Transitioning to a future without a regular (fat) paycheck is an interesting mental exercise, and I am getting a taste for what it is really like on a number of levels. For background, if you read my earlier thread "I Quit", I have resigned from my professional group to an uncertain future, one which will probably involve some part time work, some consulting position(s), and perhaps developing a new career or business direction. Fun stuff, and I am truly excited about all of these opportunities, but nothing is yet set in stone. The only thing thing that is set in stone is that the regular paychecks are going away, yet the expenses remain largely the same.
I am already seeing the need to adjust (read: cut) my saving and investing. I have been so accustomed to automatic withdrawals from my checking account to Fidelity, Vanguard, four 529 plans (two for each child), and, more recently, Betterment. It is causing me some pain that I will have to reduce, gasp, maybe eliminate, these contributions. We will still contribute the max to our respective tax-deferred retirement plans and still might fund the wife's deferred compensation plan a little. My wife will continue in her position, at least for a few more years.
Of course, we can and will make some lifestyle adjustments, too, but I am trying to make this as easy as possible on my family. I am having a tough time adjusting to the non-saver mindset! I expect that this is not so uncommon.
I am already seeing the need to adjust (read: cut) my saving and investing. I have been so accustomed to automatic withdrawals from my checking account to Fidelity, Vanguard, four 529 plans (two for each child), and, more recently, Betterment. It is causing me some pain that I will have to reduce, gasp, maybe eliminate, these contributions. We will still contribute the max to our respective tax-deferred retirement plans and still might fund the wife's deferred compensation plan a little. My wife will continue in her position, at least for a few more years.
Of course, we can and will make some lifestyle adjustments, too, but I am trying to make this as easy as possible on my family. I am having a tough time adjusting to the non-saver mindset! I expect that this is not so uncommon.
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