Author Topic: Can you FIRE from a 6figure job you dont like?  (Read 5329 times)

FIREin2018

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Can you FIRE from a 6figure job you dont like?
« on: May 25, 2018, 10:24:37 PM »
age 47, single, no kids, mortgage paid off.
expenses = $20k/yr, $500k in 401k/ira/roth, $150k in bank.
the only thing stopping me from FIRE is healthcare uncertainty and golden handcuffs.

i work as a contractor for a pseudo govt agency.
i  have nothing to do 2-5 hrs per day during weekdays.
during those times i surf the web, watch tv shows/movies from files i bring from home, or just outright sleep.
been like this for the past year and the client signs our time sheet no problem.

i also work every other weekend and get paid time and half.
it's 12hrs sat AND sun.
unfortunately, it's balls to the wall work from the moment i walk in.

i like the client but i dont like  some of my contractor co-workers and one of them constantly makes fun of me.
i told my contractor boss and he spoke to him about that and he stopped for a while but started again recently. (thus this thread.)
it's getting to the point where i'm willing to FIRE soon and gamble  that the democrats will win either the House or Senate in the nov midterm elections to keep Obamacare safe from Trump.

If you were in my shoes, would you quit this 6figure job and FIRE?
WHY?
« Last Edit: May 25, 2018, 10:27:20 PM by FIREin2018? »

Dicey

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #1 on: May 26, 2018, 02:13:35 AM »
Maybe, but not before I stood up for myself directly with the person making fun of me. This is called bullying and the way to deal with a bully is by standing up to them. Why quit over some jerk? Sounds to me like you need to address this issue first. I know this sounds harsh, but it's just matter of fact. Deal with the bully, then decide if the job is bearable. Personally, I would love the contrast of slow days interspersed with slamming weekends twice a month.
Edited to fix wonky syntax.

« Last Edit: May 28, 2018, 11:27:57 PM by Dicey »

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #2 on: May 26, 2018, 03:09:35 AM »
Yes, you are being bullied by this person.  I would suggest going back to your contractor boss saying that 1) the harassment from your co-worker has resumed, (2) by not taking sufficient action against this when first informed your employer is failing to provide you with a safe place of work, (3) this is negatively affecting your performance at work and your health, (4) you are now asking for the issue to be dealt with so that it will not reoccur.

I don't understand, given your working hours, when you have time for yourself: for self-maintenance, for hobbies, for seeing family and friends, for doing voluntary work, for getting out and about in the world.  Have you become so habituated to work that the rest of your life has fallen away from you?  If so, I would suggest giving up either the day job or the weekend job, keeping the other, and re-establishing a healthy and engaged lifestyle for yourself before making a complete break.  Or finding another job.

As to FIRE, you are not there yet simply on the figures you give. (You may have equity in your home and be able to sell it and you may have a pension or social security to factor in which would make a difference.  You have too much cash for an emergency fund, given your expenses - you could live for 7 years just on that.  Actually, if you lived on your cash and left your investments to compound for 7 years you may be close enough by then to collecting social security to be all right - a full case study would get you informed opinions on that.)  On the other hand semi-FIRE, as suggested in the previous paragraph, is well within your grasp right now.



Imma

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #3 on: May 26, 2018, 03:43:05 AM »
As to FIRE, you are not there yet simply on the figures you give. (You may have equity in your home and be able to sell it and you may have a pension or social security to factor in which would make a difference.  You have too much cash for an emergency fund, given your expenses - you could live for 7 years just on that.  Actually, if you lived on your cash and left your investments to compound for 7 years you may be close enough by then to collecting social security to be all right - a full case study would get you informed opinions on that.)  On the other hand semi-FIRE, as suggested in the previous paragraph, is well within your grasp right now.

With 500k in 401k/ira/roth and 20k expenses he's actually exactly at the point where he could FIRE, assuming a 4% safe withdrawal rate.

With a large cash buffer of 150k and a paid off home, and being single without dependents, you could walk out of your job tomorrow and still be OK. If I were you, I would invest a large part of that 150k. If you keep 50k in cash and invest the rest, your withdrawal rate would be 3,3% which means your investments would continue to grow. If you are eligible for any social security or pension at some point in the future, your withdrawal rate would likely get even lower. This could possibly compensate rising health care costs.

There's always the possibility to do OMY to add to your investments, but this job sounds like it's mentally killing you. Even without the bullying coworker it sounds like a nightmare. You don't have to retire permanently if you walk out of this place. You could quit, have a short break and start looking for a more fullfiling role after the summer.

