Financial Independence My FI role model |
- My FI role model
- My money made money!!!
- Daily FI discussion thread - December 08, 2017
- FIRE with trees?
- Weekly FI Frugal Friday thread - December 08, 2017
- High vs Low Cost of Living for FI
- How to consider commuting with FIRE?
- Why bundle your own ETFs instead of using an automatically balanced ETF fund from eg Vanguard?
- Can I deposit $1,000 into my bank account every week from PayPal, without getting looked at funny?
- Another condo question: bought condo for 320k 4 years ago (have lived in it the last two years) and it’s now appraised for 540k. We charge 2500 for rent which is exactly what mortgage +hoa’s per month are. Sell or keep? Need to get to FIRE and so far net worth is 1m and goal is to get it to 2.5.
- Taking a pay cut to work in a higher COL city; would you do it?
- What books were instrumental in you pursuing Financial Independence? Looking for gift ideas for my girlfriend's 14 year old son.
- I decided to set my own 401k investment mix from 60/40 to 95/5 at the beginning of this year and promised myself to forget about it. I did. I decided to look at my reports. 2015 my plan was the default. 2016 I changed to a different preset. 2017 I completely customized it.
- Are there any local groups or clubs in the Raleigh Durham area that meet about Financial Independence?
- Have a substantial windfall due to Bitcoin price skyrocketing but want advice on how to start to get into retiring early
| Posted: 08 Dec 2017 04:54 AM PST Frank Reynolds. He worked hard, making money, and then realized that he was prioritizing work over his family. So he FIREd to spend time with his kids. He still works, but it's all about passion. You can see how he became FI, with the number of creative money-making ventures he has: -Wolf Cola -Pimping Dennis -A stake in Gunther's Guns -Water purification sales -Brief return as the Warthog -Soliciting political bribes -Selling cream pies -Offering a bribe to get the bar an award, to boost revenue -The Paddy Wagon He tried to fully retire at one point, but his passion pulled him back in. Frank is also frugal. He bartered a bite of his hog dog for a towel, fringe class style. He rejects the "high class", "low class" paradigm. Who's your FI role model? [link] [comments]  |
| Posted: 07 Dec 2017 09:06 PM PST This is my first year investing money and as I look over my Q4/yearly numbers, I'm happy to report that for the first time in my life, my money made money! It's small fries for now, but I made 10,000 that I would not have made otherwise, so it's big for me! I feel like my money is all grown up and it has it's own job! [link] [comments]  |
| Daily FI discussion thread - December 08, 2017 Posted: 08 Dec 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]  |
| Posted: 08 Dec 2017 05:53 AM PST I hear a ton of people here discussing real estate as a form of FIRE, but it's almost exclusively residential rental properties. Has anybody here used large plots of land as lumber farms for a form of passive income? I'm considering buying a hundred acres or so in my state for purposes of personal enjoyment (hunting and camping), but I'm having trouble convincing myself to pull the trigger if I can't make it a solid financial investment as well. [link] [comments]  |
| Weekly FI Frugal Friday thread - December 08, 2017 Posted: 08 Dec 2017 03:09 AM PST Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed 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]  |
| High vs Low Cost of Living for FI Posted: 08 Dec 2017 07:05 AM PST Good Morning, I have an opportunity to move to San Francisco for a new job. It would come with a significant raise to ~200K. However, it's in one of the most expensive cities on the planet. Online cost of living calculators put San Fran at 3X more expensive than my current situation. A naive analysis would put my salary requirement at 3X current salary for a breakeven point. However, what if I naturally live rather frugally? Wouldn't my personal cost of living be lower than the national average? Does anyone have experience moving from a low to high cost of living city? Are the online calculators somewhat accurate or are they overstated. For reference I'm mid career, married with a kid on the way and I'm not going to do the super FI live in a van/tiny apartment thing. [link] [comments]  |
