Poll

FU TARGET (choose lowest option that applies)

$0 - I'm confident that I'll always find something to keep food on the table
11 (4%)
<$50k
72 (25.9%)
<$100k
41 (14.7%)
<$150k
12 (4.3%)
<$200k
12 (4.3%)
<$250k
13 (4.7%)
<$300k
8 (2.9%)
<$400k
6 (2.2%)
<$500k
22 (7.9%)
<$600k
9 (3.2%)
<$700k
10 (3.6%)
<$800k
12 (4.3%)
<$900k
4 (1.4%)
<$1000k
11 (4%)
Over a meeeeelion
35 (12.6%)

Total Members Voted: 262

Author Topic: How much is your FU (not FIRE) money?  (Read 22671 times)

dragoncar

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How much is your FU (not FIRE) money?
« on: October 17, 2013, 08:01:38 PM »
We've discussed target retirement income and stash previously:

www.mrmoneymustache.com/forum/ask-a-mustachian/what-is-your-number-how-much-would-you-'retire'-on

www.mrmoneymustache.com/forum/ask-a-mustachian/what's-your-target-annual-income-in-retirement

But I'm curious about an intermediate goal:  FU money.  For this poll, I define FU money as enough to feel secure enough that you no longer fear losing your job (in case you lose your job or your job becomes extremely toxic).  Maybe it's enough to strike out and search for your "dream job".

Perhaps this covers your bare bones expenses, expenses for 10 months, for 10 years, etc. 

Hopefully the options aren't confusing as written

For me, I'd be scared that being out of work would severely hamper my future earning potential, so my number is high, even though I could survive for years on my current stash

Russ

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Re: How much is your FU (not FIRE) money?
« Reply #1 on: October 17, 2013, 08:16:17 PM »
6 months expenses which, while much closer to $0 than $50k, is still nonzero, so I voted <$50k. That's how long it took me to get my current kickass job and I'd like the time to find a similarly kickass job if necessary, even though I'm sure I could find a very decent job much sooner than that..

Insanity

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Re: How much is your FU (not FIRE) money?
« Reply #2 on: October 17, 2013, 08:17:58 PM »
I put in $400K.  That's combined retirement accounts and emergency fund.  And it would be based on trying to get a business started on my own.  I don't think I would ever just walk away from a job, even if I hated it that much.

SwordGuy

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Re: How much is your FU (not FIRE) money?
« Reply #3 on: October 17, 2013, 08:21:49 PM »
I don't count 401k and IRA money in my FU stache.  That's retirement only money!

matchewed

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Re: How much is your FU (not FIRE) money?
« Reply #4 on: October 17, 2013, 09:14:17 PM »
Shouldn't there be a pinky somewhere near that last one?

That goofiness aside, I'm low enough income currently that a long term stint of unemployment wouldn't drastically affect my earnings potential and in fact may increase it as school would be much easier to afford if I had no taxable income. It's an idea I've been playing with of traveling and adventuring for a year or so and then return to "normal" life to complete my education. So basically other than being able to support myself for >1 year if I needed to just job search, the FU money is also enough to push the reset button on the ol' career.

So I have my FU money ready right now. And given some rather heavy handed hints from the men upstairs it's a good thing it is there although I don't think those hints are for me... but you never know I guess.

RobertBirnie

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Re: How much is your FU (not FIRE) money?
« Reply #5 on: October 18, 2013, 01:20:11 AM »
Sorry, I'm still relatively knew here. What are the words for FU and FIRE acronyms? I believe the FI is financially independent but get stuck on the rest...

Adventine

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Re: How much is your FU (not FIRE) money?
« Reply #6 on: October 18, 2013, 03:54:09 AM »
I picked "Over a meeeeelion." Just because it made me chuckle out loud.

And because it's true (at least in local currency)!

matchewed

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Re: How much is your FU (not FIRE) money?
« Reply #7 on: October 18, 2013, 05:03:09 AM »
Sorry, I'm still relatively knew here. What are the words for FU and FIRE acronyms? I believe the FI is financially independent but get stuck on the rest...

FU - Fuck U money. Enough money that if you got into an argument with your boss that got heated enough you'd feel confident enough that you could burn the bridge (not that you should). A more reasonable example is enough money to let you reset your career, or take a six month adventure, or pursue the art of underwater basket weaving.

