Financial Independence Retirement In Place (RIP). What are your experiences? |
- Retirement In Place (RIP). What are your experiences?
- Index Fund allocation - a tired topic, but there is so much contradictory information. Advice please.
- How has changing professions impacted your FIRE goals?
- Have you moved from HCOL to LCOL? How much did that increase your savings rate?
- Daily FI discussion thread - February 25, 2018
- What is your 'true North' in life (the values, people, things, interests, causes)? How does this direction for your life relate to your pursuit of financial independence?
- SWR Question
- 19, critic my plan for FI!
- 20 and goal is financial independence. Any advice is great.
- Would like to be financially independent in 11 years
- FIRE over reliance on the market?
| Retirement In Place (RIP). What are your experiences? Posted: 25 Feb 2018 07:39 AM PST Let's say that you can't retire early, but you've completely stopped caring about meetings and management politics, and your goal is to sacrifice as little time and emotional energy as possible. I've learned the hard way that working too hard leads to conflict as gets you just as fired as you'd be if you had done nothing. So what about joining the useless 50-90 percent who do next to nothing and manage to stay employed for as long as they'd like? Spending that time building passive income streams seems like a better use of time than playing games on Facebook, no? This seems harder than it should be to make work. It's not as hard for most people, who just don't care. Most people are really good at the slacking game. I think that's because everyone knows they're mediocre, not much is expected of them but to show up for a couple meetings. But if you show promise in the first few months when you actually give a shit... before it becomes clear that the bosses see you as just a regular worker, not a protege, and that there's therefore no reason to actually work... and then become a zombie like everyone else (or, worse from the boss's perspective, start throwing your time behind your own projects)... it doesn't seem to end well. Has anyone here made the Retirement-In-Place strategy work, while building savings and using as much time as possible to work on one's own projects? What are the tricks, and what are the pitfalls? [link] [comments]  |
| Posted: 25 Feb 2018 10:48 AM PST I am trying to get my funds straightened out. I sold most of my single stocks and after researching on Bogleheads and other places, decided that I would do a 5 fund portfolio
I see people say "put bonds in your tax advantaged accounts" and "same for REITs". Fine. Cool. But what if the tax advantaged accounts are already 100% these things AND there is more to allocate to maintain the distribution % (first world problems, I know)? Do you reduce your REIT allocation % (say, 7% REIT instead of 10% and stick the extra 3% into total market), or something else? My confusion stems from the way people often act as if the tax advantaged accounts are "big enough" to absorb whatever allocation you want. For people who start saving late in their career, these accounts might be considerably smaller due to yearly limits. There will be a time in the future where, say, my IRA will be 100% bonds. Should I forgo buying the REITs in my regular (not tax advantaged) account in favor of something better tax-wise? What is the smart move here, in your opinion? [link] [comments]  |
| How has changing professions impacted your FIRE goals? Posted: 25 Feb 2018 10:53 AM PST I currently make good money (just over $80k a year) in a medium/low cost of living city. My current job has become untenable and I've decided to make a career change into software development. Something I've long considered. While I have some minor experience with this, and think I can get my resume into a place to get a job, I'm estimating it will require taking a 25% pay cut for at least a few years. My current goals don't involve ending up at a unicorn company in silicon Valley with the salaries that entails. But I do think with some effort I'll be able to get my salary back to the same trajectory I'm currently on I'm just curious to hear other people's experiences, steps you took to make the change successful, etc. [link] [comments]  |
| Have you moved from HCOL to LCOL? How much did that increase your savings rate? Posted: 25 Feb 2018 11:59 AM PST My Frugal Win of the Month: I moved from a 225-square feet studio in a homelessness-infested, tourist-infested, luxury stores-infested part in Lower Nob Hill, San Francisco to a 450-square feet studio in a beautiful quiet suburb closer to the work office. I am just 12 miles away from San Francisco where rent-controlled studio apartments start at $2k USD/month. I save $290 in monthly rent by moving to East Bay. [link] [comments]  |
| Daily FI discussion thread - February 25, 2018 Posted: 25 Feb 2018 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: 24 Feb 2018 07:17 PM PST I'm asking this here because I find that the maturity of this sub could handle a heavy question like this and I'm hoping to learn from people who have gotten to where I want to be in my 30s. This is coming from me at age 28 after realizing that most of the things I wanted at 18, at 21, at 25 were not really what I wanted but a mixture of society, wrong perceptions, inexperience. Where I'm at today I've started to align my spiritual and material goals together to walk one simple path and shed anything that takes me away from going North. This mean anything or anyone that adds chaos to my life, I've only grown to appreciate the clarity and focus this approach gives me towards what really matters in the end: FREEDOM. The only constants that span that whole time are as follows:
I had $16k of debt in May 2016, that is gone now. I have built one income stream (consulting), adding another soon (managed hosting), a third after that (rental property). I've learned how to do budget backpacking trips, accumulate airline points while maintaining excellent credit, invest in myself in a way to compounds over time. I wasn't doing any of this a year ago. I'm still a way's from my goal of being to travel the world for ~6 months of the year while working when I need to from a coffee shop but I am well on my way. [link] [comments]  |
| Posted: 25 Feb 2018 02:07 PM PST Hey Guys - So I thought I had a good grasp of SWR, but my friend questioned it. We took a hypotetical of 2 million with a 4% SWR giving 80K a year. He stated that the buying power of that 80K in 30 years would be significantly less. His exact response: In 30 years, that $80k will have the purchasing power of $35k. And as you grow older, you'll need more money for health stuff. I think it would be incredibly risky to try and drop out of the workforce with only $2m. And that's not even "living recklessly". That's subsisting on less than I have now... And a value that gets less and less. I am confused now, how do we account for this? [link] [comments]  |
