Author Topic: 2020 FIRE Cohort  (Read 428474 times)

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1150 on: December 07, 2019, 07:07:48 AM »
01/01/2020     Linea_Norway's official day (@46) (fired in practice from 12/13/2019) CONFIRMED
01/01/2020     firebrand's official day (fired in practice a few weeks earlier) CONFIRMED
01/01/2020     Nancy
01/2020           Farmgirl (@61)
01/2020           Now-non   
01/06/2020     alienbogey's wife
01/15/2020     Nifty
01/15/2020     Nickel (@55)
01/2020 or 07/2020 SugerMountain
01/2020.          MarcherLady
01/31/2020     ATS (@52)
01/31/2020     DisplacedHoosier (@57)
03/01/2020     Katmandew (@54)
02/2020          Freedomin5 (@38)
03/06/2020     CrazyIT   
03/2020          FInding_peace (@38)   
03/2020          rab-bit (@58)   
03/2020          TheContinaltalOp   
03-04/2020     Padonak   
03-04+2/2020 Beeboy (@46)
03/31/2020     texxan1
04/03/2020     Maenad         
04/2020          DreamFIRE   
04/2020          Exit2019   
04/2020          Itchyfeet   
04/2020          Pennycounter   
04-05/2020     aspiringnomad (@37)   
04-12/2020     robtown   
05/2020          Body Surfer   
05/2020          Lady Stash (@45)   
05/01/2020     Much fishing to do 
05/15/2020     SailingOnASmallSailboat's husband (@50/51)
05/2020          Rcc     
06/05/2020     thelyon19
06/01/2020     Albireo13 (@64)
06/2020          ixtap (date uncertain)   
07/2020          bas5252 (@55)
07/2020          2sk22   
07/01/2020     FireLane (@38)   
07/01/2020     Unique User (@50)   
07-12/2020     MMM123   
08/2020          Bateaux   
10/2020          Rubyvroom   
11/01/2020     Alienbogey   
12/202?          desk_jockey   
12/31/2020     BFGirl   
12/2020          david_shin   
12/2020          MoneyTree (@36)   
12/2020          Nora (@42)   
12/2020          Sand101   
12/2020          TheFIExplorer   
12/2020          ysette9 (@38)   
??/202?          Gumption   
??/2020          EscapeVelocity2020   
??/2020          apurplelife   
??/2020          BlueMR2     
??/2020          catccc   
??/2020          DadzillaGorilla (FI@35, RE@40)   
??/2020          FIREstache (@55)     
??/2020          LadyMaWhiskers   
??/2020          letsdoit   
??/2020          onlykelsey     
??/2020          tooqk4u22     
 
To be decided: tipster350

OLY:   
meatgrinder   
Life in balance (end of 2019)
2Birds1Stone (autumn 2019)
Firebrand (second week of December 2019)
   
OMY:   
RedefinedHappiness   
FIREby2021 (Q1 2021)   
   
FIREing later:   
FIPurpose (date to decided)   
ToughMother (date to be decided)
« Last Edit: December 19, 2019, 12:57:01 AM by Linea_Norway »

texxan1

  • Stubble
  • **
  • Posts: 148
Re: 2020 FIRE Cohort
« Reply #1151 on: December 10, 2019, 03:42:15 AM »
with upcoming wheel barrel full of cash from the megacorp, im going to slide into this group from the 2019 Cohort class

Please add me as a march 31st FIRE

Hope to not have to change again lol

Tex

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1152 on: December 10, 2019, 06:24:37 AM »
with upcoming wheel barrel full of cash from the megacorp, im going to slide into this group from the 2019 Cohort class

Please add me as a march 31st FIRE

Hope to not have to change again lol

Tex

Welcome to the cohort.

Im going to have to bow out of this group... Off to 2020 now, but still not far.

Megacorp is offering me a severance for march 1st... Since the business unit i tecnically work for got sold.   18 months pay, not a bad gig for working a total of 43 more days.

ONWARD, see you guys soon i hope lol

Tex

Not a bad deal, getting 18 months pay for 43 days.
« Last Edit: December 10, 2019, 06:26:22 AM by Linea_Norway »

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1153 on: December 13, 2019, 01:07:17 AM »
While I am technically employed until the end of the year, I had my last actual day at work yesterday. So as from today I am FIREd.

We still haven't all our FIRE stash, as half of it is still in our clown house. But we have taken the chance to quite our jobs before the house is sold. We tried to sell it in autumn, but didn't succeed yet. We'll try again in spring, maybe April. We have about a year spending budget in cash. And about 8 years spending budget in index funds. And we will still receive our December paychecks with higher nett payment than usual. And we will receive our vacation money for 2020 taxfree in January.

