Financial Independence Buying land and building a modular home? |
- Buying land and building a modular home?
- FI combining savings and a pension?
- Those of you who have made it to FI and are in your 40s or 50s, do you have any regrets?
- Daily FI discussion thread - November 27, 2017
- Weekly FI Monday Milestone thread - November 27, 2017
- Planning on taking a year off of work to focus on school, am I missing anything?
- Are we on track?
| Buying land and building a modular home? Posted: 27 Nov 2017 08:39 AM PST Mortgage is undoubtedly the biggest expense/obstacle people have in reaching financial independence. Would it be viable to buy some land and build a modular home, to live in/not have mortgage? Modular homes can be built for $100k-200k, which is a lot less than a house in say, the Bay Area NOTE: modular home is not a mobile home. it is a home made from prefabricated parts and can vary in size from 1500-3500 square feet. they look indistinguishable from normal homes [link] [comments]  |
| FI combining savings and a pension? Posted: 27 Nov 2017 11:33 AM PST I'm curious how people incorporate pensions into their calculations. I'm in the UK and it's very advantageous to contribute to a pension as I get tax relief and my company doubles up my contribution. The downside is that you can't access your pension money until you are 57. How are people factoring this in? Is there an accepted calculation around living off your savings at a higher withdrawal rate until you are able to start drawing the pension? [link] [comments]  |
| Those of you who have made it to FI and are in your 40s or 50s, do you have any regrets? Posted: 26 Nov 2017 09:39 PM PST Here's what I meant: I've been reading this subreddit for a while and it seems like most people who successfully made it had very similar lifestyles - being careful with money goes without saying but I observed that most of them watched their expenses very closely when it comes to even general spending, like dining out, etc I was wondering if later in life, when you look back at when you started and how far you have come, do you think there were times where you wish you had spend rather than saving up for the retirement or FI that you're currently enjoying? I'm thinking travel trips, night life experiences, etc. [link] [comments]  |
| Daily FI discussion thread - November 27, 2017 Posted: 27 Nov 2017 03:09 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Weekly FI Monday Milestone thread - November 27, 2017 Posted: 27 Nov 2017 03:09 AM PST Please use this thread to post your milestones, humblebrags and status updates which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Planning on taking a year off of work to focus on school, am I missing anything? Posted: 26 Nov 2017 09:04 PM PST Here's the situation: 29/m Software Engineer living in a hcol area making 118k/year + roughly 22,500 from G.I bill housing stipend. I'm planning on taking a year long hiatus from work to finish out my bachelor's in Cognitive Science, relying strictly on the housing stipend to make it through the year. Here are my numbers (rounded for convenience): ~~~~~~~~~~~~~~~~ Monthly Income (after withholdings for tax and 401k) 4400 Work 2500 GI Bill 400 Rent from girlfriend ~~~~~~~~~~~~~~~~ 7300 Total Monthly expenses: 2000 Mortgage 450 401k 400 Groceries 150 Restaurants/bars 120 Fuel 100 Internet 100 Gas & electricity 100 Water 90 School Parking 75 Work Parking 60 Phone 15 Carwash 10 Gym ~~~~~~~~~~~~~~~~ 3670 Total Current assets: 480k House valuation 60k Cash 50k Taxable Brokerage (90% Index funds, 10% individual stocks) 44k Roth IRA (100% Target retirement account for 2055) 37k 401k (75% in Target retirement account for 2055, 25% in Mid-cap stocks) 15k Crytpocurrencies ~~~~~~~~~~~~~~~~ 686k Total Debt: 300k Mortgage ~~~~~~~~~~~~~~~~ The plan is to ruthlessly cut costs wherever possible. Obvious candidates from the monthly expenses list: Restaurants/Bars, Downgrade internet, Less fuel consumption since I won't be going back and forth between work and school, No work parking, No carwash, No gym. I figure that will knock off roughly $300 dollars right there. I also plan on refinancing the home to get the mortgage down to as close to 1500 as possible. Obviously, but unfortunately, I won't be able to contribute to the 401k, however, I still plan on contributing 100% to the ROTH IRA. I'm going to leverage COBRA health insurance + my university's health insurance. After finishing the degree the plan is to find a more interesting job at about the same salary and location. Here are my questions:
Thanks for reading, guys, I hope it wasn't too long of a post. [link] [comments]  |
| Posted: 27 Nov 2017 09:58 AM PST Hi Everyone, I'm looking for help evaluating our plan getting us to FIRE. My wife and I are both 32. I work and my wife is a stay at home mom. We have 1 child that is 2 years old and would like 1 or 2 more. Goals (in order) ~Annual Income: $120,000 + bonus (~$10-$20k) Assets: ~$330,000 - Total net worth We generally do what we want and don't track things down to the penny. I'm sure we could pinch some pennies somewhere in our budget, but overall we feel we do fairly good living below our means. We could "tighten our belt" to save more, but we balance it with wanting to live today. I know it's probably foolish to be saving to pay cash for things like a car and paying our mortgage down early instead of investing in the stock market, but neither of us like debt and the psychological peace of mind is worth a little loss in the market to us. Are we on track for our goals?! Critique away please :) [link] [comments]  |
| You are subscribed to email updates from financial independence / early retirement. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment