The Challenge of Flight

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The computations, technology, and faith that converged to create modern air travel is simply awe-inspiring. The founders that overcame every obstacle to provide us with readily available commercial flights were visionaries. Now that we have this modern convenience, I cannot picture my life without it, even though I do have to overcome my own personal challenges of flight nearly every time I leave home.

As I write from the dining room table, Mr. PFL and I should be halfway back to my hometown. We were scheduled to fly Southwest through Chicago Midway to Minnesota. Instead, some guy lit a fire at an air traffic control building and literally thousands of flights have been impacted. There is more information on all the major news sites, including MSN.

I fly back and forth to Minnesota about two to four times a year. Mr. PFL and I also generally travel several times a year. Southwest has direct flights to many of the places we want to go, and they don’t charge extra for skis, which is a huge plus. When the big banks stopped providing incentives to use debit cards, I switched to a Southwest Chase credit card. We are able to get reduced rate flights or free flights on a fairly regular basis because I use this credit card to pay for items monthly and pay it off in full each month.

Only Delta has direct flights from our house to Minnesota, so they are usually expensive. We splurge on these flights from time to time, but I always run some advanced statistics in my head first. What time of year is it (winter is more likely to equal direct)? How long are we staying? Is there an absolute time we have to be there? Is it a busy travel day (holiday)? How much more does it cost? Do we need to check a bag? Is it just me traveling, or is Mr. PFL coming too?

For today’s trip, taking Southwest made a lot of sense. Low chance of bad weather. We have a wedding to attend, but it is tomorrow at 4:00 p.m. Definitely not a holiday. And, we were able to get both of our flights out for free. After careful deliberation, I picked the flight with the shortest layover in Chicago and confirmed with my Dad that he would be picking us up before rush hour starts in Minnesota.

Just before 9:30 this morning, I got the texts stating that our flights were cancelled. They had links to rebook. I got us on the next flight out, arriving just two hours later. Then, my sister texted something about a fire delaying flights. What?! Where?! A fire?! Yes. A fire. See above.

I arrived back home just before 10:30. Mr. PFL and I got caught up on the situation and double-checked our rebooked flights. At that point, we could get to Chicago, but our flight out of Chicago was cancelled. So, we went through and rebooked online again, for tomorrow. We are now scheduled to arrive in Minnesota at 1:30 tomorrow afternoon.

And no, we are not going to drive. It is a minimum of twelve hours each way. We both have to work on Monday. If we had planned on driving, we would have started by seven this morning. There is no Amtrak in our city. I’m not sitting on a bus, Greyhound or Megabus, for that long either.

The silver lining in this situation is that we should (hopefully) make it in time for the wedding tomorrow and that we were calm, cool and collected through this whole experience. The latter I chalk up to having a lot of experience in flight disruptions. My sister’s group text sums it up perfectly: “We have learned Mrs. PFL should really never fly!”

When I fly, I always assume that I will be delayed at least once per trip. I have been delayed or had flights cancelled for the following reasons that I can remember off the top of my head:
- a fire at an air traffic control tower
- for other passengers to make it from a connecting flight
- thunderstorms
- de-icing
- blizzards
- ice storms
- wind
- mechanical issues
- gate agents not announcing the flight or getting people loaded
- Air Force One dropping off the POTUS
- flight attendant not onboard yet
- another plane at the gate
- another plane blocking in my plane at the gate
- plane delayed from preceding leg of journey
- flight attendant overestimating time of door closure on an international flight (we heard our names over the intercom while running through Philly)
- other miscellaneous or unknown reasons

[Update from 10/10/2014 flight: - plane’s computer needed to be rebooted to fix a faulty indicator]

[Update from Mr. PFL’s 5/17/2015 flight: - plane had tire issues; - plane’s toilet wasn’t flushing]

[Update from 11/15/15 flight: - captain was “working on a little issue up [t]here” after we had pushed back from the gate]

[Update from 12/29/15 flight: - multiple police officers rode their bikes/ran down to our plane after previous passengers deplaned]

If I make it to a destination without any issues, I automatically assume I will not be making it home in a timely matter. Occasionally, I get to my destination and back without any problems and I am always grateful.