We are considering to spend a biggish sum on a new car in 2020. We are waiting for the Skoda EV to be available. That will propably cost about a year's spending budget (in Norway cars are generally very expensive, but EVs are still tax free until 2021). If we manage to sell our home for a good price, we can afford to buy a new car. Otherwise we might need to reconsider or work a bit more after next year, or buy a second hand other car. And some day in the future we will also receive two inheritances that are not part of our FIRE number, but might be a nice parachute when they come.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1154 on: December 13, 2019, 01:11:02 AM »
And congrats to @firebrand who also had his last actual working day.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1155 on: December 13, 2019, 02:48:01 AM »
Congrats Linda

We’ll fly back to Australia for XMas and then On my return I need to hand in my notice.

I am still really struggling with this, even though I don’t see me changing my mind.

I feel a lot of trepidation about the future.

Like you, we need to sell our expensive inner city house and use the proceeds to help fund our FIRE.

We haven’t seen our house for more than 5 years, as we have been living abroad, so are expecting to have to make some repairs before selling. Hopefully not too much.

Repatriating will also come at a cost. Not just moving but also costs like having to buy a car, maybe some furniture etc.

It is a little difficult to know what our precise financial position will be by the time the move, house sale, and move again is behind us..... oh and our repatriation will include a nine month global holiday before we even get home 😁

That all said, our stash is fairly sizable by MMM standards so we should feel we can proceed with confidence, but with so many unknowns about the future (where will we be living, what will we do with all our time, will we regret not having worked a year or 2 more to pad the stash) it does give cause to some restless nights.

One step at a time for now....

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1156 on: December 13, 2019, 03:07:47 AM »
Congrats Linda

We’ll fly back to Australia for XMas and then On my return I need to hand in my notice.

I am still really struggling with this, even though I don’t see me changing my mind.

I feel a lot of trepidation about the future.

Like you, we need to sell our expensive inner city house and use the proceeds to help fund our FIRE.

We haven’t seen our house for more than 5 years, as we have been living abroad, so are expecting to have to make some repairs before selling. Hopefully not too much.

Repatriating will also come at a cost. Not just moving but also costs like having to buy a car, maybe some furniture etc.

It is a little difficult to know what our precise financial position will be by the time the move, house sale, and move again is behind us..... oh and our repatriation will include a nine month global holiday before we even get home 😁

That all said, our stash is fairly sizable by MMM standards so we should feel we can proceed with confidence, but with so many unknowns about the future (where will we be living, what will we do with all our time, will we regret not having worked a year or 2 more to pad the stash) it does give cause to some restless nights.

One step at a time for now....

I understand your restless nights. But you haven't seen your home for 5 years. Yes, that could have some surprices. But if you would choose to sell with some lack of maintenace, then maybe with the increased price it will still be a good deal? Didn't prices in Australia's big cities increase an insane lot in recent years?

We are also going to move, but stay in the same country. But we still have to decide where and the house needs to cost max half of what we live in now. That is a little point of insecurity for me, but not undoable. There are lots of houses for rent all over the place, even cheap ones. And we can buy something again when we like a place.

You can get furniture very cheaply on the second hand market. Even decent looking stuff for far under the new price. And second hand cars are also a good financial deal, unless you buy a lemon. We are looking for a brand new EV, because this is the period that they are sold without our usual 25% VAT.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1157 on: December 13, 2019, 05:27:24 AM »
We are also targeting buying a new house at 50% of the selling price of our current house.

We will def buy a 2nd hand car and not a new one - around 5 years old will be fine.

FIREby2021

  • 5 O'Clock Shadow
  • *
  • Posts: 80
Re: 2020 FIRE Cohort
« Reply #1158 on: December 14, 2019, 10:55:09 AM »
The idea of 'removing the unknowns' as much as possible is something we've really come to appreciate and take to heart during this final phase of FIRE prep.  Housing (of course) is a big variable, particularly if one is planning to move or downsize.  Selling our HCOL house & moving to a lower cost rental early last year turned an unknown into a known re: market value.  Purchasing (and renting out) our FIRE home secured another known.  Hindsight is always 20/20, but we're pretty pleased with the timing of those sales/purchases.

We certainly lean to the conservative side, and are thankful these variables are out of our FIRE equation for now.  It's not always possible for everyone's unique timelines and circumstances, and we want to continue to be in the mindset during 2020 as to continuing to reduce unknowns and dial back market exposure into time & price.  Currently hold an AA of 50/50, and expect to reverse glide during FIRE back toward 75/25.

Probably our biggest 'uncertainties' that we will be working on understanding during 2020/2021 include:
 
1) prospect (or not) for future remote work for me (i.e., same thing, but from FIRE location)
2) FIRE home renovation costs (Q12021)
3) size of giving fund (TBD)
4) cost to move and get setup in new FIRE location
5) true healthcare costs (TBD)
6) other surprises behind door #3??

