Financial Independence Millionaire who is scared to go into retirement |
- Millionaire who is scared to go into retirement
- Early Retirement vs Semi Retirement
- Daily FI discussion thread - March 10, 2018
- Accredited angel investor?
- New around here but loving what I am reading...
- Mini Retirement FIRE Strategies
- Career Advancement & Independence
- Howdy folks, going into trucking and cutting expenses in order to become FI. Where should I start?
- Looking for advice on where to live
- High Interest Debt - 4%
- The big surprise for my wife
- Advice on our pursuit of FIRE
- Do you think it would be possible to live an itinerant lifestyle for at least a decade and eventually achieve FIRE?
- 25 Year Old trying to plan for financial independence
- What are the best books/videos/resources to improve my relationship with money?
- I'm @ FIRE - seeking advice on implementing investment plan
| Millionaire who is scared to go into retirement Posted: 10 Mar 2018 08:43 AM PST Not sure what do to do, I could go liquid very quickly and retire in my early 30s. My father instilled a strong work ethic and since the age of 16 I hit the ground running. However life just doesn't interest me anymore, I feel I've spent so much time focusing on making millions I missed out on making a life. I've taken time off before and it turned into bad swirl of isolation. I guess I'm having anxiety of leaving my main job which is a source of social activity for me as I'm very introverted. I also life an extraordinary life and in a more rural community that it's hard for me to relate to anyone. The flip side is the job is giving me PTSD. Catch 22. [link] [comments]  |
| Early Retirement vs Semi Retirement Posted: 10 Mar 2018 07:46 AM PST Hey Guys, Here's my dilemma. I'm on track to do pretty well as far as early retirement goes. I have a pretty big nut squirreled away (well, invested away) and if I keep it up I should have the full amount I need to be financially independent at 45 in my current HCOL locale. But, I'm nearly 36 now and I'm not sure it's a mid-life crisis, but let's call it a mid-life crisis; I want to move to Hawaii - even for just a few years. I live in the Bay Area which is actually more expensive than Hawaii, and I can probably keep my job for a couple years. However, my wife might only be able to make half what she does now, or maybe not find a job at all. Long story short: our super high savings rate may get cut in half or more, pushing off retirement until we're >55 or so. What do you guys think I should do, keep on trucking? Keep grinding and save to hit that early retirement in 10 years, or satisfy a dream and maybe throw off my retirement plans? I'm trying to balance a good plan for the future with the fact that the next day is never promised. [link] [comments]  |
| Daily FI discussion thread - March 10, 2018 Posted: 10 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]  |
| Posted: 10 Mar 2018 12:15 PM PST After having reached $1million net worth, has anyone decided to become an angel investor and would you recommend this goal to other aspiring FI folks? [link] [comments]  |
| New around here but loving what I am reading... Posted: 09 Mar 2018 06:53 PM PST I just started reading the sub not long ago but it is very inspiring! Growing up I never learned much about much about money and it has haunted me for a long time. Let me tell you I sucked at money.... My wife and I have been working hard the last two years paying off debt and now all we have left is our car. We are so close to closing the debt chapter and starting to prep for financial independence. I am loving my job for now but some day sooner than later I want to close this chapter too;) Thanks for posting your amazing stories. [link] [comments]  |
| Mini Retirement FIRE Strategies Posted: 10 Mar 2018 02:55 PM PST Background: 26 years old in Canada with net-worth of 300k and income of ~100k. Maxed out RRSP (401k) and TFSA (Roth IRA) all invested with WealthSimple (except for 40k in a savings account to spend in 2019). It is all liquid, I rent, and save $1000 a week. I'm planning a mini-retirement in 2019 where I won't have any income and I'm considering different strategies to "take advantage" of this from a tax perspective. I plan to get a new job in 2020 and make ~100k again. Options I'm considering: -withdraw all my investments and re-invest immediately to realize capital gains during a low tax year. Reverse tax harvesting? -withdraw from my RRSP to claim as income to re-open RRSP contribution room for 2020 Any general advice or other ideas to consider? Thanks for your help! [link] [comments]  |
| Career Advancement & Independence Posted: 10 Mar 2018 02:14 PM PST Lately I have been pondering what it means to advance in your career/company. I am starting a data analytics department at my start-up now. The pay isn't the best but the experience is, I am only 26. I got tapped by my CMO and COO to take the role. I feel to a certain extent I have sold my soul a bit, I make hard decisions that hurt people on lower levels but ultimately reward the company. I am on track to open up our European operations in 2019, but is it worth it? [link] [comments]  |
| Howdy folks, going into trucking and cutting expenses in order to become FI. Where should I start? Posted: 10 Mar 2018 12:35 AM PST Title says most of it. I have some debt and after having a chat over in personal finance, I'm taking care of that first and then looking to eventually become a van dweller after riding off into Financial Independence. Given my situation of having minimal expenses and having a potientially substantial amount of tax write offs, where should I start? I'm assuming my gameplan should be different because of these factors, but I'm not sure how... [link] [comments]  |
