BlueNote's Journal

Where are you and where are you going?
rube
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Re: BlueNote's Journal

Post by rube » Wed Aug 09, 2017 12:21 am

Congrats and wishing you and DW all the luck.

jennypenny
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Re: BlueNote's Journal

Post by jennypenny » Wed Aug 09, 2017 7:14 am

I really hope it works out this time!

Don't stress too much over kids not being perfect. One of ours has one of the 'scary' diseases. It's meant our life is a little different than we planned, but it's still just as wonderful.

I'm shepherding a horde of teenagers on vacation this week. Trust me, nobody's kid is perfect. ;)

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distracted_at_work
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Re: BlueNote's Journal

Post by distracted_at_work » Mon Aug 14, 2017 3:54 pm

Good luck and congratulations!

I'm interested in hearing how P2P pans out... I haven't been brave enough to dip into that.

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Wed Aug 16, 2017 6:48 pm

@rube

Thanks!

@jennypenny

Thanks! I am treating this like a science experiment in that I am trying to have no pre-conceptions about personality, intelligence, good behaviour etc.

@distracted_at_work


Thanks! I am still in the honeymoon phase of P2P but I'll keep the thread updated.

Jason
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Re: BlueNote's Journal

Post by Jason » Wed Aug 16, 2017 9:01 pm

Congrats. Your baby looks likes Rodin's thinker in the fetal stage. I would be more concerned about college costs in 2035 than debilitating diseases.

And I've never been in your shoes, but your wife seems to be playing the "I'm pregnant card" pretty early in the game. I mean that kid doesn't look like it's bothering anyone at this point. I would push back on that before your life is just fulfilling one indignant task after another.

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Family father
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Re: BlueNote's Journal

Post by Family father » Sun Aug 20, 2017 5:03 pm

Congrats!

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Fri Sep 01, 2017 8:55 pm

@Jason lol Thanks!

@Family father newbye Thanks!

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Wed Oct 04, 2017 9:32 pm

Pregnancy

It's a boy. :D

Rent Independence

My net worth has reached the point where I could confidently pay my rent for the rest of my life using withdrawals from my portfolio alone. I could live for around 10 years on my investment portfolio alone at this point. That's one hell of a nest egg.

More Job Interviews

I have a goal to do at least one outside job interview a year but I would prefer to do 3 or 4. I do this to keep myself sharp and to learn about the market for my skills. If you go back in my journal you'll see that I got a big raise as a direct result of getting out and doing about one interview a year. If I hadn't have done those interviews I wouldn't have gotten the BATNA that I used to get a counter offer. It wasn't my intention to get a counter offer but now I know one method, albeit a crude one-time-only method, to get my particular employer to take action. You should get more respect from your employer when they know you're testing the market and you have a good grip on the pay curve. However I wouldn't reccomend just resigning everytime you want to ask for a raise.

Right now I work for a fortune 500 company's accounting department but I've always been interested in what it's like to work for an NPO. An opportunity came up through a head hunter so I am going to try to go in for an interview with a well known NPO. This companies comp and staff are relatively small and the range of duties appear to be highly variable, like a jack of all trades sort of profile. The growth prospects seem low but there's always opportunities to move around in that space. The commute would be terrible. Why the hell am I doing this interview? Because it would be cool to meet some colleagues in the NPO space and learn something new about that work environment. Maybe there would be some additional job satisfaction working for an NPO. I'm open to learning something new and maybe I'll unvcover some more pros that outweigh the cons. Worst case scenario is that it's a bad fit and I move on. Also when I eventually "retire" I'll need to do something with my time and I'd like to try out working or volunteering at an NPO whose mission I believe in.

