Financial Independence Anyone here not have a specific FIRE target and/or date...and just enjoys being frugal/accumulate wealth? |
- Anyone here not have a specific FIRE target and/or date...and just enjoys being frugal/accumulate wealth?
- Daily FI discussion thread - March 07, 2018
- Hoping to FIRE in 5 years. Looking for some feedback
- Advice for a high income soon-to-be-married couple
- Weekly Self-Promotion Thread - March 07, 2018
- How would you get past the 5 year roth ladder gap in this situation?
- What percentage of your income do you put aside for investments?
- Highest risk investments to Roth IRA; low risk in regular taxable portfolio?
| Posted: 07 Mar 2018 12:54 PM PST Anyone else here not have a specific FIRE date/ or NW target before retiring? For me, if I have $3million, and I was offered a job of $450,000 per year, I would definitely take that job. However, if I am still working at my pitiful $60K a year job, I would probably retire. [link] [comments]  |
| Daily FI discussion thread - March 07, 2018 Posted: 07 Mar 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]  |
| Hoping to FIRE in 5 years. Looking for some feedback Posted: 07 Mar 2018 07:45 AM PST Hoping to FIRE in 5 years. Looking for some feedback Looking for some feedback on our current path. We're in our mid 30s no kids with a combined income around 200k gross. Income: $200k Gross 401k+Roth ira: $164k –maxed out every year HSA: $800 planning to max out next open enrollment. Charles Schwab Brokerage Acct: $15k Cash: 200k (planning to use this money to buy more rentals) Car Loan: -$16k Rental 1: (est. value $138k, still owe $50k @3.87) Rent: $1300 Mortgage+Tax+HI+Repair: $1000 Cashflow: $300 Rental 2: (est. value $145k, still owe $70k @4.125) Rent: $1300 Mortgage+Tax+HI+Repair: $1000 Cashflow: $300 Rental 3: (est. value $141k, still owe $66k @3.725) Rent: $1300 Mortgage+Tax+HI+Repair: $1000 Cashflow: $300 Rental 4: (est. value $164k, still owe $86k @3.875) Rent: $1300 Mortgage+Tax+HI+Repair: $1000 Cashflow: $300 Rental 5: (est. value $140k, still owe $91k @4.25) Rent: $1500 Mortgage+Tax+HI+Repair: $1100 Cashflow: $400 Rental 6: (est. value $150k, still owe $105k @5.25) Rent: $1300 Mortgage+Tax+HI+Repair: $1000 Cashflow: $300 Rental 7 – no mortgage, (est. value $250k) Rent: $1500 –rented out to family members Tax+HI+Repair: $600 Cashflow: $900 Rental 8 – no mortgage, est. value $138k Rent: Planning to rent out for $1300 after rehab Tax+HI+Repair: $400 Cashflow: $900 Monthly Expenses: Rent: $1500 CC:$3000 (travel, food, gas, entertainment, misc..) Internet+Cable: $95 Water: $40 Gas: $50 Electricity: $70 Gas: $80(Prius), I worked from home Cell phone: $200 for 4 lines Car Lone: $500 Parents Life Ins: $200 Cash spent: $200 Our goal is to get 5 more rentals before we retire. [link] [comments]  |
| Advice for a high income soon-to-be-married couple Posted: 07 Mar 2018 09:28 AM PST My fiancee and I are lucky to have high incomes in a HCOL area, but I'm curious to hear your collective advice about our situation. I'm considering leaving my $375k/year (including bonus) job in favor of a much less stressful $115k-$140k government job. We're thinking about having children with 2-5 years. I could be persuaded to hang on if I knew FIRE was close at hand. Here are our details: Me: 30-years old. 70-hour a week job with lots of travel and stress. $275k base salary, discretionary bonus each year in the low-six figure range. Full 401(k) match and other perks (reimbursed home Internet, cell phone, free office meals and taxis home when working late or on weekends, etc.). Her: 28-years old. 50-hour/week job with commensurately less travel and stress. $210k base salary and $50k bonus with lockstep increases of roughly 9% each year. 401(k) plan with no match. She loves her job (for now) and has no plans to leave. She's frugal on things like clothes and impulse expenses, but we both enjoy nice restaurants, live sports, and travel. Assets. 80k in checking/savings accounts. We have not yet merged finances, so we both have emergency funds, plus ~20k cash on hand to cover expenses. We both travel a lot for work, often internationally. We advance the costs for our travel out of pocket. This requires us to have more in our checking accounts to pay off our CCs each month. 97k in 401(k)s. 12k in Roth IRA 22k in taxable brokerage (90% VOO, 10% SCHA) Liabilities. 19k in credit card debt. We pay off our cards monthly; this is just the current balance on Personal Capital. Approximately 60% of expenditures on our cards are work related and are fully reimbursed by our employers. 