In July I quit my job, after 14 years with the same company to do something new and risky…
My posting to Europe has come to an end and I decided to take a big risk to join a startup company here in Europe. I will earn less than 20% of my Singaporean salary each month and instead will get equity in the firm. High risk – high reward.
This means that a drastic lifestyle redesign is in order, which I will tackle in my next monthly update.
How does it feel leaving a company after 14 years?
To be frank, it feels quite good. The last few years I did not like my job too much, despite the promotions, the fantastic perks and the relatively high salary. I am glad that I found the financial independence movement in 2014 and have now achieved a lean form of financial independence. I have enough invested and saved enough cash outside of my portfolio to do something fun and live life by my own terms. If all fails, I have enough money to live a basic life in Southern Europe on passive income alone.
Most importantly, I never have to set foot in another office again – at least not in the foreseeable future.
Let’s see how life feels on the other side in September.
The last few weeks in the old company have been awful. HR and legal colleagues are trying their best to reduce my separation agreement deal, projects are piling up that people want me to finish before I leave, my team is in disarray and the political infighting about my work and resources has started, even though I am still in the job.
I should not care, as I am leaving anyway, but I feel obliged to work 12 hour days to somehow keep things more or less in order before my departure.
Portfolio in July
In July my portfolio increased from SGD 820,557 to SGD 830,173 (~ USD 601,000). I regained my official Lean financial independence goal of USD 600,000 in the portfolio – back to where it was in December last year. Investments of SGD 8,478 were supported by paper gains of SGD 1,138. First tiny gain after six consecutive months of losses for my portfolio, totalling SGD -96,289 year-to-date.
Expenses
In July I spent SGD 4,811. The biggest expense was groceries at SGD 1,183 – due to having a party for all relatives in my soon to be new home village – long story. I again “had to” hire a car etc – not ideal.
My hypothetical income at 4% WR is now SGD 2,767– far below my current wasteful spending.
Portfolio allocation
All is on track.
Outlook
Now I have to plan my new life in Europe – scary, but also exciting!
i am not sure whether to congratulate you or not haha. But i think if it helps your sanity then i think it is for the better. If you not the drawing down your portfolio then i guess you should be in coasting mode.
Thanks Kyith! My plan is not to draw down on the portfolio, but to let it coast. I also have about 2 years expenses in cash in case things go South – not counted in the portfolio.
The startup I join is in the medical area, should it work out I would make a fortune. As 90% of these startups fail, the more likely outcome is that I get a free “real life MBA” and broaden options. Also I can bum around in Europe which is always a plus. Wife has a well paid job (by European standards) so we will survive quite ok. The only two things that really hurt is 1) being on the other side of the EUR – SGD currency exchange rate and 2) no Singaporean food in my near future – I had a huge list of things to eat prepared 😀