It's Official - We're Done

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
pennywise
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It's Official - We're Done

Post by pennywise » Thu Apr 09, 2015 2:09 pm

My husband and I just got back from meeting with a financial advisor that we hired on an hourly consulting basis, to review all our finances and answer questions about where we stand. We have always tried to live according to most of the BH principles, and it seems to have paid off, literally. I still need to work with her on some fine tuning, including moving an inherited set of funds out of Oppenheimer into Vanguard and figuring out how to set up insurance and trust assets, but on the key question of are we financially independent the answer seems to be an unqualified yes!

And...I don't have anyone to tell except the Bogleheads. I mostly lurk here, and the information, advice and counsel is amazing. Several times the advisor stopped and said she was impressed by some aspect of planning I brought up, and every instance was something I learned from this forum. She actually high-fived me when I asked about file/suspend spousal Social Security strategies, one of the ever-popular discussion topics for you BHers. I still realize how little I know, but what I do I learned on this forum.

Gosh, I already felt less frustrated when I got back to work, knowing I don't have to take any more--and I'm not mad as hell, I'm delighted. :D

Carefreeap
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Re: It's Official - We're Done

Post by Carefreeap » Thu Apr 09, 2015 2:16 pm

Congratulations! 8-)

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CaliJim
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Re: It's Official - We're Done

Post by CaliJim » Thu Apr 09, 2015 2:17 pm

Yay!!!!! :sharebeer
-calijim- | | For more info, click this Wiki

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midareff
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Re: It's Official - We're Done

Post by midareff » Thu Apr 09, 2015 2:17 pm

Carefreeap wrote:Congratulations! 8-)

+1 :D

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KlingKlang
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Re: It's Official - We're Done

Post by KlingKlang » Thu Apr 09, 2015 4:56 pm

midareff wrote:
Carefreeap wrote:Congratulations! 8-)

+1 :D
+2 :D :D

livesoft
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Re: It's Official - We're Done

Post by livesoft » Thu Apr 09, 2015 4:58 pm

Welcome to The Club!
Wiki This signature message sponsored by sscritic: Learn to fish.

Rodc
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Re: It's Official - We're Done

Post by Rodc » Thu Apr 09, 2015 5:35 pm

Congratulations!
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

Clumsum
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Re: It's Official - We're Done

Post by Clumsum » Thu Apr 09, 2015 6:21 pm

Congratulations. Great way to be. We are there and I still work because I want to.

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FelixTheCat
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Re: It's Official - We're Done

Post by FelixTheCat » Thu Apr 09, 2015 6:31 pm

+1 on Congratulations!
Felix is a wonderful, wonderful cat.

Benn1950
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Re: It's Official - We're Done

Post by Benn1950 » Thu Apr 09, 2015 11:00 pm

+2 on congrats!

:sharebeer

Jack

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abuss368
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Re: It's Official - We're Done

Post by abuss368 » Thu Apr 09, 2015 11:15 pm

Good for you!

Congrats!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

Dandy
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Re: It's Official - We're Done

Post by Dandy » Fri Apr 10, 2015 8:04 am

Neat - I can't wait until my daughters can say the same. Hope I'm around to see it.

investordoc
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Re: It's Official - We're Done

Post by investordoc » Fri Apr 10, 2015 8:27 am

Congrats!
That's what I love about this site. On the one hand you have someone who writes "I'm done" and the very next post was "25 y/o newbie looking for advise". You get both ends of the spectrum. I'm grateful that I found this site where you can post almost anything and get helpful insight into a problem. Thank you all.
It is what it is until it isn't anymore

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gasdoc
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Re: It's Official - We're Done

Post by gasdoc » Fri Apr 10, 2015 8:39 am

Well done. As Dave Ramsey likes to say, you had to "lilve like no one else," so that now you can "live like no one else."

joebh
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Re: It's Official - We're Done

Post by joebh » Fri Apr 10, 2015 8:47 am

pennywise wrote:on the key question of are we financially independent the answer seems to be an unqualified yes!

