Financial Independence Input needed on a different kind of AMA |
- Input needed on a different kind of AMA
- A quick thanks :)
- Daily FI discussion thread - November 30, 2017
- How to answer “So, what do you do?” when you are FIRE?
- Net worth vs. FIRE number
- No company match - 501k/403b or Roth first?
- At what point did you "feel" financially independent?
- A increase in older Canadians working through retirement
| Input needed on a different kind of AMA Posted: 30 Nov 2017 07:11 AM PST While I hope everybody here someday achieves FI/ER, sadly there are those of us who won't but still want a more fulfilling life outside corporate America. Financial security is one of the main obstacles. I ran across an article in the Washington Post entitled "A growing number of young Americans are leaving desk jobs to farm" and decided to reach out to its main subject, Liz Whitehurst of Owl's Nest Farm. Here's the article's lede:
Maybe she's more of an entrepreneur than a FI/ER or leanFIRE-seeker, but she made the jump in spite of fear of financial insecurity. So perhaps we should explore her mindset/philosophy. We've done this kind of thing before with Marc Spagnuolo of The Wood Whisperer. I reached out to her and she's willing. Thoughts? [link] [comments]  |
| Posted: 30 Nov 2017 10:31 AM PST I'm mostly a lurker (and now I'm posting from a throwaway anyway because I'm embarrassed how irresponsible I'd been before) but I just wanted to pop in and say how inspirational and helpful you've all been this year. While I have never carried any large debt or had problems with credit cards (thank goodness), I really wasn't taking saving seriously enough. In the past year I've taken my TSP at my current job (just hit the 3 year mark) from $8,200 to just a hair under $18,000 (working on getting all debt dispatched first then going for the kill, this was just working to get the match plus a good market) I looked up the retirement situations from former jobs and took those and rolled them into IRAs and invested them to the tune of about $6,000 I didn't even know existed. I finally opened these "pension" letters from two previous jobs (one job I always would just see the corporate logo and shriek "KILL IT WITH FIRE" and throw it in the trash. Yes, I am not cut out for the Big 4 whatsoever. The other was a short lived stint working for the state legislature. Politics, reelection, not winning etc). So turns out in addition to the pension at my current gig, I'll have a tiny one from my Big 4 life (that I can take a cash out option for which I probably will) and I'm still waiting to hear back from the State. I will assume that working for 3 or 4 months at a $40k/yr rate will not be.... well it's not likely to be more than $2k and if it's that much I'd be shocked and so I will probably be offered a cash out option now which I'll take and throw at the bit of existing debt we've still got. So there we have it. I am FAR to old (mid-30s) to be in a FIRE group and have as little going for me as I do but my mindset and priorities have been kicked onto a much better path. I know I'm not one of these 20something software engineer millionaires saving 80% of their pay but.... well, that's just not my life I guess. I do still think that I'll be able to FIRE as my current job's pension has a nice little situation in which taking the pension at age 50 and 20 years in service is a possibility (that would be just 20% of the high three average and most people plan for 35 years for 35%) and between that, my aggressive TSP plan and the idea to move to my husband's home country with it's significantly lower cost of living, we may make it yet! [link] [comments]  |
| Daily FI discussion thread - November 30, 2017 Posted: 30 Nov 2017 03:08 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]  |
| How to answer “So, what do you do?” when you are FIRE? Posted: 30 Nov 2017 12:08 PM PST I'm a 29M and currently FI, in between jobs (failed startup), and may not go back to a 9-5. For those who retired at a young age when no one else around you was, how did you answer the question? "I'm retired" doesn't feel acceptable. [link] [comments]  |
| Posted: 30 Nov 2017 03:22 PM PST See a lot of people post their FIRE number is xx net worth. For me it's FIRE at ~$2.5m but my net worth would be higher because of my house. If you aren't gaining money from your home and its ~200k (or whatever) how can you include that in your FIRE calc? [link] [comments]  |
| No company match - 501k/403b or Roth first? Posted: 30 Nov 2017 03:10 PM PST |
| At what point did you "feel" financially independent? Posted: 29 Nov 2017 09:37 PM PST This sub has people with hundreds of thousands, but let's face it, if you had 50K in your 401k then you would never find yourself living on the street. At what point do you feel like you can survive anything? [link] [comments]  |
| A increase in older Canadians working through retirement Posted: 29 Nov 2017 07:08 PM PST Maybe this post belongs elsewhere but I think the article is relevant because of FIRE. More than 53 per cent of Canadian men aged 65 were working in some form in 2015, including 22.9 per cent who worked full-time throughout the year, compared with 37.8 and 15.5 per cent, respectively, in 1995, the census numbers show. Some 38.8 per cent of senior women worked in 2015, twice the proportion of 1995, while the percentage of women working at 70 more than doubled over the same 20-year period. I'd be curious to see what the US numbers are but I suspect they would be similar. Fellow Redditors do you or have you stayed in the workforce even though you have/will hit FI? Did you FIRE and as it turns out the RE wasn't for you? [link] [comments]  |
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