Financial Independence 38/m/single. $2.3 million. Submitted my resignation letter today. Thank you guys for the encouragement all these years. |
- 38/m/single. $2.3 million. Submitted my resignation letter today. Thank you guys for the encouragement all these years.
- After 524 days I finally hit a networth of $0
- Help me find a hobby by sharing yours.
- Nietzsche on FI/RE and building a life to save for
- Daily FI discussion thread - June 09, 2018
- Anyone here planning to collect Social Security at age 62 and invest all of it?
- Can someone explain the pro-rata rule?
- [Humor] Spare some change?
- How to calculate net worth?
- Fire people, what do you miss about your job?
- Working multiple jobs to afford first rental property. Help me plan?
- Thoughts around how to best think about buying a house vs renting long term (HCOL)?
- 2% WR vs 4%
- Looking for a weekend side job
- Prudential 401k Age Cohort Savings Rate Comparisons
- Anyone have experience using Fidelity's Managed Accounts?
- Early in career with desire to fire
- Help me plan a path to FI
| Posted: 09 Jun 2018 12:09 PM PDT Link to my thread from six months ago https://www.reddit.com/r/financialindependence/comments/7eo4wi/38msingle_crossed_2_million_today/ Long story short, I have had this job for over a decade out of grad school. Pay is solid, hours are great and I didn't hate the work, but my heart has been out of it for awhile. As I approached FIRE in recent years, I allowed myself to travel up to eight times a year. Did zero travel before then, my singular focus was FIRE. I absolutely fell in love with southeast Asia, Thailand in particular. Rich culture, dirt cheap cost of living, cheap airfare to the rest of the region. A close friend saw all my photos that I posted and decided to go herself, fell in love with it too and joined a non-profit that helps to teach English and hospitality and computer job skills to former prostitutes. They offered me a volunteer job and sponsored my work visa application, which was approved by the Thai consulate last Monday. I sat on my resignation letter for the rest if the week since my boss just returned from vacation and I didnt want to drop it on him right when he returns. They will provide me a studio flat in Bangkok to live in with their other expat volunteers. My work visa is valid for a year. I am expected to teach and work four days a week and my three day weekends are free for me to explore. Food will be dirt cheap, street food is everywhere in central Bangkok and one to two bucks USD at most. My health insurance there looks to be reasonable, as well. I have been putting off FIRE for a few years due to my parents being uninsured immigrants with no retirement savings, I have always planned on helping them retire comfortably. They are now reaching Medicare and Social Security age so the numbers make sense for me to FIRE safely. They have no idea of my net worth, nor does anyone else other than my little sister who has to know as executor of my will. All I need to do now is tie up my affairs stateside, study conversational Thai and order a one way ticket. My long term plans are to stick out the entire year no matter what, come home, buy and convert a used Sprinter van and spend the year after that boondocking through Alaska, Canada and the lower 48. We shall see. [edit] I never even considered travelling abroad until I began watching Anthony Bourdain's first show, A Cook's Tour, over 15 years ago. My mind was already made up to do this long before he died yesterday, sure. But it makes me all the more sure of what I am doing. I look forward to my trips to Vietnam, his first love. Round trip airfare from Bangkok to Saigon or Hanoi on AirAsia or Jetstar or Nok Air is as low as 50 bucks USD, IIRC. Cheap to Cambodia, Myanmar, Singapore, Malaysia and Indonesia too. I can't wait. [edit 2 ] I'm an ethnically Chinese American. Have lived in the south all my life, so I do have a southern accent. Can speak Mandarin and Spanish. Fun fact - I have learned people are very wary of tourists from China due to their track record of poor behavior. In Dublin, Zurich, Doha, Miami and LA, I have had amusing interactions with hotel staff who expressed relief I am an American instead of from China. [link] [comments]  |
| After 524 days I finally hit a networth of $0 Posted: 08 Jun 2018 06:50 PM PDT Holy I am so happy to be typing this to you guys, after ready lots of posts about FIRE I decided that this life was for me. I had $2000 starting in 2017 with a networth of -$16500. After losing a roommate and having my girlfriend and myself pay for a room for 3 months before filling it, and changing jobs which promised me 40 hours then cutting mine down to 18. My finances were awful lots of credit card debt and no savings. After I solidified a Job working 48 hours a week making more than I did before I started saving aggressively to hit my goal of $0 networth by the end of 2018. I cant wait to start hitting more of my goals. More info: I currently made $16 an hour as a supervisor at a restaurant making 250 in tips bi weekly for the most of 2017. 2018 I was making $18 an hour with $370 biweekly in tips and I am getting bumped up to $19.50 in the next coming weeks. Thanks to everyone in this subreddit for motivation. Heres the graphs of 2017 to 2018 to see my progress https://imgur.com/a/RkFWIho [link] [comments]  |
