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Re: Liberate Mind: Family Edition

Posted: Sat Nov 21, 2020 11:27 am
by LiberateMind
@basuragomi,

We are still in the planning phase, nothing decided clearly yet. Most likely the expenses for the first year would be cashflowed by DH as the break is mainly for the family. And we maintain seperate assets except for one plot where we plan to build on. Most likely maintaining seperate asset will continue.

I have put a plan for my cashflow separately will do a detailed post on finances later.

Re: Liberate Mind: Family Edition

Posted: Sat Nov 21, 2020 11:31 am
by LiberateMind
@wolf , Thank you.. In paper it looks great..😊.. But reality is more messy with lot of late night thinking like what the heck am doing
.. planning to do regular postings..but then lets see how it goes
. :D

Re: Liberate Mind: Family Edition

Posted: Sat Nov 21, 2020 12:41 pm
by rube
Thanks for the update LM. Good luck and I will following your regular posts.

Re: Liberate Mind: Family Edition

Posted: Sun Nov 22, 2020 1:21 am
by LiberateMind
@rube, Thank you. Will try to post more frequently.

Re: Liberate Mind: Family Edition

Posted: Mon Nov 23, 2020 1:12 pm
by George the original one
Nicely done!

Re: Liberate Mind: Family Edition

Posted: Mon Nov 23, 2020 2:44 pm
by 2Birds1Stone
Hello LM! Reading your update from Nov 20th put a big grin on my face. Very happy that the experiences I documented somehow inspired you to pull the trigger. Also looking forward to your detailed financials post and ongoing developments in reality vs. expectations. Giving yourself 3 years to figure out life is a gift that you have to approach with gratitude each and every day. Congratulations!

Re: Liberate Mind: Family Edition

Posted: Mon Nov 23, 2020 10:56 pm
by LiberateMind
@GTOO, Thanks. Good to hear from you after a long time. :D

@2B1S, Live to please :D .. But then your journey definitely helped in making the decision... Very interested in hearing out how your work life is going to be after the break.. esp. with respect to the mindset / lifestyle. So please keep posting.. even though most of us don't reply here, we sure do read it and internalize in our lives..

Finance

My last paycheck would be on the end of Nov. Planning to cash flow based on the loans provided to family. I have taken up DH loan and prepaying it , planning to close it with my final settlement or EPF ( kind of retirement savings) amount. Already have a ongoing loan with my parents.

So typical monthly cashflow on 2021 will look like this. Both the loans close at the end of 2023, instead of paying interest to the banks they redirect it to me.

Parents Business Loan EMI: 10500
DH Loan EMI: 22250

Estimated Income : 32750 for next 36 months.

Expense
Parents allowance : 5000

Along with this I will be getting dividends. Put in advance for purchasing an acre of agricultural land.. So after paying that off by end of Mar, will reevaluate the cash and then do some investments on that. From the remaining cash, planning to cashflow my education / certification during my break as well. Already the current employer is asking for 2 weeks of temporary work during Jan, lets see how it goes. Details on the temporary employment yet to be discussed and finalized upon. Except for EMI, most of the things are floating around and not set in stone. So we will see how it goes..