| Looking for advice on where to live Posted: 10 Mar 2018 11:29 AM PST I'm in what I think is a pretty unique situation. My yearly income is 430k and I live in an area of the country I don't particularly enjoy any more - the bay area. Housing prices are astronomical and most people are more work focused and don't want to spend time outside of work. I know I don't want to live here forever, but am here now to keep saving money. I've already lived out here about 4 years and I miss my friends and family a lot. Expenses are high here, but because my income is so high I save a ton of money. I've calculated that I can fully retire in 5 years if I stay here or move back to my hometown with my fiancé and earn 150k, which would take me approximately 15 years to retire. She wants us to both move back to our hometown and I want to stay here for a few years to save money before moving back. I'm currently 30 years old and she's worried our parents are getting old so she wants to spend as much time with them as possible while we still can. My net worth is currently 600k and I've calculated I need $1.8mm to fully retire. To make it more difficult, I love the place I work and would not look forward to moving back and earning 1/3 of what I make out here. However, I would highly look forward to being able to spend more time with friends/family. My net worth is about 200k in a house, 350k in the stock market individual and retirement accounts, and 50k in cars/raw land. So for my social life - friends/family I'd rather live in my hometown but for work I'd rather live out here. I've also calculated that I could fly out here weekly but it's a 5 hour flight crossing 3 time zones and that might be tiring to do regularly. My suggestion to her was that we live out here for 3 years and then move back, which wouldn't get us to full retirement but would certainly get us much closer and significantly decrease the number of years I have to work. I wanted to get some opinions on what I should do here. Should I move back immediately to be happy in my social but not work life or try to convince her to move out here for the next few years and risk her not being happy away from friends/family? My calculation for $1.8mm is that 72k seems like a reasonable yearly salary for not working and $1.8mm*.04 = 72k. We don't live particularly lavish lifestyles, but we like being able to live in a small house in a good area in the major city of our hometown and eat out regularly without thinking about the cost. [link] [comments]  |
| Posted: 10 Mar 2018 10:33 AM PST Is 4% truly high interest with the stock market doing as well as it is currently? I understand that it will have its ups and downs, but 4% seems pretty low interest to me. I personally consider 6% and above to be high interest, but I don't have a good reason. To reach FI, do I need to change my perception, not max out 401k and IRA and get back on the debt payment train with no personal debt interest rates higher than 5.2%? Don't have a lot of experience with this. Have focused more on raising my salary than reducing my debt, but that's now my next step after reading things on this sub. What's better long term? [link] [comments]  |
| Posted: 10 Mar 2018 02:09 PM PST My wife and I both have decent paying jobs, but never seemed to be able to save any money. We make around $150k combined, which is around average in our country. My wife enjoys spending a lot on the kids, interior, clothes, etc. Whenever we have any extra money, she knows exactly what to spend them on. We live practially for free thanks to rental income which covers our mortage and then some, so money is rarely tight. We have around $850k in debt, and $0 savings. At least that's what my wife thinks... I started working online in my spare time a few years ago to get some extra income. It was slow in the beginning, but after about two years I was making around $1k per month which we spent on buying more stuff... While my business was doing better and better I realized that I was basically working 12-14 hour days to enable my wife to spend even more cash on things we really didn't need, instead of saving. I needed a plan. I set up a separate company for my business, and started keeping the finances separate with a monthly $1k paycheck. I switched from working evenings to mornings to increase my efficiency (I work in a different full time job from 7-15), getting up at 03:30 and working online until 06:00. Business have been booming the last two years thanks to this, with net results of $60k and $80k for 2016 & 2017. My wife still thinks I make around $1k per month. We have around $40k invested in crypto currency and $60k in stocks by now, and I'm adding money into both each month. I don't really have an endgame, I just wanted to save up some money to give my family a better future. Half of the time I'm considering asking if she wants to be a SAHM for a few years (we have kids aged 1, 3 and 5), and half of the time I'm considering just waiting until we can both retire (which will be in approx. 10 years) at 40. I already know I'm going to tell her on our wedding anniversary, but not which one... It will be one hell of a surprise! I expect her to get super pissed at first, though. TL;DR: Hid money from extra job to surprise wife with enough savings to retire at 40! [link] [comments]  |
| Posted: 10 Mar 2018 10:06 AM PST Hi Everyone, I wanted to ask you all for your thoughts on our plans for FIRE. Any and all feedback is greatly appreciated.
Our stats:
My questions:
Combined Gross Income:
Assets: 401k: Mine: $169K and Maxed at $18,500 + employer match Wife's: $66K and Maxed at $18,500 with NO employer match Investments: $38K spread out amongst different accounts 529 Account: Our nephew's 529 Account of $3,200 HSA: $100 per month and plan on increasing at next open enrollment Cash: $38K
Liabilities: School Loans: $280K and 6 years away from Loan Forgiveness [link] [comments]  |
| Posted: 09 Mar 2018 05:12 PM PST First of all, I'm new to the idea of FIRE and I still have a lot to learn. I'm 22 years old, I have just finished an Architecture degree (50k debt but thankfully I'm Australian), I'm about to move to Canada for a seven month contract and am planning to move to NYC afterwards for a short period. I grew up poor and have had to support myself throughout my degree, working casually and earning well below Australia's poverty line. Despite this I do live a great life and I'm able to save and plan for the future. After watching both my parents work their whole lives away for little money, make bad financial decisions and fail to plan for the future (thus always being reliant on the next paycheck), I've decided that I do not want my life to resemble this at all. I have also recently witnessed my grandfather quickly die from testicular cancer only a year after retiring. He worked hard throughout his whole life, barely ever travelled (only eventually saying yes to a cruise through the Pacific when he was ill), and had planned to travel once retiring. I currently work with a guy that has spent his whole life moving from country to country, and even internally from city to city, deciding to move every time he was feeling flighty. I want to live around the world in numerous cities and countries throughout my twenties - taking up short contracts and moving on - just to gain authentic experiences and eventually make an informed decision about where I want to live. I would also like to accrue assets and investments that will allow me to be able to pick up everything and move across the world with little notice. Does anyone else have a non-traditional approach to Financial Independence (e.g. part-time jobs, working across the world and yet still saving, other options I may not have fully considered)? [link] [comments]  |
| 25 Year Old trying to plan for financial independence Posted: 09 Mar 2018 04:38 PM PST I'm trying to figure out how to be more financially responsible in general, not necessarily retire early. I'm looking to be financially independent at some time in the next 20 years or so, although not necessarily stop working. Life Situation: IRS Filing Single, no dependents, living in Los Angeles, 25 years of age. FIRE Progress: I have a 401k with my company that already has around $60k, contemplating opening up an investment account or an IRA to have my money work for me early. Gross Salary/Wages: ~$80k Annual + a bonus of around 5% Yearly Savings Amounts: Putting a total of 15% of my pretax income into my 401k annually. Other Ordinary Income: Provide sources and any relevant details, the more the better Rental Income, Actual Expenses, and Depreciation: Rent is around $900 a month, otherwise spending around $2.7k a month (need to get this down). Current expenses: Monthly - $400 on car insurance, $300 on car/gas, $1000 for food, $100 utilities, other misc expenses vary from month to month. Expected ER expenses: Probably around the same what I'm paying now. Assets: Nothing other than a paid off car from 2008 Liabilities: N/A Specific Question(s): I already know I need to significantly reduce my food expenses, but otherwise: Is it better to put more money into a 401k or an IRA? I'm might be purchasing a car in the next year or two, so perhaps just a savings account or investment account would be better. Mostly just looking for some general advice on where to put the extra money I have/get. [link] [comments]  |
| What are the best books/videos/resources to improve my relationship with money? Posted: 09 Mar 2018 08:47 PM PST Everything I have found has been really "spiritual" citing repeating mantras about abundance and such. Are there any solid resources for changing how I view money...or how this affect my life? THANKS! [link] [comments]  |
| I'm @ FIRE - seeking advice on implementing investment plan Posted: 10 Mar 2018 08:28 AM PST Yo! Have been reading this sub for a ~1 year, but contributing for the first time. Would love some perspective from the group. Using a throwaway account. 2.4m (mostly cash) / Single / 30 years old / Brooklyn (HCOL) I feel incredibly lucky to have hit FIRE about 6 months ago thanks to the sale of a small startup I founded. I plan on living off a SWR of 3.2%, which covers almost all my expenses. In addition I decided to continue working -- although in a more low-stress arrangement and not necessarily optimizing for income -- and saving most of what I earn. Aside: pretty quickly after reaching RE I realized that RE for me is not avoiding work like the plague, *it's avoiding the oppressive, high-stress types of work like the plague*, which is what I certainly was caught in. Under the right conditions, I actually love to work and my savings will help enable those conditions. So, back to work for me. When the money from the sale of my company hit my bank account, I was frankly shocked and hesitant to do anything with it for a while. I was also afraid to do anything with it because the market has been on such a tear. I understand the theory around portfolio strength through diversified investments and not trying to time the market, but recent success in US market has been so obvious, it just felt like a dumb time to build a portfolio relying heavily on US equity funds seeing that everyone seems to agree that we're a little overdue for a correction. So, I've had about 2.4m, sitting in non-interest bearing savings account for six months. I need to decide my investment strategy so I can have so I can have a reliable, inflation adjusted SWR of 3.2% for 35+ years. How do I accomplish this?
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