TUCKER0104

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #4 on: May 26, 2018, 03:44:43 AM »
I am guessing you do some kind of IT work? If so, there are plenty of those jobs out there so why stay at this one?

sokoloff

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #5 on: May 26, 2018, 05:15:42 AM »
As to FIRE, you are not there yet simply on the figures you give. (You may have equity in your home and be able to sell it and you may have a pension or social security to factor in which would make a difference.  You have too much cash for an emergency fund, given your expenses - you could live for 7 years just on that.  Actually, if you lived on your cash and left your investments to compound for 7 years you may be close enough by then to collecting social security to be all right - a full case study would get you informed opinions on that.)  On the other hand semi-FIRE, as suggested in the previous paragraph, is well within your grasp right now.
With 500k in 401k/ira/roth and 20k expenses he's actually exactly at the point where he could FIRE, assuming a 4% safe withdrawal rate.
Without addressing healthcare, this is almost surely not correct (or incomplete).

Thoughtful Mule

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #6 on: May 26, 2018, 06:43:55 AM »

I used to be the kind of person who “stuck it out” and who “could put up with anything” for the sake of the outcomes I wanted, until someone absolutely brilliant told me that the more I do that, the more I’m training myself to do that, the more my life will be patterned that way and I will continue to subject myself to misery because it’s what I’m used to and comfortable with since habits drive our lives and habits never break themselves.

Basically, the more you allow yourself to be miserable now, the more likely you will be miserable in the future, regardless of your circumstances. All of your tomorrows are built on the habits of your todays.

Truth.

wordnerd

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #7 on: May 26, 2018, 06:58:45 AM »

I used to be the kind of person who “stuck it out” and who “could put up with anything” for the sake of the outcomes I wanted, until someone absolutely brilliant told me that the more I do that, the more I’m training myself to do that, the more my life will be patterned that way and I will continue to subject myself to misery because it’s what I’m used to and comfortable with since habits drive our lives and habits never break themselves.

Basically, the more you allow yourself to be miserable now, the more likely you will be miserable in the future, regardless of your circumstances. All of your tomorrows are built on the habits of your todays.

Truth.
This is so wise.

scantee

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #8 on: May 26, 2018, 07:56:33 AM »
The point of having FU money (which you most certainly have) if you don’t use it when you need or want to say FU? You might not have enough saved to fully retire and never work again, but you sure as hell have enough to quit, take some time off to figure out what you want out of life, and then find a job you actually enjoy.

My opinion is that many on this board are black and white thinkers: the only options they consider are going full blast at work or retiring completely. In truth, there are a ton of other options available to you in between those two extremes. Semi-retirement seems like an excellent option for you. Maybe look for a part-time gig of 20-30 hours per week that provides health insurance. Yes these jobs do exist. I’m guessing if you’re earning six figures now you could fairly easily pull in $40-50k fairly easily. That would cover your expenses and even allow you to save a little. Does nag his would allow you to not dip into your stash, allowing it to continue to grow.

And hey, maybe after a bit of time off you’ll find another full-time job you like more than your current one. That’s fine too. The point is you absolutely have options. Take advantage of them.

big_slacker

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #9 on: May 26, 2018, 08:18:02 AM »
Go find an easier job with healthcare. Seems obvious.

TheWifeHalf

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #10 on: May 26, 2018, 08:22:03 AM »

it's getting to the point where i'm willing to FIRE soon and gamble  that the democrats will win either the House or Senate in the nov midterm elections to keep Obamacare safe from Trump.

If you were in my shoes, would you quit this 6figure job and FIRE?
WHY?

I would not advise it  until researching Obamacare fully, if it stays in effect even.

I have not researched if because we do not have to take advantage of it, but I've heard in some cases, with some medical problems, a lot of your own money would be needed. It would just take one person to run a red light , or other catastrophe, to use up a lot of your stache.

Personally, maybe a lower paying job, with pleasant co workers, would work better for you?

DreamFIRE

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #11 on: May 26, 2018, 09:14:09 AM »

Whether your like your job or not has nothing to do with whether you can FIRE.   But the numbers have to add up.  You need to have a backup plan in case the ACA falls through, regardless of the election results.  Also, make sure your expenses are complete, including long term expenses and factoring in taxes.

BudgetSlasher

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #12 on: May 26, 2018, 10:26:26 AM »
It seems like your biggest problem is a co-worker that is bullying/harassing you. A co-worker, whom you have perviously complained about and has been spoken to/reprimanded/counseled (whatever your office calls it), hopefully with some documentation. In all honesty, the other issues, not liking some other co-workers and having some days that are quite busy, are things I have experienced most places I have worked.

Even if you don't have FIRE money (I'll let others debate that), you do have some FU money. Use it and stand up for yourself. If you feel you can do it confront the co-worker directly. I would tell them in no uncertain terms to stop the behavior and remind them they have already been spoken to once by management. If it doesn't stop, go back to management and/or HR and be clear, that you are being harassed and it makes you uncomfortable at work, be as specific as possible; don't say "I still don't like the way Jim is talking to me", say something like "Jim continues to harass me by making negative/unwelcome comments regarding me in X regard and this makes me feel unwelcome and uncomfortable at work." Give specifics if you can. HR, should take it seriously, especially since you may well be protected by state or federal laws regarding workplace harassment (and they may also face liability). If they don't take it seriously well, then it isn't a place I would want to work anyways. At that point you could walk away or retain an employment lawyer.