FIRE - Financial Independence Retire Early

Rural

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Re: How much is your FU (not FIRE) money?
« Reply #8 on: October 18, 2013, 05:59:32 AM »
This is a hard one for me. On the one hand, I'm currently working a "dream job" and can't foresee wanting to walk. On the other hand, finding anything else similar anywhere nearby is unlikely in the extreme There's one other college that might reasonably be within driving distance, but trying to get a tenured or TT position at a specific other college while unemployed is waiting for lightning to strike a second time. My admin experience might give me an in, might not.

I very much want to stay 6.5 more years; that vests me in the pension plan and gets me to the public service forgiveness mark for my student loans. The other college would lose me the pension but not the public service.

Moving elsewhere for a job is out of the question; we built this place ourselves (as in with hammer in hand, not as in hired builders), and we don't have to move, because there are jobs, even if they're mill work/fast food/etc.

Add to that my side hustle, which has been a decent full-time gig in the past and could be again.

...So it's complicated. Mine is either $0 or enough for FIRE, depending on the circumstances, but I can't ever see myself walking away with the intention of finding another job.

FU money for my husband and I to both walk at the same time? That would be a more difficult question. I don't think we have that, quite, though we could live for six months or more on the current savings and checking accounts if we had to. We could also live on one grunt job or two part-time ones, depending on health care issues. Things would have to be very, very bad, though; he's in his dream job, too, even more so than me. I wanted a teaching college. He wanted this high school, his alma mater.

Perhaps the upshot is that we don't really need FU money.
« Last Edit: October 18, 2013, 06:01:39 AM by Rural »

Zamboni

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Re: How much is your FU (not FIRE) money?
« Reply #9 on: October 18, 2013, 06:19:47 AM »
I really like my current job.  Indeed, I've never had a job where the work itself was a problem for me.  I like to work and generally get along with everyone swimmingly.  But, I've endured miserable situations in the past, primarily because of abusive, unethical bosses or harassing coworkers who, frankly, were horrible to many people (including with my present employer when unfortunately I had nothing banked, but I was able to apply for something else internally and move myself.)  If it got bad enough, and I didn't think I could move quickly enough within the company, then I would walk and feel okay with what's in the bank at this point.  It would be difficult to find another job just like my current situation, but I am confident that I could keep myself afloat between my savings and my skills.

arebelspy

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Re: How much is your FU (not FIRE) money?
« Reply #10 on: October 18, 2013, 10:03:54 AM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.
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dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #11 on: October 18, 2013, 11:40:14 AM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.

Sounds a little contradictory.  If you had $0 assets and a job with a terrible boss that was just an unavoidable jackass (but not in an illegal way), would you or would you not quit without a job lined up?  If you would stick it out for however long it takes to find a new job, I consider that a non-FU response.

If you would leave with $0 assets and just figure things out, then I'd say you are very comfortable with risk/confident, and yes your FU requirement is $0.

RobertBirnie

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Re: How much is your FU (not FIRE) money?
« Reply #12 on: October 18, 2013, 11:52:18 AM »
0! I get calls from job recruiters daily, and I got an offer for my current job in a little over a week. I'm fairly confident that I could find a job in under a month. And considering my wife makes enough to cover us expenses wise, I wouldn't hesitate.

matchewed, thanks a meeeeelion for the answer!

lackofstache

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Re: How much is your FU (not FIRE) money?
« Reply #13 on: October 18, 2013, 12:41:40 PM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.

I agree that FU & FI are pretty much the same thing, but the OP specified FU(FI) not FIRE...

dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #14 on: October 18, 2013, 01:05:36 PM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.

I agree that FU & FI are pretty much the same thing, but the OP specified FU(FI) not FIRE...

For the risk averse they are the same.  For plenty here, they are different.  Look how many <$50k answers we have!

lackofstache

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Re: How much is your FU (not FIRE) money?
« Reply #15 on: October 18, 2013, 01:29:36 PM »
I think in order to say FU, you are FI on some level. That may not mean you can retire permanently, but at least take a break.

arebelspy

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Re: How much is your FU (not FIRE) money?
« Reply #16 on: October 18, 2013, 02:49:01 PM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.

