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"LBYM" is going to be difficult.
Old 08-04-2012, 11:52 AM   #1
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"LBYM" is going to be difficult.

After a full year of unemployment I finally found a job. It pays $10.50/hr which is <$22K/yr pre-tax. After insurance deductions I expect my take home pay to be $300/week(there is no 401K). I've been living on $1250/mo or a little less but that's going to be right around 100% of my take home pay so I guess I won't be LBYM anymore. Strange how some here can be LBYM when they spend several times as much as I spend and i'm not LBYM? Oh well. At least i'm not spending anymore of my retirement savings and hopefully i'll get pay raises without having my costs go up.
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Old 08-04-2012, 11:59 AM   #2
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Still, congratulations on finding a job! At least you won't be "bleeding money" now.

You are young, and eventually you may be promoted or find a higher paying job. Meanwhile, what remains of your nestegg can remain untouched. That is terrific!

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Old 08-04-2012, 12:08 PM   #3
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Congratulations!! You are still in your condo, right? A while back, you were half-seriously pondering living in your car. Fingers crossed that this job sticks around and that you are soon promoted to higher pay.

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After a full year of unemployment I finally found a job. .... and hopefully i'll get pay raises without having my costs go up.
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Old 08-04-2012, 12:11 PM   #4
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P.S. In my first couple of years of full-time work, I was spending almost 100% of take-home although I lived very frugally. Then, I managed to snag some overtime, which allowed me to put away some money above and beyond my pension, which was automatically deducted, just as SS is from your check.

The other big money-saving thing I did was to suck-it-up and get a roommate, although I think you said your condo has a singe bedroom so that may not be possible for you.

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Old 08-04-2012, 12:15 PM   #5
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Still, congratulations on finding a job! At least you won't be "bleeding money" now.

You are young, and eventually you may be promoted or find a higher paying job. Meanwhile, what remains of your nestegg can remain untouched. That is terrific!

Unfortunetely in "my world" the $10.50/hr IS the higher paying job. They wanted to start me as a helper but with a decade of relevant operator experience I got them to let me start as an operator. A helper would've only paid $9/hr. So a promotion isn't likely for many,many years if at all but hopefully i'll show my experience and maybe get a raise sooner than someone who doesn't have experience.

The main thing is, like you said, I won't be taking money from my nestegg anymore. I may not be adding anything to it(there is no 401K) but with my low expenses I should still be able to FIRE in my 50's with what I already have(plus interest).
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Old 08-04-2012, 12:25 PM   #6
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Congratulations!! You are still in your condo, right? A while back, you were half-seriously pondering living in your car. Fingers crossed that this job sticks around and that you are soon promoted to higher pay.

Amethyst
I am still in my condo. That is the only reason i'm not living in my car. I even got a membership at a 24-hr gym so I could use their private(lockable) showers and bathrooms. Also, because i'm a member, I can legaly park my car in their parking lot anytime of the day or night and sleep. I have very few posessions and can fit everything I need in 3 or 4 duffel bags plus bedding and jackets. I probably would do it if I could sell my condo but i've gotten no offers in 5 months so i'll probably take it off the market after the 6 month contract expires. My new job is 11 miles from home which is reasonable, though not great, so i'll probably stay put since it's cheap.
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Old 08-04-2012, 12:26 PM   #7
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<snip>
The main thing is, like you said, I won't be taking money from my nestegg anymore. I may not be adding anything to it(there is no 401K) but with my low expenses I should still be able to FIRE in my 50's with what I already have(plus interest).
There you go.

I chance to venture quite a few folks here have gone through periods of time when their paycheck just covered their expenses. I'm certainly one of them. There were times when I worked a second job on the weekends for additional funds.

Congratulations on finding a job and continuing your goal of early retirement. I'm proud of you.
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Old 08-04-2012, 12:27 PM   #8
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Congrats on the job!

Even tho my job pays enough to LBYM and save a good percentage, I consider a part time gig for extra $$ every once in awhile. Maybe you can consider part time tasks, i.e mow a lawn, help someone move... every so often I look on Craigslist for "labor" when I need extra hands cleaning a rental unit.
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Old 08-04-2012, 12:29 PM   #9
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Congrats! It would feel great not having to draw on your savings. With the economy doing as bad as it is, I keep hearing that existing workers also do not get any raises. I hope things will pick up soon.
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Old 08-04-2012, 03:26 PM   #10
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Rent the condo and find a room.
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Old 08-04-2012, 03:47 PM   #11
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There you go.

I chance to venture quite a few folks here have gone through periods of time when their paycheck just covered their expenses. I'm certainly one of them. There were times when I worked a second job on the weekends for additional funds.
Like you I did my share of moonlighting, as well as sharing a one bedroom apartment with a couple of friends. I still didn't make enough money to manage but we had fun, learned to live cheaply, and, well, it all worked out somehow. I hope I never have to LBYM to that extent again, though.
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Old 08-04-2012, 03:57 PM   #12
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I don't plan on getting a second job anytime soon but I have been, and will continue to, give plasma twice a week. It pays about $200/mo untaxed. Every little bit helps.
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Old 08-04-2012, 04:41 PM   #13
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Aaron, any chance of some overtime at the new job?
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Old 08-04-2012, 04:48 PM   #14
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I don't plan on getting a second job anytime soon but I have been, and will continue to, give plasma twice a week. It pays about $200/mo untaxed. Every little bit helps.
WoW 2400 a year. I didn't realize it paid so well.
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Old 08-04-2012, 04:52 PM   #15
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Aaron, any chance of some overtime at the new job?
I don't start until monday so I don't know many details. However, it doesn't sound like they are having anyone work overtime at the moment. Just a straight 40 hours M-F.
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Old 08-04-2012, 04:54 PM   #16
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Congratulations Aaron! The new job may not be the job of your dreams, but you are back in the labor market and in a better position to respond to other opportunities that may come up. My recommendation would be to approach the new job with a positive spirit and do the very best you can. Your chances of success are greater with a positive attitude.
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Old 08-04-2012, 04:57 PM   #17
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WoW 2400 a year. I didn't realize it paid so well.
In my area they pay $20 for the first time each week and $30 for the second. Then there's also a bonus of $10 for the 5th of the month and $20 for the 7th time in one month. Not a lot of people are willing to have needles stuck in their arms for an hour twice a week, every week. There has to be a reasonable incentive.
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Old 08-04-2012, 06:08 PM   #18
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Aaron,
Congratulations! It must be a relief to stop the outflow of retirement funds. I experienced many marginal jobs during my life...it seems that when my attitude was positive, things would open up for me. I would meet the right people at the right time etc. I agree that a positive attitude will help you to attract all that you want and need. Best of Luck!
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Old 08-04-2012, 06:21 PM   #19
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In my area they pay $20 for the first time each week and $30 for the second. Then there's also a bonus of $10 for the 5th of the month and $20 for the 7th time in one month. Not a lot of people are willing to have needles stuck in their arms for an hour twice a week, every week. There has to be a reasonable incentive.
Of course. My nephew is a bit younger than you and is finding it rough. Keep at it and glad you got a job. Hopefully the economy gets better.
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Old 08-04-2012, 06:44 PM   #20
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Aaron !It's great that you got a job .The rest will fall in place.
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