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*BIG NEWS THREAD!*
I lost my job.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="😐" title="Neutrales Gesicht" aria-label="Emoji: Neutrales Gesicht">
Multi-year, government manager with a pension and full benefits.
It was and still is a shock, but...
Here& #39;s how our financial approach makes this loss very, very manageable and what we& #39;re doing to guarantee success.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">
I lost my job.
Multi-year, government manager with a pension and full benefits.
It was and still is a shock, but...
Here& #39;s how our financial approach makes this loss very, very manageable and what we& #39;re doing to guarantee success.
1. Your Employer Doesn& #39;t Have Your Back.
I imagine @TheFoodTruckCEO would agree.
Your employer and employees - They aren& #39;t your friends.
Even if you think you have a recession-proof, secure job like I did...
Trust me, you don& #39;t.
Plan for the worst. Hope for the best.
2/
I imagine @TheFoodTruckCEO would agree.
Your employer and employees - They aren& #39;t your friends.
Even if you think you have a recession-proof, secure job like I did...
Trust me, you don& #39;t.
Plan for the worst. Hope for the best.
2/
2. Your Emergency Fund is Key.
We had been running with a 4-4.5-month EF for the last number of months.
Given this change to our lives, our EF will be boosted to 11-12 months.
@SteveOnSpeed would approve.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Build that EF
3/
We had been running with a 4-4.5-month EF for the last number of months.
Given this change to our lives, our EF will be boosted to 11-12 months.
@SteveOnSpeed would approve.
3/
3. No Mortgage! https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏡" title="Haus mit Garten" aria-label="Emoji: Haus mit Garten">
People will tell you to not pay off your mortgage quickly.
There are arguments, but if you lose your job, your mortgage doesn& #39;t vanish.
No mortgage = fewer expenses = EF goes further = less stress.
@thewealthdad knows what& #39;s up.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Pay off your house.
4/
People will tell you to not pay off your mortgage quickly.
There are arguments, but if you lose your job, your mortgage doesn& #39;t vanish.
No mortgage = fewer expenses = EF goes further = less stress.
@thewealthdad knows what& #39;s up.
4/
4. Debt-freedom! https://abs.twimg.com/emoji/v2/... draggable="false" alt="💵" title="Banknote mit Dollar-Zeichen" aria-label="Emoji: Banknote mit Dollar-Zeichen">
A continuation of 3.
Push for debt-freedom.
If you& #39;re #debtfree, you owe nothing to no one.
Fewer obligations = increased monetary flexibility in times of decreased income, like job loss.
Start by nixing high-interest debt.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Aim For Debt-freedom
5/
A continuation of 3.
Push for debt-freedom.
If you& #39;re #debtfree, you owe nothing to no one.
Fewer obligations = increased monetary flexibility in times of decreased income, like job loss.
Start by nixing high-interest debt.
5/
5. Eliminate Lifestyle Creep.
@FI_Squirrel knows. #StealthWealth, buddy!
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💥" title="Symbol für eine Kollision" aria-label="Emoji: Symbol für eine Kollision">I can& #39;t stress this one enough.
You may think you & #39;deserve& #39; a better lifestyle but becoming comfortable spending more will hurt you if you suddenly lose income.
Eliminate lifestyle creep. (con& #39;t)
6/
@FI_Squirrel knows. #StealthWealth, buddy!
You may think you & #39;deserve& #39; a better lifestyle but becoming comfortable spending more will hurt you if you suddenly lose income.
Eliminate lifestyle creep. (con& #39;t)
6/
5 con& #39;t
Our expenses have decreased over the years.
Even though I am not earning income, my wife& #39;s income + our disciplined spending keeps us saving through this turmoil.
We aren& #39;t in the red.
And we can keep investing (smaller amounts).
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Lifestyle creep is bad.
7/
Our expenses have decreased over the years.
Even though I am not earning income, my wife& #39;s income + our disciplined spending keeps us saving through this turmoil.
We aren& #39;t in the red.
And we can keep investing (smaller amounts).
7/
6. We& #39;ve Been Here Before So We Can Do It Again.
We started our financial journey in grad school.
We budgeted monthly. We put money where there was value. We were meticulous.
We& #39;ll do that again, only now you& #39;ll get to see how.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Budgets = important ( @MoneyJrod-approved).
8/
We started our financial journey in grad school.
We budgeted monthly. We put money where there was value. We were meticulous.
We& #39;ll do that again, only now you& #39;ll get to see how.
8/
So What& #39;s The Plan?https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧐" title="Gesicht mit Monokel" aria-label="Emoji: Gesicht mit Monokel">
1. Analyze the new reality - income vs. expenses.
2. Establish savings target/month.
3. Establish category spending targets based on #2
4. Cut spending where possible to meet/exceed #2.
5. Seek temporary income to meet/exceed #2.
6. Review monthly.https://abs.twimg.com/emoji/v2/... draggable="false" alt="♻️" title="Universelles Recycling-Symbol" aria-label="Emoji: Universelles Recycling-Symbol">
9/
1. Analyze the new reality - income vs. expenses.
2. Establish savings target/month.
3. Establish category spending targets based on #2
4. Cut spending where possible to meet/exceed #2.
5. Seek temporary income to meet/exceed #2.
6. Review monthly.
9/
We also have to revise the FI date and possibly the number, given our savings amount will be slashed by 60% in the interim.
Hey @TheFioneers, I guess we& #39;re doing the #SlowFI thing for the time-being, lol.https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥳" title="Partying face" aria-label="Emoji: Partying face">
10/
Hey @TheFioneers, I guess we& #39;re doing the #SlowFI thing for the time-being, lol.
10/
I also have lots of free time now, so what am I going to do?
1. Read and write more.
2. Walk and lift more.
3. Skim professional postings for jobs provincially in my field.
Personal growth a la @InvestorsTheory
Goals - New work in my field and skills I want to lever now.
11/
1. Read and write more.
2. Walk and lift more.
3. Skim professional postings for jobs provincially in my field.
Personal growth a la @InvestorsTheory
Goals - New work in my field and skills I want to lever now.
11/
Do I have plans to make any money at this time?
No.
I have aspirations to write a novel, a finance-related guide, anthologies of poetry, and collections of short fiction.
Maybe I sell those later, but for now, reading and writing.
@1mkwilliams has been a great resource.
12/
No.
I have aspirations to write a novel, a finance-related guide, anthologies of poetry, and collections of short fiction.
Maybe I sell those later, but for now, reading and writing.
@1mkwilliams has been a great resource.
12/
