cmonkey's journal

Where are you and where are you going?
prognastat
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Re: cmonkey's journal

Post by prognastat »

To be salaried I would require a level of pay that my employer would never agree to. I would effectively be checking my hours worked for the past year. Calculating how much I would be making a year including OT then adding a safety margin on top of that and looking for that as my new salary and they would never agree to that since it would actually cost them more.

Although I've seen a few situations where salaried worked out beneficially for the employee in the vast majority of cases I see someone who would have been better off hourly both in that they would be paid more and could fully disconnect from work after leaving for the day. Most of the people I know end up working more unpaid hours and being more stressed by needing to be more available.

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Mister Imperceptible
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Re: cmonkey's journal

Post by Mister Imperceptible »

I believe you can rollover a SEP into a Roth, from what I have read and what my CPA has told me. According to this you can roll a SIMPLE too.

https://www.goodfinancialcents.com/roth ... tax-rules/

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

Mister Imperceptible wrote:
Wed May 08, 2019 5:43 pm
I believe you can rollover a SEP into a Roth, from what I have read and what my CPA has told me. According to this you can roll a SIMPLE too.

https://www.goodfinancialcents.com/roth ... tax-rules/
Nice, that's good to know. Can you do partial conversions?

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Mister Imperceptible
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Re: cmonkey's journal

Post by Mister Imperceptible »

Haven’t done a conversion myself so all I could give you is more Google-fu and potentially motivated advice from my CPA.

When I tried to articulate my investment outlook to my CPA a few weeks back, he said “Our broker informs us that there is no recession expected in the next 18-24 months.” So if the stock market tanks soon, it’s not the CPA’s fault, after all he was just telling me what the broker told him. And this unnamed broker isn’t legally obligated to act as anyone’s fiduciary either. The CPA and the broker both want management fees.

Sorry for the tangent- I would hate to give you bad advice. At least I won’t present myself as a fake expert!

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

Hehe - of course a recession is never coming, because growth forever....


I had a converstion with the manager and it could not have gone better from both of our perspectives. The company is completely changing their orientation toward outsourcing work. They are reducing HR overhead in terms of development goals, performance goals, etc... particularly on my old team. I had actually known the manager previously and he seemed like an ok guy. Talking with him today we have a lot in common.

As far as he is concerned, I have the job, but he needs to get HR to approve a contract position. I told him my number for both contract and salary (salary being ultimately higher comp, since it's my least preferred position) and he seemed fine with both.

prognastat
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Re: cmonkey's journal

Post by prognastat »

Congrats, hope when you hear back from him he comes bearing good news.

If they agree to both your contract and salary comp requests which would you go with?

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

I'm not completely sure yet, I think I'd want to have another conversation with my old co-worker with more targeted questions regarding the HR activity reduction. Is it actually meaningful.

Before I make any decision about anything, I also want to have another phone call with them and talk specifically the work they are doing and have coming up. There was always a tendency to hype the amount of work we had coming and would want to know it's not hype anymore.

A contract position seems more conducive to leaving in a year or two if things aren't as they are promised, but a salary position would end up with higher pay at the number I gave as I'd get nearly the same base rate plus 2 large bonuses each year and a large 401(k) match. Contract would be about a 27% bump and a salary position would end up being about a 40% bump in pay from where I stand now.

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

So just waiting on the paperwork to get finished, but it looks like I'm starting part time with my old employer on June 3. I negotiated a very good rate of 70/hr, it's 27% over my current rate. I'm keeping my old job until August 1 because I want to stay on my current health plan. We have maxed out the plan and want to take advantage of bmonkey's next 4 figure heart scan while on that plan. I also have work commitments up until mid-July with them and don't wanna break that.

So the next couple months, income will be pretty substantial. :) Depending how it goes, I might talk to my old employer about staying part-time as this would be a cost reduction for them, while still being a large boost in income for me.

Oh, and we are moving in 12 days!

prognastat
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Re: cmonkey's journal

Post by prognastat »

Congrats, couldn't have turned out better.

Good luck with the move, hope it goes smoothly.

classical_Liberal
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Re: cmonkey's journal

Post by classical_Liberal »

Very nice! Cutting the cord is way easier to deal with knowing you'll still have some income. congrats!

Gilberto de Piento
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Re: cmonkey's journal

Post by Gilberto de Piento »

Congratulations! Off the top of my head it sounds like deep six figures. Wow! Good for you!

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

I double checked my employment contract and turns out even part time work in the same field isn't allowed, so I'm just gonna quit and start full time with my old employer. It's feeling right to leave now anyway since my buddy has left and work is just getting more and more muddled. They have so much going on and it's not well managed at all these days. It was better a year ago.