Sounds a little contradictory.  If you had $0 assets and a job with a terrible boss that was just an unavoidable jackass (but not in an illegal way), would you or would you not quit without a job lined up?  If you would stick it out for however long it takes to find a new job, I consider that a non-FU response.

If you would leave with $0 assets and just figure things out, then I'd say you are very comfortable with risk/confident, and yes your FU requirement is $0.

I think you misunderstand me.  The reason why this is an interesting puzzle to me is because the answer is both 0 and the same as my FI amount.

In other words, I'd love my job, so my FU money is the same as my FI/RE money.  But I wouldn't do a job I didn't love.

I can't imagine being in the situation you describe, it's a nonsensical question, so I both would and would not quit.

It's Schrodinger's job.
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TS

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Re: How much is your FU (not FIRE) money?
« Reply #17 on: October 18, 2013, 03:00:53 PM »
I wouldn't quit until I was FI also.  If I really hated my job, I might consider a slightly higher SWR (say 3.5% instead of the 3% I am aiming for) just to get out though ...

Ozstache

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Re: How much is your FU (not FIRE) money?
« Reply #18 on: October 18, 2013, 03:06:18 PM »
With FIRE comes great FU ability!

gooki

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Re: How much is your FU (not FIRE) money?
« Reply #19 on: October 18, 2013, 03:07:20 PM »
For me the question is. How much money would I need saved/invested to quit my job without another one lined up.

Work environments can change from ones you love to ones you hate as managers come and go.
« Last Edit: October 19, 2013, 11:45:46 PM by gooki »

KulshanGirl

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Re: How much is your FU (not FIRE) money?
« Reply #20 on: October 18, 2013, 03:19:59 PM »
I marked less than $50K.  For me, that number is around 6 months lean living expenses.  And it doesn't at all mean that I would even really walk.  It means that I sit here differently at work knowing I have the option.  I don't think I would actually ever quit even if I hated my job, which I don't.  That's not in line with my goals.  But having the option available at any time, knowing that I've given myself permission, makes my relationship to work different than it would otherwise be.  My FU is a big FU to any possibility of feeling stuck.  :)   

dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #21 on: October 18, 2013, 04:18:14 PM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

But I also wouldn't put up with anything I didn't enjoy, so FU money is $0 (i.e. I'd find some other way to make money if I didn't enjoy what I did).

I guess it's a weird question because I can't imagine being in a situation I didn't enjoy and saying F U and quitting, so the quitting point only comes at FI. 

So I guess $0 is more accurate, but putting my FI number, based on my situation, as my FU number also is accurate.

Sounds a little contradictory.  If you had $0 assets and a job with a terrible boss that was just an unavoidable jackass (but not in an illegal way), would you or would you not quit without a job lined up?  If you would stick it out for however long it takes to find a new job, I consider that a non-FU response.

If you would leave with $0 assets and just figure things out, then I'd say you are very comfortable with risk/confident, and yes your FU requirement is $0.

I think you misunderstand me.  The reason why this is an interesting puzzle to me is because the answer is both 0 and the same as my FI amount.

In other words, I'd love my job, so my FU money is the same as my FI/RE money.  But I wouldn't do a job I didn't love.

I can't imagine being in the situation you describe, it's a nonsensical question, so I both would and would not quit.

It's Schrodinger's job.

So you can't imagine, say, your company gets bought out or merges and some terrible manager comes in?  Or all your coworkers get laid off leaving you to pick up the slack?  You do have that optimism gun turned to 11 don't you?

I'm guessing based on your answer that your FU money is somewhere between 0 and what you have. You may choose not to quit, but you wouldn't let finances dictate that decision.

arebelspy

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Re: How much is your FU (not FIRE) money?
« Reply #22 on: October 18, 2013, 04:23:09 PM »
I am a teacher, so no, I am not worried about a merger.
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dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #23 on: October 18, 2013, 04:40:21 PM »
I am a teacher, so no, I am not worried about a merger.

haha bad students?  C'mon man work with me here.  You are saying the equivalent of "oh, I don't have a target retirement savings because I can't see ever leaving my job"

gimp

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Re: How much is your FU (not FIRE) money?
« Reply #24 on: October 18, 2013, 05:05:04 PM »
I chose $0.

I can live on almost no money, and I'm confident I can make enough to survive anywhere, doing anything.