| How to consider commuting with FIRE? Posted: 08 Dec 2017 03:45 PM PST Long story short: I've recently been offered a job much closer to home. However, the compensation is less while benefits are a wash. The new job is 26 miles closer (52 round trip) and obviously I will save around 2 hours per day cut off my commute. I'd like to take the job, but trying to justify a serious step backwards comp wise is tough. I've tried negotiating and this is the final offer. Looking at it purely as financial how can I come up with the "cost" of my current commute to see if this step backwards paywise makes sense and gets me closer to FIRE or hurts me more? [link] [comments]  |
| Why bundle your own ETFs instead of using an automatically balanced ETF fund from eg Vanguard? Posted: 08 Dec 2017 03:33 PM PST I'm trying to figure out where and how to do my investing, and I don't see why everyone here seems so hyped up about building their own package of ETFs. Looking at the vanguard offerings, they have great portfolios that automatically rebalance your stock/bond ratio over time, sample ETFs from all over the world, etc... And the fees are identical. So why would I buy admirals, when I can just buy the mutual fund? What am I missing? [link] [comments]  |
| Can I deposit $1,000 into my bank account every week from PayPal, without getting looked at funny? Posted: 08 Dec 2017 03:26 PM PST So basically, I have Counter-Strike Global Offensive skins on my steam account. I can exchange these skins for real money. ( I make around $1,000 weekly from these skins via trading) That money would go into my PayPal. Now, my question is can I deposit $1,000 into my checking account without the bank reporting me? I know there's a thing where, if you deposit huge amounts of money you will get reported to the US treasury. Something like that. I am not trying to avoid this because I make a thousand a week. So it would be impossible for me to purposely avoid this. Would there be a problem with me doing this? [link] [comments]  |
| Posted: 08 Dec 2017 02:38 PM PST |
| Taking a pay cut to work in a higher COL city; would you do it? Posted: 08 Dec 2017 11:08 AM PST Am I crazy for considering this? I'm using a throwaway account for privacy purposes, but I'm a regular contributor to this sub.
Wife and I are in our early 30s, married without kids. We currently live in Northern Virginia (DC suburbs), which is already a pretty high cost of living area. We're looking to relocate to the NYC area, which is even higher. Old job pays $156K before bonuses. New job would pay $155K before bonuses, so it'd be a paycut, but only a small one. I wouldn't be eligible for raises/bonuses in the new place until mid-2019, so that makes it a larger paycut, I suppose, though still more than enough to keep a high savings rate. Wife makes $50K now, but feels capped out at her current job. She doesn't have anything lined up in NYC, but her resume should be strong enough to land something paying the same or higher. Ultimate goal is a comfortable early retirement, maybe somewhere in the $2.5M range. We don't spend anywhere close to $100K/year now (4% of $2.5M), but we want to err on the conservative side just in case. We're about a quarter of the way to that goal now.
I'm looking to leave my current job for a lot of reasons, but they're generally non-financial. I've been with the same company for almost 10 years now, and the further things drag out, the less interesting the work becomes. Increasingly, I've been managing other people's work rather than doing work myself, which I just don't find very gratifying professionally. It's also an up-or-out consulting role, and although I've been promoted through the ranks several times now, I don't think I'm well positioned to succeed in subsequent roles that have a much bigger focus on sales. I'm just not good at it. Most importantly, I've been placed on horrible projects for the last year and a half, often requiring 4-5 days/week onsite travel, and I'm just sick of the consulting lifestyle. 70 hour weeks are common. 10 hour weeks are also common. I honestly prefer the 70 hour weeks; having nothing to do is a lot more stressful than having too much to do. The new position would be an industry role where, theoretically at least, hours shouldn't deviate too much from a standard 9-5. Travel would be a lot lighter, I wouldn't really be managing anyone, and stress should be much lower overall.
