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$70k question
Old 03-14-2007, 12:43 AM   #1
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$70k question

I am originally from a third world developing country moving back in May/June. Although I have earned and saved well but lost most of money in tech bust and my employer stock. My wife and kids have to leave in May /June otherwise I think my kids will not be able to adjust to local culture due to their age.

I got a good offer (as per local standard) but nowhere near US salary. My savings are nowhere near 4% WR even for local standard. On top of this I think cost of living will increase much faster there, around half of US standard in 15-25 yrs, I am guessing.

If I stay in US till next year April/May, I have calculated that I can save around 70k from regular/retention bonus and salary and cheap living. I will not save anything after my move and my retirement will be solely dependent upon growth of my current portfolio.

I am wondering that is it worth the money to live separately from my family for 10 months? I am not able to imagine as I never was away from my family for more than a week?
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Re: $70k question
Old 03-14-2007, 01:27 AM   #2
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Re: $70k question

What do the people in your home country do? When do they retire and on what? Are you attempting to take an Americanized concept with you? What is the standard of living there? Can you live here alone for 10 months? Only you can decide that. A bird in the hand is worth 2 in the bush. How long will it take you to amass 70K once you get there?
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Re: $70k question
Old 03-14-2007, 01:54 AM   #3
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Re: $70k question

$70K invested over the next 15 to 25 years should build you a nice nest egg.
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Re: $70k question
Old 03-14-2007, 11:36 AM   #4
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Re: $70k question

Quote:
Originally Posted by landover
I think cost of living will increase much faster there, around half of US standard in 15-25 yrs, I am guessing.



I am wondering that is it worth the money to live separately from my family for 10 months? I am not able to imagine as I never was away from my family for more than a week?
Just guessing, if cost of living is rising fast then maybe local investment returns will be rising fast?

And about time away from family, its not for me. Anything over a week and I feel like its too much. Now if you have an extended family structure in the 'old country' then it may be OK for your family but just hard on you.

As to adjusting to local life, 'its hard to go back to the farm after seeing Paris".
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Re: $70k question
Old 03-14-2007, 01:30 PM   #5
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Re: $70k question

Quote:
Originally Posted by landover
If I stay in US till next year April/May, I have calculated that I can save around 70k from regular/retention bonus and salary and cheap living. I will not save anything after my move and my retirement will be solely dependent upon growth of my current portfolio.

I am wondering that is it worth the money to live separately from my family for 10 months? I am not able to imagine as I never was away from my family for more than a week?
I don't know where you are from, but men from many countries where it is hard to make money have families at home while they work here, often for much longer than 10 months. I assume you have family back there who will look out for your wife and kids, help them over rough spots, be sure they don't get too lonesome? Even mothers from some countries like the Philippines spend long years working away from their families.

No way would I leave $70,000 on the table under the conditions that you are describing.

Ha
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Re: $70k question
Old 03-14-2007, 09:01 PM   #6
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Re: $70k question

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No way would I leave $70,000 on the table under the conditions that you are describing.
I completely agree.

My (Silicon Valley high tech) ex-boss went back to Bangladesh and has a great job there (meaning, I guess, something like $800/month). But he was FI before leaving the US and probably made 20 times that much here (although his expenses were much higher). He went back for the same reasons -- if his kids were any older, he didn't feel that they could adjust. I think his oldest was 12 or 13, but did speak the language, and had been going back once a year.

But he never would have gone back before being FI.

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Re: $70k question
Old 03-14-2007, 11:01 PM   #7
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Re: $70k question

Thanks all for your inputs. I am thinking of going back leaving the money. I thought about visiting every month but with added airfares, unpaid leave and jetlag, not worth the effort. It's like x=x+1, or always next year/few more months, cycle needs to be broken.
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Re: $70k question
Old 03-15-2007, 12:28 AM   #8
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Re: $70k question

Another question. Are you vested in the US Social Security and Medicare systems? Is your wife? These are huge sources of wealth.

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Re: $70k question
Old 03-15-2007, 10:56 AM   #9
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Re: $70k question

In the early years of starting a business, I was required to be away from home for weeks at a time. My family is my most important priority. The business was very successful and I am RE now because of it. However, it cost me dearly in terms of family. I have worked / struggled very hard over the last 5 - 8 years to get back into my kids' lives. I'm not certain I would have done it again, if give the chance.

Good luck making this very difficult decision.
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Re: $70k question
Old 03-15-2007, 11:01 AM   #10
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Re: $70k question

If you can save $70,000 in 10 months, you can save a little less than $70,000 and fly them out to visit you (or you to them), can't they? Assuming they/you can get away for a few days once in a while, anyway...
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Re: $70k question
Old 03-18-2007, 04:52 PM   #11
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Re: $70k question

I and spouse have enough credits for SS. Spouse's first response, no way. I guess I am going for now, but it will be final only I board the flight, things can change anytime before that. As far as visiting, I need to go at least ones a month, with this the pay off goes below 45k which is not enough. I still can not imagine how other managed to stay away from families with kids for long periods of time.
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Re: $70k question
Old 03-18-2007, 05:25 PM   #12
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Re: $70k question

Tough call...but unless I was facing financial disaster I can't imagine any circumstances that would make we willing to leave my family for 10 months...just couldn't do it. 10 months is a LONG LONG time in the eyes of small children.
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Re: $70k question
Old 03-18-2007, 05:42 PM   #13
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Re: $70k question

Exactly Old McD!

That's why time flies for older folks and seems to never end for kids.

10 months, in a 10 year old's life is a very big chunk of his/her conscious memory.

10 months to a 50 or 60 year old is a tiny fraction of life.
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Re: $70k question
Old 05-04-2007, 05:50 AM   #14
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Re: $70k question

Well I moved back to my original country. Thanks for all inputs. Fortunately I got a good break and money is not bad. Most of the things are turning out OK, infrastructure is much improved, some shocks, mainly prices of things/rent. And this kind of thing happens with me all the time, $ lost 7-8% compared to local currency as soon I decided to move, I hope it will recover, I have long time horizon.

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Re: $70k question
Old 05-04-2007, 07:23 AM   #15
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Re: $70k question

Thanks for checking in landover. I hope you will tell us more about how things are going for you as you get settled.

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