dull numbers journal

[10cents]

@delay, yes, all my nimbers are in local (PLN) currency. Yes, my way toward FI is based on savings + frugal life, soe 885 USD is enought for me.

[delay]

Thanks for clarifying! When I visited last year Poland was much wealthier than 30 years ago. All new highways and lots of high end cars.

[10cents]

Well, it is almost an anniversary for me on this forum. 7 years!! Time for a summary. How does it started? It was Mr Money Mustache blog I came across over 7 years ago. I stared to read the blog, read all the posts, for a long hours a day. It was for ma a 'brain changer'. I could not to think about anything for several days. Later on I did some search and found similar blogs. 'Get rich slowly'. It all make me to get interested in FIRE movement.
After further consideration I decide to start my own thread, but without any purpose. 7 year ago my finances were common. Some savings, some liability, NW 18K - just a small financial cushion. 7 years later it is pretty big (for me), it is diversified, it uses tax-free accounts.

NW: 621K
minimum monthly cost of living = 3,800,
163 months of living out of my savings
or 54,5% of the sum, when I can fulfill 4% rule.

[delay]

Congratulations on the forum anniversary! Your #months is going up steadily too.

[not sure]

Congrats on the anniversary and the progress! Here is to the next 7 years

[10cents]

Although early retirement is not for me (i'm 50 y.o.) there is hidden benefit of 'near to early retirement'. Anty-ageism prevention!!! Independently if it is Poland, western europe or USA, phenomenon of ageism is present. 10-15 years before statutory retirement age is often the worst time in ones career. It could event to be a career decline. Nobody admits it, but companies are reluctant to hire 50+ workers. Many books have been written about it, but nothing changed. I also feel the breath of ageism. I dont have any view for a promotion, or, promotions requirements are so high (for me) that I will not get them. I work in a team with 33 years old average (with me), or 31,5 average years old without me - so I'm a 'Outlier'.
This is a wall I cannot overcome.So, right now, early retirement savings became an 'insurance policy'. I changed my mind toward - 'wait and see', how many month this situaltion will last. Of course, I fulfill my work obligations, try to be pro-active, but it can be not enough. Up to now, my salary are pretty decent, so I'm going to work in this company, on my position as long as I can, but I feel more than disappointed this situations.

NW: 637K
minimum monthly cost of living = 3,840,
165 months of living out of my savings
or 55,3% of the sum, when I can fulfill 4% rule.

[urgud]

Regarding companies being reluctant to hire 50+ workers: I've been thinking about this for some time as well. Not that I'm a software guy, but I remember meeting friends whose 50+ IT-job parents were unemployed in Silicon Valley. Who knows if the discrimination is based on something rational or not.

Your numbers are in PLN, right? Even though you are not fully FI, that amount of net worth/savings gives you seriously flexibility.

[10cents]

Well, I've achieved another stage. For a male of my birth year, retirement age is 65. And I'm, 51 y.o., 14 years before retirement age or 168 months. At the same time, my savings allow me to live 172 months out of it. Great for me!!! But can I trust state pension insurance. Will they exist in 2038 year? Yes and no. They will exist, but state pension amount will be as low as hell. It will be ~ 50% of minimum wage. Can I have a decent life having 40% or 50% of minimum wage? Definitely not. So, stopping work and starting early retirement in not for me now. I should have more savings. Savings that will survive me getting official retirement age. What is it a number? I dont know. There is also another problem. Most of my saving (80%) is on tax-free retirement account and I'm entitled to payment at the age of 60. Before that time, what kind of money would I live on? I need to improve my 'before retirement' liquidity. Reduce contribute in tax free account, accelerate the overpayment of a housing loan and top up my 'before 60' account.'

NW: 672K
minimum monthly cost of living = 3,920,
172 months of living out of my savings
or 57,6% of the sum, when I can fulfill 4% rule.

[7Wannabe5]

It is a different calculation as you get older and years until pension/social security or death are no longer >30->so approximate to "forever." I just turned 59 (just 3 years from early withdrawal social security/official senior status for some other benefits), so I am dedicating one of my Skillathon 2024 slots in February to "Sixty-Two Pickup: Senior Financial Benefits Research."

[10cents]

That was a month with severe stocks increases. Good for me, but now, I have a new target. Reduce my mortgage, so, no more investments, just pure loan overpayment. My savings are high enough for 175 months, while I'm 167 months prior my retirement, but, silly me, 80% of my savings are on tax - free private pension account. I only have 207K on my 'before60' account, but I have 84K mortgage. So, for period before 60 I only have 123K for 108 months. Far too small. So, all hands on-board - mortgage goes to hell.

