The Incredible Lightness of Giving: How FIRE Helped Me to Be More Generous

Since joining the conversation, FIRE and I have had our differences. The struggle was real and still is, but I wanted to share that all this frugaling and budgeting has had a positive impact on more than just my savings rate. The core tenet in financial independence is The Budget. Don't leave home without it! While budgeting itself didn't scare me, it was just hard to make everything fit with housing being my biggest line item. I initially tried to make my expenses conform to a hypothetical ideal budget when I just wasn't there yet. When I finally made the budget work for me where I am currently, I found relief. It's been working so far. Today, I wanted to share that when faced with a new financial hurdle, my budget came through for me.

My Working Budget exceeded my expectations. I recently started handling Aunty MERJ's finances and inevitably had to cover some of her expenses.  At first, I started to panic. Oh my gosh! What will this do to my My Early Retirement Journey. It felt as though I was hemorrhaging money and the thought of carrying the extra expense indefinitely started to give my eye a stress-twitch.

But I went back to the budget. I use a top down method. I started with the allotted amount for the month ($2,500) and subtracted the necessary bills to see what was left for living expenses. And then I'll adjust from there as needed.  I anticipate my aunt will need my help for at least Jun, July, and August 2018 so I am calling this My Summer Budget.

My Summer 2018 Budget

Without tracking my expenses even as loosely as I do, I would have felt really inconvenienced by this additional expense. And that is not how I want to feel when helping out my family. They've done so much for me! Without an established budget, I would have thought I couldn't afford to help or didn't have the means to do so without breaking the bank.  Without the budget, it's quite possible maybe I would not have been able to do much. But the numbers show I can certainly help Aunty MERJ for a little while. I have more than I think and I can be more generous than I would have imagined. And as a bonus I can see areas for improvement or re-allocation down the road. So a huge THANKS to the FIRE Community!  For all the flack I gave you, this was a really great tool!  #Godsend

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• What No One Tells You About Managing Your Aging Parent's Finances


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Wednesday Weekly: July 18, 2018

Most popular post on My Early Retirement Journey this week: Notes on Life | Jul 13, 2018: Eldercare, Kitchen Fire, Hawaii

Wednesday Weekly is a round up of what I stumbled upon this week on the world wide web because sharing resources and information is what the internet's all about.

WHAT I STUMBLED UPON THIS WEEK

Being frugal is for the rich (The Outline) 

Embrace the Power of 'Weak Ties' (Life Hacker)

WOMEN ON THE WEB

Create Your “Best of” Yearly Review (Montana Money Adventures)

Summer Bucket List Ideas for Adults (Moms Confession)

THIS BLOGGING BUSINESS

22 Blogger Income Reports – From $60 a Month to $160,000 a Month (Real Ways To Earn Money Online)

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This Morning at the Elder Care Center

Hey there, since the internet is for sharing. I thought I'd share what was asked of me at my recent intake appointment at the Elder Care Center in my county in North Carolina in July 2018. I was not fully prepared, but maybe the next person might be. The intake process took almost 2 hours and that was with me not having all the documentation. This was just my experience, so please don't take this as absolute fact or official information.

Start here: Resources for Seniors

Income Limits
Based on income requirements, Aunty MERJ was priced out of: (again unofficial, just my experience)

• In-home care (income limit: $1,012)


• Group home (income limit: $1,248)

Related content: What No One Tells You About Managing Your Aging Parents' Finances

For long-term care, the "reserve limit" was $2,000 which excludes 1 home and 1 car, but includes: property and liquid assets. This wasn't fully explained, but it appears to be how much you have in assets. Also not fully explained, but this reserve limit is different from the income limit for assistance for long-term care - which from my understanding varies depending on the facility but is usually not less than $3,000.  Said another way, based on income and assets, Aunty MERJ qualifies for assistance for long-term care because her income from pension and social security is around $1400/mon and she has no applicable assets.