FIREby2021


Anette

  • Stubble
  • **
  • Posts: 138
Re: 2020 FIRE Cohort
« Reply #1159 on: December 14, 2019, 04:11:09 PM »
@Linea_Norway, 25% VAT is a lot! Seems a good deal go get the car now. I don't know about Norway but in Germany used EVs are not loosing value nearly as fast as normal cars, so you wouldn't find a used one cheap anyway.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1160 on: December 15, 2019, 09:54:37 AM »
The idea of 'removing the unknowns' as much as possible is something we've really come to appreciate and take to heart during this final phase of FIRE prep.

I would really love to remove some of the unknowns, but unfortunately we are just going to have to deal with the surprises behind door no.1, no.2, no.3 and door no.4.... not to mention what we might find buried in the back yard.

We talked about selling our home in Sydney from here in Dubai, but we fear we won’t get the best sale value with tenants still in our house who don’t have any vested interest to present the home at its absolute best to maximise the sale value. We can’t even visit to see what the place looks like after 5 years loving abroad and 3 different sets of tenants damaging our home.

Whatever happens I am sure we will adapt..... maybe we’ll be doing a little casual work to plug gaps.

We could OMY to lower the risk, but after much angst have decided to stop fearing the unknown, and just move back to Australia and deal with however it all plays out.

All part of the FIRE adventure,

BFGirl

  • Pencil Stache
  • ****
  • Posts: 730
Re: 2020 FIRE Cohort
« Reply #1161 on: December 17, 2019, 12:13:28 PM »
Congrats Linea and firebrand!

I'm still hoping on the end of 2020 but keep looking at possibilities of OMY or 2MY.  I'm getting married in February  and will now have joint plans to consider instead of just myself.  My fiancee is very supportive of me whatever I ultimately decide to do.

I'll have to see how much golden handcuffs tempt me over the course of the next year...

SailingOnASmallSailboat

  • Bristles
  • ***
  • Posts: 275
Re: 2020 FIRE Cohort
« Reply #1162 on: December 17, 2019, 06:57:19 PM »
Husband is putting in his notice at work on May 1. I'm already done (side hustle work and helping him with his - does this count? I hope so!). He'll have to give at least 2 weeks notice but hopefully no more than that. Retiring at 51 and 50!

MarcherLady

  • Magnum Stache
  • ******
  • Posts: 4224
  • Age: 7
  • Location: Somewhere North of the Arctic Circle, UK
Re: 2020 FIRE Cohort
« Reply #1163 on: December 18, 2019, 12:07:10 AM »
Congratulations!

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1164 on: December 18, 2019, 05:19:38 AM »
Husband is putting in his notice at work on May 1. I'm already done (side hustle work and helping him with his - does this count? I hope so!). He'll have to give at least 2 weeks notice but hopefully no more than that. Retiring at 51 and 50!

Welcome. I added you husband to the list.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1165 on: December 18, 2019, 05:20:53 AM »
Congrats Linea and firebrand!

I'm still hoping on the end of 2020 but keep looking at possibilities of OMY or 2MY.  I'm getting married in February  and will now have joint plans to consider instead of just myself.  My fiancee is very supportive of me whatever I ultimately decide to do.

I'll have to see how much golden handcuffs tempt me over the course of the next year...

Nice that you have found someone who supports you FIRE ambitions. You have w whole year to make your decision.

Pennycounter

  • Bristles
  • ***
  • Posts: 290
Re: 2020 FIRE Cohort
« Reply #1166 on: December 18, 2019, 11:51:13 AM »
Congrats @Linea_Norway !!! I've been watching you prepare for this and its exciting that you've had your last day. 

As for me, I'm going to talk to my manager after we get bonuses in February about taking a 3 month sabbatical over the summer. We'll see how I feel at the end of that. We aren't FI and my husband just started working again after a 3 year break to take care of our children. He would keep working which would cover our costs but he also works for an pretty early stage startup.

Nifty

  • 5 O'Clock Shadow
  • *
  • Posts: 9
Re: 2020 FIRE Cohort
« Reply #1167 on: December 18, 2019, 04:08:51 PM »
My last day of full time work is 1/15/20 after I gave notice this week.

My spreadsheet shows about a 3% WR at most after adding $12k to our estimated expenses in a few years when we have ~2 kids (with current expenses we are at about 2% WR). My wife and I plan to continue working part time (approx 3-4 months) for the next couple years. This is just to further buffer our reserves. A couple months ago she already gave notice at her work and was able to transition to 20 hr/week remote work. I will be attempting to work for my current employer on a contract basis. This has already been discussed and agreed to when I gave notice.

In mid-January 2020 we will be hitting the road in our self-converted camper van and going on rock climbing adventures mainly in the western US. We are going to be renting out our house! We have a few rental properties and the cash flow from those approximately covers our expenses.

