Financial Independence Update: I'm the woman who wanted to quit my finance job to work at Starbucks |
- Update: I'm the woman who wanted to quit my finance job to work at Starbucks
- FIRE plan after divorce and w kids - my story
- Daily FI discussion thread - March 27, 2018
- I finally brought up FIRE to my SO...
- Have any of you split with a SO solely based on the fact that they didn't have a FIRE mindset? Or because they weren't the best saver? How did you proceed with it?
- 2015, 2016, 2018.
- Wife wants to quit job. Help.
- Issues traveling if you are FIREd and relatively young
- Job change at 44?
- Potential Job Offer Higher Pay, terrible Benefits
- What do you think about my plan for FIRE ?
- How Do I Understand My Husband's Goal's of FI - and Teach Myself?
- What is a pension worth?
- Can I hear all of your FI/RE stories? What are you doing specifically to get there? What's hard? What's easy?
- Long term travel, 401k/IRA, LTCG and taxes as US citizen
| Update: I'm the woman who wanted to quit my finance job to work at Starbucks Posted: 26 Mar 2018 04:44 PM PDT I made a post about a month ago about wanting to quit my $85k job, with $500k saved, and my plan was to work part-time at Starbucks to get health insurance. I was wondering if I was insane. I realized, after reading all the comments, that I was a little insane/stupid for wanting to do that. That day, I deleted the Word doc file which contained my resignation letter, and decided to update my resume to look for a new job instead. The following Monday (the day I originally planned to quit) I got in touch with a prominent employment agency in the area and had a 20 minute talk with a recruiter that afternoon. Within that week, the recruiter got me set up with 3 interviews for various finance jobs in my city. One was part-time and the other 2 were full-time roles that I found interesting because they weren't traditional finance jobs...they were quasi finance/IT roles. Out of those 3 interviews, I got 2 offers last week - an offer for the part-time job and an offer for one of the full-time positions. I accepted the full-time position. I chose it because it comes with WAY better benefits than my current job, more flexibility in the hours, less over time, work from home 2 days a week, and I also got a salary bump from $85k to $98k. I'm going to give my 2 weeks notice tomorrow...good riddance. I can't wait to leave this job. I now feel a renewed yearning to work. I'd had it up to HERE with the traditional office environment in my current job and all the crap that comes with working in an office. I realize that's the real reason I wanted to abandon working. I think this job change will make working more enjoyable and I won't be miserable. I'll at least have that pink cloud experience that comes with starting a new job. With my current job, it got to the point where I would start every work day with thoughts like: I don't wanna be here today, this sucks, these cubicles are starting to look more like prison cells, etc. So that's my update. I don't know if I'll truly be happier with this new gig, but I'll give it a year and who knows...maybe I'll be one of those people that love my job. Maybe I'll still hate working and I'll consider quitting again a year from now. Who knows. I'm pretty optimistic, though. I'd really like to grow my stash to around the $1 million mark in order to RE comfortably without forcing myself to make lattes part-time, for peanuts, just to get health coverage. Bonus win for me: I selected a start date further out so that I'll have enough time to finish out my 2 weeks, decompress for 1 week, travel for a few weeks (where? not sure yet), then decompress for 2 more weeks before I start working again. [link] [comments]  |
| FIRE plan after divorce and w kids - my story Posted: 27 Mar 2018 12:45 PM PDT My story - Divorced in 2009 She wanted the house. Perfect, I wanted my 401K, which in hindsight was a smart move. As luck would have it we divorced early March of 2009, just as the market hit a historical low after a steep and rapid drop. As a result, the equity in the house was more than my portfolio so she owed me a bit of cash out of the deal. Had she not dragged the divorce on for 14 months my 401K would have had way more value, and she would have fared better, but that is another story entirely. In 2009 my 401K was valued around 100K. The good news is that within about 18 months it almost doubled – or should I say went back to the 2007 levels. Anyhow, I have been tracking it since then with the goal of making up lost ground. My plan was simple – max out 401K and Roth, which I have done every year since. I chose a moderately aggressive strategy in my company 401K. The match sucks though, just 2.5%. After alimony and child support I figured I was grossing about 85K per year for about 7 of the last 9 years. Moving in with my girlfriend helped cut my expenses. Moving to a LCOL area helped too. I've switched jobs a few times and always rolled over the 401Ks into a Schwab IRA that I manage. I picked a moderately aggressive approach with just mutual funds and have averaged 11.6% since 2009. I just look at Morningstar ratings and pick the best rated in each category. My strategy isn't rocket science. Note: I have 2 kids and one is graduating college this year. She goes to a small state school and I pay 60%. The 2nd started last Fall and goes to an out of state school. They get some good grants because their mom makes less than 20K and they live with her. I have been saving in 529s since I got divorced so that helps. My retirement fund is up to 635K now and I hope to FIRE in 4 more years when I am 58. Alimony & child support just ended so I will put that money directly into an index fund. My plan is to live off the cash saved from age 59 – 62 and then begin withdrawing from 401k at 63. I project to have 1.2m in it by then. Honestly, I may do something to earn money for healthcare but it will be part time. So, the moral to this story is that you can have kids and be divorced and still FIRE before you're 60.. If anyone has any advice I'm all ears. In full transparency, I got a new job 2 years ago and almost doubled my salary so that will help get me the extra cash to FIRE in 4 years, and live on for 4 years. [link] [comments]  |
