The Intersection of FIRE and Disney

Discussion in 'Budget Board' started by SouthFayetteFan, Dec 10, 2018.

  1. SouthFayetteFan

    SouthFayetteFan Saving Money on Disney Vacations since 2006

    Joined:
    Sep 6, 2014
    Messages:
    5,549
    This is what I think people are truly chasing when chasing FIRE. The further along the path I get, the more emboldened I feel. A couple examples:
    • They moved my dept from nice offices to cubes in our building in 2017. I didn't like the cube so I just stopped going in and started working from home everyday except for the 1 day a week we have our in office meetings. Some of my co-workers already had arrangements to work in a branch on certain days so my move wasn't as crazy as it sounds. Some of my co-workers did ask how I could just do that...my response..."Are they really gonna fire me over that...and if they do, oh well, I'l find another job, lol" In the process I gave myself a $3,000 raise by eliminating my parking expense.
    • When I lost my Sr. Mgmt position in my prior career back in 2014/2015 (we sold the company unexpectedly) I took a significant pay cut (~20%) to move into a new career path that I love so much now. Because we were saving 50% of our income this wasn't even a big deal at all (and of course now I'm back above where I was then after a few promotions/internal moves).
    • I used to be afraid to take vacations close together - that I might "upset" somebody. Now I use all my time each year and exactly whenever I want to use my time. I'm a top performer, and again...they won't fire me over that.
    Someday that conversation may be...I want to work from Florida for a month OR I want to move to a 4-day a week schedule. (you can't do that). Ok...well then I'm considering retiring. (WHAT???) :)
     
  2. pillow

    pillow DIS Veteran

    Joined:
    Mar 21, 2007
    Messages:
    4,385
    What if something big happens at the end of a plan year - like a car accident or something? One could in theory incur expenses across 2 plan years in a relatively short period of time. So to be safe, we generally like to keep 2 years of out-of-pocket max in cash and/or very very conservative investments. I've just starting moving the excess to an index fund, but I really need to research some other possibilities (maybe self directed?) as I noticed we incurred some type of fee on the investment purchase. Grrr . . . do not like fees!
     
  3. Avatar

    Advertisement


  4. 1st*toright

    1st*toright DIS Veteran

    Joined:
    Mar 1, 2017
    Messages:
    638
    Excellent point! 2 years really is a better answer than one - we have more than one year socked away now, but I remember how much better I felt once we hit that "one year fully covered" point, which is more than the amount you're allowed to contribute in one year for our plan (including all coinsurance etc. once the deductible is met). I'm all about lowering my taxable income, so I contribute the max every year. And I just went in and invested some of our HSA - used the "self directed" plan so that we aren't incurring any fees :) and it stated that they don't charge any fees on trades or anything, so that should be good. I also filed my dependent care reimbursement for the year (the amount we pay for afterschool care comes out pre-tax, I let it sit there all year, then move it into our 529).
     
    runwad, SouthFayetteFan and pillow like this.
  5. crisi

    crisi DIS Veteran

    Joined:
    Feb 25, 2002
    Messages:
    25,190
    To some extent, we've always had that. We were a two income couple who could easily live off either income. And there is a way your employer treats you when they realize you are less dependent on them then they are on you. But getting to that freedom where both of us could do it was extra nice. We can both do our current jobs from anywhere - and he travels for his - so last year we got to spend ten days in England and this year will be in Africa and Australia. My job more than pays for my plane tickets and side travel. And our kids are college age adults - so there are no longer four plane tickets to buy.
     
    alryan, Jaime4004 and SouthFayetteFan like this.
  6. 1st*toright

    1st*toright DIS Veteran

    Joined:
    Mar 1, 2017
    Messages:
    638
    There is no question that your ability to dictate the terms of your employment (therefore eliminating things that annoy you about work) improve when you feel financially secure as well as confident about your value to your employer. I really like what I do, and I would not be easy to replace. I am also the primary breadwinner these days, so I do need a job that pays pretty well. If this job went poof, I would be able to find another, but it would probably be higher stress/require more hours/require more travel, so while I'm valuable to the company, the job is also valuable to me. What that means is that while I can't be totally "my way or the highway" about how I do my job, I do feel free to address stuff that annoys me and make the job work for me. For now, I feel pretty lucky to be doing work I like for a good company - I just got a new boss (old one retired) who I like, respect, and think I can learn from, so no complaints at the moment.

    The ultimate goal of FIRE for me is not to retire entirely, but to be able to dictate what kind of work/how much work I want to be doing.
     
    alryan, runwad and SouthFayetteFan like this.
  7. pillow

    pillow DIS Veteran

    Joined:
    Mar 21, 2007
    Messages:
    4,385
    Correcting myself . . . I think the fee is a monthly maintenance fee to invest - not a transaction fee. There are lots of options for us to choose from, including a Vanguard index fund, so I'd rather go the easy route and leave funds with the current trustee instead of moving them out to something self directed. I don't need anything else to manage lol!
     