As a perpetually inconvenienced traveler, I recommend the following:
- Assume that something will go wrong; if you set your expectations low, it is easier for them to be exceeded.
- Use an app to keep up to date on the status of your flight. I’ve been able to rebook cancelled flights before the airline even notified me by checking on them.
- If you learn of a delay or cancellation, get online immediately to fix it; if that won’t work, get on the phone to the airline. Do NOT wait in line at the airport unless that is the absolute only option available.
- Don’t check a bag unless absolutely necessary. Keep anything extremely important, especially power cords, with you at all times.
- Always have a snack with you.
- Most importantly, while it is cliché, try to keep a positive attitude.

Now it is time to enjoy the rest of this unscheduled day off. Good luck to all of the other air travelers out there!

Our Real Estate Portfolio

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This evening, I need to check on a slowly draining bathroom sink. On Tuesday, Mr. PFL and I took a look at a toilet that overzealously filled up the tank when flushed. I still believe that at least 95% of the time being a property owner is easy, but the other 5% can be really unpleasant.

With this in mind, Residential Rental Income is the key to our ability to begin planning a paycheck-free lifestyle. I will explore each of our properties in more detail in the future, but below is a brief overview of our current portfolio.

1) The Condo (Townhouse-style): Mr. PFL purchased the Condo in early 2002 for $239,900. The county auditor’s newest proposed value is $308,000. The Condo is 1,918 square feet, with 3-beds, 3-baths and a 2-car attached garage. It was built in 1998. The Condo is located in a very desirable neighborhood close to downtown and the main entertainment district. Mr. PFL lived there with his cat until mid-2007 when I moved in with my cat. We lived there until October 2011. Since November 1, 2011, we have had 100% occupancy at $2,100/month. The last of the original tenants is moving out soon, and we have signed a new 1-year lease commencing November 1, 2014 for $2,250/month.

2) Our House: Mr. PFL and I moved to our current house in October 2011.We purchased it for $430,000. It is a 3,303 square foot single-family home with 3-beds, 2-baths and a detached 2-car garage. Our house is a brick Victorian built in 1898. The interior was gutted and redone after a fire about 8 or 9 years ago. The county auditor’s newest proposed value is $468,000. Our house is across the alley and two houses north of the Condo (we literally moved across the street).

3) The Duplex: Mr. PFL and I have an LLC for rental property purposes. We purchased our first property through the LLC in the summer of 2010. After I looked at several potential properties, Mr. PFL trusted me to buy the Duplex for $13,900. The Duplex was bank-owned at the time of purchase. I researched the neighborhood thoroughly and felt confident that this was an up and coming area. I was wrong. This summer, I signed a land contract with the current tenants. They are buying the property from us over five years for a total purchase price of $29,675. The county auditor’s newest proposed value for this property is $41,700 - but, the county has also torn down two houses across the street and one next door to this property in the last two years.

4) The Black Diamond: The LLC acquired the 6-unit Black Diamond Building (BD) almost exactly one year ago. It has 2 one-bedroom units and 4 two-bedroom units. All units have one bath. This building was purchased for $49,000. The county auditor’s newest proposed value for this property is $126,000. All six units are rented as of a month ago. Rents range from $480 for the one remaining Section 8 tenant in the un-renovated unit, to $550 for the one-bedroom units, up to $675 for the 2-bedroom units.

In summary, we have seven units paying monthly rent plus the monthly payment from the Duplex’s land contract. Before any expenses, our gross monthly income from residential real estate is $6,283.19.

The Necessity of Goals

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Long and short-term goals are the keys to my life. I’m very goal-driven. If I set a goal, I generally reach it. If I don’t, then it is not going to happen. I do try to only set goals over which I have direct control. For example, Mr. PFL and I completed an entire cycle of the P90X workout program about a year ago. I didn’t get hurt, so I was able to make myself get up every day and work out. I also have rough goals about how much income I will earn each year; I tend to send out bills to clients equaling or exceeding my goal, but they tend not to pay in full. (I know this can be shocking to learn, but many people don’t pay their legal bills. They pay their cable bills, they pay their plumber, they pay their gas bill, but they don’t pay their lawyer. And yes, I could technically sue them, but that leads to a whole host of other problems.)