We are planning to buy a bronze plan through the ACA. Young and healthy so not too concerned with poor coverage. With maximizing traditional IRA, solo 401k, and HSA, we can earn ~$97k (including dividends) and still qualify for full ACA subsidy (which makes bronze plan like ~$2/month) and pay no federal income tax.

ysette9

  • Walrus Stache
  • *******
  • Posts: 7242
  • Location: Bay Area, CA
    • The Best Is Yet To Come
Re: 2020 FIRE Cohort
« Reply #1168 on: December 18, 2019, 04:37:13 PM »
I met with my new boss today to talk about my return to work in January as my maternity leave comes to a close. I am deeply ambivalent about the return, even though it likely is only for four months until my husband’s paternity leave runs out. I guess I am returning for four more months of $ padding and for the free food ( :-) ) but i don’t want to put forth the effort to make a showing on the new high visibility project I am getting assigned. I am full of “I just don’t know” over here.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1169 on: December 19, 2019, 12:56:12 AM »
I met with my new boss today to talk about my return to work in January as my maternity leave comes to a close. I am deeply ambivalent about the return, even though it likely is only for four months until my husband’s paternity leave runs out. I guess I am returning for four more months of $ padding and for the free food ( :-) ) but i don’t want to put forth the effort to make a showing on the new high visibility project I am getting assigned. I am full of “I just don’t know” over here.

I understand that. During my notice period (just before I gave notice) I was assigned to a new, important project. And I really dreaded having to start on it. But luckily we were supposed to finished something else before starting it and that lasted all my remaining time. The new project sounded just too difficult to cope with.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1170 on: December 19, 2019, 12:58:01 AM »
My last day of full time work is 1/15/20 after I gave notice this week.

My spreadsheet shows about a 3% WR at most after adding $12k to our estimated expenses in a few years when we have ~2 kids (with current expenses we are at about 2% WR). My wife and I plan to continue working part time (approx 3-4 months) for the next couple years. This is just to further buffer our reserves. A couple months ago she already gave notice at her work and was able to transition to 20 hr/week remote work. I will be attempting to work for my current employer on a contract basis. This has already been discussed and agreed to when I gave notice.

In mid-January 2020 we will be hitting the road in our self-converted camper van and going on rock climbing adventures mainly in the western US. We are going to be renting out our house! We have a few rental properties and the cash flow from those approximately covers our expenses.

We are planning to buy a bronze plan through the ACA. Young and healthy so not too concerned with poor coverage. With maximizing traditional IRA, solo 401k, and HSA, we can earn ~$97k (including dividends) and still qualify for full ACA subsidy (which makes bronze plan like ~$2/month) and pay no federal income tax.

Welcome to the cohort. Great plans to go rock climbing.

WynnDuffy73

  • 5 O'Clock Shadow
  • *
  • Posts: 46
Re: 2020 FIRE Cohort
« Reply #1171 on: December 21, 2019, 05:51:24 AM »
My last day of full time work is 1/15/20 after I gave notice this week.

My spreadsheet shows about a 3% WR at most after adding $12k to our estimated expenses in a few years when we have ~2 kids (with current expenses we are at about 2% WR). My wife and I plan to continue working part time (approx 3-4 months) for the next couple years. This is just to further buffer our reserves. A couple months ago she already gave notice at her work and was able to transition to 20 hr/week remote work. I will be attempting to work for my current employer on a contract basis. This has already been discussed and agreed to when I gave notice.

In mid-January 2020 we will be hitting the road in our self-converted camper van and going on rock climbing adventures mainly in the western US. We are going to be renting out our house! We have a few rental properties and the cash flow from those approximately covers our expenses.

We are planning to buy a bronze plan through the ACA. Young and healthy so not too concerned with poor coverage. With maximizing traditional IRA, solo 401k, and HSA, we can earn ~$97k (including dividends) and still qualify for full ACA subsidy (which makes bronze plan like ~$2/month) and pay no federal income tax.

I got a chuckle out of “rock climbing adventures” followed by “young and healthy so not too concerned with poor insurance coverage”.   Be careful. 

Maenad

  • Pencil Stache
  • ****
  • Posts: 643
  • Location: Minneapolis 'burbs
Re: 2020 FIRE Cohort
« Reply #1172 on: December 21, 2019, 06:10:58 AM »
First, congrats Linda!! We all hope to join you soon!

I don’t want to put forth the effort to make a showing on the new high visibility project I am getting assigned. I am full of “I just don’t know” over here.

I feel you! I know I'm putting in notice in March after I get my bonus, and I also just got assigned to a new high visibility project. If I was still working for years it would be right up my alley, but right now I'm just DONE.