Thanks all, yes I'm well into 6 figures now. The quick calculation is to double the hourly rate and then add the first digit to the total (70*2+7) and you get pretty close to the annual amount. :D

Being pretty much FI at this point (our FAI is topping our expenses this month!) this is all just gravy now and I'm doing it merely because they came asking. It feels a bit different. Not sure how long I'll do it but it may be well into next year now.

classical_Liberal
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Re: cmonkey's journal

Post by classical_Liberal »

Ahh another victim to OMY... there are definitly worse things. :D

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

classical_Liberal wrote:
Fri May 17, 2019 3:59 am
Ahh another victim to OMY... there are definitly worse things. :D
Indeed! I think all along I have wanted to work a little longer, this is just making it easier. As soon as I don't enjoy it anymore, I can just be done! Given my work/life balance at the moment I consider myself semi-retired already TBH. Moving to MN is going to enhance that even more. 7 days until we pack the truck up!

Cheepnis
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Re: cmonkey's journal

Post by Cheepnis »

I haven't delved into your journal much because 44 pages is intimidating! So while I have nothing to really say about your current affairs, I would still like to offer a blast from the past and say damn that is (was?) a killer garden! I aspire to your level of green thumbness!

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

Cheepnis wrote:
Sat May 18, 2019 2:00 pm
I haven't delved into your journal much because 44 pages is intimidating! So while I have nothing to really say about your current affairs, I would still like to offer a blast from the past and say damn that is (was?) a killer garden! I aspire to your level of green thumbness!
Ha! Thanks, it's just a large patch of weeds at the moment given we are selling the place and will likely be grassed over eventually. Most of the flowers and non-edibles are still around though.

We'll do the same thing at our new place!

Gilberto de Piento
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Re: cmonkey's journal

Post by Gilberto de Piento »

cmonkey, how are things going these days?

cmonkey
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Re: cmonkey's journal

Post by cmonkey »

Gilberto de Piento wrote:
Fri Oct 18, 2019 8:33 am
cmonkey, how are things going these days?
Things are going! Every so often I think I should update here so thanks for reminding me again. Lots has happened in the past 5 months!

MINNESOTA!

The biggest change would be moving to MN. We've been in our new house for 4 months now and it's been a mixed bag to be honest. The house has fantastic bones, being a 1900 Edwardian. It was a complete wreck about 10 years ago and has changed hands several times and none of the owners knew how to do DIY work. So the house is needing a lot of work yet!

We've been doing mostly cosmetic work - painting mostly! We are also putting down carpet where we want it and new trim. So far we've only finished bmonkey's room, but we've moved on to our library/sitting room now.

I would show photos of the house but a google image search would quickly reveal where we live - yes it's that unique. I might show some anyway if anyone wants to see it.

The house came 'turn-key' which means the last owners sold the house packed with crap. We sold everything and made just over $4,000 in cash.

We also HATE living in town. Our neighbors are terrible. Looking around from our lot we counted over 20 dogs. The husky across the road gets loose once a week and runs all over town. :lol: :lol: :lol:

However, we LOVE living 2 blocks from the library. Our reading activity has increases substantially.

We sold our Illinois home in July for a very fair price.

Both of us have switched to commuting around by walking/biking and haven't driven the truck much. Walmart is 1.7 miles away, the library is 2 blocks away, our friends are 0.5 mile away and her parents are 1 mile away. So why drive?

Gardening

Gardening here is bordering on being a massive disappointment. The soil is super sandy so it drys out very fast. It has almost no nutrition. Our yard is also completely contaminated by huge black walnuts.

We also didn't have time to do anything substantial this year.

Job

I switched jobs back to my old employer in mid-June right as soon as we moved! It's been pretty great as the pay is substantial, the work is easy and it's 100% WFH, no travel. The work itself isn't much different from when we were doing technical work prior to my leaving. So I basically just doubled my pay over 2 years in the exact same position doing the exact same work....simply by leaving and coming back.

Finances

Financially we have never been closer to FI -

SWR - 3.5% - we would have been at 3.37% currently, however our health insurance decided they don't want to do gym reimbursements anymore...
Years - 28.5
TTM Expenses - 12,700
FAI - 12,200
FI Funds - 363K

I've been plowing money into 4 week bills for the past month or two and so FAI has not gone up very much since yields are falling.

We are going to hit 3% in January/February.

As of last month we are running a surplus of dividend income and it's only going up from here! :D :D

Bmonkey

Most importantly, bmonkey is thriving! Mayo clinic told us her heart is perfect back in June and to to come back in a year. She has gained weight and height percentile over the past few months. She turns 9 months old on Wednesday and just walked across the room the other day. :shock:

She just blathers MAMAMAMAMA all the time and just started doing DADADADADA last week too. But no teeth yet!

FBeyer
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Re: cmonkey's journal

Post by FBeyer »

cmonkey wrote:
Sun Oct 20, 2019 9:42 pm
... So I basically just doubled my pay over 2 years in the exact same position doing the exact same work....simply by leaving and coming back.
... She turns 9 months old on Wednesday and just walked across the room the other day.
AAAAAAaaaaawwwwwwww YISSSSSSSSSSSSSSSSSSSSSS!!!!!! :D

vexed87
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Re: cmonkey's journal

Post by vexed87 »

Walking at 9 months? Like furniture walking or unassisted? If it's the latter, she really is thriving! Glad to hear she is doing so well.

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