Latest posts by FIRECracker (see all)
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- Friday Case: I Love My Job, Should I Bother Becoming Financially Independent? - February 16, 2018
I’m gonna keep today’s article short because, let’s be honest here, you should be out BBQ-ing or watching fireworks or whatever this long weekend instead of sitting here reading a blog.
But I just wanted to share with you an email we just got that kind of encapsulates why we write this silly little blog 3 times a week.
So, I swear that I won’t keep pestering you all, but I had to write in to thank you again. Your analysis and your blog really inspired me.
Anyway, long story short – I resigned from my job and took a new position at same institution, but now I have a chance at $150,000 and student loan forgiveness. I negotiated a faculty position at $97,500 with adjunct pay for all courses taught outside my dept ($23,000 this AY), and 2 months summer salary ($21,600). That puts me at ($142,167) for 2017-2018 school year. If I bring in enough grant money for summer salary next year (and I certainly intend to do so) I could make $153,000.
I honestly wouldn’t have went for this if it wasn’t for your posts and the comments of the group. Here’s to FIRE!
This is reader Millennial Academic Scientist, who’s reader case we featured in a Case Study Here. To recap, MAS was earning good money, but had a giant student loan with an eye-popping balance of $183k. We did the case and figured out 3 options:
- Continue paying the minimum on the debt and rely on the PSLF to forgive it. Time to retirement: 16 years.
- Plow all your money into the loan to kill it, then save for retirement. Time to retirement: 15 years.
- Abandon the PSLF, go into private sector, increase salary from $100k to $150k. Time to retirement: 10 years.
So of course MAS went out there and made up a 4th option that I didn’t even think was possible: Increase salary to $150k while staying in the public sector! Now she has the money AND the PSLF!
In short, MAS is kicking life’s ass! She’s unstoppable, and we are SO incredibly proud of her!
But for this particular case, it wasn’t just us doing all the heavy lifting. After the post went up, the comments lit up with you guys giving out great advice and that back-and-forth really helped MAS solidify what she wanted to do. In particular, readers Frank, Jason, Chris, ARB, Vancouver Brit turned a pretty good article into an inspiring thread, and together we actually helped change someone’s life!
So here’s to you, fellow Revolutionaries. Thanks for reading, thanks for commenting, and thanks for being you. Together we can change people’s lives, one reader case at a time.
Now get out there and watch some fireworks.
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