I'm on PTO for the rest of December, so I really only have January and February of normal work, plus who knows how much of March during my notice period (there's some big end-of-quarter stuff I'll stick around to help on if I'm actually a help). It feels like March doesn't really "count" mentally, so it's really only 2 months of faking it. ARGH.

ysette9

  • Walrus Stache
  • *******
  • Posts: 7242
  • Location: Bay Area, CA
    • The Best Is Yet To Come
Re: 2020 FIRE Cohort
« Reply #1173 on: December 21, 2019, 02:27:25 PM »
First, congrats Linda!! We all hope to join you soon!

I don’t want to put forth the effort to make a showing on the new high visibility project I am getting assigned. I am full of “I just don’t know” over here.

I feel you! I know I'm putting in notice in March after I get my bonus, and I also just got assigned to a new high visibility project. If I was still working for years it would be right up my alley, but right now I'm just DONE.

I'm on PTO for the rest of December, so I really only have January and February of normal work, plus who knows how much of March during my notice period (there's some big end-of-quarter stuff I'll stick around to help on if I'm actually a help). It feels like March doesn't really "count" mentally, so it's really only 2 months of faking it. ARGH.
So your plan is to fake it for a couple of months and hope no one notices? I’m hoping to do the same though I worry about how much it will really take to even fake it. The night meetings, trying to avoid international business trips... I suppose time will tell.

MoneyTree

  • Stubble
  • **
  • Posts: 145
  • Location: SF Bay Area
Re: 2020 FIRE Cohort
« Reply #1174 on: December 22, 2019, 05:42:57 PM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1175 on: December 22, 2019, 09:47:42 PM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.

I don’t understand why buying a home pre-FIRE would delay FIRE, but buying post FIRE (if a bank agreed) means that you can still FIRE in 2020.

Either you have enough cashflow to service a mortgage or you don’t, in which case you need to rent forever or keep working until your cash flows can service a mortgage (or you can afford to pay cash upfront for the purchase).

We are kind of opposite to you in that we are needing to sell our house to free up cash for doing other things.

Freedomin5

  • Magnum Stache
  • ******
  • Posts: 3475
  • Location: China
Re: 2020 FIRE Cohort
« Reply #1176 on: December 23, 2019, 04:28:24 AM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.

I don’t understand why buying a home pre-FIRE would delay FIRE, but buying post FIRE (if a bank agreed) means that you can still FIRE in 2020.

Either you have enough cashflow to service a mortgage or you don’t, in which case you need to rent forever or keep working until your cash flows can service a mortgage (or you can afford to pay cash upfront for the purchase).

We are kind of opposite to you in that we are needing to sell our house to free up cash for doing other things.

Because the money that would have gone into the stash is now needed for a downpayment?

Maenad

  • Pencil Stache
  • ****
  • Posts: 643
  • Location: Minneapolis 'burbs
Re: 2020 FIRE Cohort
« Reply #1177 on: December 23, 2019, 06:31:04 AM »
I don’t want to put forth the effort to make a showing on the new high visibility project I am getting assigned. I am full of “I just don’t know” over here.

I feel you! I know I'm putting in notice in March after I get my bonus, and I also just got assigned to a new high visibility project. If I was still working for years it would be right up my alley, but right now I'm just DONE.

I'm on PTO for the rest of December, so I really only have January and February of normal work, plus who knows how much of March during my notice period (there's some big end-of-quarter stuff I'll stick around to help on if I'm actually a help). It feels like March doesn't really "count" mentally, so it's really only 2 months of faking it. ARGH.
So your plan is to fake it for a couple of months and hope no one notices? I’m hoping to do the same though I worry about how much it will really take to even fake it. The night meetings, trying to avoid international business trips... I suppose time will tell.

Kinda. I can keep a positive focus by thinking, "Sure, I'm not going to be here much longer, but what can I do on this to make things easier for whichever coworker is taking it on after I leave?" Then I don't feel quite so fake, since I'm trying to make things slightly better for others when i'm no longer around.

It helps that I like a lot of my coworkers, and all of my peers in my team. Which has its own difficulties (guilt), for which I'm going to talk to a therapist a bit in Jan/Feb.

ysette9

  • Walrus Stache
  • *******
  • Posts: 7242
  • Location: Bay Area, CA
    • The Best Is Yet To Come
Re: 2020 FIRE Cohort
« Reply #1178 on: December 23, 2019, 07:24:37 AM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.
We live in a similarly expensive area of CA and our rent versus buy analysis told us to buy if we were planning on staying for ten years or more. I would imagine your analysis should end up similar

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1179 on: December 23, 2019, 06:17:05 PM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.

I don’t understand why buying a home pre-FIRE would delay FIRE, but buying post FIRE (if a bank agreed) means that you can still FIRE in 2020.