My immediate all-encompassing goal has been getting ready for the marathon on October 19th. I can’t change the fact that I hadn’t run regularly before June. I also can’t control the fact that other life events (some tragic, some travel) have cropped up during my training. The only thing I can control is putting one foot in front of the other to the best of my ability. I finished 19 miles yesterday, which is the longest I’ve ever gone in one day. Once the marathon is over, I’ll have just under three months before our planned trip to Hawaii. I’ll need another exercise-related goal to keep motivated. No goal = no exercise.

Mr. PFL and I have accomplished his life-long goal of amassing a net worth of one million dollars. We now have the goal to quit our day jobs no later than March 1, 2016. It is becoming clear that we need some short-term goals that we can accomplish in the meantime to help make this long-term goal a reality. We need a list or two. We need a solid plan. We need to see that we are making progress. We need the ability to suck it up while dealing with the 9-5 because we can see the light at the end of the tunnel.

Life’s a marathon, not a sprint. But, some sprinting can get you to the next mile marker faster. It is time to start sprinting.

American Values

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I got back to the office after court this morning (I’m a lawyer, not in trouble) and pulled up MSN.com to skim while eating lunch. As these things go, one click led to another, and this article came up:marketwatch.com/story/how-to-retire-early

This article is an interview with Mr. Money Mustache from mrmoneymustache.com/

And then I started reading the comments… I understand where Mr. Money Mustache is coming from - he changed his “American values” from wanting stuff to not wanting stuff and therefore is able to live with a limited income while still doing things that he enjoys. Mr. PFL and I have both been somewhat immune to the “American values” of buying newer and better stuff. Our wants haven’t increased faster than our incomes. Our spending could decrease fairly easily without leaving us feeling deprived. Unfortunately, this is not the case for most Americans. They seem to always want more and more and continue to spend more and more, leaving them unable to actually save for retirement or experience financial independence, while remaining unsatisfied because they will never have enough stuff. Yet, these same Americans don’t approve of Mr. Money Mustache’s way of life, nor will they likely approve of our future way of life. Those of us that are financially independent and truly aren’t interested in buying more stuff are simply incomprehensible.

I wonder what would happen if there was a paradigm shift in America to value financial independence over accumulating stuff? Could we all become financially independent? Would our economy fail? How long would it take to change these core American values?

This Just Got Real

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Last night, we went to a 40th surprise party with a bunch of Mr. PFL’s friends. Some of these guys he’s known since second grade. As we were catching up with some folks, Mr. PFL talked about how he is planning to be done working by March 1, 2016 and how much he dislikes his current job. He referenced the blog at RetireBy40.org as it is a fairly accurate portrayal of how he is feeling about working in corporate America. Thankfully, Mr. PFL hasn’t needed to take medical leave, but he is just as dissatisfied and relates to that blogger’s story.

Mr. PFL went on to tell his old friends that we were making plans to basically retire and travel. It is a difficult concept to grasp, probably because it is so uncommon. I’m still trying to wrap my head around it. Mr. PFL’s friends brainstormed options for employment for him that is outside of corporate America; Mr. PFL had to confirm numerous times that he will not actually have to work anymore. There was still disbelief at the end of the night.

Now that we’ve shared our plan with actual human beings, I feel like I need to start taking concrete steps to reach our goal. I need a list. I need to figure out what questions to ask. I also need to keep working at my job that I don’t enjoy most days.

Only 17 1/3 months to go!

Multi-Tasking

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I don’t actually work for a traditional paycheck, and haven’t since 2008 when my part-time adjunct teaching position at the local community college dried up. As I’ve stated before, my main job is being a lawyer. We also own rental properties under Mr. PFL’s name and through our LLC that we (I) manage. And, I started a new business this year as a home-based travel agent.