| Daily FI discussion thread - March 27, 2018 Posted: 27 Mar 2018 04:09 AM PDT 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]  |
| I finally brought up FIRE to my SO... Posted: 27 Mar 2018 05:59 AM PDT I've been a frequent browser of this sub and constant reader of many FI/RE blogs for the past couple of months. My girlfriend and I who have, essentially, been living together for the past couple of years (apartment-style dorm), we will both be graduating this coming May. [link] [comments]  |
| Posted: 27 Mar 2018 03:49 PM PDT I'm with someone currently and we have a great relationship, aside from 1 thing. She's financially illiterate and doesn't really seem to want to learn or change regarding that. Though the relationship is great otherwise, that's really important to me. I'm not great at breakups and I'd feel like an asshole just breaking up over that when everything else is excellent. She also works at the hospital that I work at and I will see her every now and then, but don't want to make it awkward for her. Tips? [link] [comments]  |
| Posted: 26 Mar 2018 08:16 PM PDT I've been working towards my goal of making $100K before I turn 30. My last job offer just got me closer to being financially independent! [link] [comments]  |
| Posted: 27 Mar 2018 03:14 PM PDT Situation: I'm 42, married, with two young daughters (5 and 3). Live in Texas. I've worked with the same company for almost 10 years, make roughly $90-110k per year gross, $48k of it is salary. Wife (36 yrs old) also with same company for 10 years, and makes $140k gross, $70k if that is salary. We started saving late. Current situation: Individual savings: $30,000 My 401(k): $60,000 (company matches 4%) Wife 401(k): $51,000 (company matches 4%) Stocks (one EFT - SPTM) – 439 shares @ roughly $15,000 Home equity - $95,000 Child 529 - $4,100 Child 529 - $2,500 CC debt - $15,000 (wife business debt) Current combined monthly income: $10k-11k Current monthly expenses: $8-9k ($2k of it childcare) Total net worth a little over $200,000 currently. We're saving 10% of our net pay each month into our savings and maxing out both 401(k)s. Here's the crux: Wife wants to quit job at the end of this year to spend time with kids and work on her own business (she runs an online children's boutique that buys from wholesalers and resells to individuals). It has thus far required a ton of work and zero profits. She wants to spend more time with the kids (that's great), but essentially will be cutting our income by more than half, from $240k this year to about $100k in 2019. We would be able to cut our monthly expenses to about $6000/month, and be saving very little. My job is a little weird -- there are some years I may make $120k, another I may make $80k -- over half my income is bonus and commission. Health insurance is through my company – it's a pretty good plan. I'm worried…If we want to FIRE in 20 years, can my wife quit her job and if so, what the HELL do I need to do? Thanks to anyone for your advice and direction. [link] [comments]  |
| Issues traveling if you are FIREd and relatively young Posted: 27 Mar 2018 12:27 PM PDT I was reading on some blogs where people are retired relatively young Eg 40s, and going through customs. What do you tell customs when you try to cross a border? Do you say you are retired? Would customs question if you are lying and trying to hide something? [link] [comments]  |
| Posted: 26 Mar 2018 11:16 PM PDT I am a 43 y.o. professional pilot currently earning a $135,000 annual salary with no debt aside from a mortgage ($1,450/mo) and associated home owner expenses to cover, and I have one 10 y.o. son. I am considering stopping this rat race in two years and going to work part-time (20 hours/week) at one of the local home improvement stores for the discount and to provide income for my hobbies/habits (of which I have many!!). My son's college tuition is already fully covered and I will have $1,950,000 saved. Am I crazy to go this path, or should I keep trudging along to save more? I really like the prospect of waking up at 7 am on Monday and realize I have to be at work in two....days...for my six hour shift. In the meantime being able to do what I want, when I want. Just tired of the REALLY long hours and being away from home. [link] [comments]  |
| Potential Job Offer Higher Pay, terrible Benefits Posted: 27 Mar 2018 02:46 PM PDT Wanted to get the opinion of the FI community for this one. I am in talks for a new role which will pay 80% more base salary and qualify for straight time OT. The problem with the role is the benefits are terrible. New Company
My current role has top tier benefits, i do not think i will ever get better benefits then this in my life time.