| Posted: 25 Feb 2018 08:36 AM PST Background I'm a 19 year old college student and I want financial independence. I'm majoring in computer science, should be graduating in May 2021, and I'm expecting to have a little less than $10,000 in student loans at the time (I'm taking out 4900 in subsidized loans this year, and next year. I won't be taking out anymore.) I currently do not work while in college but next year I plan on getting a tutoring job to put on my resume. I also plan to work a bunch over the summer. My job has very flexible hours so I can work 0 hours or 100 hours if I wanted to. So I should be able to put away anywhere from $5000-$10000 since I'll have very minimal expenses living with my mom. After this summer I will apply to a bunch of CS internships but if not I always have my old job to fall back on. Assets Checking: ~$2000 Cryptocurrency: ~$5000-10000 (nature of crypto, most will advise against this but it's a risk that I believe is worth taking.) Car: ~$3500 (paid in full, will run to ground) Short-term-goals Emergency fund: ~$3000 (I don't have any fixed expenses but this will be a nice cushion) Rent fund: ~$4000 (set aside for my apartment for junior year. Will work during then but not enough to pay for whole apartment.) Checking: ~$1000 (just a bare minimum cushion I want for my checking) Long-term-goals Investments: ~$2.5M. I think this would be a good number for me, with 4.5% withdraw that's ~115k which should be more than enough. I want to travel a lot when I'm older though. Retire Age: ~40-45. I'm not too sure, I don't even know how much I'm going to enjoy computer science but I think I would actually like to do it longer. But I want this age to be the point where I can if I want. How? Expected salary: I am going off on basis I can come into workforce and make ~75k a year right away. With CS I think my salary could raise to over $100k a year in less than 5 years experience. IRA and 401K: Plan to max these out as soon as I graduate and get a real job. That will be around $2000 savings per month. Additional Savings: I would say I want to save at least $1000 a month. At $75k salary that would be tight, but I could get a room mate or live at home for that time. As time goes on I would increase that amount. Questions-&-Note I have a Roth IRA open right now. Problem is the summer job I work is under the table, so I can't contribute. Hoping once I get an internship I can. What kind of expenses can I expect? With a salary of 75k I estimate a take home around $4200 a month. I'm assuming the company I work for will give match for 401k, so I'd say around $1125 for that pre-tax but then ~$500 per month for IRA. That should still leave me with over $2500. Then if I wanted to put another $1000 into savings, could I survive off $1500 a month? I live in a M/LCOL area and worse comes to worse I could live with my mom for a year. [link] [comments]  |
| 20 and goal is financial independence. Any advice is great. Posted: 25 Feb 2018 12:30 PM PST Quick background, I'm a 20 year old female who wants FI at some point. I currently have $11k in a 401k through my previous employer. I recently got another job that is starting at 40k a year before commission. I am expected to receive another 25k in commission this year, and in the next 3 years I can expect my income to triple. I'm in B2B sales, and in my field with my current position I'll be able to move into a larger company by the time I'm 25. Not in college. Without commission included, take home is around 2100. Monthly bills are around 1200 all together. No debt except car payment with 2% interest, 7k left. Will pay off in 2 1/2 years. I have 8k in emergency fund. Plan is to invest 500 a month to some sort of investment account, and then depending on commission, choose to see what else I can put in at the time. Waiting till my paychecks kick in (just got this job literally a week ago). I have to wait 6 months to roll into my new 401k at this job, but when I can, I plan on contributing 15%. What else can I do now or what could I do differently? I feel like I could do more but I'm kind of confused. Any help is appreciated- thank you so much. [link] [comments]  |
| Would like to be financially independent in 11 years Posted: 25 Feb 2018 11:18 AM PST I am 29, single, homeowner. I would like to retire early or at least have 1M in the bank by the time I am 40. With this, I could draw a conservative 7% or 70k a year. What are some steps I could be taking to achieve this goal? I just opened a Roth and maxed out the 2017 contribution and just increased my 401k to 10% where my company matches 3%. I make 73k a year. Thank you for any insight/help with this goal, I really would like to make this happen! [link] [comments]  |
| FIRE over reliance on the market? Posted: 25 Feb 2018 09:25 AM PST The conventional wisdom for FIRE is increase earnings, reduce expenses and invest the difference. The bulk of the investment advice is to plow it into stocks and bonds and keep an eye on fees so we can mirror the market. Having been on both sides of the fence, I've come to believe the market is the glaring problem. The market is where companies go for capital to fuel the aggregate demands of global consumers. The cost of that capital is relatively high, but it is still regarded as "dumb/easy money." When we pursue FIRE we plow the majority of our earnings into a market designed specifically to capture other people's money and then supply it to companies which will produce goods and services who in turn will charge a premium to less fire minded folk. It's a giant poker game where the winners hope the fish will continue to feed their work free futures until the clock runs out. This is not a value judgement at all, there are very few alternatives to the market. I believe that true FIRE needs to be based on the ability to be financially independent of a central market. The ability to be self sustaining with food, energy, and the means to continuously generate income through some sort of tangible business(ez), mining (both crypto and/or physical) in addition to market investments is the key to true diversification and sustainable FIRE. To download my free e-book on achieving iFIRE click here (Just kidding this isn't /r entrepreneur) [link] [comments]  |
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