in a nutshell; Stage 1 is to go sailing for at least a year with the family; Stage 2 I have tried hard not to set in stone. I am too much of a planner, so I would quite like to at least try and just see where life takes us and what opportunities open up. We have two children so there are obviously certain constraints to this, but I want to be open minded.

"I intend to enjoy the hell out of life for 1-2 years, then re-evaluate." from Trifele puts it well. It might not seem like a complicated plan, but it has been a complicated mental path to get to this point.

Financially we are about 50% in property and 50% in equities for our investment portfolio with no immediate plans to change this. Perhaps in a couple of years we may look to renovate and sell the properties so that we become properly passive. At this stage I like the fact that we should be able to convert some sweat (management and renovations) into increased cash flow / value if needs be.

Fears? The same ones as others although, as a Brit, I worry that Brexit presently will occur on exactly the same date my stock vests (US company and USD at least) and presently everyone seems to be running around like headless chickens with no deal in sight. Hopefully they hammer something out in the meantime.

Good luck all!

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Re: 2019 fire cohort
« Reply #996 on: August 06, 2018, 08:22:56 AM »
Trifele, your plan is so well thought out that it made me realize I don't have shit figured out at all.

Trifele

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Re: 2019 fire cohort
« Reply #997 on: August 06, 2018, 07:15:00 PM »
Ha -- Thank you for the vote of confidence 2Birds!  I am trying to figure it out as I go ... Shit scared half the time and exhilarated the other half. Honestly, without the support of this community and the things I learn here, I'm sure I would not be FIREing. 

Half Stached

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Re: 2019 fire cohort
« Reply #998 on: August 06, 2018, 08:58:10 PM »
Thanks for sharing your plan, Trifele! It makes me realize that I should do more ACA research and update my plan with similar information. I also love your "... enjoy the hell out of the next 1-2 years and then re-evaluate." That's fantastic!

Loren Ver

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Re: 2019 fire cohort
« Reply #999 on: August 07, 2018, 07:02:35 AM »
Those are some good plans.  I don't have a formal one yet, but I should look into it.

I just scheduled a long vacation with MIL that eats up all my 2019 vacation days.  They cannot be cashed out, so now they are spoken for.  That way if the company decides to lay me off before I tell them I am leaving I don't lose the days. 

I do have a question:  the ACA uses previous early income to determine benefits.  So if DH and I stop working in May, are they going to use 2018 income, or a different estimator since it isn't open enrollment?  I was going to start that info digging at the end of this year (in case it changes) but thought I'd ask you smart folks. 

LV

edited to add - so I just did some poking, looks like you just need to estimate your income.... interesting.  So is there a settling up at some point if you are wrong...?

I don't know from first hand experience, but...

I've read that if you underestimate your income, you will later have to pay back the PCT (premium tax credit).

I've read that underestimating your income does not require you to pay back any CSR (cost sharing reduction) subsidies.

I've read that overestimating your income, when you end up not reaching the minimum income level to qualify for an ACA plan, does not require you to pay back the PCT or CSR.

Thank you!  It will be hard to judge my income as my dividends and other gains can be rather random.

LV