Welcome to the first post on FIvorced, the world famous (soon to be…maybe), one and only (not sure, I didn’t search that hard) place to discuss Financial Independence Retire Early (FIRE) with a focus on those of us contemplating, going through or already been divorced.
First things first, no matter where you are in the process (or maybe not in it at all) make sure you are taking care of yourself. FIRE, Money and everything else take a backseat to your physical and mental health. It’s scientifically proven that exercise improves your mood, reduces anxiety and obviously improves your overall health (barring any physical condition….consult with your doctor before starting any new exercise regiment, blah blah blah). So get some exercise, try Yoga, meditation and make time to do things for you. I used all of these techniques and it was very helpful for me, especially at the start. I’ve also had great luck talking with a counselor and it turned out my work had a great low-cost benefit for this, so might be something to look into as well.
Now that we’ve got our health sorted, let’s get this shit show on the road….
I’m thinking of getting divorced or in the process:
Did you\Do you already have FIRE goals before?
No: Cool, sounds like you need to learn some more. Here’s the first spot to stop and read (on first read, he might seem a bit extreme, just get the concepts and you can find your own route): MrMoneyMoustache
Yes: Awesome! Time to accept the fact that they are likely going to take a dramatic change as are most other aspects of your life. It’ll be ok…
Prepare for a major fucking haircut though…
In my case, my spouse made more than I did. I’m now paying for my own place to live and all of my own expenses, which were previously shared. I was only a few years from FIRE and now I’m looking at that sum of money chopped in two. Sounds like a pretty bleak outlook, but I’ve got no ragrets. That said, I’ve had to ask myself some tough questions:
How important is holding to that same timeline?
Am I willing to work longer in my current job\industry? If no, am I willing to do some kind of other work to supplement?
Am I willing to live off less than the two of us had planned on?
Next post is going to be on the first steps to take to updating your plan based on these and other questions.