I'd rather not, of course! But if things are really bad for some reason, well...

lhamo

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Re: How much is your FU (not FIRE) money?
« Reply #25 on: October 18, 2013, 05:17:31 PM »
I answered with a pretty high number, the equivalent of about 2-4 years of current expenses (2 if we kept kids in the same school, 3 if we pulled them out and homeschooled).  Actually I would prefer to have enough to pay off our mortgage, but that figure wasn't an option to choose.

I actually have some experience with this.  One of the factors that allowed me to quit my Horrible Soul Sucking Job (HSSJ) a few years ago was that we had a huge cash reserve to fall back on.   At the time that money was earning a tidy 5% or so in high interest checking accounts and DCs, which was a nice perk.  We ended up not having to touch it -- we were able to live off of DH's salary and my stipend from the fellowship I got until I lined up my next position -- but knowing it was there made it much easier to pull the plug.  I didn't have to worry about the finances at all, because at our burn rate at the time we both could have not worked for 10+ years and been able to fund it with that cash stash.

We now have less in cash reserves than we did at that time, but plenty for either of us to walk at any time.  So I picked roughly the number we have in our cash accounts.  I keep the money there so that we can pay off the mortgage quickly if we have to.  Though realistically, if we did change jobs or quit and decide not to stay in Beijing, probably one of the first things we would do is sell our lottery ticket in the sky.  Then we would need to decide whether we are going to consider ourselves FIRED or have one or both of us continue to seek paid employment.

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Re: How much is your FU (not FIRE) money?
« Reply #26 on: October 18, 2013, 06:24:42 PM »
I'm one of the "one meeelion" and here's why.

I'm a sahm, although i do take my role in home economics very seriously :), and my dh has about 8 yrs left to retire from AD army. So i asked him, and for him to "give up" his great retirement, after he's more than half way there, and now finally making the "big bucks" he said "a gazillion dollars" so a meeelion was closest to that...

Anyways, thought i shoukd explain.

Melody

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Re: How much is your FU (not FIRE) money?
« Reply #27 on: October 18, 2013, 08:05:17 PM »
$7000. Single, Debt free and living in a country with free public healthcare and quite generous unemployment benefits which kick in immediately if you get fired or after 6 weeks if you say FU. $2k would easily cover 6 weeks of living expenses, and $5000 is the maximum amount of liquid assets you are allowed to still be eligible for benefits. It would therefore take a very long time for the $5k to run out as benefits would cover my rent, bills, food and majority of transport expenses. If another job still hadn't been obtained by the time the $5k had ran out, I could sell my car... so could easily go 2 or so years on the $7k FU money.
In reality I wouldn't quit any job until I has another one lined up unless there were extenuating circumstances - the only thing I can think of would be sexual harassment or (extreme) workplace bullying.

steveo

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Re: How much is your FU (not FIRE) money?
« Reply #28 on: October 18, 2013, 08:38:21 PM »
My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

I feel exactly like this. I though won't quit my job unless I have another job or I'm FI.

dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #29 on: October 18, 2013, 08:46:56 PM »
My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

I feel exactly like this. I though won't quit my job unless I have another job or I'm FI.

If you wait until you have another job lined up, it's not FU money anymore IMHO.  That's is, everybody wouldnandswer $0 because it wouldn't matter how much money you have if you already have another job lined up

Zamboni

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Re: How much is your FU (not FIRE) money?
« Reply #30 on: October 18, 2013, 09:00:43 PM »
It's Schrodinger's job.
First time on MMM I wish I had little emoticons.  Yer killin' me!

limeandpepper

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Re: How much is your FU (not FIRE) money?
« Reply #31 on: October 19, 2013, 07:09:28 AM »
I think it really depends on your perception or definition of FU money. For me, FU money is probably around $50k - $100k, while courage-giving, dream-chasing money (which to me is a different thing to FU money, and perhaps more like semi-FI money) is ideally more like $150k and above, I think. But the money that I deem "enough" will also vary depending on age or life stage.

