This is just a note to thank members of this forum for all your guidance that had enabled us to make the jump. DW and I were able to FIRE last year (DW FIREd 2 years earlier), and life has been good. We have just spent 2.5 months in South East Asia going thru Thailand, Bali, Indonesia, and other places for the first time and it was more than great. That was the longest vacation we have had in our life time. Previous ones were 4 weeks at the most. Time is much more precious than $ at this stage of our lives. In the spirit of sharing with others, I will note a few things regarding our journey to FIRE below:
1- It is all about understanding your numbers
It doesn't matter how much $ one has, it takes an understanding of one's financial numbers before the confidence level is high enough to make the jump.
2- How I convinced DW to FIRE
Even though DW is/was an engineer, she didn't want to spend time to understand our numbers and the concept of FIRE. So I wrote her an ZPIA (zero premium immediate annuity - don't look this one up as I made that up) to effectively gave her my free guarantee that we will never run out of $
That was 2 years ago as she was in a toxic work environment, and I wanted to get her out ASAP.
3- How I convinced DW and myself that I should/could FIRE
It is difficult to depart from a high paying position regardless, so I asked myself what will it takes for me to stay one or two more years. I came to the conclusion that if MC will pay me 50% more in salary, then it would be worth it for me to stay an extra year, may be two (we have kids, so the extra $ will further benefit them later). I discussed with DW and she said let's do that. I gave my 2 week notice, and when my boss asked me what would it take for me to stay, I mentioned to him the 50% raise request (I was in management, so I know this request was very difficult). My boss worked harder on my case than I expected, and MC came back with a big promotion and a TOTAL package that was more than 50% increase. The problem was salary only increase ~10%, most of the package was in RSUs which required 4 years to vest (there was also a personal request from my boss that I hang around in the next several years). After I learned that I was FI, I became more difficult to please knowing time is >>> $ for me, so I declined the offer. My boss asked me to stay an extra week to take care of salary increases and promotion for my team, and I agreed. I was able to promote 2 deserving senior team members as well as having an influence on who will run the team after I am gone. And then I was out.
4- Best financial move
When we were much younger, just starting out and NW was much lower, we bought an old, used but reliable car from a friend to commute to work (instead of buying a new car which we were qualified for). That move enabled us to get qualified for a mortgage to purchase our first condo. After 5 years, the gain from selling that condo was enough for a down payment for our current house. We made lots of gain in our NW based on that minor decision when we were very young.
1- It is all about understanding your numbers
It doesn't matter how much $ one has, it takes an understanding of one's financial numbers before the confidence level is high enough to make the jump.
2- How I convinced DW to FIRE
Even though DW is/was an engineer, she didn't want to spend time to understand our numbers and the concept of FIRE. So I wrote her an ZPIA (zero premium immediate annuity - don't look this one up as I made that up) to effectively gave her my free guarantee that we will never run out of $
That was 2 years ago as she was in a toxic work environment, and I wanted to get her out ASAP.
3- How I convinced DW and myself that I should/could FIRE
It is difficult to depart from a high paying position regardless, so I asked myself what will it takes for me to stay one or two more years. I came to the conclusion that if MC will pay me 50% more in salary, then it would be worth it for me to stay an extra year, may be two (we have kids, so the extra $ will further benefit them later). I discussed with DW and she said let's do that. I gave my 2 week notice, and when my boss asked me what would it take for me to stay, I mentioned to him the 50% raise request (I was in management, so I know this request was very difficult). My boss worked harder on my case than I expected, and MC came back with a big promotion and a TOTAL package that was more than 50% increase. The problem was salary only increase ~10%, most of the package was in RSUs which required 4 years to vest (there was also a personal request from my boss that I hang around in the next several years). After I learned that I was FI, I became more difficult to please knowing time is >>> $ for me, so I declined the offer. My boss asked me to stay an extra week to take care of salary increases and promotion for my team, and I agreed. I was able to promote 2 deserving senior team members as well as having an influence on who will run the team after I am gone. And then I was out.
4- Best financial move
When we were much younger, just starting out and NW was much lower, we bought an old, used but reliable car from a friend to commute to work (instead of buying a new car which we were qualified for). That move enabled us to get qualified for a mortgage to purchase our first condo. After 5 years, the gain from selling that condo was enough for a down payment for our current house. We made lots of gain in our NW based on that minor decision when we were very young.
