Author Topic: How to?  (Read 2808 times)

freeree

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How to?
« on: January 04, 2018, 10:50:59 AM »
Newbies stink, eh? I would welcome feedback from people who have taken the plunge, quit their jobs and done something radically different. I believe my post belongs somewhere else in this Forum, but it cannot be deleted so I'm modifying it. See Reply #2: My reason for not adhering to the Case Study guidelines. I've distilled my thoughts for your quick consumption. SPOILER ALERT .... hardly ANY financial data. 
« Last Edit: January 06, 2018, 05:15:39 PM by freeree »

CowboyAndIndian

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Re: I'm here, where's there?
« Reply #1 on: January 04, 2018, 11:31:25 AM »
First of all, if you want some great advice, I would suggest you write a case study (https://forum.mrmoneymustache.com/case-studies/how-to-write-a-'case-study'-topic/)

You need to find out how much money you spend for us to tell you where "there" is.

It looks like you are eligible for $4000/month when you are 67 ($1500+$1000+380).

But you are now 57, so if you retire today, you just have $1500/month. Is $1500/month enough for you? If so, your "there" is today. You are done!!!  Assuming you do not sell the condo but live there. If you do sell it, your monthly spending would go up by $666 (4% of $200k divided by 12 months)

If you tell me you need $4000/month, then your "there" is 2028.

So, create a case study and it should be obvious where the excess spending is. You will get plenty of face punches, but this will be for your own good.

Best of luck!



« Last Edit: January 04, 2018, 11:36:43 AM by CowboyAndIndian »

freeree

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My reason for not adhering to the Case Study guidelines
« Reply #2 on: January 06, 2018, 10:05:24 AM »
CowboyAndIndian advised me to write a case study per posted guidelines.

Great advice, but here's the thing: I don't know what bearing my present income/expenses have on my dream of quitting my job. Apart from the usual living expenses my mortgage is the only big debt I have. Since emigrating to the USA my lifestyle has always expanded/contracted based on income aka 'Living within my means.' I have one degree - no student debt. I have a car - no car payment.

I'd like to quit my job and travel the USA doing something. My sister is traveling the world utilizing Workaway. I tried it this summer and it wasn't a good experience. However, I learned a lot. If I were to try it again I would be more cautious and ask more questions.

I could retire at the end of 2018 with $1500/month income and eligible for partial health benefits/VA Healthcare. I would like to travel around the US to find a retirement location that would suit me. Perhaps give myself 1 to 1-1/2 years to find somewhere before selling my CA condo, cashing-out my equity of approx. 200k and buy a modest home, hopefully with a studio apartment rental, in another state.
 
Almost everyone I've talked to tells me to stop whining and settle down. They tell me to live one day at a time (not bad advice), keep my head down and work until I'm 62 or 65 yrs of age. If I have dreams of relocating I don't think I'd be up to the challenge at 62 or 65.

« Last Edit: January 06, 2018, 05:21:11 PM by freeree »

freeree

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Re: How to?
« Reply #3 on: January 07, 2018, 08:20:25 AM »
Finances_With_Purpose - I appreciate your response, thank you. I'd been cruising the forum and seen your advice to 'At A Crossroads...' and dismissed all the recommended resources as not being applicable to me. Ironically, you've responded to my post and personally recommended them - duly noted.

I've lost confidence in myself over the past few years, maybe it's the environment I'm in or getting older, I'm not sure. When I left the UK for the US, people told me not to do it ... I did it. When I joined the US Army, ditto, I did it. Going to college, moving from the High Desert to the Bay Area... you name it, I've thought about it, weighed the pros/cons and taken action.

However, quitting a job I've been at for over 15 years is REALLY scary. I'm grateful that I have a job which provides excellent benefits and a pension. People have suggested I  'coast' for the next few years: I've been passed over for promotion many times and it's nigh on impossible for me to get fired. I could do it, but I'm not sure if coasting is for me, I've mastered my job and I take great pride in doing it well, even though I often have to deal with angry, and frustrated property owners. 

freeree

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Re: How to?
« Reply #4 on: January 08, 2018, 08:49:55 AM »
FWP & Spartana,

It's probably not cool to say this here, in a hardcore, Badassity Forum, but you both brought me to tears. Not angry tears, but tears of relief that you get me, and you're both trying to give me the best possible advice.

All ppl in life have to make decisions, it's a life process. In my earlier post I'd mentioned the BIG decisions I've made because if I'd listened to other ppl, not wishing the best for me, I would NOT have followed through on the things I've done.

Spartana - wow, thank you, what you said resonated with me. When I was passed over for promotion for maybe the 3-4th time, I was open to other opportunities. I eventually became involved with Union activities, and during contract negotiations I put my neck out on the chopping block by making a presentation to upper mgmt. I earned my colleagues, and myself, a 1% increase for two consecutive years.

I'm relating this story to you since it surprised me that I was THAT kind of a person. I know ultimately the presentation was self-serving, but it benefited many ppl and it gave me a great sense of satisfaction. I'd love to be rich, but unless I stumbled across a passion that translated to riches it's not going to happen. I'm happier making a difference in peoples' lives. That surprised me since I grew up in a very anti-social family, and unless we got paid for something we weren't doing it. Does that make sense?

A few more comments and then I'll shut-up. When I first posted my dilemma I didn't realize that I was hoping someone would say "sounds good to me, DO it!!!" In the space of a few days I've come a long way, baby! I understand many talented, experienced, financial experts visit this forum but I don't need someone poring over my financials, thank you. Meanwhile I'm still working, saving, being active, exploring different hobbies, looking after pets, weaning myself off TV, being a moderator on a reuse site, etc. Just want to add that, in case ppl think I'm staring at my navel wondering how I'm going to make FI happen.
 
« Last Edit: January 08, 2018, 09:40:08 AM by freeree »

freeree

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Re: How to?
« Reply #5 on: January 08, 2018, 06:32:31 PM »
FWP & Spartana: Gosh, I hope you don't mind me addressing you both at the same time. I called in sick today <gasp, surprise>. My son told me I've been doing a lot of that lately ... not gasping, calling in sick. No TV watching, taking care of a lot of loose ends. I've set goals for myself for this year: fix broken stuff in my condo, spring-clean, shred p/work, get rid of unnecessary stuff. I'll also be reading recommended books (thanks, FWP), government data (help put me to sleep), and volunteering (already signed-up for a repair cafe event).

If you both lived close-by I'd treat you to coffee, lunch, whatever made your day. A small token of my gratitude since I consider your feedback priceless. I'm going to be busy so I'll say 'see you later' since this Forum could be addictive [for me]. I've got enough input to chew-on for the time being. Let's hope when I next check-in my situation is vastly different. Thank you.

P.S. I found a past emailed quote for career/life coaching "90 minute discovery session ($300) followed by 50 minute sessions ($150)." Alternative: Now What?: 90 Days to a New Life Direction $1.99 + shipping, TED talk - free; plus a few hours of thinking/soul searching.
« Last Edit: January 08, 2018, 09:13:58 PM by freeree »