A note, I have seen people who complain (even up to sue) treated very differently by co-workers. One person who complained about behavior, lost a bunch of work-friends and that majority of people no longer interacted on with them on anything other than professional matters and even then as little as possible and often by email; obviously they were viewed as being in the wrong. While another time a co-worker complained (actually sue management and won) had a great relationship with all of their co-workers, aside from management who still treated her politely (as they had been sued, lost, and had no appetite to be seen as retaliating, again).

As a counter-point, I have had co-workers who have had issues with either co-workers or management, they all fought or soldiered on for a time and then one day they realized they were done. One quite without a new job lined up, one found a new job, and one reassessed their finances and retired slightly-early. All seeming much happier immediately after making the decision (and the longer term as well). I respect all of them for being able to assess and decide that it was not worth it, put it aside, walk away, and seemingly not think of it again.

I guess what I am saying is, if you want to fight then fight; it could get better or you could still want to leave. If you want to leave, put it all behind you and leave; you can try FIRE and if it/the math doesn't work you can always go back into the workforce or pick up a little work to makeup the difference.

As a disclaimer, I can be a little hot headed and with FU/FIRE money would love to stick it to a co-worker that was harassing me; after all I don't need the job and it is likely that they do. But, I would also be aware that it could make my workplace just as uncomfortable or even more so afterwards.

Sorry for rambling, but perhaps you can pick something of value out of it.

austin944

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #13 on: May 27, 2018, 10:37:19 AM »
i like the client but i dont like  some of my contractor co-workers and one of them constantly makes fun of me.
i told my contractor boss and he spoke to him about that and he stopped for a while but started again recently. (thus this thread.)

You may have some legal recourse:
https://www.eeoc.gov/laws/types/harassment.cfm

State laws may also apply and could be broader than Federal law. 

Every employer I've been with has gone out of their way to train employees to avoid conduct that violates the EEOC.  They have a *huge* incentive to avoid EEOC claims because it costs them big bucks, and it's very damaging to their reputation.  Even just the threat of such a claim, even if it's not obvious it comes under the EEOC, will motivate them to stop the harassment.

« Last Edit: May 27, 2018, 10:40:18 AM by austin944 »

jlcnuke

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #14 on: May 29, 2018, 03:54:57 PM »
Are you going to run away from every situation in life where someone makes fun of you? At some point it would be helpful (and likely good for you psychologically) if you could learn to stand up for yourself. But sure, you could quit and pray that the ACA isn't repealed or go get some other job where you'll probably not get along with everyone either (I've never worked anywhere that I loved every co-worker anyway).

CCCA

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #15 on: May 30, 2018, 11:10:36 AM »
It does seem like you are close to FIRE on the numbers you posted.  $650k x 4% = 26k/yr. 
However, as others have noted, you need to figure out your healthcare premiums and such.  A detailed budget for FIRE expenses would be helpful to know how safe you'll be.  Also knowing how flexible you are with that budget will help. 


While others have pointed out you should confront and or deal with the bullying, I would also say that sometimes work situations are just bad and the easiest thing to do is leave the situation.  Can you get a new job easily? 
One option is for you to do a slow/partial FIRE, which is you get a much more mellow job, even if its very low paying.  You'll cover all of your expenses before RE, but you don't have to save and add to your stache.  The market will hopefully do that for you.  Each year you do that (earn ~$20k/yr) your stache can grow several times your annual spending per year.  Thus you'll have a nice change of pace from a super busy job and your RE will become "safer" as your money grows.  You might also like a job that doesn't have toxic people and high stress.   

bognish

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #16 on: May 30, 2018, 12:37:20 PM »
Is the paid off mortgage a recent thing? It seems like with a 6 figure income and $20k expenses there should be more non-retirement account cash. You definitely have a good FU buffer to address any issues with your current employment without worrying about ending up on skid row. I think you should be very comfortable that you can live long term on $20k before jumping to FIRE and expecting never to need another job.

FIREin2018

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #17 on: June 29, 2018, 07:18:57 PM »
Update:

I finally get fed up and cursed him out.
He leaves me alone now

former player

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #18 on: June 30, 2018, 04:27:02 AM »
Why does your co-worker making fun of you?

Do you eat loudly? Do you have a bad haircut?

I am curious what would lead someone to make fun of a 47 year old
Because that someone is a bully.  They don't need reasons, because the urge to bully comes from within.   Asking the bullied why they are being bullied is putting the cause (and potentially the blame) in entirely the wrong place.


(If you ever have kids it is entirely possible that they will either be bullies or bullied.  If this is the case please take action to put the blame where it belongs.)

« Last Edit: June 30, 2018, 04:29:05 AM by former player »

SwordGuy

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Re: Can you FIRE from a 6figure job you dont like?
« Reply #19 on: June 30, 2018, 11:07:12 AM »
Update:

I finally get fed up and cursed him out.
He leaves me alone now


Bravo!

Well done!

Bullies need to be put in their place.