Information Required
Here are some of the questions they asked and information requested, so you can be better prepared:

• Income and income verification (e.g. social security can be verified by them; pension verification must include a dated later on letterhead that lists gross amount and deductions, or paystubs if still earning income)
  
  
  
  • I have no idea how I'm going to get a copy of Aunty MERJ's pension documents.
  
  
  
  


• Car
  
  
  
  • Exact date purchased
  
  
  • How much is it worth
  
  
  
  


• FL2
  
  
  
  • Form signed by doctor indicating level of care required
  
  
  
  


• Placement in a Medicaid-approved facility, or placement pending


• Benefits in another state must be terminated before an approval can be made. You must provide a termination date if patient is getting Medicaid in another state.


• Life insurance policy
  
  
  
  • What is the name of company, policy number, amount, is it term/life
  
  
  • Bring documenation
  
  
  
  


• 2 ways to prove residency (e.g. lease agreement, admission into LTC facility, piece of mail, identification)


• Last known address


• Be aware that they will sue patient's estate in the event of patient's death for any Medicaid benefits received for which patient were not entitled.


• Medical bills


• Health insurance verification


• Other demographic information: name, address, phone number, SSN, Medicare start date (not same as Medicaid)

Lastly, you will be notified of a decision within 45 days.

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The Subtle Art of Persistence: A Suprising But Effective Way To Get Your Money Back After a Tow

In case you are just joining My Early Retirement Journey, I was towed earlier this year from my apartment complex...on a weekday. I found it completely outrageous. Yes, I was parked in a handicapped space but it was on the side of the building in front of vacant retail spaces. There was nothing for the imaginary handicapped person to go to. Nothing. The retail spaces had been vacant since the building opened 2.5 years ago. Thus, the handicapped parking spaces were not accessible to anything. I had parked there for the 2.5 years I lived in the building without issue. Then one day, I got towed.

In a follow-up post, I documented my failed attempt to plead my case and get my money back. I was defeated and tried to move on. Then a week or so later, some construction began in those retail spaces and guess where the construction crew parked their vehicles and dumpster... in the handicapped space. What was such an egregious act a week before that it got me towed was now permissible? As the young kids say, homie don't play that. I couldn't stand it. I was re-ignited and began a regular email campaign asking for my money back. It didn't help that the construction noise and debris were right underneath my apartment. It was the first thing I heard and saw... every morning.

 

Construction in handicapped space

Timeline of Events:
30Mar2018: Car towed. Cost: $300 (plus 1.5 hours of work and holiday pay)
04Apr2018: I emailed asking for my money back. 
04Apr2018: They refused.
09Apr2018: I emailed again pleading my case and asking for my money back.
09Apr2018: They refused.
16Apr2018: I sent another email pointing out the construction crew parking in the vacant lot.
16Apr2018: They refused.
23Apr2018: I emailed again with the same details and inconsistency in enforcing policy.
26Apr2018: Success! I got an email back saying the towing fee ($300) was credited to my account!

Rent normally: $910 + water

So the #1 way to get your money back after a tow: PERSIST.

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Notes on Life | Jul 13, 2018: Eldercare, Kitchen Fire, Hawaii

Welcome back to My Early Retirement Journey. In case you're just joining us, here's a little bit about me.  I am a single 30-something, openly Christian, hesitantly immigrant-y, human woman. I love watching TV while eating takeout, and I want to retire early. I currently work as a consultant in a tele-health call center making around $40/hr. I started my professional life in 2015 at the ripe ole age of 31 after a few false starts. I spent 2016 paying off about $10,000 worth of credit card debt. I spent 2017 paying off about $20,000 in private student loans; I still have about $300,000 in federal student loans for which I am currently on an income-based repayment plan for the next 25 years, give or take.  I started really getting into savings and investing late 2017 when I stumbled upon the FIRE (financial independence, retire early) community.  In 2018, I made the decision to try to save for a sabbatical and maybe if all goes well continue the journey to early retirement.  Along this journey, I give weekly more personal than finance updates just like this one. Come along with me, I urge you!

I tried this chart last week and I'm still undecided, so I thought I'd give it another go. 

Click to enlarge

And in case you missed it, this is what happened the week before last.  So how was your week?

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