For the purposes of this survey, though, my FU money number became apparent to me when I had no qualms openly telling my colleagues (the ones I'm friendly with) that I wouldn't mind being laid off. This was about a couple years ago. I don't hate my job, but I don't really like it that much either, so while I'm happy to keep working and saving and thus not in a hurry to quit, I'd also be happy to be made redundant, especially if I get decent severance as well. At the time I had enough money saved to last me a few years, and I figured that I would surely be able to find another job within a few months, if I really wanted one and wasn't too picky.

ender

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Re: How much is your FU (not FIRE) money?
« Reply #32 on: October 19, 2013, 02:11:35 PM »
I think you misunderstand me.  The reason why this is an interesting puzzle to me is because the answer is both 0 and the same as my FI amount.

In other words, I'd love my job, so my FU money is the same as my FI/RE money.  But I wouldn't do a job I didn't love.

I can't imagine being in the situation you describe, it's a nonsensical question, so I both would and would not quit.

It's Schrodinger's job.

This is pretty similar to me, actually.


arebelspy

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Re: How much is your FU (not FIRE) money?
« Reply #33 on: October 19, 2013, 05:13:39 PM »
Heh, thanks.  I didn't know if what I was saying sounded like jibberish, it's hard to describe.  :P
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steveo

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Re: How much is your FU (not FIRE) money?
« Reply #34 on: October 19, 2013, 05:15:08 PM »
My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

I feel exactly like this. I though won't quit my job unless I have another job or I'm FI.

If you wait until you have another job lined up, it's not FU money anymore IMHO.  That's is, everybody wouldnandswer $0 because it wouldn't matter how much money you have if you already have another job lined up

I agree. To me FU money is my FI money. I don't see the difference. At the moment I'm looking at a little less than 1 million however I might just aim for 1 million plus owning my house.

ichangedmyname

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Re: How much is your FU (not FIRE) money?
« Reply #35 on: October 19, 2013, 11:07:47 PM »
I picked $150k because that would make me an almost 5 millionaire in my home country. I'll move back home, start a farm and die while raising chickens :D

dragoncar

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Re: How much is your FU (not FIRE) money?
« Reply #36 on: October 20, 2013, 01:20:06 AM »
My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.

I feel exactly like this. I though won't quit my job unless I have another job or I'm FI.

If you wait until you have another job lined up, it's not FU money anymore IMHO.  That's is, everybody wouldnandswer $0 because it wouldn't matter how much money you have if you already have another job lined up

I agree. To me FU money is my FI money. I don't see the difference. At the moment I'm looking at a little less than 1 million however I might just aim for 1 million plus owning my house.

To me, FU money isn't the same as FI money because with FU money I would still need supplemental income, but it could be a "fun" job that pays poorly.  I'd still have to work, but could be an artist or whatever

Kriegsspiel

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Re: How much is your FU (not FIRE) money?
« Reply #37 on: October 20, 2013, 08:27:02 AM »
I picked $50,000. With my expenses, that'd be plenty to let me not die until I found a different job to continue on the way to 25x expenses.

MrsPete

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Re: How much is your FU (not FIRE) money?
« Reply #38 on: October 20, 2013, 02:45:24 PM »
Hmm interesting question.

My first response is that there is no difference between FU money and FI money to me - I wouldn't quit until I was FI.
Yeah, I agree.  I like my job, and I wouldn't leave because of a blow-up of some sort.  I've been working long enough to see that these things tend to be over pretty quickly, and the people who make the biggest stink about them tend to be the ones who come out on the bottom.

When I do have a problem at work, I genuinely leave it behind at the end of the day.  I used to have trouble with that when I was younger, but it's one of those things that's become easier with age.  My work is not my life. 

I have a financial plan.  I'm not allowing some jerk to change my plan.   

Lauran75

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Re: How much is your FU (not FIRE) money?
« Reply #39 on: October 20, 2013, 06:29:44 PM »
I've actually figuratively done the FU once, and then a second time had it forced on me. The first time was when I was a teacher. At the beginning of my second year at a school/7th year teaching, I realized I needed a break. So I started saving earnestly - I think I had probably a 45% savings rate on top of what I was putting in my 403(b). At the end of the two years, I had roughly 15k saved, and pulled the plug. About that same time a family member was having a huge crisis, so we ended up moving into an apartment together. 4 months later I found part-time work at a temp agency. 10 months later when I was down to my last 2k, I found an admin asst. job. During this time I also went through a program which cost approximately 2.5k (and was worth every penny!)