  8. DisneyMandC

    DisneyMandC DIS Veteran

    Joined:
    Feb 18, 2015
    Messages:
    4,290
    I looked, but I don't see where we could do an HRA and HSA. And, unfortunately, the HSA would actually cost us more out of pocket on the very minor medical costs DH does incur. We do have enough in liquid savings to meet our out of pocket maximum if something were to happen though. We also have $740 in our current HRA. I would assume we keep this amount even though the plans are changing from Aetna to Anthem. I don't see how the company could just throw the money away lol.
     
  9. SouthFayetteFan

    SouthFayetteFan Saving Money on Disney Vacations since 2006

    Joined:
    Sep 6, 2014
    Messages:
    5,549
    LOVE THIS!!!
     
  10. piccolopat

    piccolopat DIS Veteran

    Joined:
    Apr 25, 2014
    Messages:
    1,793
    For your #5, it is my understanding that you can make withdrawals from your 401k as early as age 55 without the usual penalties, though you still pay the taxes. This requires you to first leave the company where you had your 401k (not necessarily retire) and you have to make substantially equal withdrawals for several years following IRS rules.
     
  11. Haley R

    Haley R With all the strength of a raging fire

    Joined:
    Sep 3, 2017
    Messages:
    8,309
    I'm not sure if anyone feels comfortable answering this, but I'm curious what everyone thinks: How much money is TOO much in your checking account?
     
  12. tzolkin

    tzolkin DIS Veteran

    Joined:
    Jan 3, 2008
    Messages:
    5,542
    $15-20k? I just don’t see any reason to have a ton of money sitting in your checking account unless it’s been moved there to have access to it for a specific purpose.
     
    Haley R likes this.
  13. Southernmiss

    Southernmiss I am hazed everyday

    Joined:
    Aug 27, 2011
    Messages:
    5,075
    We keep a "buffer" of 1 month basic expenses in our checking account. DH works for the Federal Gov't (he's not under shutdown right now) but if there was one that affected him for a significant period of time, it would be easy for us to maintain everything for a while until his pay picked back up.

    It also allows us to make an occasional splurge and float the bill until another payday without overdrawing the account or going into a line of credit, etc.

    Just something that DH and i became comfortable with a few years ago.
     
    Haley R likes this.
  14. Haley R

    Haley R With all the strength of a raging fire

    Joined:
    Sep 3, 2017
    Messages:
    8,309
    I think we have too much in our checking. We have already maxed out both of our Roth IRAs but that was for last year I guess. We might need to look into investing into something else
     
  15. Haley R

    Haley R With all the strength of a raging fire

    Joined:
    Sep 3, 2017
    Messages:
    8,309
    We might need to consider investing it somewhere, opening another bank account with a good bonus, or we could do some updates to our house
     
  16. QueenIsabella

    QueenIsabella DIS Veteran

    Joined:
    Jan 17, 2016
    Messages:
    1,860
    This is really a personal question--people are going to have different comfort levels, just like there are people who can sleep at night with a checking balance of $1.68!

    The past few years, when money market accounts were getting near 0% interest, we started having more in checking. Now, interest rates are going up a bit, but DH is out of work, so it still makes sense to us to have a 5-figure checking balance, because we don't know when the next deposit will be. We should be getting a couple 5-figure checks next month--then, I may transfer some to money market.

    For normal people, I would say it depends on what you have coming up. If you know there's a property tax bill or a big insurance payment coming up in a month or two, it's probably not worth shifting the money around. It also depends on how easy you can access you "put away" money--we can just write a check from our money market account. If you have to do wire transfers during regular banking hours, I would keep more money accessible.
     
    Haley R likes this.
  17. Jaime4004

    Jaime4004 DIS Veteran

    Joined:
    Feb 15, 2010
    Messages:
    1,362
    I keep $1000 buffer in my checking account. Every since that one time, years ago, that I paid a bunch of bills from the wrong account. Oops. Lots of fees there. Otherwise, paychecks go in by direct deposit, bills are paid, and the remaining goes immediately into various savings accounts. No interest in my checking account so no reason to keep it there.
     
  18. toonaspie

    toonaspie Just a poser

    Joined:
    May 30, 2010
    Messages:
    782
    Huh. Well that FINALLY answers a question I was trying to ask in a different thread months ago but was getting bland non specific answers like "enough to survive a few month" etc.
     
    Haley R likes this.
  19. Haley R

    Haley R With all the strength of a raging fire

    Joined:
    Sep 3, 2017
    Messages:
    8,309
    We get 3% interest in our checking if you make 10 transactions a month with no minimum spending requirement. It’s super easy to meet the 10 transactions. I think you have to have 20k in the account to get 3% interest? We get about $60-70 a month which is nice
     
    Jaime4004 and Cruising Engineer like this.
  20. tzolkin

    tzolkin DIS Veteran

    Joined:
    Jan 3, 2008
    Messages:
    5,542
    Well, this might change people’s answers. Most checking accounts I have seen give like 0.1% interest so there’s no benefit to leaving extra money sitting in that account.
     
    Jaime4004 likes this.
  21. Cruising Engineer

    Cruising Engineer DIS Veteran

    Joined:
    Apr 18, 2018
    Messages:
    687
    What bank or service gives 3% in a checking account, even with a minimum continuous balance? I'm in the "practically zero" interest rate now.
     
    Haley R likes this.

Share This Page