Financial Independence Today was a big day for me! 2 years, -26K NW to +26K reversal! |
- Today was a big day for me! 2 years, -26K NW to +26K reversal!
- Any single income families here?
- Daily FI discussion thread - December 06, 2017
- FI for a non-American
- Weekly Self-Promotion Thread - December 06, 2017
- Any resources for putting together a financial health presentation for people in their 20s?
- 20% lifestyle reduction in terms of spending @ FIRE - Reasonable assumption or not ?
- Anyone else here FIREd already and on Medi-Cal(this is medicaid in CA)? ACA would not let me purchase a plan, they force you on medi-cal if you have zero/super low income(Asset test is long gone thanks Obama!). How has Medi-Cal been for you?
- Question regarding Backdoor Roth Conversion.
- Rollover to IRA or new 401(k)?
- Rental Property with high equity
- Social contact
- Advice for 30 y/o seeking FI
- From a FI perspective, whats the right move here?
- what is a SWR for 24 year old
| Today was a big day for me! 2 years, -26K NW to +26K reversal! Posted: 06 Dec 2017 06:20 AM PST Been waiting for that PersonalCap number to near the 27K mark :) https://i.imgur.com/aMJUz3h.jpg tl;dr; December 27 2015 NW: -$26,695 December 06 2017 NW: $26,976 Edit: WOW! Top post of /r/financialindependence :D :D :D Thanks for all the kind words, everyone! Just keep saving and investing; FIRE is on the way :) [link] [comments]  |
| Any single income families here? Posted: 06 Dec 2017 09:56 AM PST Most of the examples I've seen on here have been either single people without kids, or dual income families. Just wondering if any single income households with kids are striving for/have achieved FI/RE [link] [comments]  |
| Daily FI discussion thread - December 06, 2017 Posted: 06 Dec 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]  |
| Posted: 06 Dec 2017 05:15 AM PST I'm new to the financial independence movement, but I'm very excited about it. I've read Your Money or Your Life and the MMM-blog. I enjoyed both but it's heavily directed towards North-Americans. I keep reading about +100k incomes with software engineering degrees and it makes sense to spend less and invest more with such high incomes. However in most European countries with most degrees the income level is more reasonable and +100k€ income level is very hard to accomplish. I'm looking to understand if FI/RE is possible for me in my situation. How much savings do I need for to live a normal life with 1500-3000€ expenses per month? What can I do to improve my situation? What age could I even start thinking about retiring? I'm not really enjoying my work, so reaching FI before 65 would be the dream. Some information about me. I would love to hear your comments. Age 32 Location: Finland Savings/Investments ETF (Index): 45 000€ Home savings account: 12 000€ (planning owning a home in the next 1-2 years) Active funds (global small to mid-cap): 17 000€ Bank account: 5000€ Other money online (not traditional investments): 10 000€ Income: Gross income 2900€ per month (Tax percentage 28%, so after tax about 2000€). Yearly I make little less than 35k€ before tax. I work in accounting, but I don't see a big income increase until maybe 5-10 years later. I might get 500-1000€ from other sources per month (side income). I would estimate my total income before tax to be approximately between 3500-4200€. After tax 2500-3000€. Expenses Rent: 900€ per month Food/Restaurants: 300-450€ per month. Commute 50€ per month (I don't own a car) Hobbies 60€ per month Occasional travels 60-100€ per month = approximately 1500€ [link] [comments]  |
| Weekly Self-Promotion Thread - December 06, 2017 Posted: 06 Dec 2017 03:08 AM PST Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
| Any resources for putting together a financial health presentation for people in their 20s? Posted: 06 Dec 2017 07:03 AM PST I work with a bunch of very well paid 20-somethings and they often come to me with questions about 401ks, IRAs, and general financial health. I wanted to put together a solid 30 minute presentation with a lot of useful info to get them in the mindset of investing now and not feeling like they have to spend every paycheck. I was wondering if anyone here has done the same or has any resources/ references to help pull together a great presentation. [link] [comments]  |
| 20% lifestyle reduction in terms of spending @ FIRE - Reasonable assumption or not ? Posted: 05 Dec 2017 08:49 PM PST In our FIRE calculation we have incorporated a 20% lifestyle reduction in terms of spending and also earning some money through odd jobs/ contracts (not very much, but enough to pay for some luxuries). This is discussed on the MMM site/ forum and alot of people seem to do the same.
