Financial Independence How many people here plan to pay for their children's education? |
- How many people here plan to pay for their children's education?
- Houston, TX financial independence meetup! Saturday May 12, 1pm at Town in City Brewery
- Daily FI discussion thread - May 09, 2018
- Stop the overanalysis of withdrawl rates and bear markets.
- Did you guys play empire/business building games as a kid? Does it inform your attitude towards FI?
- Weekly Self-Promotion Thread - May 09, 2018
- Work ethic by example
- Struggling with where to live with Wife's new Job
- Form 1040 for Income Proof?
- Define Your Own Path: Build a Calculator
- Inheriting $500k 401k
| How many people here plan to pay for their children's education? Posted: 09 May 2018 11:48 AM PDT While I am just beginning on my way to FIRE, this thought has crept in my mind. My parents had three children, made middle class to upper middle class money, But essentially paid for their three children to go to private colleges to the tune of approximately $400,000. My dad just retired at Age 62. I'm curious, do people here plan to pay for their children's education? My parents were extremely generous in paying for the majority of my education and put me into a position to succeed, and I'd like to do the same for any children i may have. Does this completely derail the ability to FIRE? [link] [comments]  |
| Houston, TX financial independence meetup! Saturday May 12, 1pm at Town in City Brewery Posted: 09 May 2018 07:04 AM PDT Hello all! There's a Houston Area Mustachians (from the Mr. Money Mustache forums) Facebook group and we're planning a meetup this Saturday at Town in City Brewery, starting at 1pm. The address is 1125 W Cavalcade St, Houston Heights, Texas 77009. They have a small off street lot and plenty of street parking for cars, as well as lots of places to lock your bike. Per their website, the venue is also child and pet-friendly. Hope to see you there! [link] [comments]  |
| Daily FI discussion thread - May 09, 2018 Posted: 09 May 2018 04:08 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]  |
| Stop the overanalysis of withdrawl rates and bear markets. Posted: 08 May 2018 04:36 PM PDT You can run as many simulations as you want, but remember the truth: Disease, family problems, accidents, accidental pregnancy, fraud, bank runs, lawsuits, fire (the combustion kind), earthquakes, floods, tornados, globally unprecedented economic catastrophe, globally-totally-precedented-in-japan economic stagnation, extreme economic success in thailand, political upheaval, and even just an unexpected change in your own desires and idea of a good life all big risks to your FIRE dream. Make a FIRE plan that's adaptable and robust beyond a diversified portfolio (though those are great). Keep up a little freelancing, work part time, be ready to cut spending, learn some hobbies that can save you money or make you money, start an extremely successful blog. In short, don't take the dumbest risk of all and assume that the simulations are the beginning and end of it. Edit: To be constructive, I'd like to see more posts about strategies for downshifting to part-time work, whether it's possible to be a part-time consultant effectively, making money off hobbies (without becoming /r/entrepreneur), investment strategies that can be goosed by a little elbow grease (real estate if you do more work landlording or renovating, for instance), etc. [link] [comments]  |
| Did you guys play empire/business building games as a kid? Does it inform your attitude towards FI? Posted: 09 May 2018 11:15 AM PDT When I was a kid, I used to play these two text-based games (Earth 2025 and Utopia), both of which involved building up a country, becoming big and rich, building up an army and invading other countries. The end goal was the same: build up the country with the largest net worth (as measured by land, size of your military, population, money, technology, etc) by the end of each "season" (each season lasted between 1 and 3 months). I've also played games like SimCity and Civilization and the objective always seemed to be create the biggest, richest, most populous city/society you can and I can't help but think that kind of mentality applies to my personal finances. Every day, without fail, I look at my Mint and brokerage accounts and see where and how the numbers change. I always cheer when the numbers go up and become annoyed when they go down. I look for ways to reduce expenses and boost earnings just so I can see my NW increase. I can't help but feel like I'm playing a game, except this time, there's real money on the line. I was reading another thread in this subreddit and I was struck by a few comments:
I realized that my upbringing was (un)consciously preparing me for managing a real life enterprise, albeit one on a much smaller scale than the fake kingdoms and countries I was managing as a kid. Does this jibe with other people in this subreddit? [link] [comments]  |
| Weekly Self-Promotion Thread - May 09, 2018 Posted: 09 May 2018 04:08 AM PDT 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]  |
| Posted: 09 May 2018 02:04 PM PDT A thought just struck me. I am working hard to FIRE. At the same time, if I have kids I want them to witness my work ethic. These two desires are in conflict (I'd likely have tapered off or FIREd by the time I have kids). For those that grew up with hardworking (or FIREd) parents - did watching their ethic shape your life? [link] [comments]  |
| Struggling with where to live with Wife's new Job Posted: 09 May 2018 11:31 AM PDT Hello. I currently rent in a Suburb of SE WI. My wife is starting a new job in July near the south border of the state. Currently a 45 - 1 hour commute each way. She will be working 4 days a week. We are torn on where to live from a lifestyle, and financial perspective. The southern part of the state is mostly sleep towns with not much going on. They aren't very built up. So here are some options we are considering: 1) staying in this area with a 2 hour commute for here each day (4 days a week) 2) moving to a hip city just south of Milwaukee (1 hour 20 commute per day) 3) Moving as close to her work as possible (15 min commute per day) We don't like the lifestyle we might get down near there, even though rent will be cheaper but we are very scared of her getting burnt out on the long commute. Looking at the MMM thread about commuting - http://www.mrmoneymustache.com/2011/10/06/the-true-cost-of-commuting/ We are quite hesitant of 1 and 2 to say the least. We could really use some advice here. EDIT - I work remote and can live anywhere. [link] [comments]  |
| Posted: 09 May 2018 01:19 PM PDT Do landlord typically accept 1040s as proof of income, since post-FIRE, you wouldn't really have an income with a paystub per say. [link] [comments]  |
| Define Your Own Path: Build a Calculator Posted: 09 May 2018 01:57 AM PDT Hello all, Across the various financial independence sub-reddits here, including this one and in particular FatFire, I see a lot of posts regarding what specific number is considered "right" to retire for a certain lifestyle. I understand the desire to have others either confirm your existing bias, or to just be told what to aim for. I really do. That said, these are completely ridiculous questions to me. Put simply, the right number / age combination is driven by various factors unique to an individual's situation: their current age, savings rate, income, risk tolerance, etc. However, most importantly, it is determined by your own needs and the soul-searching required to confirm these needs (which are likely ever changing). So, instead of going off on a tangent about how this sub-reddit is not for online therapy, that we aren't mind readers and in fact wouldn't know you from a hole in the wall, I will suggest: create your own (probably excel based) calculator to more specifically plan your retirement trajectory. There are a host of benefits to this, not least that excel skills will improve. A few other benefits (not a fill list): 1) Force you to define what is important to you as you must model in major life events, purchases, etc. 2) Force you to define in whatever detail you want the interest rates you expect, which will cause you to pay more attention to the market in general 3) Force you to think more about your career as income is a major aspect of any solid model 4) Force you to think about work after retirement, withdrawal rates, and the relationships these and other aspects of FI have to each other. The point is, use a home-baked model to learn about FI. Refine it as you learn more. Define your own path, don't expect others to define it for you. A self-created model is one of the best ways to do this. While leveraging someone else's model isn't a bad approach, it will never impart the lessons a self-made model will. Clear your schedule. Put the time in. It's worth it. [link] [comments]  |
| Posted: 08 May 2018 06:27 PM PDT I found out that I'm inheriting a $500k 401K from my great aunt (aged around 60) who just passed away. We're sad about her death, but amazed at her generosity. I was curious if anyone in the FI community has been through the same process for a non-spouse and has any advice? My Info:
My understanding is we basically have two options:
We want to transfer to an inherited IRA with Vanguard as I think makes the most sense and take out required minimum distributions. Does anyone have any general advice on this? We're aiming to hit FI in the next 15 years, though this will likely shave off a few years. [link] [comments]  |
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