| Help me find a hobby by sharing yours. Posted: 09 Jun 2018 10:13 AM PDT I am realizing that my work is a huge part of my identity. That's a problem, because 1) I want to FIRE, 2) I hate the stress my high-pressure gig puts on me, 3) I spend 60 hours a week at work which leaves no time for hobbies. I am coming up with a list of hobbies to try over the next six months, and would love to know what yours are. Please share :) [link] [comments]  |
| Nietzsche on FI/RE and building a life to save for Posted: 09 Jun 2018 06:58 AM PDT Nietzsche knew about the dangers of retiring without a life to go to back in the 1880s. From 'Thus Spoke Zarathustra' "Are you such a man as ought to escape a yoke? There are many who threw off their final worth when they threw off their bondage. Free from what? Zarathustra does not care about that! But your eye should clearly tell me: free for what?" [link] [comments]  |
| Daily FI discussion thread - June 09, 2018 Posted: 09 Jun 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]  |
| Anyone here planning to collect Social Security at age 62 and invest all of it? Posted: 09 Jun 2018 04:28 AM PDT A friend of mine just applied for Social Security at age 62. His plan is to put ALL of his Social Security checks directly into a 60-40 total stock/bond mutual fund with his children as beneficiaries. Yes, he has seen all the advice from the financial professional telling him that he should wait until he is 70 to collect SS if he has other assets because of the 7-8% annual increases for waiting. After about a hundred hours of analysis, he decided to ignore the experts and collect his SS benefits starting two months after his 62nd birthday and invest the money. He told me the experts don't consider the opportunity costs of not getting any SS checks from age 62 to 70. At about $1500 a month collecting at 62 he is missing out on $144,000 in SS checks that could be invested if he would wait until age 70 to collect. The historical return for a 60-40 portfolio is about 8%. Lets say the market does half of that in the next 30 years. Investment return from the SS checks from age 62-70, and going forward, would move the SS break even point to his mid 80s. And that money could continue to grow after he dies vs SS money would stop at his death. What do you think of my friends analysis and plan? [link] [comments]  |
| Can someone explain the pro-rata rule? Posted: 09 Jun 2018 03:21 AM PDT Listened to an episode of Better off with Jill Schlesinger about backdoor Roth conversions and she mentioned the pro-rata rule. In this episode she mentioned they are notoriously confusing and I can agree. My research has been inconclusive as to what it exactly is. Anyone have some clarity? PS: my phone wants to auto correct "pro-rata" to "pro-rats". [link] [comments]  |
| Posted: 09 Jun 2018 04:04 PM PDT |
| Posted: 09 Jun 2018 03:24 PM PDT Hi all, super basic question here. How do you calculate your net worth for FI milestones. Do you consider your IRA and 401Ks even if you are nowhere close to using that money? If you own a home, do you take that in as part of it? If you own a business, side hustle, or rental property how do you count those? Love the community, working hard for the day to come and get told to go fuck myself! [link] [comments]  |
| Fire people, what do you miss about your job? Posted: 09 Jun 2018 05:20 AM PDT People decide to leave their job since obviously they are quite a few things to dislike as posted extensively around here. But what do you miss about your job? I am still employed and while there are things I do not like, there are many I do. My job is technically challenging, I got to travel sometimes with all the expenses paid, I work with smart people I can interact with, I have health insurance. I want to mention that this was not always the case and I have to change jobs untill I could find one that I am satisfied with. It sometimes required me to move across the country. What about you? [link] [comments]  |
| Working multiple jobs to afford first rental property. Help me plan? Posted: 09 Jun 2018 02:43 PM PDT Hey all, I plan to take the REI path to FIRE. I want to buy out-of-state rentals (I live in Los Angeles. oof.) Looking into SFHs in the 60-80k range in Ohio. (My goal is ~25k: 20k down, 2k closing if seller pays half, 3k light rehab.) Currently working 30hrs/wk in my day job, 20hrs/wk on weekends, and another 20hrs/wk in evenings. Luckily, I have a lot of downtime at the weekend job and can chip away at evening work while I'm there. (Income is net $5k. Expenses are $900 rent / $350 food / $160 car / $100 misc = $1500 total.) About to move to a cheaper rental place. Also gearing up to learn meal prep and frugal shopping (I waste so much on takeout!) but I honestly feel like all my mental bandwidth is taken by work. Anyone else in a similar position? Any advice on how to keep my momentum up, get ready, and stay sane? Do/did you have a mentor? I would love some light at the end of the tunnel. [link] [comments]  |