Gosh, I already felt less frustrated when I got back to work, knowing I don't have to take any more--and I'm not mad as hell, I'm delighted. :D
How wonderful!

So what is your plan now? Are you both handing in your notice today?

Coincidentally, from a financial standpoint, I'm in exactly the same situation. But my wife wants to keep working for another 5 years or so, while I'm feeling "done" with work. We are trying to work it out between us what we want to do.

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gasdoc
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Re: It's Official - We're Done

Post by gasdoc » Fri Apr 10, 2015 9:43 am

Some say it's better when both don't quit work at the same time.

joebh
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Re: It's Official - We're Done

Post by joebh » Fri Apr 10, 2015 12:51 pm

gasdoc wrote:Some say it's better when both don't quit work at the same time.
I've heard that.
I'd love to hear from the "some" who have actually done it - particularly where the high-income husband retires before the lower-income wife.

frugalecon
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Re: It's Official - We're Done

Post by frugalecon » Fri Apr 10, 2015 1:05 pm

joebh wrote:
gasdoc wrote:Some say it's better when both don't quit work at the same time.
I've heard that.
I'd love to hear from the "some" who have actually done it - particularly where the high-income husband retires before the lower-income wife.
Or the lower-income but older spouse retires ahead of the higher-income but younger. I am the latter one, and I will face the question of whether to keep working for a couple of years after DH retires. I have a feeling I am going to be envious. One way around it is if we relocate, and he takes the lead on that while I am still working. But I am better at planning...

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Meg77
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Re: It's Official - We're Done

Post by Meg77 » Fri Apr 10, 2015 1:33 pm

How exciting! Well done. :sharebeer
"An investment in knowledge pays the best interest." - Benjamin Franklin

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Just sayin...
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Re: It's Official - We're Done

Post by Just sayin... » Fri Apr 10, 2015 2:08 pm

Great news - thanks for sharing your story and providing more motivation for those of us almost there...

dpc
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Re: It's Official - We're Done

Post by dpc » Fri Apr 10, 2015 2:18 pm

Congrats! - Don't look back.
"Worrying is like paying interest on a debt that you might never owe" -- Will Rogers

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Tortoise Banker
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Re: It's Official - We're Done

Post by Tortoise Banker » Fri Apr 10, 2015 2:23 pm

Wow, what a fantastic feeling that must be!!!
The winning strategy is simple, but not easy...

JimmyD
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Re: It's Official - We're Done

Post by JimmyD » Fri Apr 10, 2015 2:38 pm

It's posts such as these that keep the fire burning for young folks such as myself.

Thank you for sharing and I extend you and your husband a heartfelt congratulations!

bcjb
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Re: It's Official - We're Done

Post by bcjb » Fri Apr 10, 2015 2:39 pm

Congratulations!!

ShiftF5
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Re: It's Official - We're Done

Post by ShiftF5 » Fri Apr 10, 2015 2:54 pm

Just knowing you can walk away at any time must be a wonderful feeling.

Well done & Congratulations to you both.

jlawrence01
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Re: It's Official - We're Done

Post by jlawrence01 » Fri Apr 10, 2015 7:19 pm

joebh wrote:
gasdoc wrote:Some say it's better when both don't quit work at the same time.
I've heard that.
I'd love to hear from the "some" who have actually done it - particularly where the high-income husband retires before the lower-income wife.
I did that two years ago. In the two years, I accomplished the following:

1) Researched a number of communities as our new retirement home.
2) Selected our favorite.
3) Renovated that house.
4) Sold the house in IL.
5) Coordinated the IL->AZ move.
6) Established residency in AZ

Yes, it was a great benefit to have one of us retire a bit early. My wife retired last week

rixer
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Re: It's Official - We're Done