So far today, I’ve worked in all three capacities and jogged a half-marathon, all before 5:00 p.m. Being self-employed allows me the freedom to do my long runs on weekdays, which is more convenient and predictable for me. I’m training for the marathon on October 19th. Most days I consider this a stupid goal, but one that I will accomplish.

I worked on a handful of cases as a lawyer today; talked to a good lead for some potential group trips as a travel agent; and dealt with a minor maintenance issue at one of the units. Now, time to make some dinner and relax.

So, Why a Blog?

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For the last few days, I’ve been asking myself: “Why a blog?”

Mr. PFL and I are fairly private, especially online. I rarely post to Facebook, Instagram or Twitter. Mr. PFL doesn’t even have a Facebook account. Our friends and families can see that we live in a nice house and generally know that we have rental properties, but there isn’t anyone with whom we’ve really shared our true financial well-being.

Since Mr. PFL’s 41st birthday earlier this year, he has been extremely dedicated to moving away from working his 9-5. We’ve discussed moving abroad or traveling the USA in a camper. These are goals that we can actually achieve, and fairly soon. We’ve both spent time looking online for information and advice. In doing so, we’ve run across numerous blogs. Some situations are similar to ours, but no one is in exactly the same boat. Each blog has had some useful information or provided some inspiration. So, one reason for this blog is my hope that someone out there may find some useful information or inspiration for their own life.

But, if I’m being honest with myself, I think the true reason for writing this blog is because it feels good to share this journey with someone other than just Mr. PFL, albeit anonymously. I simply don’t know who in my life I would feel comfortable discussing these issues with. I believe that it would be easier to tell our family that “We are declaring bankruptcy” than “We have enough money to quit our jobs and travel.” Our families generally live much closer to the paycheck-to-paycheck, when am I ever going to retire?!, side of the financial coin than the financial independence side. I think they’d understand a bankruptcy, but I don’t know how they will understand our ability to quit the 9-5. How will this change our family dynamics? What will their new expectations be? Will they ask us for money? Call us cheapskates? Think we are selfish? Be jealous? I’m not ready, emotionally, to deal with these issues.

I do hope that as we become more certain in our future, that we will be able to discuss our plans with our friends and family. I would love for them to stop by this blog in the future to learn about our journey, and maybe to learn something from our journey. For now, though, I’ll just continue writing.

Happy Tax Day!

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After a day enjoying our success, the mundane has reappeared. I’m just back from the mailbox after sending out 2014 Quarter 3 estimated taxes to the United States Treasury. On the drive to the office, I heard a commercial about a company that can help negotiate tax debt down to 89% of the outstanding balance; sometimes I do wonder what that might be like - we’d definitely have substantially more money if we didn’t pay taxes. And then I write the check.

The only silver lining on tax days this year (April 15, June 15, September 15, and by January 15, 2015) is that Ohio, in an effort to become more small business-friendly, substantially reduced state taxes paid by small businesses in 2013. We overpaid enough in 2013 that we are all paid up for 2014 for estimated tax purposes. It is a relief to only worry about federal and city tax payments this year.

No matter where this journey takes us, I expect estimated tax payments to be part of it for the foreseeable future. Do you get to celebrate four tax days a year, too?

Becoming the Millionaire Next Door

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Yesterday, September 13, 2014, after updating our accounts and property values, Mr. PFL and I discovered that our household net worth is over $1,000,000. It feels surreal.

I, Mrs. PFL, and Mr. PFL met in September 2005. We married in January 2010. I’m now 35 (actually 37), he’s 41 (actually 43). We live in Ohio. My primary job is as a lawyer, sole proprietor. He is a computer guy for a fortune 500. No kids. Currently one cat.

Mr. PFL’s life goal has been to be a millionaire by the time he is 40 and then retire. My original life goal was to be independently wealthy enough by 35 to stay at home and raise children. We are not planning to have children, and Mr. PFL is still working, so our goals have been modified, but these long-range goals have inspired us to get where we are today.

So, how did we do it? What are we going to do now? What have we learned? What lessons are available for you? When will we be living paycheck-free? I plan to explore all of these issues as we move forward. I’m glad to have you along for the ride.