Hey guys!
My name is Yaro and I am excited over here to share my story.
And the story is just beginning.
I am in late 20s software engineer currently living in Seattle area and have been working for past 5 years at biggest IT company here as contractor through about 7 different vendor companies.
After being lay off many times for stupid corp reasons I am tired working as employee and I am finally quitting my full-time job and moving to south.
My Story:
I came to USA right after I got my master degree from another country with little to no any English and with no work experience. And I wasn't able to find good job right away.
I started working for minimal wage at some hotel. Let's say max what I was getting was $1.6k per month. And I was able to rent a big house and find 7 roommates. And I was living with this money without problem.
Anyway I got bored fast and got second job as pizza delivery driver and basically was working 70hrs per week + I was studying English and coding as well. Oh and I have some business on eBay, basically buy/sell stuff.
As you can see I know how to save money and how to live on minimum.
After couple years I got first job in IT and was growing in career for 5 years.
Unfortunately I have been seeing so many layoffs, re-orgs, people losing their jobs, houses and so on. So I decided that I need to get everything in my hands and be my own boss.
Now:
I just got married last month and she is supporting me in everything!
My last day at my current full-time job will be a day before Christmas and I am so excited for entrepreneurial lifestyle.
Another reasons why I am quitting and moving is the weather. Can't stand rain and clouds anymore. Seattle summer is best for sure, but not winter time.
Where we are moving?
To San Diego, Ca.
It's not the best city where you can find high paying job and save money, but we love over there and so far the best city in USA for us.
And since we don't have kids we decided to move over there for 1 year and then let see.
What will we do?
Work:
I will diversify.
1. I have dozen different websites which already bringing passive income every month to me and it will be almost enough to cover some expenses. Time to cut expenses ;)
2. Create Brand of outdoor products and imports them from China (I wish I could find local suppliers). First 500 units shipped to amazon for sale already.
3. I have software app which is ready to go to the market. Possible earner.
4. Create online services for particular niches. This will take my time after I will quit my full-time job.
5. Later on I would like to create and open local business. My wife will work on it full time. She has good experience, but before we will do it, she will need gain more experience locally.
6. She will find full-time work and also will have photography service as part time.
Enjoy:
1. I will enjoy the freedom from 9 to 5.
2. Sport sport and sport. I love surfing and do any outdoor sport.
3. Become more overall healthy.
4. Enjoy time with our Weimaraner outside.
Current Financial situation:
Currently we only will have my online income. let's say $4k-$5k per month. Possible bigger.
And my wife will find job after 1-2 months which will bring around $3k at least.
So our total income will be around $7k-$8k.
Expenses:
Rent: $2100. (After long research we found 2br apartment for this price. Not fancy or luxury, but not old and crappy. And it's still expensive as hell.)
Utilities: Water/Sewage/Trash/Electricity - Let's say total will be around $200
Cars:
Let me say first. My wife and I are car people. I love everything about them. Was driving on the track as well, but it's too expensive.
$320 for BMW z4 - I have my roadster which I still own about $8k and I won't sell it. Will keep it forever probably.
$540 for Infiniti fx50 - Bought rare SUV to drive to buy groceries, drive to parks with the dog, drive around with family and friends.
Gas: $200 - maybe even less since I will work from home now.
Car insurance for 2 cars and 2 people: $150 from Progressive. My wife got 1 ticket a year ago otherwise it was around $100 only.
Health Insurance: $500 - Minimum health insurance for 2 people + dental. This is too expensive.
Cell Phones: $80 - Currently paying only for 1 service. (AT&T)
Internet: $70
Pet Insurance + Food: $100
Food: $600 - We love to eat good food and yes, we cook almost everyday.
Restaurants: $300 - Once a week going out somewhere.
Total expenses: $5160 per month
Ok, this is a lot.
Let's cut this out and I need your help here:
1. Cars: There is possibility that I might sell SUV, but then when parents, friends are with us we don't have a car and it will be hard to get anywhere with our dog.
Instead I am thinking to get BWM i3. There are some deals going on right now for leasing.
Leasingis the worth thing. But deals like $160 per month is hard to pass + I will able to cut some amount as my business expenses.
2. Rent: After realllyy long reserach we decided to get 2br or 1br+den since I and she will need office. And our family and friends will visit us often.
Yes, we can find cheaper, but either in bad neighberhood, or 40-60 mins away from everything, or no washwer/dryer and of course pet friendly appartment is more expensive.
Can't cut expenses here.
3. Utilites: I bought Kill a Watt tool and figure out what is consuming electricity in the house.
Will have kill switch for all electronics in new place and also will replace all bulbs to LED.
4. Restaurants: We will cut this for couple months. Well, we actully only go together with friends for celberations only.
5. Car Insurance: If some of you knows tricks and tips how to get lower rate please share. Currently we have Progressive auto insurance.
6. Health Insurance: Around $500 for health insurance + dental I got quote for 2 people! Omg this is soo expensive I think. This quote based on my 2015 income.
Can I get quote based on our estimated income in january of 2016? Since it will be only aorund $4k per month? Then of course insurance will be cheaper. Any tips on this guys?
7. Cell Phones: My contract will end up in January and I will get pre-paid service.
My wife has iPhone and I have Android right now. Will switch either to AT&T pre-paid service or some other service.
Any recommendations? I am thinking about to switch to Google FI service, but they don't accept iPhones and this will be deal breaker. Also it should be on GSM network only.
8. Food: we love to eat good and we buy usually quality food. Will get Costco membership and start buying food over there in bulk.
Still Costco usually have exactly the same products which I dislike.
Our debt?
Just cars and some credit cards, but all credit cards where I need to pay % are paid off. Only keeping balance where promo APR is 0%.
Banks and Credit cards:
1. Saving currently at Capital One and it gives 0.75%, will switch either to Discover (0.95%)or American Express(0.95%).
2. Checkings: BoA and Chase. Any tips and tricks which is bank is better for checking account please advice?
3. Bank of America Rewards Cashback - My old credit card and I don't' use it anymore. Just have 10% APR with $0 balance.
4. Citi Double Cashback - 2% cashback on everything.
5. Discover it - rotating 5% cashback on categories.
6. Amex - 6% on groceries, 3% on gas, 1% on everything else.
7. Bank of America Business credit card - Will switch to Chase Business Rewards credit card.
Note, I am just using credit cards for cashbacks and all debt only where APR is currently 0%.
Retirement accounts?
Nope, nothing.
If you have been reading till here then I just want to say thank you!
And If you can help with Cars and Health insurance then it will be great!
And how what are you doing with saving money? How do you invest? PS. I burned once all my money on stocks :/
Cheers guys!