Post by rixer » Sat Apr 11, 2015 9:34 am

joebh wrote:
gasdoc wrote:Some say it's better when both don't quit work at the same time.
I've heard that.
I'd love to hear from the "some" who have actually done it - particularly where the high-income husband retires before the lower-income wife.
I was the higher earner and retired 2 years earlier than the wife. One problem was that I really couldn't travel or do many things that would have been enjoyable with both of us. The wife wouldn't have reacted well to a "wish you were here" post card from Hawaii. She's funny that way. :shock:

pennywise
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Re: It's Official - We're Done

Post by pennywise » Sat Apr 11, 2015 9:50 am

joebh wrote:
So what is your plan now? Are you both handing in your notice today?
No, but as mentioned in my original post it's nice to know we could :D . I think we both have a lightness of spirit about work now because we control our destiny, at least our financial destiny. For me, the past few years have been very challenging at work, primarily due to a toxic manager who has steadily increased my quota of stupid time wasting tasks and duties. He's finally gotten fired although we don't know yet who will replace him.

I still love the core of what I do but I"ve quite firmly decided I will no longer tolerate any more stupid time wasters in my work life. If the new boss doesn't like it, or I don't like him/her I have the freedom to vote with my feet. In some ways it feels like I am getting a new lease on my professional life: I'll do the fun part of my job and drop the rest. It's a pretty awesome feeling.

Since our youngest child just moved out, in many respects the next few years are an opportunity to save even more because we no longer have child-rearing expenses. We both thrive on routine and a college campus has a nice annual rhythm, not to mention a stream of energetic young people who are lots of fun to be around. Last but not least I need to begin reaching out to find what will engage me when all my time is my own. Might as well do that while still pulling in a good salary and full benefits!

Again, knowing we have the freedom to decide is an incredibly joyous sensation.

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stemikger
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Re: It's Official - We're Done

Post by stemikger » Sat Apr 11, 2015 9:59 am

:beer :sharebeer

Congratulations!!! As Mel Gibson said in Braveheart. F R E E D O M!!!
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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tuckeverlasting
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Re: It's Official - We're Done

Post by tuckeverlasting » Sat Apr 11, 2015 10:47 am

Yay! That is so wonderful pennywise! And I know just what you mean about having no one to tell except the Bogleheads. There is no one in my real life with whom I can discuss any money or investing topics. What a life- (and sanity-) saver this forum is. Now...go forth and rejoice!
It's Good To Be A Boglehead

Almost there
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Re: It's Official - We're Done

Post by Almost there » Sat Apr 11, 2015 1:58 pm

Congratulations. Be proud of yourselves that you have taken the initiative to learn about investing instead of handing it over to someone who will charge you dearly.

Almost there

joebh
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Re: It's Official - We're Done

Post by joebh » Sat Apr 11, 2015 2:01 pm

pennywise wrote:Again, knowing we have the freedom to decide is an incredibly joyous sensation.
Wonderful!

joebh
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Re: It's Official - We're Done

Post by joebh » Sat Apr 11, 2015 2:02 pm

jlawrence01 wrote:Yes, it was a great benefit to have one of us retire a bit early. My wife retired last week
Congratulations to both of you!

ShiftF5
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Re: It's Official - We're Done

Post by ShiftF5 » Sat Apr 11, 2015 4:31 pm

tuckeverlasting wrote:Yay! That is so wonderful pennywise! And I know just what you mean about having no one to tell except the Bogleheads. There is no one in my real life with whom I can discuss any money or investing topics. What a life- (and sanity-) saver this forum is. Now...go forth and rejoice!
Yes...go forth and rejoice...but quietly.

Again, Big Congrats.

Well done.