| Thoughts around how to best think about buying a house vs renting long term (HCOL)? Posted: 09 Jun 2018 06:42 AM PDT Hello FI! I was curious how people think about the classic buying vs renting dilemma, especially in HCOL areas like NYC and SF Bay where buying a house will likely increase your monthly housing payments for a similar quality of home. Say I'm currently spending $2k/month on rent and saving $2k for a cool savings rate of 50% and buying a house will likely mean $3k/month for mortgage payments and just $1 saved each month. How would you best evaluate this situation to see if it makes sense to buy or not? [link] [comments]  |
| Posted: 09 Jun 2018 02:15 PM PDT Edit: thanks to the comments I realize my mistake. The 4% WR assumes that my savings will yield annual interest of at least 4%, so aim to live on the interest rather than the principle amount. Thank you!! Post: Hey new to this sub but super interested in being FI and have been gulping everything on here for the past week. I might be missing something but - why is the rule of thumb still 4% WR? I am now 32. Say I retire at 55 with 4% in mind, doesn't that mean I intend my savings to last only until age 80? Even 85, 90, seems pre-21st century to me. Advances in nutrition, medicine, and other misc life-prolonging research suggests we should expect significantly more years than our parents. Obviously it is impossible to see that far into the future and global outlook is not looking great currently, but as I see it we try to be on the safe side when planning our FIRE route. What am I missing? [link] [comments]  |
| Looking for a weekend side job Posted: 09 Jun 2018 01:28 PM PDT I recently graduated and will be starting my career in the next month or so. However I dream off purchasing rental properties in the next few years. For the time being I am looking to get a weekend job to help me save up for a down payment a lot faster. Thoughts? [link] [comments]  |
| Prudential 401k Age Cohort Savings Rate Comparisons Posted: 09 Jun 2018 07:02 AM PDT Logged into my Prudential 401k account and there's a comparison of my savings rate versus my age group cohort average (25-34), along with a comparison against the top 5% of savers. Without actually understanding the average salaries behind the cohorts it's probably not a super useful metric. But with that said I still found it interesting that my savings percentage is above and beyond even the top 5%. We must be an odd bunch on this thread. If there are any older Prudential savers reading I'd be interested to see what some of the other age cohort savings rates look like. Prudential Definition: This chart shows how your contribution rate compares with other Prudential customers in your age range (25-34). The rates shown are total contribution percentages. "Top" represents the average rate of the top 5% of contributors like you. "Average" represents the average rate of all contributors like you. "You" represents the rate you're currently contributing. [link] [comments]  |
| Anyone have experience using Fidelity's Managed Accounts? Posted: 09 Jun 2018 11:05 AM PDT I read that Fidelity uses an entity (their own company) called Strategic Advisors Inc. Anyone have experience on their performance? For some of my funds, I need to use a financial advisor (long story not up for debating why need to use it). [link] [comments]  |
| Early in career with desire to fire Posted: 09 Jun 2018 11:38 AM PDT Im cross posting this from r/personalfinance. I want to be able to save as much as possible to be able to fire in a reasonable amount of time. I am just wondering how feasible my budget is. I am getting ready to move and be completely financially independent. I have been working as an engineer for the past 6 months and my salary is $65000. That makes my gross monthly income $5400. I would like to max out my 401k, $18500, and my IRA $5500 per year. I have been doing this but not while being completely independent. That leaves me with about $2400 per month. I would like to be able to save the $400 dollar difference and live off of $2000 per month. I live in Cleveland and rent for the places I am looking at and am comfortable with are $850 per month. I currently have no debt and a paid off car. It is 10 years old but I am expecting it to last for the near future. Can anybody give me some samples for their budget or how they would allocate the $2000 per month? Do you think this is a reasonable living allowance or should I adjust? Any input would be greatly appreciated. I am anxious to move out but don't want to put myself in a hole with not being prepared. [link] [comments]  |
| Posted: 09 Jun 2018 11:29 AM PDT Recently wrapped up grad school and am starting a new job. Have negligible savings, student loan debt to the tune of ~120k at unfortunately high (7%) interest rates. I regularly read this subreddit and would like to plan my way to FI and hopefully RE. Basic monthly expenses are split between my S.O and I: Rent - 1800 Loans ~ 1300 minimum payment Food ~800 Electric/Internet/Phone/Utilities etc - 300 Car insurance/payments/fuel - 800 My total compensation should be in the ballpark of 160-180k. I plan to max out my retirement contributions each year. Here is where I need some help. How do I determine what percentage of my salary I should be saving vs. paying down student loans. I would like to build up a safety net and have at least 6 months or so of expenses in the bank. What steps should I be taking to make progress towards my FI goals? Target savings rates? Target retirement contributions? Open to any and all advice. Thanks! [link] [comments]  |
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