What would yall do in this situation? Current post tax SR is around 60%. [link] [comments]  |
| What do you think about my plan for FIRE ? Posted: 27 Mar 2018 01:31 PM PDT Hi everyone. I'm almost 20 years old and I've been thinking about financial independence for about 3 years. I made a little plan :
Fitness is also an important part of my plan. I've been working out for 4 years now, and I believe that being strong and healthy is a key. It will minimize my health expenses and make me able to live a good life for much longer. The only thing I didn't take in account are the social aspects: My only fear is finishing lonely : having such a lifestyle makes you different from other people, I have a few friends and I've never had a gf, I already feel a mind gap between me and people my age spending all of their money and buying fancy stuff and I'm afraid that it will make the gap even bigger. The few people I told about my plan were like "it's impossible", "you will waste your youth", or anything to discourage me, but I don't listen to them. Even if I don't succeed doing this plan, it will anyway get me closer from FI. I'm afraid that in the long term my friends will find a wife, found a family, and that we will see each others less and less while at the same time I won't find a wife to go with me, and end up alone. What if each girl I meet will doesn't have a compatible lifestyle ? I already have some friends who moved with their girlfriends, and I see them very rarely since that. Even the other ones who have a gf go out much less since they have one. I'm pretty sure this kind of shit can happen. The goal of life is to be happy, and I don't believe that a lonely guy can be happy. I don't know how to handle all of this yet, but I stay rather optimistic. What do you think about it ? Is there something that I didn't think about ? Thank you guys [link] [comments]  |
| How Do I Understand My Husband's Goal's of FI - and Teach Myself? Posted: 26 Mar 2018 06:17 PM PDT Part of what brought my husband and I together was that we both really loved being frugal. Then, he found financial independence. It was hard for to accept at first, but what really bothers me is that (he learned about it the year before we got married but were living together) I felt left out in the process. To be fair, he's willing to teach me and show me where the money is going! I just want to know what other recourses are out there for me so I can go from my frugal, accepting, interest, and trust in him to excitement and enthusiasm! Thanks for any input you may have. [link] [comments]  |
| Posted: 26 Mar 2018 10:53 PM PDT Let's say I have a pension that would be worth $21,000 per year at age 65 if I left my job today, I'm 31 years old currently. Is there any way to forecast (estimate) what that would be worth at time of retirement? I'm guessing it's really not much due to inflation over 30+ years. I'm thinking I'll just consider this pension gravy and plan as if I don't even have it. [link] [comments]  |
| Posted: 27 Mar 2018 12:49 PM PDT I'm just starting to look into FI/RE and I'd love to hear individual experiences to get more of a feel. I know everyone's experience is different, which is why I want to hear them! [link] [comments]  |
| Long term travel, 401k/IRA, LTCG and taxes as US citizen Posted: 26 Mar 2018 10:15 PM PDT After FIRE, I plan on living in different countries for months at a time while staying a US citizen. How are taxes affected by staying long term in different countries? A long (non-comprehensive but most relevant for FIRE) list of possible events affected:
My strategy is living off of ~$49,000 LTCG/year to stay under the 0% LTCG tax bracket and potentially supplement with Roth IRA contribution withdrawals or do Roth conversion ladder in the later years. [link] [comments]  |
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