Sriracha
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Re: It's Official - We're Done

Post by Sriracha » Sat Apr 11, 2015 4:42 pm

Fantastic. Cheers. :sharebeer
Don't reach for yield.

sschullo
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Re: It's Official - We're Done

Post by sschullo » Sat Apr 11, 2015 5:12 pm

KlingKlang wrote:
midareff wrote:
Carefreeap wrote:Congratulations! 8-)

+1 :D
+2 :D :D
+3 :D :D :D
Public School K-12 Educators: "Ask NOT what your annuity sales person can do for you, ask what you can do to be a Do-It-Yourselfer (DIY)."

Working2notWork
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Re: It's Official - We're Done

Post by Working2notWork » Sat Apr 11, 2015 7:15 pm

Care to share your story? How did you do it? What was the biggest 'thing' that set you up for success? Any regrets or mistakes you might share?

Congrats on a job well done!

pennywise wrote:My husband and I just got back from meeting with a financial advisor that we hired on an hourly consulting basis, to review all our finances and answer questions about where we stand. We have always tried to live according to most of the BH principles, and it seems to have paid off, literally. I still need to work with her on some fine tuning, including moving an inherited set of funds out of Oppenheimer into Vanguard and figuring out how to set up insurance and trust assets, but on the key question of are we financially independent the answer seems to be an unqualified yes!

And...I don't have anyone to tell except the Bogleheads. I mostly lurk here, and the information, advice and counsel is amazing. Several times the advisor stopped and said she was impressed by some aspect of planning I brought up, and every instance was something I learned from this forum. She actually high-fived me when I asked about file/suspend spousal Social Security strategies, one of the ever-popular discussion topics for you BHers. I still realize how little I know, but what I do I learned on this forum.

Gosh, I already felt less frustrated when I got back to work, knowing I don't have to take any more--and I'm not mad as hell, I'm delighted. :D

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abuss368
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Re: It's Official - We're Done

Post by abuss368 » Sat Apr 11, 2015 8:20 pm

I would be interested in your thoughts and perspectives. What were some of the very good financial decisions made and some of the mistakes that you would have liked to avoid.

Again, Congrats!

:sharebeer
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

pennywise
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Re: It's Official - We're Done

Post by pennywise » Sun Apr 12, 2015 8:12 am

abuss368 wrote:I would be interested in your thoughts and perspectives. What were some of the very good financial decisions made and some of the mistakes that you would have liked to avoid.
In our case we did some things right intentionally and some things turned out right even though we didn't have a clue or couldn't have predicted results.

Doing the right things on purpose:

-Always spent less than we earned, and saved something every month even if just a small amount
-Bought less house than we could have afforded; paid it off early; stayed put without 'trading up'; upgraded house as we had the cash in hand without ever borrowing
-Bought cars paying cash; kept cars at least 10 years and/or 100,000 miles
-Participated in company 403b plan with steady contributions; didn't falter during 2008 crash; never withdrew any of that money
-Paid credit card in full each month; never paid interest charges on any purchases

Doing the right things accidentally:

-Got solid educations including graduate degrees in fairly marketable fields
-Got and stayed married for going on 30 years, to each other :D
-Got employed (both) at a university which offered steady and secure jobs, defined benefit pensions and tuition benefits for offspring
-Opted (both) to stay in DB plan when University offered choice to switch to Defined Contribution as part of phase-out campaign; DB plan no longer offered to new employees and pension benefit is much larger for those of us who didn't switch to DC plan
-Realized that having more doesn't mean being happier; ie bigger house doesn't equal better life and a day in the canoe or snorkeling yields wonderful memories that are as much or more joyful than a day costing lots more
-Raised two offspring who did not have major medical or behavioral issues; both finished college using those tuition benefits so no student loans for them or us, and obtained steady employment thus not needing ongoing financial support
-Received a very unexpected windfall as a result of a bequest from a close friend without any family for whom we served as caregivers and representatives during a long and ultimately fatal illness; amount isn't enough to have given us full financial freedom but it has definitely accelerated the process

And last but not least what I wish we had avoided:

-Didn't really understand investing, especially Bogleheads/Vanguard style investing until late in the game-we could probably be in a much better financial situation if we'd started putting after-tax money into a 3-fund portfolio quite awhile ago
-Wish I'd not wasted money on some of the objects and services we expended on our children. Way too much junky toys, clothes and silly birthday parties all in pursuit of either keeping up with expectations or gratifying temporary whims

I think it's important to do all the 'right' things you can plan for. And probably more important to be grateful to one's higher power-whatever that may be and it's different for everyone-for grace and gifts given in life, both monetary and spiritual.

