Luck_Club
Full time employment: Posting here.
- Joined
- Dec 5, 2016
- Messages
- 733
Been reading the board for about a week or so after years of searching for answers to my unique situation, and feel this community could be the best support group ever! I’m hoping to get advice and support on my situation which started to unravel 3 years ago at the tender age of 46, when “MEGACORP” downsized me 4 years before I would have been ready to FIRE. I have a DW of nearly 30 years, and two children who will be done with college in 6 years. To help keep things clear for me and the readers (unpaid therapists), I’ve broken my history down into 3 bite size blocks:
Losing your purpose
Major Inheritance
The numbers
I welcome guidance and advice from the group particularly with the purpose piece, since I don’t feel comfortable disclosing the full picture with friends or therapists when seeking guidance and support.
Losing my Purpose:
I feel as if I’ve lost my purpose. All my life I’ve worked as if I was trying to catch up in life. I’ve been a sales engineer for the past 22 years and outside of the last 3-4 years have always loved what I did for a living. I had a very good work life balance, with more freedom and flexibility of schedule then most small business owners. This freedom and flexibility in schedule allowed me to invest in real estate as a side gig which has always been my retirement income strategy. I thrived on stress and pressure and was a willing participant in getting up and going out every day to have sand kicked in my face.
That all changed when MEGA CORP started pushing me out, and ultimately canceled my representative contract. I was still productive and making insane money. For the first time in my life I didn’t feel like I was trying to catch up with my peers, I was kicking their A^^es! Then I found myself with both feet planted firmly in the air and my butt flapping in the breeze. Obviously I was shocked and dismayed when they gave me the boot. My whole existence and choice of profession was based on the premise that if you were making numbers you were un-touchable. Suddenly that premise was broken, and a downward spiral of depression and business setbacks began. I had another rep company steal a product line from me, which cost me $40K a year in commissions. I had another long term product line terminate me and am currently in court suing them because I found out over the years they stole over $200K in commissions.
While trying to rebuild my rep business I have found that there are more lying, nasty and dishonest companies looking to hire representatives than honest and fair companies, and had been lucky for the earlier part of my career to avoid the bad ones. In short I love the work but hate the business. After spending my whole life working towards financially driven goals, and finally “almost” being done, I’m afraid of what will come next. Will I really spend the time to get healthier or waste it away surfing the web and watching TV? Can I should I still keep going can I do more
The Major Inheritance:
Prior to getting downsized I was on track to be done financially at about 50 to 52 years of age. MEGACORP had put a real crimp in that, but I was still going to be financially set by 55-58 even after the fact. However that all changed on December 12, 2014, when my “Rich Uncle” @ 80 had a massive stroke leaving him partially paralyzed, medically incompetent and un able to speak. As others have said, and I couldn’t agree more I’d much rather be able to speak with him, then in my case, watch him slowly die.
When he finally passes I will inherit from him an apartment in a major city with a fire sale value of $700,000, and half of a $5.6 Million portfolio. In his current state he can’t change the will, and the portfolio is growing at about $100K per year after his 24/7 live in healthcare costs and about $128K a year in gifts to the heirs. Given estate taxes and settlement cost let’s call it $2.25M to me plus the $700K for apartment.
In addition my father has approximately $500K which he has given me complete control to use as I please to avoid a nursing home taking it. He is 72 has diabetes, heart stent, arthritis and is morbidly obese, self paying would chew through about $150K to reach the current Medicaid look back. Which nursing home will only happen if he can't move without full 2 people assistance. So I’m kind of like others who have expressed counting on a future inheritance to retire, but unlike some who will get surprised by a box of papers, I’m 99% certain of what I will receive from my Uncle and father.
So as 1 might expect this has zapped most of my incentive to plug away at my current trade, though I’m still selling I’m really just going through the motions, and I don’t care too much anymore. I really can’t get jazzed about a possible $1K in income from getting a new customer. Even on projects worth $5K to me, I anticipate all the issues, and don’t have the burning desire to get sand kicked in my face for that amount of money. I do feel I could accomplish larger roles, but keep getting rejected, and why bother.
My Numbers:
Prior to the upcoming inheritance I had already achieved a fairly high level of wealth with a net worth of slightly over $1.2M. This is comprised of 6 rental units and a few retirement accounts.
When everything shakes out, the monthly cash flow will look like this rents $85,200 per year ($7100 a month) +as of today SS @age 62 of $2,186 monthly, the law suit mentioned above is going to go in my favor, since the company admitted under oath they breached the contract, which should bring in a structured settlement of a minimum of $20K per year for 10 years up to a total of $1.2M if all the stars align and we go to trial and I get a full award trebled by statute.
On the expense side my biggest item will be real estate taxes and insurances of approximately $31,000 a year ($2600 a month). I’m anticipating purchasing 4 more rents for another $4K per month in rents and $10K per year in taxes and insurances. This will Bring the grand total net rental cash flow up to $7683 a month after tax and insurance, but before healthcare costs. In addition to the monthly rental income, structured settlement and SS at 62 we will still be left with an investment portfolio of $3.2 – 3.7 Million in marketable securities as a safety net.
Our anticipated spending outside of healthcare and taxes during the 1st ten years will be heavy travel with the plan to spend summers in New England leaving after Labor Day for an extended stay in a northern foreign country like Hungary, Ireland etc. Return to New England for the holidays and then leave for a Southern foreign country like Belize, Thailand, and Australia returning around April. In addition we want to take the "cross country road trip".
