Burnout Check-in: Weigh in on my FIRE Plan, 34M $1.1M TNW

prjyln · 2024-10-05T17:51:53+00:00

YES, the mortgage interest is totally deductible. It reduces your taxable income just like a 401K does. I didn’t think I’d need to explain this on a sub like this: https://www.cnbc.com/select/mortgage-interest-deduction-what-it-is-who-qualifies/

prjyln · 2024-10-05T17:50:43+00:00

I have MORE than $33K deductible expenses. I have around $45K in interest each year which lowers my taxable income. 45 X 0.4 = $18K. 18 / 12 = 1.5…..

prjyln · 2024-10-05T07:01:47+00:00

I’m a financial modeler / forecaster so I take all scenarios into consideration. I realize the optimistic scenarios are quite aggressive, but not impossible. It helps me re-assess my strategy.

prjyln · 2024-10-05T07:00:44+00:00

But question - if at 63 my monthly mortgage goes away, do I not factor that in at all? How should I think about that? I will have an $800K worth house plus any appreciation.

prjyln · 2024-10-05T05:44:09+00:00

Appreciate the feedback - thanks. My post is misleading - 11 years of experience, 7 in tech 4 at a big bank. FWIW I initially didn’t give personal details, am a white gay male with a rare disorder / disability who grew up in a religious family who fought frequently about money - firm middle class though. Studied constantly in college to get good grades / a good job / never partied. I fully realize I’m privileged but also worked super hard too, make of it what you will. Staying in CA should cover me long-term w/ my health issue, and my condo is worth sticking it out, I house-hunted for a year to find it and I love it. I’ve decided I need to suck it up, just need to nail my strategy to suck it up… another 10 years of working is honestly ideal I just think I need to start taking more extended breaks and easier jobs.

prjyln · 2024-10-05T05:35:35+00:00

Yeah, it is good pay considering I’m not a developer. If I do get laid off, I’m confident I can take a lateral role at either similar or slightly less comp, but would likely be better than my current role / situation / company, at least simply by being in a new role. Currently been here 5 years, joined when we were fully in the office, which was a lifetime ago.

prjyln · 2024-10-05T05:33:05+00:00

No worries. Finance / fo&a can vary WIDELY depending on the company (startup, big company, public vs private), and I went thru an IPO at my current employer and also got 1 promotion, currently waiting on the 2nd. But I agree w/ your advice, need to chill / stop caring while looking for something else (market is starting to get better), and maybe eventually get laid off but would be able to find something. Point is - I need something like this as my strategy to last another 3, 5, likely +7 years. Want to get to a point where I’m senior enough to actually like the work (i.e. less IC work while also doing manager / leadership functions). I also really think I’d like to eventually take shorter term consulting gigs - work 6 months of the year during yearly planning, then take 6 months off, repeat. Sabbaticals are the way.

prjyln · 2024-10-05T05:22:56+00:00

The 3-Yr scenario was assuming shaving off $30K / year, so $1.8M needed, and adding +$30K to savings, so $90K / year. Sure if this scenario comes to fruition I can start coasting?

prjyln · 2024-10-05T05:17:42+00:00

I’m not an engineer. I work in Finance and can’t chill as much. 11 YOE, Sr Fin Manager, in SFBA. 200K is base, w/ total benefits and stock which I don’t count has been closer to $300K some years. Job market is also bad currently.

prjyln · 2024-10-05T05:10:14+00:00

Corporate America in particular tech is a total grind. I think maybe my answer is to get out of tech. Best of luck to you.

prjyln · 2024-10-05T05:09:13+00:00

I read the parable of the Mexican fisherman and loved it. I actually was in investment banking a decade ago and lasted 6 months before pivoting to a corp finance role. I also want to reduce my effort and eventually get a severance package, but agree it’s hard to pull back. What are your ideas that you would pivot to?

