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Oh so close
Old 05-18-2007, 06:18 PM   #1
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Oh so close

I love the forum and find so many of the stories both very inspirational and educational. Thank you all!

I'm 45, no kids, no debt, inexpensive house with mortgage paid off.

Due to this nice market run we have been having, I'm within 40k of my magic number of 1M for FIRE. The problem is I'm miserable (with a capital M) at w*rk and don't think I can hang on much longer. The hours are awful, high stress and my favorite coworkers are leaving. I will be getting no pension but will eventually get social security (if it is around). I will need to provide my for own health insurance.

I don't have the energy, at least without a long break, to look for another job. It will proabably take me 1 year to save the additional 40k. I can live with with the reduced principle but it leaves less for extras like travel etc.

Has anyone faces a similar situation where they just had to get out of a w*rk quigmire and go with a reduced nest egg? Or did you stick it out and keep to your nest egg goal?
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Re: Oh so close
Old 05-18-2007, 06:25 PM   #2
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Re: Oh so close

Yep - the old fashioned way - I was canned(layed off) in 1993 - worked it out in the stretch after the fact - his and hers about 350k(1993 $ remember). I was such a cheap bastard - I can't resist braggin over and over - as forum members can attest.

Sooo - can you pass the belly button and handgrenade tests?

heh heh heh
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Re: Oh so close
Old 05-18-2007, 07:04 PM   #3
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Re: Oh so close

I pulled the plug and got out. Sanity has a price that can not be measured in $'s alone. More money can be made as needed but mental health can not be purchased. By watching the pennies the nest egg has continued to grow for me. Since you have paid off housing, no debt or kids, you should be able to get by on what you have amassed. Especially with the moniker you have, LBYM with time to enjoy life should give you stress relief and then you can decide to re-enter the fray or hang it up and play!
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Re: Oh so close
Old 05-18-2007, 08:22 PM   #4
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Re: Oh so close

I haven't been in your position, however I would say being so close to your target it would be worth the risk of quitting and seeing if you can pare back your expensive to live within a 4% SWR. The worst that could happen is you may need to go part time a few years down the track.

So what are you plans if you do quit?
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Re: Oh so close
Old 05-18-2007, 10:28 PM   #5
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Re: Oh so close

I feel your pain. I intended to retire at the end of '08. But I'm wondering if I'm going to make it. I've taken some time off and feel much better. However will see what happens when I return to the job. Can you take some time off? :P
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Re: Oh so close
Old 05-19-2007, 12:00 AM   #6
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Re: Oh so close

Just curious, with one year left to your goal, could you give us more details on what type of work you do? Typically mega-corp takes a looong time firing anyone, so I would say you risk little and stand to benefit much if you started pushing back on management on the aspects of work that stress you out. Even if they gave you no feedback and got ticked at you, they'd usually have to put you on a PIP/PIM so you'd know you were close to the line and had 30-60 days notice. Meanwhile, your management might makes some changes due to you speaking up that make work a lot more tolerable. If nothing else, you'll feel better telling them how you really feel. Worst case you get fired and take a job at a library for a little while to bridge the gap...
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Re: Oh so close
Old 05-19-2007, 12:31 AM   #7
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Re: Oh so close

Hey Cheap....

I have been mentoring a few people at work who also 'hates' their work... I said to them (and to YOU), have an attitude adjustment....

I had management that were workaholics and wanted me to be one.... I used to come in 'late' (8:30) and left 'on time' around 6 to 7... almost everybody else worked till 8 to 11... I got some flak, but nobody ever got the nerve up to fire me... BUT, I was very good at what I did and my customers like me a lot..

But, most people put the stress on themselves... when someone gives me a deadline that would require a hugh amount of overtime, I say I can not get it done... change your request.. and not stress at all... THIS is what FI does for you...

Again, it is surprising how they just don't seem to know what to do with this attitude from a worker and they adjust to what you want to do... again... you have to produce a good product (whatever it is)... to get away with this..
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Re: Oh so close
Old 05-19-2007, 09:14 AM   #8
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Re: Oh so close

Sounds like you're in pretty good shape regarding debt and mortgage. I say go for it.

My husband is in much the same boat, except we are about 200k short of our goal. It is all he can do to make it to work. We decided to hang it up earlier than planned and just adjust our spending downward. He is going to make it to 55 so he can pull a small pension (barely pays for health insurance), but he had planned to work to 59 and add a couple hundred thousand to our nestegg.

One thing my husband did to make his last year or so tolerable was to get agreement from his company to telecommute some of the time (at his discretion). This has helped, but didn't make him want to work several more years.

At 40,000 to go and 4% WR, you're only talking about $1600 less in spending a year.

Our biggest expense will be our health insurance (15k yearly for two, that is with his company paying an additional 5k of the premiums). Hope you've investigated what yours will cost and have factored that in.
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Re: Oh so close
Old 05-19-2007, 01:58 PM   #9
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Re: Oh so close

Quote:
Originally Posted by CheapSinceBirth
I don't have the energy, at least without a long break, to look for another job. It will proabably take me 1 year to save the additional 40k. I can live with with the reduced principle but it leaves less for extras like travel etc.
Has anyone faces a similar situation where they just had to get out of a w*rk quigmire and go with a reduced nest egg? Or did you stick it out and keep to your nest egg goal?
Welcome to the board, Cheap.

You've pretty well described the problems that are addressed in "Work Less, Live More"...
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Re: Oh so close
Old 05-19-2007, 03:07 PM   #10
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Re: Oh so close

Before deciding to jump be sure you look into Health Insurance and get some quotes. At 45, slogging along at something you hate is horrible, and since you are so close to your target at such a young age you can jump ship. If health insurance is affordable go do it. If not, look for another job with benefits, it doesn't need to pay much if it has good benefits.

My son just started his first job, only paying $12/hr but the heath insurance is costing him $22/month and is excellent with low deductables, small co-pays etc.
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Re: Oh so close
Old 05-19-2007, 03:55 PM   #11
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Re: Oh so close

Thanks for all the great responses.

I have looked at high deductible health insurance plans and I have the option of cobra. I have budgeted 240/month for health insurance to start. This will be one of my major monthly expenses but one I would not go without. Fortunately I have been pretty healthy thus far.

My j*b is with a mega-corp in IT with 24x7 availability via pager and long 12-16 hour weekend shifts 2x per month in addition to regular 40+hr work week (no overtime pay). Unfortunately I have been some what of a star at w*rk and my w*rk ethic will not allow me to slack much without feeling guilty in regards to my co-workers.

I don't want to take much vacation since I could get paid out if I pull the trigger but I could use some sick/personal time to get perspective away from the situation. I think I will take a month to get my ducks in a row and then pull the trigger. As pointed out here on the forum, I could always do some contract or short-term w*rk in the future. I'm also going to take a sharp pencil to the budget to see where I shave $1600/year - guess I will start with that $10/month starbucks

Thanks again for all the suggestions. I feel better already!
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Re: Oh so close
Old 05-19-2007, 09:45 PM   #12
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Re: Oh so close

When you stop working the clothing costs plummet as does the junk food when you are on extended work days. Car insurance can usually drop a notch to pleasure class with less miles driven. Look for the pennies and nickels and dimes and those dollars will take care of themselves!
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Re: Oh so close
Old 05-20-2007, 09:48 AM   #13
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Re: Oh so close



With only 40K to go....I would not stay in the position that you are in especially if it is causing you stress.
BTW...you could get a part time job at Starbucks....free coffee, great 401K and health benefits....something to think about!
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