My admin asst job paid about 60% of what I earned as a teacher. However, in 3 years at that job (before I was laid off), I was able to again save approximately 15k. When I was laid off (the day before my 3 year anniversary) I went part-time making minimum wage at a local gym. It was then that I decided to go back to school and get my Master's in Library Science. So I moved from my apartment after selling/giving away a lot of stuff, into a rented room. Over the two years it took for me to earn my degree, I lived in 3 different rented rooms (problematic landlord, landlord sold house due to divorce, and then the final one before moving for my current job.) When I moved to my second rented room I was too far away from the gym to continue there, so I picked up tutoring jobs.

By the time I graduated, found my current job, and had my first paycheck, I was down to my last $200. That was a total of approximately 28 months from layoff to first paycheck. This covered graduate school tuition, books, living expenses, moving expenses, expensive car repairs, etc. (I did receive about $2500 in scholarship money, and was also able to sell most of my textbooks for the same or more I paid.)

So, I would say that $10k would be more than enough to give me the time to find another position (I receive lots of emails with job openings which only opened AFTER the school year started. Of course to take most of them you would need great flexibility in where you live.)

michaelrecycles

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Re: How much is your FU (not FIRE) money?
« Reply #40 on: October 20, 2013, 08:30:48 PM »
A few things contributing to my reasoning:

1) I do not include my 401k / IRA balances in this figure, since you'd presumably have to start tapping into the FU money once you said FU.
2) My FU figure isn't very big because I feel flexible enough to make adjustments in an emergency and confident enough to make a new beginning. Gaining that empowerment is part of the beauty of reading this blog.

Basically, I consider the FU money similar to an emergency fund, but a little higher. Definitely less than $50k.

frugalcoconut

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Re: How much is your FU (not FIRE) money?
« Reply #41 on: November 15, 2013, 08:43:14 PM »
I plan on staying with my current employer until the day I retire.  It's a great company with awesome benefits and my job is perfect for me.

Saying "FU" before I'm FI would mean trying to replace it with something else ... not likely to happen.


Spendysaurus

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Re: How much is your FU (not FIRE) money?
« Reply #42 on: September 30, 2017, 04:14:40 AM »
I know this is an old post but it got me thinking about the time I said FU.

I was 8 years out of college and had spent the first 5 years doing work that didn't add much to my resume.  So when I did find something serious in 2010, I went all in.  But after 3 years, in 2013, due to some manager changes and a toxic Production Manager, I was burnt out and had zero motivation.  After a bad periodic review from the engineering manager, I said FU and walked out.  I had a good personal relationship with him but he did stall and micro-manage way too much.  So I didn't exactly relish in the fact that the multi-million dollar acquisition I was supposed to lead did not do well after my departure.

About finances, I had enough (with my wife) to say FU:

July 2013
Primary home:  $405,000 pocket value, paid in full
Secondary home:  $260,000 pocket value, paid in full
ETF's:  $181,000
Cash:  $67,000
401(k):  $2,700
Total:  $916,000

Today
Primary home:  $420,000 pocket value, still PIF
Second home:  Sold for $276,000 pocket value and moved money to stock portfolio below.
ETF's:  $410,000
IRA's:  $13,000
401(k):  $11,000
Cash:  enough to pay monthly bills
Total:  $854,000

That's a loss of $62,000 loss over the past 4 years. 

I did take a total of 15 months off full-time work to straighten my head out.  In that time, sadly, my mother passed away.  My share of the estate was about $35,000 and a temporary engineering position netted $13,000 during the following summer.  We also started renting out the second home 5 months after I quit.  That provided about $10,000 of income during my time off.  Even still, with $58,000 intake during those 15 months, we saw an equal long-term loss.   

Part of the problem about my situation is that I have 2 older children (currently 15 and 17), who I pay $1,000/month in court mandated support.  This obligation is still required to be paid when you quit.  Plus, we have 3 cars, though they all now have over 100,000 miles each.  Property tax for our house is $8,600/year.  Our dogs ate raw until recently so that bill is $220/month.  We had $15,000 in medical bills over the past 2 years and have recently relocated to Virginia, which is a horrible place to live and so are moving back north.  Relocating on your own is expensive enough but to do it 10 months later is a double whammy.  There are certainly things we could do to have offset the losses, but we just chose not to.  That's why I'm here and this is my first post. 

Though, I guess, looking at it now, most of that loss is due to relocating ($40,000 for rent and moving) and $15,000 for medical bills.  If I exclude the cost of this year, things would look pretty even-Steven.