Either you have enough cashflow to service a mortgage or you don’t, in which case you need to rent forever or keep working until your cash flows can service a mortgage (or you can afford to pay cash upfront for the purchase).

We are kind of opposite to you in that we are needing to sell our house to free up cash for doing other things.

Because the money that would have gone into the stash is now needed for a downpayment?

But if you bought the house post FIRE you would still need to make the down payment at that time??

MoneyTree

  • Stubble
  • **
  • Posts: 145
  • Location: SF Bay Area
Re: 2020 FIRE Cohort
« Reply #1180 on: December 23, 2019, 08:22:13 PM »
2020 is almost here!

We are on track to hit our FIRE number in late 2020, but I'm apprehensive about our living situation.

Where we live in California, the rent vs buy decision is extremely skewed towards renting (3BD 1.5 bath down the street sold for $1.5 million. No thanks!), so we've been renting as it makes more financial sense at the moment. We wouldn't move too far away due to proximity to family.

I'm fine with renting forever, but DW has been hinting that it would be nice to raise our daughter in a place of our own. While there is no urgency to purchase a home right now, my concern is after FIRE, it would be very difficult to not get laughed out of the bank trying to get a mortgage while only being able to show ~50K of dividend / capital gains income.

But making such a large purchase before FIRE would clearly set us back a few years. Having to delay the FIRE date at this point would be quite a let down.

I don’t understand why buying a home pre-FIRE would delay FIRE, but buying post FIRE (if a bank agreed) means that you can still FIRE in 2020.

Either you have enough cashflow to service a mortgage or you don’t, in which case you need to rent forever or keep working until your cash flows can service a mortgage (or you can afford to pay cash upfront for the purchase).

We are kind of opposite to you in that we are needing to sell our house to free up cash for doing other things.

Yeah, my situation is unique here in that my current rent is comparatively so much cheaper than servicing a mortgage. It’s not even close. (Price-Rent Ratio is about 40). Assuming that the market outpaces home price appreciation in the long run, renting longer would allow the stash to continue growing post-FIRE.

The problem is getting a mortgage Post FIRE when I no longer would have W2 income and I’d like to limit how much capital gains I recognize each year.

aspiringnomad

  • Pencil Stache
  • ****
  • Posts: 943
Re: 2020 FIRE Cohort
« Reply #1181 on: December 26, 2019, 07:53:44 PM »
Bought our plane tickets, so it's pretty much official that I'll leave my job in April. Plan to give notice in the coming weeks and strangely very nervous about it.

ysette9

  • Walrus Stache
  • *******
  • Posts: 7242
  • Location: Bay Area, CA
    • The Best Is Yet To Come
Re: 2020 FIRE Cohort
« Reply #1182 on: December 27, 2019, 03:24:48 AM »
Bought our plane tickets, so it's pretty much official that I'll leave my job in April. Plan to give notice in the coming weeks and strangely very nervous about it.
Congrats and good luck.
I think nerves are natural. This is a big change going are on the cusp of.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 926
Re: 2020 FIRE Cohort
« Reply #1183 on: December 27, 2019, 03:49:43 AM »
I am still losing sleep over my pending resignation.....

Trifele

  • Magnum Stache
  • ******
  • Posts: 3029
  • Age: 53
  • Location: Outside
Re: 2020 FIRE Cohort
« Reply #1184 on: December 27, 2019, 06:12:18 AM »
Stopping by from the 2019 Cohort to pass off the FIRE-y baton.  We're done and now it's your turn!

Hope you all have a fantastic year.  Go Class of 2020!!!!


                                               

Farmgirl

  • Stubble
  • **
  • Posts: 162
Re: 2020 FIRE Cohort
« Reply #1185 on: December 27, 2019, 07:57:35 AM »
Sitting tight here until I have more information about medical condition that will need surgery.  Doc appt's at the end of January.  Once I have more information, I can plan my best exit strategy.  Will definitely be completely out of the cube by June, if not sooner.

aspiringnomad

  • Pencil Stache
  • ****
  • Posts: 943
Re: 2020 FIRE Cohort
« Reply #1186 on: December 27, 2019, 08:34:33 AM »
Bought our plane tickets, so it's pretty much official that I'll leave my job in April. Plan to give notice in the coming weeks and strangely very nervous about it.
Congrats and good luck.
I think nerves are natural. This is a big change going are on the cusp of.

Thanks! I think it's partly just the messaging. During prior job changes, the message was pretty simple: I'm leaving for a better opportunity and/or more money. Here, I'm not going to mention FIRE or my financial position more generally, so the message will essentially be...I'm gonna do some traveling. And since I'm in a management role, I'm giving three months notice instead of a few weeks and I'm a little anxious about how those three months will play out.