Apologies for the length but hopefully helpful to others!

Working2notWork
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Re: It's Official - We're Done

Post by Working2notWork » Mon Feb 26, 2018 4:09 pm

To follow up on this, care to share your story? How you did it? What pitfalls to avoid?

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Toons
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Re: It's Official - We're Done

Post by Toons » Mon Feb 26, 2018 4:13 pm

Sounds Like The Land Of "Financial Critical Mass".
Kudos
:happy :happy

Bob Brinker
"A state of freedom from worry and anxiety about money due to the accumulation of assets which make it possible to live your life as you choose without working if you prefer not to work or just working because you enjoy your work but don't need the income. Plainly stated, the Land of Critical Mass is a place in which individuals enjoy their own personal financial nirvana. Differentiation between earned income and assets is a fundamental lesson to learn when thinking in terms of critical mass. Earned income does not produce critical mass......critical mass is strictly a function of assets."





:idea: :idea: :idea: :idea:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

RRAAYY3
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Re: It's Official - We're Done

Post by RRAAYY3 » Mon Feb 26, 2018 4:15 pm

I love my job and even I can’t wait for this realization

Congrats!

jlcnuke
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Re: It's Official - We're Done

Post by jlcnuke » Mon Feb 26, 2018 4:16 pm

Congrats!

NextMil
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Re: It's Official - We're Done

Post by NextMil » Mon Feb 26, 2018 4:27 pm

Well done. Jealous.

marcopolo
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Re: It's Official - We're Done

Post by marcopolo » Mon Feb 26, 2018 4:31 pm

Congratulations!

And I second the thanks to this amazing community! It has helped me to get to the same place recently as well.
Once in a while you get shown the light, in the strangest of places if you look at it right.

soccerrules
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Re: It's Official - We're Done

Post by soccerrules » Mon Feb 26, 2018 4:38 pm

change your user name to Poundwise.

Congrat's. :happy :moneybag Now go celebrate with a nice dinner and talk about the future.
Don't let your outflow exceed your income or your upkeep will be your downfall.

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Mlm
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Re: It's Official - We're Done

Post by Mlm » Mon Feb 26, 2018 4:44 pm

Take a little time to celebrate all your hard work. :thumbsup :moneybag
Reality has a way of catching up with you

Working2notWork
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Re: It's Official - We're Done

Post by Working2notWork » Mon Feb 26, 2018 4:46 pm

Mlm wrote:
Mon Feb 26, 2018 4:44 pm
Take a little time to celebrate all your hard work. :thumbsup :moneybag
This was originally posted in 2015. He's def. taken sometime away to enjoy :sharebeer

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goodenyou
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Re: It's Official - We're Done

Post by goodenyou » Mon Feb 26, 2018 4:59 pm

How do we know he/she hasn’t gone back to work?
"Ignorance more frequently begets confidence than does knowledge" | "The best years you have left are the ones you have right now"

Working2notWork
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Re: It's Official - We're Done

Post by Working2notWork » Mon Feb 26, 2018 5:06 pm

goodenyou wrote:
Mon Feb 26, 2018 4:59 pm
How do we know he/she hasn’t gone back to work?
With 1.6 in assets (in 2015 before this runup) I hope they're off enjoying the grandkids and the Mon - Sun weekends.

I commented on this to 'bump' it up to see if pennywise had any words or wisdom for those of us who are still slugging along...

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