If you have a house, marriage and/or family, I'd suggest at least $50,000 if you want to walk off.  You will likely spend it all if you don't start working quickly.  But if you do say FU, chances are, you will need a break.  And remember that there are repercussions.  The engineering community where I live is somewhat small so references are very important.  I have rebounded but when I went back to work, the pay was significantly lower than I would have liked.  Fortunately, it was a creative position at a start-up so I didn't really mind.  It helped me to get back into working and that's the important thing.
« Last Edit: September 30, 2017, 04:51:15 AM by Spendysaurus »

arebelspy

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Re: How much is your FU (not FIRE) money?
« Reply #43 on: September 30, 2017, 04:19:55 PM »
Interesting rereading my posts nearly four years later.

I see what I was saying, but I can accept the hypothetical better now. I voted $0--there is no time I would work at a job I didn't like.
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TravelJunkyQC

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Re: How much is your FU (not FIRE) money?
« Reply #44 on: October 02, 2017, 09:01:00 AM »
I put 0$. For three reasons: 1) my partner makes enough that we could live off his income comfortably and still put money aside every month, and 2) I've already quit a job that had me throwing up at work, and I won't ever put myself in that situation again, and 3) I've been a waitress and worked in retail as a student, and although it wasn't work I enjoyed, I know that I'd be able to put food on the table no matter what if shit really hit the fan.

Free Spirit

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Re: How much is your FU (not FIRE) money?
« Reply #45 on: October 02, 2017, 09:59:26 AM »
First, thanks ARS for resurrecting this thread.


If you had $0 assets and a job with a terrible boss that was just an unavoidable jackass (but not in an illegal way), would you or would you not quit without a job lined up?

This was me at the beginning of the year although I had a little bit more than $0. I couldn't take it anymore and said "F it!" I walked out without any notice or another job lined up. Bridge successfully burned. I had sort of been planning it but things happen and one situation became the proverbial straw so to speak. My amount was one year of expenses for the household which is equal to 2 years of my half since my husband and I split things 50/50. It is less than $50,000 but not $0.

At first I thought I'd take a 6 month sabbatical but I ended up needing 6 months just to deal with the ptsd that came from my job. I have decided to take the full year off, switch gears, and move into something totally different. We'll see what happens.



Spendysaurus

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Re: How much is your FU (not FIRE) money?
« Reply #46 on: October 04, 2017, 10:02:47 PM »
First, thanks ARS for resurrecting this thread.


If you had $0 assets and a job with a terrible boss that was just an unavoidable jackass (but not in an illegal way), would you or would you not quit without a job lined up?

This was me at the beginning of the year although I had a little bit more than $0. I couldn't take it anymore and said "F it!" I walked out without any notice or another job lined up. Bridge successfully burned. I had sort of been planning it but things happen and one situation became the proverbial straw so to speak. My amount was one year of expenses for the household which is equal to 2 years of my half since my husband and I split things 50/50. It is less than $50,000 but not $0.

At first I thought I'd take a 6 month sabbatical but I ended up needing 6 months just to deal with the ptsd that came from my job. I have decided to take the full year off, switch gears, and move into something totally different. We'll see what happens.

Yes!  That's exactly it!  What people don't factor in is that if you get to the point of FU, there's likely some necessary time off.  Chances are you'll have other life stresses contributing to the decision.  Unsupportive partner, sick family member, drug/alcohol dependency, money itself!  These things don't help. Whatever ails ya, it'll have to be addressed.

TartanTallulah

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Re: How much is your FU (not FIRE) money?
« Reply #47 on: October 05, 2017, 02:34:13 PM »
My FU amount is £2,000 in cash for every month until my 55th birthday, at which point I'll be able to retire in comfort, if not affluence. I don't count my "retirement" or "contingency" savings and investments as FU money, it's purely what I'd have immediately available to live on until I can draw on my SIPP. This means that with every month that passes the amount of FU money I have goes up and the amount of FU money I need goes down. At the moment, nearly 18 months from my 55th birthday, I'm some way off, but if my savings rate holds up I'll be at FU point in March 2018 with around £24,000.

But there's also a quality of life tipping point. If my job became intolerable, I'm sure I'd find that I could live on less money than I think I can.