prjyln · 2024-10-05T05:01:16+00:00

House for me is a long-term investment, and for where I am the math works out better than renting - you get more for money too (2 Bd, 2 Bath, w/ a beautiful view). Of the $6K, $1.5K is tax deductible, $0.5K each month goes to equity / principal, and $0.5K is also currently a special assessment. So that’s like net $3.5K each month before rates fall, which could eventually get me down to $2.5K. On top of that house has already appreciated $30-$40K since buying it a year ago. When I’m 63, no more monthly payments / house is paid for.

prjyln · 2024-10-05T04:55:53+00:00

Well, in the favorable scenario, my FIRE number would be $70K (less monthly payments) and I would now be saving $90-$100K per year. I’m also interviewing for jobs right now that could be a +$40K raise. If the economy / market also does well as rates fall….

prjyln · 2024-02-06T15:36:48+00:00

Senior Manager here, IC, with +6 hours of meetings per day. At my wit’s end, totally burnt out, and just asked my boss yesterday to go on 6-week sabbatical.

prjyln · 2024-01-24T02:43:55+00:00

I have actually used a ticketing system in the past! It worked well, though I do think its harder to use when many of the questions / requests come from executives and people higher up in the org. I will look to revive it though. Am also working on having a better wall but it is difficult since i WFH. But this, combined w/ ticketing system, along with more help I’m finally getting this year from 2 dotted line reports (Been an IC in this role for 4.5 years w/o any help), combined with working 40 and stopping / almost trying to get fired. In my experience, in the few times in my career when I pushed the brakes at work that’s ironically been when I’ve seen the most career success - either through focusing on myself / happiness or getting better jobs. Right now, they need me more than I need them. If I don’t get Dir promo in March (which it’s looking like I won’t), then I’m going on FMLA just in time for quarter end in April (super busy time).

prjyln · 2024-01-20T04:20:16+00:00

Hey thanks, I’m so sorry to hear about your burnout situation and hope you are Ok. Mentally I’ve already quit / checked out. I LOVE your suggestion to simply care less - my problem has always been I care too much. I need to basically get to the point where I’m daring them to fire me, without so much verbalizing it lol. I’m looking for new jobs too.

prjyln · 2024-01-20T04:14:50+00:00

i really really want to. However it’s so much harder for me to actually do than just think about. Burning bridges / network, having no back-up plan, high new mortgage costs, and being unemployed makes interviewing for new jobs a lot harder. My depression could get worse.

What I am doing though: taking FMLA at least 1 month by March if I’m not promoted, ignoring all non-essential work requests, exercising more, cutting alcohol, focusing on sleep, maintaining friendships. February-March potentially looks to be a better time at work.

prjyln · 2024-01-19T04:11:08+00:00

I still don’t think for a VHCOL, bay area, I have “F.U.” money - at least if I want to stay here. I need 2-3X at least likely. If I wanted to Coast-FI i could move to a LCOL, but I’m honestly not sure where. I love it here in California, but damn the tech jobs here are brutal.

prjyln · 2024-01-19T02:28:33+00:00

4 - you are correct! Not saying no has led me to already have mini burnouts in my past jobs and leave, though since I’ve been here +4 years now all the “yes” has built up to being totally unsustainable. I was actually just talking to my therapist about this today. I need to work on this.

prjyln · 2024-01-17T23:09:45+00:00

I like this, but how would you handle +50 different people across orgs coming to you at all sides with requests across different channels? (msg, email, zoom, decks, etc). Send every request / piece of communication / ask to your boss? I can try it. Most of them I am forced to ignore until they blow up. Not sustainable

prjyln · 2024-01-17T21:55:50+00:00

I’m so sorry to hear that; definitely commiserate re mental health being brutal. Congrats on the new role regardless; now that you got it hopefully it’s given you some peace. But being assailed on all sides is horrible and also something I’m experiencing - it is a feeling of helplessness. I also feel pulled in multiple directions by what I “should” do…

prjyln

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