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Reached FI this week, will fire ourselves in 2012
Old 07-17-2011, 11:39 AM   #1
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Reached FI this week, will fire ourselves in 2012

Hubby (age 49) and I (age 42) reached financial independence this week. We don't owe a dime to anyone and have a net worth of $1.4 million. We live in a house worth $700,000 which at one time was our dream home, which now just is too big and too much money tied up in one egg. Fortunately where we live the oil boom is back on and real estate is on its way up not down. We intend to sell our house in the Spring of 2012 and move to a much nicer climate on Vancouver Island to a much cheaper home ($400-$500,000 with less square footage and cheaper taxes). We have four kids from his previous marriage, two of which have now graduated from highschool and are choosing to work rather than go to college right now. There is $80,000 saved separately for their education which in Canada is enough and hubby has been able to grow that investment by 10% each year. They are fully aware we are moving and quite supportive with the understanding they are now old enough to fly the one hour out to see us alone (youngest is 14) and we intend to fly back several times a year as well. There is some guilt about leaving the kids but on our part, not theirs. They are all living their own lives now and need us less. Perhaps seeing each other once every four of five months would make these relationships better with an appreciation for each other.

Hubby has worked in an extremely high stress job for the last twenty years and gotten paid for it. His company would love to promote him but he has no interest. I have been with him for eight years, married for five and would like to know that he has many healthy happy years ahead, not see him have a heart attack due to work. I really think this will extend his life by about 10-15 years.

At age 60 he will get CPP (Canadian retirement funds) with additional funds available at 65 (old age pension) depending on our income at that point.

I will not necessarily retire, I intend on taking one year off to see what I want to do with the rest of my life and then likely will get at least part-time work. My current job is very stressfull and one I happened into, not chose. If funds ever run low I will return to full-time work to help support us.

Our only bill right now is child support for the two younger children, which we fully intend to pay the same amount to ensure they are well cared for.

The hardest part, frankly, is making it through the next eight months of our life.
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Old 07-17-2011, 11:52 AM   #2
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How exciting for you to have reached FI! Welcome aboard.

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Old 07-17-2011, 01:15 PM   #3
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Congratulations, welcome to the site.
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Old 07-17-2011, 09:22 PM   #4
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Congratulations, Gettingalife.
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Old 07-18-2011, 07:48 AM   #5
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Congrats! My only recommendation would be to take some time off between selling your old home and buying your new, if possible. You may find out that your wants/needs change from what you thought they would be.

Either way, enjoy!
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Old 07-18-2011, 07:56 AM   #6
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Hi Gettingalife.

Congrats, I too am a relatively new member to this forum.

I commend you on your support of your husband who would prefer not to continue with his high pressure/stress work, despite the offer of a promotion and I assume more money. I know my ex wife would have already been working out what to spend the extra money on rather than being worried about my longevity - which is I guess why she is my ex wife

And I wouldnt worry too much about the children. I have a teenager that lives with his mum, and quite frankly every year that goes by, the interest in spending time with me is dwindling compared to the interest in spending time with friends/computer/homework/etc - only natural at that age I guess. They will probably see the flying to see you as an adventure.

Best of luck.
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Old 07-18-2011, 10:06 AM   #7
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Congrats on the FI and your plans to increase your future happiness and lifespan. It is too easy to fall into the trap of always driving for accumulation. May God bless your future together.
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Old 07-19-2011, 03:46 AM   #8
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Old 07-19-2011, 06:49 AM   #9
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Vancouver Island! yes, I'm jealous.... Congratulations. Hope those real estate transactions go well. Stay patient. Great plan.
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Old 07-19-2011, 08:21 AM   #10
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Congrats. What was the event that enabled you to decide on a given date (this week) that you had reachd FI? Looks like your investible assets will be a little under $1million. this will generate maybe $40,000 per year of cash flow pre tax before any CPP. Is this enough given your spending requirements?
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Old 07-19-2011, 08:26 AM   #11
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Congrats! Don't worry about the next 8 months. The journey to FI is the hard part and since you have made that, the next 8 months should be the exciting part as a new chapter of your lives begins.
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FI or Debt Free?
Old 07-19-2011, 11:42 AM   #12
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FI or Debt Free?

Gettingalife, sounds like you are at a good point in your life. Congratulations on making a transition of this magatude.

However, I have a question. Are you truly financially independent or are you simply debt free (albeit with significant savings)? FI is fantastic, debt free is very good. In my mind there is a difference.

DW and I are not debt free. At least not yet. We have a loan on a piece of property but the terms are favorable so we've chosen not to pay it off. The income we have from our investments pays all our expenses including the property. That means we're FI but not debt free.
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Old 07-20-2011, 08:23 AM   #13
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Quote:
Originally Posted by nvestysly View Post
Gettingalife, sounds like you are at a good point in your life. Congratulations on making a transition of this magatude.

However, I have a question. Are you truly financially independent or are you simply debt free (albeit with significant savings)? FI is fantastic, debt free is very good. In my mind there is a difference.

DW and I are not debt free. At least not yet. We have a loan on a piece of property but the terms are favorable so we've chosen not to pay it off. The income we have from our investments pays all our expenses including the property. That means we're FI but not debt free.
FI and debt-free are not mutually exclusive. Many of us are FI but still have debt.

Similar to you, I have debt where the terms are so favorable that I have chosen not to pay it off. While I could be debt free with the stroke of a pen, I choose not to be debt free because I believe that in the long run my investments will earn more than what I am paying on the debt and the debt is not significant to my net worth.

To me, FI is not having to w#$k and being able to live the lifestyle that I want.
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Old 07-20-2011, 10:09 AM   #14
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Congratulations on your accomplishment!
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Old 07-20-2011, 09:05 PM   #15
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Congrats Gettingalife!

If you don't have one already, looks like you need one of those countdown programs to countdown the days before you and hubby are free
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Old 08-11-2011, 04:05 AM   #16
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I empathize with that waiting time. I am planning on moving to Vancouver Island next year too but would happily head there tomorrow if I could.
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