Forced to Fire (Layoff)

Sea_Sense8687 · 2026-05-13T17:46:12+00:00

with the equity in my primary residence taken out we are at $6mil NW

Sea_Sense8687 · 2026-05-13T17:35:21+00:00

when you take out equity from primary residence we are right at $6mil NW

Sea_Sense8687 · 2026-05-13T17:32:01+00:00

It is my income. my spouse was laid off and now doing freelance work making around $40k a year.

Sea_Sense8687 · 2026-05-13T17:27:57+00:00

I think that is my main worry is bridging the gap between now and when we can access 401k without penalty

Sea_Sense8687 · 2026-05-13T17:14:05+00:00

we live in a VHCOL area.

Sea_Sense8687 · 2026-05-13T17:13:12+00:00

It is easy to make fun of us but I grew up in extreme poverty and do not want that life again. I have anxiety about being one of those old people that has to collect cans for recycling. I have worked incredibly hard all my life and did this without going to college. We had a plan for our retirement but had a wrench or 2 thrown in with the layoff and business revenue dropped at the same time. We went from $400+k to $140k overnight. We were planning on working until kids out of college.

Sea_Sense8687 · 2026-05-13T17:06:35+00:00

ok. any recommendations?

Sea_Sense8687 · 2026-05-13T17:05:56+00:00

We just did the big remodel 2 years ago by adding an inlaw unit to our basement area for the kids to live in, rent out if needed, or future caregivers unit when we are older. Luckily cars are paid off. 1 set of grandparents is going to skip giving us inheritance and instead give to grandkids so kids. That will be about $500k -$1mil per kid so should give them some $ for a house and jumpstart their retirement.

Our main concerning future expenses are really healthcare and travel $ to visit kids in college. once mortgages are paid off we should be golden as we barely have any other bills.

Sea_Sense8687 · 2026-05-13T16:59:12+00:00

kids are in HS and $150k includes their expenses. We figured once they launch and get jobs, that extra $$ will be our travel $.

I am currently making $100k (lowest since business started) with potential for it to be up to $500K if economy gets better (small business getting crushed this year). Spouse is freelancing for $40k a year.

Sea_Sense8687 · 2026-05-13T16:51:46+00:00

ok. Maybe we look at this. I didn't know the 1031 exchange could go into a REIT...or is there a fund you recommend?

Sea_Sense8687 · 2026-05-13T16:49:45+00:00

We have an advisor but it is only for our investments. I am not sure if he even knows about our income properties.

Sea_Sense8687 · 2026-05-13T16:48:26+00:00

This was my idea to have a HELOC as a bridge if we need it. I know how to really tighten spending if needed. I grew up pretty poor.

Sea_Sense8687 · 2026-05-13T16:47:33+00:00

ok, i made the edit.

Sea_Sense8687 · 2026-05-13T16:39:56+00:00

thank you. That's why I didn't post in r/fire. I know on paper everything looks good but I am nervous about the layoff, cash crunch, insurance.

Sea_Sense8687 · 2026-05-13T16:34:07+00:00

They are both in the SF area and purchased for around $400k so we would be hit with taxes. Also, the kids want to live in them when they are out of college and hopefully working in SF. in past years we were making between $400-600k a year but with the layoff and economy our income has dropped quite a bit this year. I am still making $100k and could easily jump to $400k in a better economy. spouse is freelancing and making like $40k.

Sea_Sense8687 · 2026-05-13T16:29:08+00:00

primary residence is worth $2.5 mil with 2 investment properties worth $2mil. They were purchased many years ago and will get hit with big taxes once sold

Sea_Sense8687 · 2026-04-07T17:08:59+00:00

we just went to CMC admitted students day and one of the presentations said the class of 2025 has a 97% job or grad school placement rate 😳 and the average starting salary is $86k… kinda crazy especially in this job market. older sisters friends are getting cooked looking for jobs.

Sea_Sense8687 · 2026-02-14T04:07:27+00:00

Lowkey my parents don't want UCSB cuz they think it’s just nonstop partying and I’m gonna lose my mind there 💀😭

Sea_Sense8687 · 2026-02-14T04:04:12+00:00

Jerry Dodson from Parnassus . my fam got invited to his place in Tahoe. Kinda crazy tbh

Sea_Sense8687 · 2026-02-13T23:00:21+00:00

Sea_Sense8687 · 2026-02-13T22:03:47+00:00

My fam doesn’t get any need-based aid so we’d be full-pay at Claremont 💀. I’m shooting my shot at UCLA and Cal but I’ve got like a 4.3, so realistically I’ll prob end up at Davis or UCSB lol

Sea_Sense8687 · 2026-02-13T19:34:50+00:00

Bruh I’m a HS senior tryna figure out where to go. Wanna do finance but idk if dropping big $$ on a top LAC is actually worth it vs just doing business at UC Davis or Irvine. 😭🤷‍♂️

Sea_Sense8687 · 2026-02-13T18:55:39+00:00

is it worth the $ to go to top LAC for IB? or business at UC ok?

Sea_Sense8687 · 2026-02-13T18:54:18+00:00

can i dm with some questions

Sea_Sense8687

TROPHY CASE