[10cents]

March surprised me with excellent stock results. I was also paid an annual bonus. It was quite high. I decided to spend all my bonus on mortgage over pay. So, my mortgage melt down like a snow in the winter time. I had also a perfect month in a job. My project, I have been working on for 8 months is almost done. NW: 809K, 61,8% of the sum, when I can fulfill 4% rule, 185 months of living out of my savings.

[10cents]

When you get older, you lose desire for a bull shit you see at work. The same for me. Being financially independent has caused me to lose interest in work. I don't want to prove anything all the time. What I want is pure peace. I don't want to make any sudden movements. Getting fired from your job is not the time yet. However, I want to gradually limit my involvement and withdraw from work. All my current savings go to overpaying loans. NW - 805K or 63% of the sum, when I can fulfill 4% rule or 189 months of living out of my savings. Est monthly cost of living 3965 PLN.

[guitarplayer]

Depending how (cynical) you feel about work and what are the employment laws in Poland currently, some people game the system to get redundancy money at the end of their work - when the time comes for you to call it quits.

With no cynicism whatsoever, when my mum was in her late 50s there's been this thing about 'bridge retirement' voluntary redundancy scheme with company contributing financially to it. Mum took advantage of it and had been a happy (I only realise now while writing it - not that extreme but still) early retire for over a decade now.

[ertyu]

Good job on your progress, 10cents. Almost there. And I feel you on peace being my main want right now.

[10cents]

Being cynical is nothing surprising when you work 15+ years in 'corporate world'. I'm not going to quit. I'm going to be fired. In Poland it gives me 3 additional severance pay from work. Also my contact include 3 months' notice from work. So, at least 6 paycheck in this contract. But now, I still work. For how long? I dont know. Increase in the cost of living is still ongoing. My mortgage is still not paid off. 6 months is too short period for me. More over ,y kids are in secondary school. How can I explain to them, that I'm going to stay at home with me wife while they 'need' money for many things and are reluctant to lead a frugal life. How can I explain to my parents, that we quit our well-paid job, to 'do nothing'. My parents are from generation filled with idea 'Financial success speaks about a person'. Wanting less is a symptom of weakness not our own choice. 'For many year people emigrate from Poland abroad to seek for a better life. You dont need to emigrate, you have a good job, great salary in Poland - why do you want to destroy it' - this is the question I can expect from them. They dont understand that the way they worked physicaly very hard, we (our generation) work mentally also very hard. Our brains are the same tired that their hands. They wouldnt understand voluntary quiring job, but they would undarstand to be fired. So, a few months work in front of me and slow preparations for life changes.

[guitarplayer]

Oh crap, maybe my mum has been cynical after all and I am just wearing idealist glasses all too often. I will ask her next time I see her.

How do you typically get yourself fired, is there a general consensus about this happening or you actually need to underperform or something along those lines?

[10cents]

All problems started last year with a manager change. So it is true saying that 'you come to a company but you leave from manager'. My manager is a kind of workaholic. She works 12-14 h a day, also in weekends. Gradually she started demanding it from us too. Moreover, everyone in the team should shine. We should go to conferences, also as a speaker. We should take part in hackathons. We should learn and certify ourself. We should deliver proof of concepts. And, all this in our free time. Because it is our development. Because we have 120% workload in our baseline. In many days I feel like a doctor working on a hospital emergency ward. What do I need to do first is a kind of triage to decide what should I sacrifice to do something else. How long can you work in such a place without burnout? What is my plan? They pay me for 8h a day, and I'm going to work 8h a day. Work carefully, professionally, but work on 100%, not more. And this kind of commitment to work means for my manager as underperform. I don't want to take part in a rate race for single day more.

[2Birds1Stone]

Sounds like the perfect scenario to do less and less until they show you the door.

[ertyu]

Yup, what you're saying about how your parents will react checks out. In my corner of post-socialist bumfuck nowhere land, we have a saying that goes, "On someone else's back, 100 lashes seem too few." Right now, the lashes are on your back. The benefit is on theirs -- they get to look good cause their son has a fancy job, and they get to not worry about money because they're confident that with your well-paid job, you'll be able to support them.

You mention children -- is your wife on board with you retiring early?