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Thu Oct 26, 2017 7:01 pm

Job Interview

I did the phone interview and they were interested in me. However the commute would have been terrible for me and I didn't want to move because then I'd made the commute terrible for my wife. What did I learn from all this? Well overall it's very good to have a credential that's validated and controlled by an accountable professional body. My accounting credential signals that:

1) I have a business degree. These days a bachelor level business degree is almost meaningless to most employers, it's like the high school diploma was in the before the 90's.
2) have passed a test administered by a professional body that is objective and difficult to cheat. This is useful.
3) I have validated work experience, over a period of years, in specifically identified areas that are rare and valuable in the market place. Super useful

Legal, medical, engineering and other professions have similar bodies which credential their members in a similar manner.

When I put my business degree credentials and computer programmer diploma credentials on my resume and linkedin it really didn't move the needle. Nobody seemed to care, they wanted verifiable experience and no head hunters ever contacted me. CPA opened doors and continues to provide me more opportunities than I can handle.

There's also the cartel aspect of my credential but I don't think that's very strong, yet. There used to be 3 major accounting credential designating bodies in Canada and they only merged in the last 5 years. During the last decade when there were 3 different credentials (CA, CMA and CGA) these accounting bodies were minting too many accountants which resulted in a noticeable oversupply. My accounting body was taking out advertising in entire subway cars, news paper etc. It was freaking out the other groups, particularly the CA's who used to hold a virtual monopoly on the public accounting practices of audit, tax and assurance. However that competition has all stopped and now it's harder and takes longer to get in the 'club'. The standards, overall, are higher but the CA's lowered their bar a bit. I think the oversupply has been absorbed and the cartel is starting to earn the HUGE amount of money in dues they charge. They're probably lobbying hard in parliament to control the profession (keep supply in check and standards high) and will likely make my future job hunting life much easier.

At this point it's fish in a barrel for me. If I don't like what I'm doing I can usually ask to do something else or just switch to a company to do that thing.

OH yeah so about the job... I talked to the HR guy and it seemed interesting. They had a different accounting focus (big on fixed asset accounting) and seemed to have a sort of social justice warrior type of vibe. For example "We have 13 different collective bargaining agreements" , so that's 13 different unions operating inside a well known NPO (on the scale of UNICEF or OXFAM). I joked around that I'd have it easy handling the union dues deductions while the HR team deals with all the tough union demands. I read their annual report and the auditor gave them a qualified audit. That's generally bad, it means there was something wrong like a GAAP violation or in this case an inability to validate reported 'revenues'. For an NPO it's just the way they roll, no biggie, slap that on the front of the annual report and scan a crappy copy of it into the regulators web portal. Might as well have been written by an 8th grader in MS Word but I digress. I'd be fired out of a cannon for delivering a qualified audit where I work. Also they get almost all their money from the government. Donations were almost immaterial, it's like they were a pseudo government agency. I can't really blame the government for giving them all that money. Much easier to control spend this way , when you want to stop putting money into that social cause you just stop funding the NPO. If the NPO gets too devious you move the money to a better one , no government unions, political grandstanding and bureaucratic inertia. End of the day they were just too far away otherwise I would have gone in to see if it was a good fit, might have been a fun way to wrap up my career.

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Sat Dec 23, 2017 2:12 pm

Baby Update

I have a baby due in 2 months. The reality of that is really starting to set in for me. I am having trouble sleeping because I worry about it. Good training for the crying baby phase I guess. It's cool to see him moving around. My wife balances her tablet/tablet cover on her stomach when she's on the couch watching something. The baby often moves around so much that the iPad gets knocked off, it's funny. We've probably gone to the doctors more in the last 7 months than we have all of our lives prior to being pregnant.

Currently life is very consistent and tranquil. I'm sure that will change when the baby gets here.
:D :shock: :lol:
Life Insurance

I got term life insurance through the CPA group plan. The rates were quite good. Some medical examiner came to my home and had me go through a gauntlet of tests and questions. He even made me go get him any prescription pill bottles I had and explain why I needed them. The rates are adjusted up as I age but are locked in at a contracted schedule. I will be scaling down my insurance units in rough proportion to my growth in net worth any ways so I expect my fee's will actually go down over time because I have a high savings rate.