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| Posted: 06 Dec 2017 04:04 PM PST I wanted a PPO with possibly a federal subsidy if I qualify. Apparently they only look at your FUTURE income, as estimated by you. So I'm not going to work AT ALL in 2018 and I already sold enough stock to get through the whole year, so my income is zero and I get totally free health care now, no copay no partial coverage sticking me with large bills. But the catch is its Medi-Cal and there are few places that accept it. Luckily I have a hospital local to me that does accept it. I FIREd this year in Tahoe and now I can buy fancy ski gear instead of making $450+ per month payments for a PPO that only covers 60% of care like I have had up to now. This is legal and how the system works now. Outrage or not, I did not set this up. Apparently with medi-cal you never pay anything, ever!? I would like to hear from the 'FIREd on medi-cal' crowd to hear the pros and cons. I didnt want medi-cal but they approved me and that means now I CANNOT buy a PPO via the ACA and I did not lie about anything (they told me asset test is gone so its only MAGI or taxable income that matters.) I'm thinking medi-cal will OK for normal routine items. If I got 'bad cancer' then I could switch to a full price PPO if I did not like the medi-cal doctors, but would have to wait til the next January. This plan seems OK as I'm using Medi-cal as as baseline insurance to avoid bankruptcy via medical bills. I can always pay out of pocket for specialists like everyone. I realize I will have to time future capital gains to keep the income under the 45k or whatever limit but I should be able to stay on medi-cal most years. This seems like an OK plan for a lean fire (1.3m net worth total at age 45). Am I wrong? [link] [comments]  |
| Question regarding Backdoor Roth Conversion. Posted: 06 Dec 2017 03:53 PM PST Hello FI, In order to prepare myself for a backdoor roth conversion, I recently A) rolled over all my non-Roth IRA accounts to my current employer's 401(K) to avoid the pro-rata rule and B) contributed my annual non-deductible $5500 to a tIRA. I have 2 questions regarding this: 1) Am I ready for the backdoor roth conversion? Are there any tax/pro-rata rule implications regarding the timing of my conversion of non-Roth IRA to my employer's 401(K) and doing the actual backdoor conversion? I thought I read somewhere that these two shouldn't be done in the same calendar year? Will the IRS consider my Aggregate IRA for 2017 the total amount during the time of the backdoor conversion OR does it consider my aggregate IRA for 2017 to be the amount I used to have for that year before I "siphoned" it off to my employer 401(K)? 2) What happens if I decide to leave my current employer in the near future and convert my 401k to a Vanguard Rollover IRA? Are there any tax consequences that can be applied retroactively to my previous backdoor roth conversions? Thank you [link] [comments]  |
| Rollover to IRA or new 401(k)? Posted: 06 Dec 2017 03:20 PM PST Howdy FI,
New 401k plan is with Voya and has some decent low cost options (including Vanguard funds), but they pass the admin expense to the employees at an annual rate of .35%. Obviously this is less than ideal, but I'm kinda thinking that this isn't a huge factor due to my relative low balance. I'm leaning towards just rolling over into new 401k and then maybe converting to regular IRA if/when I move on from my current employer. Any strong feelings for or against? [link] [comments]  |
| Rental Property with high equity Posted: 06 Dec 2017 06:15 AM PST I am struggling to justify keeping one of my current rental properties. When it had low equity it made sense because I only invested $12k and it was making a few hundred dollars a month. Now that there is $250k in equity it seems that I could be making more if I were to cash out and invest the equity. I know I could refinance but I don't want to increase my current debt level as it is hovering around $1m. In this case would it make sense to sell and invest elsewhere if my goal is to retire within 15 years? There is a mortgage balance of $186k and I get $1500/mo, it is making a couple hundred positive cashflow. [link] [comments]  |
| Posted: 06 Dec 2017 03:50 PM PST I don't mean this post to be in any way judgemental, but as I'm wrestling with the issue myself it can't help but be. I came across the FIRE concept, learned a lot here and am on my way. It seems like two groups... Those that are somewhat fearful of future employment and so want another income stream to support themselves, and those that want to live a different life as is their choice clearly. Apologies if addressed previously. How do people think about retiring very early, say sub 45 by choice in terms of the implicit social contact that (at least I believe) underpins the USA. Did people deal with concerns about stepping out of contributing not just monetarily via taxes, but also pushing the world forward, working as hard as they can for the system as a whole? I know not all jobs do that whole contributing thing, but at least taxes go towards better education, funding military, research, feeding the poor etc. Is there value in the struggle of life that one has a duty to participate to the best of their ability? At an extreme, is it okay for someone smart enough to be a surgeon for example, drop out by choice? Is it individually rational but collectively disastrous? Hopping on to subsidised healthcare also something that I'm not sure sits right... Should it be subsidised for those that can contribute and work, but do not? I know the tax code allows, but it's not really the point of the subsidy? I know it's a much bigger conversation, but it does sit on my mind. Clearly many people can volunteer or contribute in different ways, do people think in terms of a required contribution from them? Charity, hours spent, mentoring or similar? [link] [comments]  |
| Posted: 06 Dec 2017 10:20 AM PST Hi all. I'm a recent subscriber and big fan of this thread. I'm wondering if anyone could be of assistance to me. I recently turned 30 and am making 100k in salary, with roughly 15k of student loan debt. Monthly expenses (rent, gym, cell phone, internet/cable, energy, groceries) add up to about $2,200. I currently invest $600/ month into an acorns ETF, 8% into my 401k (employee match up to 6%), and have an emergency fund albeit not a large one. What else can i / should i be doing? Some people have told me Roth IRA, but what else? Anything at all? Any advice would be appreciate. Thank you all so much and Happy Holidays 🎅🏻 [link] [comments]  |
| From a FI perspective, whats the right move here? Posted: 06 Dec 2017 09:23 AM PST Love this sub. Early 40's couple with kids with a NW of $1.6M maxing out all tax advantaged accounts. My employer offers a 403(b) and a government 457(b) which I have been maxing out for several years. Employer matches 8% for my mandatory 5%, which is incredibly generous IMO. My SO wants to move and I have been offered a job in AZ which has the AZ SRS: https://www.azasrs.gov/ Looks like the contribution rates are 11.34% for the employee and employer. Employer also offers a 457)b). I would be taking a 30% paycut. From a FI perspective, am I totally screwed? [link] [comments]  |
| Posted: 06 Dec 2017 12:20 PM PST have almost 2 mil and willing to leave all of it in something volatile like tech index fund. not interested in hedging with bonds or safe stuff. how much can i safely withdraw annually to still end up with 2 mil when i die taking into account my risk tolerance and length of time. [link] [comments]  |
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