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01-03-2008, 07:57 PM
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#1
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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Giving Notice Tommorrow!
The home office is ready. My wife gave notice today (her boss was out tomorrow) and I give notice tomorrow.
I have not posted here is a while, but to remind everyone, we decided to bail from corporate life and work at home. I am hanging out my shingle as a consultant, and my wife is quiting to be the (home) office manager, taking care of all non-billable task and also helping out with some consulting work. I figure she is actually more capable than the new hires I work with right out of school.
The plan is for me to put in 40 hours, and her 20, which will net us about 15 hours in commute time, 10-15 hours/week of my work time, and 20-25 hour/week of her work time. Total savings: About 45 to 55 hours/week. The cost? We do not know yet but I expect our income to drop from about $225 to about $120-150k. This is significantly more than we spend now (about $80-$100k w/taxes), so we expect to be able to continue to save.
Purchase to date include:
Two sets of office furniture
Two computers
A color multifunction printer
A 650 SF home office addition (the big ticket item)
E&O insurance
HSA Heathcare plan
Misc software
Accountant and Lawyer professional fees
The hardest part about all of this has been the acceptance that we are both quiting jobs that are dream positions to most people in order to cut our income in half. I still kind of feel like I am being stupid doing this (social pressure). However, we have reached our savings goals and actually do not even need to work, we just want to transition to full retirement instead of going from 100 to 0 in one day. We can not see any reason to continue our current pace just to make a bigger pile of money. We both are excited as this has been a goal since we were first married 20 years ago (we are both planners).
We have not told anyone but our immediate family. The cover will come off this weekend. Hope my clients are as excited about this as I am .
Anyway, I am rambling, but I am both psyched and sick to my stomach tonight. Cheers!
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01-03-2008, 08:03 PM
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#2
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,020
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Congratulations, this sounds like a great plan, good luck with your new life, it sounds like you have thought it all through and have the safety net of having already achieved your savings goal.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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01-03-2008, 08:03 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Congrats - enjoy your new found freedom.
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01-03-2008, 08:25 PM
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#4
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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"I figure she is actually more capable than the new hires I work with right out of school."
This sounds bad. What I mean is, that working in my field, which is totally unrelated too hers, she will be much more capable than the new hires with degrees in the field in which I function. Maturity, hard work and common sense makes up for a lot for formal education.
That sounds better, and is what I meant to say.
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01-03-2008, 09:19 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,293
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I love reading good news about the folks that have done well. Here's to you and your wife....congrats!
__________________
There's no need to complicate, our time is short..
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01-03-2008, 09:35 PM
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#6
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Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
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Very cool. Sounds like a good transition plan. Much better than my "I'm quitting my job to start a Greek restaurant" plan.
Congrats!
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01-04-2008, 06:36 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,314
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Sounds like a plan.
It is nice to be FI so if the clients don't come over as fast as you expect you can get by and might even find yourselves enjoying the freedom.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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01-04-2008, 07:54 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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Quote:
Originally Posted by Culture
We both are excited as this has been a goal since we were first married 20 years ago (we are both planners).
We have not told anyone but our immediate family. The cover will come off this weekend. Hope my clients are as excited about this as I am .
Anyway, I am rambling, but I am both psyched and sick to my stomach tonight. Cheers!
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I'm excited for you and I'm not even your client! I would love to be in your position. It sounds as if you have this move well planned out and have a financial cushion in case business is slow. It's quite possible you may be turning clients away after a time. It makes absolute sense from a quality of life POV. Good luck!
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01-04-2008, 07:55 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Congratulations and don't concern yourself with what other people might think. It is your dream to live.
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01-04-2008, 10:26 AM
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#10
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Full time employment: Posting here.
Join Date: Mar 2007
Posts: 984
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Culture.....awesome plan! I wish you much joy, peace, and happiness....you and your wife have done a great job planning for this dream.....it will all work out well....the hell with what others think!
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01-04-2008, 07:27 PM
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#11
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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I had a lot of butterfly's in my stomach, but I did it today. In two weeks, we are unemployed!
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01-04-2008, 07:27 PM
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#12
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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Quote:
Originally Posted by donheff
It is nice to be FI so if the clients don't come over as fast as you expect you can get by and might even find yourselves enjoying the freedom.
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Yeah, that way thought, I get money or time! How can I loose?
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01-04-2008, 07:29 PM
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#13
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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Quote:
Originally Posted by travelover
Congratulations and don't concern yourself with what other people might think. It is your dream to live.
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It is not so much what they think, as the fact that when everyone else is running north and you are running south, you have to be real careful about making sure you are headed the right direction. I feel I am, but worry I am, not.
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01-04-2008, 08:43 PM
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#14
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Full time employment: Posting here.
Join Date: Dec 2004
Posts: 699
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Congrats. I think you have a very reasonable and balanced plan.
You're making a good trade by trading some salary for a lot of life !
I plan to do the same when the kids are a little older
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01-05-2008, 08:07 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by Culture
It is not so much what they think, as the fact that when everyone else is running north and you are running south, you have to be real careful about making sure you are headed the right direction. I feel I am, but worry I am, not.
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I hope you'll find some comfort here seeing others that have made the same decision as you and done just find.
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01-05-2008, 05:23 PM
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#16
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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Quote:
Originally Posted by travelover
I hope you'll find some comfort here seeing others that have made the same decision as you and done just find.
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Yeah, one of the best things about this board is the fact that it lets you know you are not alone.
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When you start working early you should retire early:
01-05-2008, 05:55 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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When you start working early you should retire early:
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01-05-2008, 05:57 PM
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#18
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 62
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well you're definitely not alone. Congratulations. I bet after a while you'll be ready for total ER. Going against the norm isn't always easy, but it can be a heck of a lot of fun. My DH retired last week. Doesn't miss it a bit. We understand about going in the opposite direction. Being flexible and prepared is probably the only way to do it, but you do still worry (DH more than me). I'm just happy he's here, and I'm not doing it (rearing children) alone any more. Good luck with the consulting but don't be afraid to give it up when you're ready.
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01-05-2008, 06:03 PM
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#19
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 94
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DW and I are doing the same. She was forced out of mega-corp going from 200-300K to zero and I just cut myself in half at big-law from 300k to 150K. You know in this country we work and work and work as if it is life itself. Lets find out if there is something else out there! Good luck.
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01-05-2008, 06:28 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,525
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Wish you the best and enjoy your new life!
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