The actual life change is a whole other ball of nerves ;)

ysette9

  • Walrus Stache
  • *******
  • Posts: 7242
  • Location: Bay Area, CA
    • The Best Is Yet To Come
Re: 2020 FIRE Cohort
« Reply #1187 on: December 27, 2019, 09:07:55 AM »
Do you have lines then you have prepared for how to handle the inevitable questions?

aspiringnomad

  • Pencil Stache
  • ****
  • Posts: 943
Re: 2020 FIRE Cohort
« Reply #1188 on: December 27, 2019, 09:19:18 AM »
Do you have lines then you have prepared for how to handle the inevitable questions?

Working on them during this holiday break!

ScreamingHeadGuy

  • Stubble
  • **
  • Posts: 224
  • Age: 41
  • Location: Down the street from the Frozen Tundra
Re: 2020 FIRE Cohort
« Reply #1189 on: December 27, 2019, 01:33:07 PM »
Here’s a pre-emptive  “Congratulations!” to the 2020 cohort.  I will read along this upcoming year, relishing in your triumphs and general awesomeness, drawing inspiration (and maybe some nuggets of wisdom) as I prepare to “jump out of my fully-functioning airplane” in 2021. 

2sk22

  • Pencil Stache
  • ****
  • Posts: 583
Re: 2020 FIRE Cohort
« Reply #1190 on: December 30, 2019, 03:21:01 AM »
Here’s a pre-emptive  “Congratulations!” to the 2020 cohort.  I will read along this upcoming year, relishing in your triumphs and general awesomeness, drawing inspiration (and maybe some nuggets of wisdom) as I prepare to “jump out of my fully-functioning airplane” in 2021.

A closer analogy for me is shutting off the fire hose :-) I have always been very well paid in my career but the pay in my field became really crazy only about eight years ago. Even a couple of years, stepping away from a big salary seemed unthinkable but I think I have reached a tipping point.

The main problem I am anticipating in 2020 is disengaging myself from my current company, a small tech startup. They are a really good group of people and need my help but I'm just going to have to be firm with them. Not looking forward to this :-(

Rcc

  • 5 O'Clock Shadow
  • *
  • Posts: 84
  • Location: NC
Late 2019 Update
« Reply #1191 on: December 30, 2019, 08:52:20 AM »
Hey everyone, happy pre-new years eve to all. Hope your 2019 was great. Thought I'd drop some quick updates:

1. Still on track to be FI in May next year. If I were to RE as well, it would be very lean.
2. As mentioned somewhere way upthread my plan is still to RE later, currently pegged for Jan 2025:
 a. My DS hasnt finished college yet
 b. I started a new gig in December
 c. 2025 gives me the option to start 401k withdrawals w/o using the 72T rule
 d. If I go to 2025, OTOH, I'll likely be able to leave the 401k untouched till later and withdraw from taxable account only because:
 e. DW should be starting a gig next month making what will be her highest salary yet.
3. The new gig I started is 20% less pay, 90% less pressure, no cell phone leash, no management responsibilities so WOO!
4. With the DWs blessing, we've decided we'll payoff the mortgage next month (instead of 4-5 yrs out) to get that obligation off our mind.

So a few pleasant changes I didnt see happening this time last year. My areas of focus for 2020 and forward are simple too:

1. Maximize efforts to improve health overall
2. Continue my reactivated hobby of SCUBA diving (I certified 25yrs ago)
3. Work on relationship with DW as we're approaching this new phase of life
4. Look around for 1-2 more hobbies (lower cost than SCUBA though!)

markbike528CBX

  • Handlebar Stache
  • *****
  • Posts: 1506
  • Location: the Everbrown part of the Evergreen State (WA)
Re: 2020 FIRE Cohort
« Reply #1192 on: December 30, 2019, 09:13:39 AM »
Stopping by from the 2019 Cohort to pass off the FIRE-y baton.  We're done and now it's your turn!

Hope you all have a fantastic year.  Go Class of 2020!!!!


                                               

Trifele has been the leader of the 2019 cohort since June 2018, and has been a great cheerleader and mentor to everyone.

Although you 2020'ers only have two more days to join us in 2019, would it really matter if you didn't show up on the 2nd? :-) There is still time on OLY to 2019 :-)

Markbike528CBX -- OP of 2019 cohort thread.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: Late 2019 Update
« Reply #1193 on: December 31, 2019, 04:13:21 AM »
Hey everyone, happy pre-new years eve to all. Hope your 2019 was great. Thought I'd drop some quick updates:

1. Still on track to be FI in May next year. If I were to RE as well, it would be very lean.
2. As mentioned somewhere way upthread my plan is still to RE later, currently pegged for Jan 2025:
 a. My DS hasnt finished college yet
 b. I started a new gig in December
 c. 2025 gives me the option to start 401k withdrawals w/o using the 72T rule
 d. If I go to 2025, OTOH, I'll likely be able to leave the 401k untouched till later and withdraw from taxable account only because:
 e. DW should be starting a gig next month making what will be her highest salary yet.
3. The new gig I started is 20% less pay, 90% less pressure, no cell phone leash, no management responsibilities so WOO!
4. With the DWs blessing, we've decided we'll payoff the mortgage next month (instead of 4-5 yrs out) to get that obligation off our mind.