Jason
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Re: BlueNote's Journal

Post by Jason » Sat Dec 23, 2017 5:54 pm

Congrats on Baby Bluenote. I'm no doctor, but is it good to have an electronic device laying on top of a fetus? My understanding is that it's not good for your brain or secondary sexual characteristics area(s), so I can see that as a similar type of situation. Maybe google that, although at seven months, its kind of late in the game.

I remember going through that medical examiner thing. And waiting for those results. I was sweating like Nixon circa 1960. I knew if I got rejected it would have been because I was dying and it would have completely sucked because then my wife would really need the money and the reason for me dying would most likely be grounds for divorce so it really could have ended up badly. Like divorced and then shortly thereafter dead badly. But it came back negative. I'm alive and can dream about being worth more alive than dead.

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Sat Dec 23, 2017 9:46 pm

@Jason

Thanks

Yeah in my experience emotional gambler types are either in betting mode or reformed-gambler mode. Calculated risks aren't usually part of their preferred approach to money.

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Family father
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Re: BlueNote's Journal

Post by Family father » Sun Dec 24, 2017 1:22 pm

You may or not be lucky about sleeping once the baby is born: it doesn't depend on you (and I hope you are ;) ).

But I can't tell if the best approach is to train or to catch as much sleep as you can until the baby comes.. :oops:

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Wed Jan 03, 2018 10:40 pm

@ Family Father

Thanks I hope I am lucky too. I am a terrible person after being awoken from a deep sleep, like a bear roused from hibernation. So I am not looking forward to that part but I guess everyone else has dealt with it somehow and I will figure out what works for me.

Work

So my boss told me they're doing a restructuring soon. Was advised we'd all be eating a shit sandwich of extremely low level, junior/clerk work, each month. I told him flat out what I thought and felt, perhaps I was too transparent. He scheduled a second meeting with me to advise me that I didn't have to worry about job security. I told him my job security was the fact that I was an experienced CPA living in Toronto ( the new york/london/tokyo of Canada). I also told him that I could just move to another part of the company if the work quality takes too much of a dive. I don't think that was taken well but I had to be honest, I have a low threshold for doing some old previously mastered low value skill , even if I am vastly overpaid to do it. The talk track was all about how everyone else also got a shit sandwich to eat , not that I don't empathize.

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Family father
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Re: BlueNote's Journal

Post by Family father » Thu Jan 04, 2018 7:08 am

BlueNote wrote:
Wed Jan 03, 2018 10:40 pm
@ Family Father

Thanks I hope I am lucky too. I am a terrible person after being awoken from a deep sleep, like a bear roused from hibernation.
Who is not?

Sorry about work..

Personally, and looking at it with the perspective of having had 3 kids (and another due by end of february) while different working situations, it's not that bad to have a low pressure enviroment for the first months when a child comes...

Different matter is how your mind processes it (mine never did it well, either).

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Thu Feb 01, 2018 10:01 pm

Last post as a DINK

I am going to be a dad in the next week or two. My wife will be induced around Feb 14 at the latest if the baby hasn't come on his own by then. This will be my last post as a DINK (dual income no kids). For the next 18 months my wife will be working as a SAHM and I will continue on with my current career.We're going to convert to full family communism mode for the next 18 months. All income and expenses will be pooled and we'll split whatever is left. From each according to their ability to each according to their need. I figure I'll be reduced to a savings rate of around 10-20% for the next 18 months. Once my wife is back at work that should jump up to 40-50% and then in 3 or so more years I should be back at 60-70% because my kid will be in public school and his babysitting requirments will be minimal. In addition I should be able to get my salary up to the peak level by the time he's in school. I don't forsee any issues saving up for his future educational requirements. Many people would not be able to handle this financially without some sort of help (debt, family, major lifestyle upheaval).

