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    Home Unlabelled Financial Independence My FIRE path has been extinguished...wife told me she has retained a divorce lawyer.

    Financial Independence My FIRE path has been extinguished...wife told me she has retained a divorce lawyer.

    November 27, 2018

    Financial Independence My FIRE path has been extinguished...wife told me she has retained a divorce lawyer.

    My FIRE path has been extinguished...wife told me she has retained a divorce lawyer.

    Posted: 26 Nov 2018 07:36 PM PST

    My post on personalfinance got deleted by a mod and told me to post in either legaladvice or here. Just to be clear, I am not asking for legal advice, I now have a lawyer. My reason for posting was to share my experience. Not looking for pity from the community, just sharing which I thought reddit was all about. If this gets clipped, I guess my experience on these subs is skewed somehow.

    My original post:

    Sorry for the downer post. I posted here less than a month ago and got a lot of insightful replies and suggestions. At that time I had no idea this was coming today.

    Marriage can be a complicated road to travel. Lots of bumps and turns over the last 26 years of it. Mine will be coming to a stop soon and I will either make a right or left.

    My thoughts about FI or even RE are not what got me here. But, here I am and will be making a new plan after the dust settles. Getting late in the game for me to recover easily but I will put in what it takes to do so.

    Just a point to consider for the younger crowd about how things can change and an illustration of how your best laid out plan can fail. It can be health related, relationship related and so many other things.

    submitted by /u/FIREsanitycheck
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    Don't Quit Your Day Job

    Posted: 26 Nov 2018 10:13 PM PST

    Yesterday I replied to a "what do I do with my life now" thread and people seemed to like the advice. I realized the main message from that discussion might interest other people in this sub.

    This is a cautionary note for people who are sick of their jobs and think that starting a business will make things better.

    I'd strongly advise that you re-consider (or more seriously weigh the risks) of trying to start a new business.

    I work extensively with start-ups/entrepreneurs and you're at a stage of life where you have A LOT to lose. One consistent pattern I've seen is guys from 35-55 with a wife/kids/house taking big risks on a new business because they are sick of their corporate job... and then losing everything (or a very big chunk of their savings). They tend to have much bigger losses than other groups I've worked with and a much higher overall failure rate. I don't know exactly why this happens, but I think a big part of it is exactly what you'd expect: they have more to lose, a bit more confidence/arrogance, and don't have the right kind of motivation.

    This obviously isn't always true. The two approaches I've seen guys in this demographic have the most success with are:

    1. Those that branch off from their corporate career path and use their existing network/skill-set to build their own freelance/consulting business. They typically start while working their corporate job, build up a few solid clients, and quit once they have enough money coming in to sustain themselves.

    2. Those who have a clear competitive advantage in their field and experience starting the same kind of business in the past. Note there's serious emphasis on this being the "same kind of business". If you've started a house painting company and then start a restaurant you're probably less likely to succeed then someone starting from scratch (my experience backs this up... arrogance is a business killer and people that tend to think unrelated experience somehow qualifies them to start new businesses fail at extraordinary rates).

    With all that said, I run my own business and absolutely love it. I'll never go back to my corporate gig. But I weighed the risks and made sure I didn't overextend myself. I had WAY less to lose than you do, and I still was super cautious every step of the way.

    Note: this isn't saying that guys from 35-55 can't be successful in business... that would be ridiculous. It's saying that guys with a lot of savings and a lot to lose (wife/kids/house) that want to start a business BECAUSE they hate their corporate job tend to have a high failure rate and need to be WAY more cautious and realistic. The odds are stacked against them and sadly many of them think they are the exception to the rule. If the goal is FI then it's very unlikely that starting a business is the best way to achieve it.

    submitted by /u/north2future
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    Daily FI discussion thread - November 27, 2018

    Posted: 27 Nov 2018 03:07 AM PST

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply!

    Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked.

    Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    Will divorce absolutely obliterate my chance at FI?

    Posted: 27 Nov 2018 12:05 PM PST

    I am just starting out but have what I believe to be a solid plan based on a lot or research, book reading, podcast listening, and hanging out here. At the same time, I have 2 small children and an extremely rocky marriage and a wife that doesn't get FI and doesn't really support it. Every year I feel like we get closer to divorce. Best case, the therapy work, we stay together and we're happy, yay. But I want to have my eyes open, and imagine a scenario that involves alimony and child support, just for the sake of being prepared. Have any of you experienced divorce yet are still on track to FIRE?

    submitted by /u/Nickyjtjr
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    Health insurance after FIRE

    Posted: 26 Nov 2018 11:43 PM PST

    So after I fired, my employer health insurance ended. And I bought a plan from the Marketplace last year after I fired. Nothing has changed since then in my income, residence, etc and I am happy with my current health insurance. Do I need to complete the 2019 application before the Dec 15 deadline?

    The Marketplace keeps reminding me to renew my 2019 application, so I called them - twice. The first person I talked to said yes I should complete my 2019 application. When I called again, the next person said no, I am good for 2019 and nothing more needs to be done. So I got conflicting advice from the Marketplace.

    Those who have fired and are on Marketplace health insurance, could you advice me on which representative of the Marketplace I should believe? Do I need to complete the 2019 application before the Dec 15 deadline?

    submitted by /u/noncont
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    RE and now getting a really good "free" ACA health care plan. What am I missing here???

    Posted: 27 Nov 2018 12:37 PM PST

    Recently retired at 55, can control MAGI to about anywhere it needs to be. Put $20k into the application and selected a Silver plan with $10 copay Dr visits, $20 specialist, $20 urgent care, $500 ER after deductible, $4 drugs, $250 deductible and $600 max out-of-pocket. Subsidies more than cover the entire premium for spouse and I and the income level qualifies for the extremely low deductibles and out-of-pocket max [Cost Sharing Reduction]. Best insurance I have ever had and I've got NO cost of premiums??? So why are ppl saying they can't afford insurance in early retirement??? Again, am I missing something here?

    submitted by /u/Itsjustengineering
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    Marketplace health insurance after FIREing - how to document income

    Posted: 27 Nov 2018 11:41 AM PST

    I FIREd, went on the Marketplace and selected a plan.

    They asked me to estimate my income for the 2019 year. I am new to all this, so I thoughtlessly answered $24,000 to ensure I don't fall in the Medicaid gap in my state which hasn't expanded Medicaid and offers Medicaid only to the blind and otherwise disabled.

    Now I need to send proof to the Marketplace that my retirement income is $24,000 for 2019. How in the world can I document that by end-January? I thought I had until end of December 2019 or maybe April 15 of 2020 to document any income. I am not even sure how well my mutual funds will be performing for 2019.

    submitted by /u/noncont
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