So a few pleasant changes I didnt see happening this time last year. My areas of focus for 2020 and forward are simple too:

1. Maximize efforts to improve health overall
2. Continue my reactivated hobby of SCUBA diving (I certified 25yrs ago)
3. Work on relationship with DW as we're approaching this new phase of life
4. Look around for 1-2 more hobbies (lower cost than SCUBA though!)

For a hobby, look into free diving. It is as interesting under water as scuba, but without the oxygen bottles stuff. You can reuse your wetsuit.

Linea_Norway

  • Walrus Stache
  • *******
  • Posts: 7186
  • Location: Norway
Re: 2020 FIRE Cohort
« Reply #1194 on: December 31, 2019, 04:25:54 AM »
I am still losing sleep over my pending resignation.....

Please don't. Your company should be able to handle that. Not your problem when you quit.
I also felt anxious before my resignation, but not after I gave notice.

Rcc

  • 5 O'Clock Shadow
  • *
  • Posts: 84
  • Location: NC
Re: Late 2019 Update
« Reply #1195 on: December 31, 2019, 10:54:00 AM »

For a hobby, look into free diving. It is as interesting under water as scuba, but without the oxygen bottles stuff. You can reuse your wetsuit.
[/quote]

That was mentioned at our team holiday meal. I initially rejected it as I already own the full scuba kit (minus air tanks) and that kit should last 10-15 years with minor maintenance. Renting tanks is usually a 10-15$ expense, so no biggie.

Having said that I’m not opposed to snorkeling about in between dives. The pain cost wise is getting to sexy dive spots (ie Belize, Bahamas etc). There are good dive operators however off Wilmington near me which is a short drive, so many opportunities there at reasonable per person rates. Additionally, my dive shop usually has room and board built into their excursions which takes the bite out of say, a week in Florida.

Fun problems to have 😜

Nancy

  • 5 O'Clock Shadow
  • *
  • Posts: 20
Re: 2020 FIRE Cohort
« Reply #1196 on: December 31, 2019, 12:07:04 PM »
I did it. I've finally given away my office pants. I've had these two pairs of pants since I started working post-college. The goal was that I'd use them until I FIREd. Yes, I also had other pants, but I wore both of these every single week. They made it till the end. Well done, pants!

RWTL

  • Bristles
  • ***
  • Posts: 263
Re: 2020 FIRE Cohort
« Reply #1197 on: December 31, 2019, 06:51:47 PM »
I did it. I've finally given away my office pants. I've had these two pairs of pants since I started working post-college. The goal was that I'd use them until I FIREd. Yes, I also had other pants, but I wore both of these every single week. They made it till the end. Well done, pants!

Congrats to you and your well worn clothing.  I've made several games out of things at work.  That's pretty funny about the pants.

Lucky13

  • Stubble
  • **
  • Posts: 131
  • Age: 45
  • Location: Seattle, WA
Re: 2020 FIRE Cohort
« Reply #1198 on: December 31, 2019, 07:00:16 PM »
HI everyone, it's New Year's Eve and I've decided my resolution is to quit my job and join the FIRE Class of 2020! 

I'm 44 y/o, currently working FT in my original career. Add me as a March 2020 FIRE. Good luck all! STA$H CA$H!
« Last Edit: January 07, 2020, 08:58:07 PM by Lucky13 »

Fresh Bread

  • Handlebar Stache
  • *****
  • Posts: 2076
  • Location: Australia
  • Insert dough/bread/crust joke
Re: 2020 FIRE Cohort
« Reply #1199 on: December 31, 2019, 10:15:30 PM »
Ok, after many many delays I'm joining your class. We will be FI as soon as our house can be prepped and rented. The latest timeline has tenants in there by 1 March. Fingers crossed...

I'm going to keep my business going as a retirement "beard". It will stop the enevitable questions and I if I don't want to take on a job, I won't, so I'll work a couple of hours a week and then maybe 20-30hrs a few weeks a year.  I really enjoy coming up with and trying out little business ideas so really the very pared back business will be one part of my retirement hobbies.

I'm not really sure what my husband's plan is - he left his job last year but really he also needs a beard. I'm thinking he should say he's freelance but not actually take any jobs :D

Re the beard - I think I'm just embarrassed and don't want to talk money with friends. They are either in deep with large mortgages or haven't had the opportunities we've had and either way it's not comfortable to talk about it, it feels like boasting Anyone else going to be pretending to work hard?