New member Intro

[firedude]

At the start of this year FIRE wasn't even in my remote plans. I was working in a good job that paid well. I had our 2 vehicles and motorcycle almost paid off, paying extra $100.00 monthly on a 15 year mortgage and quietly funding my kids college funds. No credit card or other debt. Then my company got sold and my job is most likely to move to another state. In the selling process my stock options tripled. So I sold a bunch and paid off the house, the vehicles and fully funded the college plans for in state tuition. I was in the process of hiring a Financial Advisor to help me invest my remaining money when I came across this board. After much reading here and in the recommended books, I have NOT hired my Financial Advisor and have started to invest in a 70/30 allocation in Vanguard Index Funds, Fidelity Mutual Funds and a interest bearing MM/Savings at etrade.

So rather than relocate my high school age kids and go with my job in another state, I'm contemplating RE at 48 years old. When everything is said and done sometime in 2007, I should have $850K in taxable accounts plus $300K in my 401K/IRA. My wife will continue to work part time and we will sign up for health care through her work at roughly $300/mo. I also coach high school track and will look for a high school football coaching job to keep me busy and get extra income of around $8K.

Playing with FIRECALC indicates I should be able to do it. I plan on continuing to read up on Allocations, SWR, etc. and follow this board until I ultimately make my decision. My fall back plan is to get my teaching certification and teach high school math part time in addition to coaching which would provide income and another route for health care. At the very least I'll get a year off from work to attend school again and watch my investments bake.

I look forward to reading the posts here and at other forums as I work this out.

 

[REWahoo]

Firedude, congratulations on your pending FIRE and welcome to the forum. It is nice to know when what we preach advocate on this board helps someone reach their goal to stop/reduce working and spend more time enjoying life.

 

[Coach]

Firedude, it sounds like you've got a plan, and a solid backup plan. For so many the unexpected job change is very painful, but you're turning it into an opportunity. Congratulations!

Coach

 

[dumpster56]

Hey Coach, I got sick of teaching in Newark NJ and said take this job and... I did have 28 years in the state pension system, so my pension starts in feb 07 first check.

I will be coaching a varsity HS track program here in NC, left NJ as fast as my house sold last spring, Good luck I just ERd on Dec 22!!

I am still trying to get my water wings here, I guess I will sub teach starting next week when school reopens and see what the schools are like. they are opening 17 new schools over the next few years big time building so hey maybe I will do some teaching again, part time who knows. My bills are manageable with my pension so maybe an additional 15K to get the fun things and a way until the wife and my SS kicks in down the road!

 

[lowflyer]

Firedude - Sounds like you've got a plan. Since you've paid off your home, cars, etc., you'll likely be able to keep saving. It seems to go that way. With you and your Wife working PT and your portfolio kicking out some good income (depending on how it's invested), you should be in good shape.

Good Luck.

 

[Nords]

Welcome to the board, Firedude. Always happy to help someone avoid the financial advisor's bullet. Some of them give it away for free here, too-- have you met your distant cousin FinanceDude?

Many have FIRE'd on your assets and few have failed. (We're gonna assume that you've already accounted for paying the taxes on your options!) But what really counts is your expenses.

Was Bob Clyatt's "Work Less, Live More" part of your reading program? You might not need to be in a hurry to get back to work, let alone start doing homework again. You will no doubt find many things to do each day!

 

[firedude]

The 2 books I've read is "Four Pillars of Investing" and "How to Retire Early and Live Well With Less Than a Million Dollars". Both were recommended here. I'll take a look at Clyatt's book you recommended...Thanks.

Yes, the taxes on the options were accounted for and very depressing .

 

[ESRBob]

FireDude --
I like your plan and hope you can make it work. I'm an advocate of using part-time work to bridge the financial and sometimes emotional gap between full-time work and full-out ER. Coaching sounds perfect if the job's available, and getting a teaching cert to teach math gives you plenty of options, though most of them will probably look a lot like full-time work.

Instead, have you considered tutoring high school students in math? One of our high school teachers is pulling down huge sums tutoring on Saturdays -- $100 an hour for one kid, but then if a few of them get together with their buddies (kids like to study this way it turns out), he 'only' charges each one $80 an hour. Three kids thus means $240 an hour, all cash thank you very much. And parents are delighted -- we're talking A- students here, by the way, who want to ace their exams, get into AP Calculus, whatever. Its quite the little cottage industry now in affluent suburbs and maybe elsewhere, too.

Good luck with your planning, and welcome to the board

 

[bright eyed]

oooh wow! that sounds so great.

my DH would definitely coach full time if he could too - basketball for us. that's our dream plan! congrats! 8)

 

[firedude]

Update

Since I'm the consummate lurker I thought I'd pony up and provide an update. As of September 29th I am officially retired. I received my severance and am now happily spending my day doing whatever I want... kinda (I'm still married and my working wife expects me to do something around the house). I've decided to take take it slow and not do anything drastic investment wise content with my allocation and SWR. We'll see what happens going forward but so far so good.

 

[travelover]

Congratulations on pulling it off. I don't think you'll regret it.