During the second 10 years we anticipate a split residency between Florida and New England, and hopefully trips to see grandkids. Given my family medical history I'm anticipating a greatly diminishing quality of life after about 70.
Losing your purpose
Major Inheritance
The numbers
I welcome guidance and advice from the group particularly with the purpose piece, since I don’t feel comfortable disclosing the full picture with friends or therapists when seeking guidance and support.
Losing my Purpose:
I feel as if I’ve lost my purpose. All my life I’ve worked as if I was trying to catch up in life. I’ve been a sales engineer for the past 22 years and outside of the last 3-4 years have always loved what I did for a living. I had a very good work life balance, with more freedom and flexibility of schedule then most small business owners. This freedom and flexibility in schedule allowed me to invest in real estate as a side gig which has always been my retirement income strategy. I thrived on stress and pressure and was a willing participant in getting up and going out every day to have sand kicked in my face.
That all changed when MEGA CORP started pushing me out, and ultimately canceled my representative contract. I was still productive and making insane money. For the first time in my life I didn’t feel like I was trying to catch up with my peers, I was kicking their A^^es! Then I found myself with both feet planted firmly in the air and my butt flapping in the breeze. Obviously I was shocked and dismayed when they gave me the boot. My whole existence and choice of profession was based on the premise that if you were making numbers you were un-touchable. Suddenly that premise was broken, and a downward spiral of depression and business setbacks began. I had another rep company steal a product line from me, which cost me $40K a year in commissions. I had another long term product line terminate me and am currently in court suing them because I found out over the years they stole over $200K in commissions.
While trying to rebuild my rep business I have found that there are more lying, nasty and dishonest companies looking to hire representatives than honest and fair companies, and had been lucky for the earlier part of my career to avoid the bad ones. In short I love the work but hate the business. After spending my whole life working towards financially driven goals, and finally “almost” being done, I’m afraid of what will come next. Will I really spend the time to get healthier or waste it away surfing the web and watching TV? Can I should I still keep going can I do more
The Major Inheritance:
Prior to getting downsized I was on track to be done financially at about 50 to 52 years of age. MEGACORP had put a real crimp in that, but I was still going to be financially set by 55-58 even after the fact. However that all changed on December 12, 2014, when my “Rich Uncle” @ 80 had a massive stroke leaving him partially paralyzed, medically incompetent and un able to speak. As others have said, and I couldn’t agree more I’d much rather be able to speak with him, then in my case, watch him slowly die.
When he finally passes I will inherit from him an apartment in a major city with a fire sale value of $700,000, and half of a $5.6 Million portfolio. In his current state he can’t change the will, and the portfolio is growing at about $100K per year after his 24/7 live in healthcare costs and about $128K a year in gifts to the heirs. Given estate taxes and settlement cost let’s call it $2.25M to me plus the $700K for apartment.
In addition my father has approximately $500K which he has given me complete control to use as I please to avoid a nursing home taking it. He is 72 has diabetes, heart stent, arthritis and is morbidly obese, self paying would chew through about $150K to reach the current Medicaid look back. Which nursing home will only happen if he can't move without full 2 people assistance. So I’m kind of like others who have expressed counting on a future inheritance to retire, but unlike some who will get surprised by a box of papers, I’m 99% certain of what I will receive from my Uncle and father.
So as 1 might expect this has zapped most of my incentive to plug away at my current trade, though I’m still selling I’m really just going through the motions, and I don’t care too much anymore. I really can’t get jazzed about a possible $1K in income from getting a new customer. Even on projects worth $5K to me, I anticipate all the issues, and don’t have the burning desire to get sand kicked in my face for that amount of money. I do feel I could accomplish larger roles, but keep getting rejected, and why bother.
My Numbers:
Prior to the upcoming inheritance I had already achieved a fairly high level of wealth with a net worth of slightly over $1.2M. This is comprised of 6 rental units and a few retirement accounts.
When everything shakes out, the monthly cash flow will look like this rents $85,200 per year ($7100 a month) +as of today SS @age 62 of $2,186 monthly, the law suit mentioned above is going to go in my favor, since the company admitted under oath they breached the contract, which should bring in a structured settlement of a minimum of $20K per year for 10 years up to a total of $1.2M if all the stars align and we go to trial and I get a full award trebled by statute.
On the expense side my biggest item will be real estate taxes and insurances of approximately $31,000 a year ($2600 a month). I’m anticipating purchasing 4 more rents for another $4K per month in rents and $10K per year in taxes and insurances. This will Bring the grand total net rental cash flow up to $7683 a month after tax and insurance, but before healthcare costs. In addition to the monthly rental income, structured settlement and SS at 62 we will still be left with an investment portfolio of $3.2 – 3.7 Million in marketable securities as a safety net.
Our anticipated spending outside of healthcare and taxes during the 1st ten years will be heavy travel with the plan to spend summers in New England leaving after Labor Day for an extended stay in a northern foreign country like Hungary, Ireland etc. Return to New England for the holidays and then leave for a Southern foreign country like Belize, Thailand, and Australia returning around April. In addition we want to take the "cross country road trip".
During the second 10 years we anticipate a split residency between Florida and New England, and hopefully trips to see grandkids. Given my family medical history I'm anticipating a greatly diminishing quality of life after about 70.