As for geography, I'm in a pretty niche field with few employers in the DC area. The NYC area has a much wider selection of employers should the new job fail to pan out. There are other cities that hire people in my field, but NYC has the highest concentration of jobs for me. My wife's job is a lot more flexible geographically, and she can almost certainly find something in NYC.
My Questions:
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| Posted: 07 Dec 2017 04:40 PM PST Just as the title suggest. I was considering getting him The Millionaire Next Door because it was one of the early books that really influenced me when I read it in my mid-to-late teens. I figured the subreddit might know of another one or two more that would be good for the boy. So what do you guys and girls recommend? [link] [comments]  |
| Posted: 07 Dec 2017 10:49 PM PST 12/8/14 to 12/8/15 Annualized -.53% 12/8/15 to 12/8/16 Annualized 9.54% 12/8/16 to 12/8/17 Annualized 20.95% 12/8/14 to 12/8/17 Annualized 12.08% Cumulative 40.75% To me it seems really great, though, I am a baby at this. Either this is looking really good and I caught a lucky break. Or it's not as great as I think it is and I'm going to get some flack. We are trying retire as soon as possible and currently have our target for age 55 (me) and 62 (him). Hoping to get on the right track! [link] [comments]  |
| Posted: 07 Dec 2017 05:54 PM PST I used to have friends come over and play the cash flow game. We haven't gotten together in awhile and I realized my expenses have seriously crept up and I need some peer ideas. [link] [comments]  |
| Posted: 07 Dec 2017 05:38 PM PST Hi obvious throwaway account here. So I've had a few bitcoin that I've held onto over a few years, after trying my hand in trading and not making due, mining alternative crypto currency to trade back into bitcoin and even trying to follow gambling systems, the stress of it was too much and I had decided I would just park it in my wallet. Pretty much left it there and had checked the price every few months and well recently the price has now gone up to $15000+ USD (its gone higher and dropped but the average seems to be around here, though I fully expect a correction to occur and probably go down to 11 - 13k) So now I'm hovering around 200k in just bitcoin. My cash finances are a pittance compared to some people on here, unfortunately I don't have a 6 figure income like many but I have saved as often as I could until I was forced to take on expenses. I'm early 30s and I only have about 30k in cash in the bank. My 401k is nothing at $8k. The reason why it's low is because I had cashed out my 401k a few years ago after I was laid off from my job and trying to find work, I decided to foolishly withdraw the money taking the penalty (i had 12k at the time, 10k after penalty for early withdrawl) I used part of it to get into crypto and to invest into several currencies. I managed to luck out after nearly losing most of it, one day the value rose up again and I got a decent amount of my investment back but still a loss. I just traded it into bitcoin and added it to my current balance and left it. I've lurked a lot on this sub and r/personalfinance. I've looked into real estate as a way to make income but never had the capital before to make it happen. I'm not sure I really want to even touch my crypto as it become my defacto retirement fund at this point. I know some of you may tell me to just cash out and invest in other vehicles but so far this has been the best investment I've made. Yes I got very lucky but also did it with funds I was willing to lose. I want to basically start a snowball effect to jump ahead into early retirement, I know it requires a lot of hard work which is what I've done to keep financial stability but I want to get to the next level and just be free not be stable enough where 2 or 3 blocks set me right back to debtville. I'm close to paying off my student loans - roughly $6k left New Car was a set back but I believe I can pay it off in about 2 years - $13k I don't carry any balances on my credit cards, just pay them off and use travel/cashback cards for points. Has there been any FIREs out there that got a windfall and had some plan to get it to the that magic number they wanted? I'm far off from my magic number tbh and I probably set the bar too high for my self but I was looking to get to $2-3 mil in 10 years. Is it reasonable to get a 5% return from the market at that point? I know I've seen people talk about 8 - 10% but I feel that's pretty optimistic. I almost feel I need to stretch it to $5 mil and get a guarantee rate of 2% a year and love off 6 figures that way. Am I looking at it the wrong way? [link] [comments]  |
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