48k in student debt (refinanced through SoFi at 3.4%). I paid off my student debt in full in December '17. This debt is my fiancee's (thank you, ivy league). Expenses. I estimate our total annual expenses at $95k/year. This includes $3,400/month in rent, bi-monthly apartment cleanings, partial season tickets to our local MLB team, weekly dinners out, membership with local theater company, two nice vacations/year, and other luxuries. After we get married, we plan to move to a local suburb and cancel our season tickets, lowering our annual expenses to ~80k. We will be looking to buy a home in 5-7 years, depending on children. Questions are: 1) If I stay at my current job, how far away are we from FIRE? 2) How far away are we from FIRE if I move to a government gig? 3) We plan to live on no more than on income after we get married. We plan to deposit all of her income into a separate checking account that is not linked to our credit cards and will only be used to deposit money into savings and/or brokerage accounts. Any other advice for a soon-to-be married couple combining their finances? ETA: We both started these jobs in this city a little over 2.5 years ago (right about the time we met, actually). She had just graduated from law school. I graduated a few years earlier, but had worked in the government for little pay. We each had ~200k in student debt when we started our jobs here. And we also consumed more (at least I did) our first year making the money--I didn't know about FIRE! ETA2: I'll do a better job tracking my expenses and will report back with progress. ETA3: Thanks for all the comments and feedback, I did not expect this much of a response and I really appreciate all the advice. [link] [comments]  |
| Weekly Self-Promotion Thread - March 07, 2018 Posted: 07 Mar 2018 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]  |
| How would you get past the 5 year roth ladder gap in this situation? Posted: 07 Mar 2018 04:10 PM PST If you had 500K in your 401K, 200K in your tIRA, and 150K in your rIRA (55K contributions), how would you fund the 5 year roth ladder gap if you needed 30K/year to live on. Obviously, you would want to work more or pull roth contributions, but what if you were dead set on leaving everything... would you take the penalty on your 401K or tIRA and still be hit with the tax bill when you convert? Or what would you do? [link] [comments]  |
| What percentage of your income do you put aside for investments? Posted: 07 Mar 2018 06:17 AM PST Between me (32 y/o) and my wife (28 y/o) we invest about 50% of our net income every month. We make about $75K a year and live in a college town in Florida. Talking to close friends I noticed that most of them don't put any money aside for investments (other than the 401K) even though they make over $100K in combine income with their spouses (they live in the same town as us). They believe that the 401K will be enough for them to retire (i'm pretty sure that don't max it out neither). I'm curious what people in this community do. [link] [comments]  |
| Highest risk investments to Roth IRA; low risk in regular taxable portfolio? Posted: 06 Mar 2018 06:05 PM PST So long story short I am working towards FI/RE and I am doing a pseudo-retirement year so that I can have the time necessary to finish my PhD dissertation. I have no regular income (and thankfully no debt), just passive funds from investments. You could say that I am at a maximum liquidity point also (no house, no kids, keeping it simple). I estimate I will have regular income again in roughly a year. I have been thinking quite a bit about totally flipping my strategy for investing upside down. The nagging thought in the back of my mind is to go against the grain and reverse where things are held (low risk taxable; high risk Roth). My rough plan is to put all the extremely high risk and actively traded stocks in my Roth, and use my taxable portfolio strictly for passive no brain ETFs and high dividend low risk investing. The rationale is that I have time to wait and weather volatile storms with my Roth (twenty years at least to go), plus it would give me the freedom to more aggressively trade stocks without having to worry about tax implications, whereas my life instability would favor a more conservative approach for money that I need to access sooner and live off of right now. Thought on this? Anyone tried this approach? [link] [comments]  |
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