Leave it to Beaver

With FIRE/ERE principles firmly entrenched I can easily maintain a 50's style household where Dad goes to work at the office, Mom works at home and baby spends almost all his time with parents instead of paid caregivers or other family members. My wife will probably want to go back to work after 18 months though, she's a hotshot salesperson who was killing it the last couple of years. Her customers are evangelical about her and her HR department approached me about taking paternity leave so she could get back in the saddle sooner. I'll be surprised if she doesn't go back after 18 months but I'll support her decision if she doesn't. Ultimately she will go back to work either after 18 months or after the 4-5 years it'll take before DS is in school. So my FIRE plans will be mostly put on the back burner until that is settled.

In addition there is some chance that DS could have some sort of disability that would require a higher than normal care level. That could also derail my FIRE plans but there's no reason we can't make it work with an ERE lifestyle and I could still retire at a later age if neccessary.

Not your average ERE lifestyle

Based on the other journals I have read there are quite a few of us who prefer a nice straight path to FIRE. That path usually looks like saving 60-75% of your money and becoming FIRE in 5-10 years. In order to facilitate this many decide to not have children. A further subset choose not to get married. Indeed the least risky way to ERE would probably be getting a steady job that pays very well and saving 75% of your pay by adjusting your lifestyle accordingly (minimizing housing, transportation and food/entertainment expenses typically) while staying single. No spouse or kids probably makes this a bit easier and slightly less risky and to each their own. Personally I wouldn't want to go through life without my spouse. I am at peace with my decision to have a kid, I am freaked out about the whole labour and delivery but that'll be over soon. If you want to get married and or have kids just go do that and if that means your 5 year plan becomes a 10 year plan then so be it. I don't think the 5 (or whatever number for you) years of retirement are worth giving up the adventure and joy of a good marriage and family but that's just me. If you're lucky and you find the FIRE movement when you're young you can pull a MMM and have the kids right after you retire, which would have been ideal for me but I missed the boat on that.

jennypenny
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Re: BlueNote's Journal

Post by jennypenny » Fri Feb 02, 2018 7:36 am

Why is your wife taking 18 months off? Like why that exact number? (not sure if leave or child care is different in canada) Have you discussed splitting the leave time and you taking the back half? That would give each of you time to bond and let her get back to her work sooner. Or both doing half time after a year maybe? (sorry if you explained this somewhere and I missed it)

Good luck, and make sure you stop worrying/planning long enough to take the time to enjoy it. All of it, even the delivery lol. I can barely remember yesterday but I can remember everything about my deliveries and that special hour or two afterward. DH can too. Magical stuff.

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BlueNote
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Re: BlueNote's Journal

Post by BlueNote » Fri Feb 02, 2018 8:09 am

jennypenny wrote:
Fri Feb 02, 2018 7:36 am
Why is your wife taking 18 months off? Like why that exact number? (not sure if leave or child care is different in canada) Have you discussed splitting the leave time and you taking the back half? That would give each of you time to bond and let her get back to her work sooner. Or both doing half time after a year maybe? (sorry if you explained this somewhere and I missed it)

Good luck, and make sure you stop worrying/planning long enough to take the time to enjoy it. All of it, even the delivery lol. I can barely remember yesterday but I can remember everything about my deliveries and that special hour or two afterward. DH can too. Magical stuff.
Thanks jennypenny I'll try to stop worrying and just enjoy the moment when it happens.

18 months is currently the longest leave allowed in Canada and she wants to take it all right now. I'm open to taking paternity leave but I don't think it's in the cards.

rube
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Re: BlueNote's Journal

Post by rube » Fri Feb 02, 2018 10:25 am

Hi BN, it is about the journey and you better enjoy life with kids and spouse if you have the opportunity and choose for it.
Wish you all the best and hope to see be able to see you again when you are a father!

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Family father
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Re: BlueNote's Journal

Post by Family father » Fri Feb 02, 2018 3:15 pm

jennypenny wrote:
Fri Feb 02, 2018 7:36 am
I can barely remember yesterday but I can remember everything about my deliveries and that special hour or two afterward. DH can too. Magical stuff.
+1

Wish you the best of luck: enjoy !!

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