Financial Independence Taking naps are the true lamborghinis |
- Taking naps are the true lamborghinis
- Lump sum or annuity? ($1,000,000 in the hand is hard to turn down)
- Daily FI discussion thread - June 06, 2018
- Weekly Self-Promotion Thread - June 06, 2018
- A few years into FI journey, I switched jobs to something that I like...
- The Industrialist and the Fisherman: When enough is enough
- How dependent are you on Social Security and Medicare for FI
- A gentle reminder to those of us in the US, don't plan for social security benefits long term...
- If you had 25k a year tax free for life and lifetime free health care. Would you keep working or retire early?
- Should i move out
- FIRE is not for everyone...
- Hello everyone! Loving the idea of FIRE. 24M starting out. Looking for some advice.
- So I picked a lost cost index fund. How and when is that calculated/assessed?
- Seeking Wisdom - Charlie Munger
- What are your favorite resources for increasing FI related knowledge?
- Need help with spreadsheet calculations
- How Accurate Is This Retirement SWR Spreadsheet
- Problem graphing our NW
- If the concept of FIRE became mainstream what would the result be economically?
| Taking naps are the true lamborghinis Posted: 05 Jun 2018 09:13 PM PDT FIRE since more or less last year and up today since 6.30 am. Had some delicious green tea and checked the news. Read a bit on my Kindle and taking a nap now around noon. Taking naps whenever you feel like it is the pinnacle of freedom. [link] [comments]  |
| Lump sum or annuity? ($1,000,000 in the hand is hard to turn down) Posted: 06 Jun 2018 06:46 AM PDT I am planning to punch out sometime during the next year at 55yo. I would kindly request opinions on taking my retirement benefit as a lump sum vs. an annuity. Current Financial Situation: Investment Account (Taxable) $1.6MM IRA $375K 401k. $860K Roth. $110K Spouse IRA. $600K Home (paid off). $400k So total assets of $3.4MM and no liabilities. Adult kids are self sufficient. My options are a $1,000,000 lump sum or a company sponsored annuity of $60k/year. Thanks for your insight! [link] [comments]  |
| Daily FI discussion thread - June 06, 2018 Posted: 06 Jun 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]  |
| Weekly Self-Promotion Thread - June 06, 2018 Posted: 06 Jun 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]  |
| A few years into FI journey, I switched jobs to something that I like... Posted: 06 Jun 2018 11:08 AM PDT So I've been hardcore into FI for 3-5 years, made some drastic lifestyle changes to save money. My job situation was toxic with work I hated, bad coworkers bad boss, etc. I switched jobs recently and it is way way better. I could see myself doing this for decades, perhaps even retire at a normal age (lol). Ugh, IDK. On a similar note, I haven't been able to cultivate any awesome hobbies yet...I'm always on the lookout and try new stuff but nothing is out there that I'd wanted to do 4+ hours veryday. Thinking about maybe slow pursuing FIRE...and more FI than RE... What do you think? [link] [comments]  |
| The Industrialist and the Fisherman: When enough is enough Posted: 06 Jun 2018 04:07 PM PDT The rich industrialist from the north was horrified to find the southern fisherman lying lazily beside his boat. 'Why aren't you out fishing?' said the industrialist. 'Because I have caught enough fish for the day,' said the fisherman. 'Why don't you catch some more?' 'What would I do with them?' 'You could earn more money' was the reply. 'With that you could have a motor fitted to your boat to go into deeper waters and catch more fish. Then you would have enough money to buy nylon nets. These would bring you more fish and more money. Soon you would have enough money to own two boats . . . maybe even a fleet of boats. Then you would be a rich man like me.' 'What would I do then?' 'Then you could really enjoy life.' 'What do you think I'm doing right now?' [link] [comments]  |
| How dependent are you on Social Security and Medicare for FI Posted: 06 Jun 2018 01:28 PM PDT Saw this article today: and this line from that article really stood out to me was: The report also said that Medicare's hospital insurance fund would be depleted in 2026, three years earlier than anticipated in last year's report. Absent changes, the program then would be able to handle 91% of costs. I personally think both of these will be possibly remedied by raising the retirement age and nothing will be done before someone's check or benefit has to be reduced. I haven't factored SS at all in my FI plans but Medicare is a linchpin. Not sure what we would do in the current system without Medicare for healthcare when older. Do you think this would affect you at all? [link] [comments]  |
| A gentle reminder to those of us in the US, don't plan for social security benefits long term... Posted: 06 Jun 2018 12:11 PM PDT https://www.marketplace.org/2018/06/06/health-care/trustees-social-security-report
I often catch myself thinking about the extra safety net of SS benefits when my wife or I are old enough to start collecting them. Perhaps I will have set my withdrawal rate too high and I can lean on this money in my slower years. It's articles like this that remind me to treat those benefits as a bonus, not guaranteed. I don't mean to be chicken little, but this seems like good food for thought. [link] [comments]  |
| Posted: 06 Jun 2018 03:53 PM PDT |
| Posted: 06 Jun 2018 03:37 PM PDT Currently living at home (19), trying to figure out wether i should move out or not. I have the option to move to a different city and study there or stay home and study in my home city. I am really feeling the social stigma of living at home, but at the same time i feel like i would be damaging my economic future by moving out... I would probably be looking at 30000-50000 dollars in loans for moving away. Is living on your own really such a valauable experience that i should move our RIGHT now? My saving thus far are: Bank: 19000$ Stocks and bonds: 1500$ All of this is translated from Norwegian currency. Also remember we have different programs for retirement saving and such. [link] [comments]  |
| Posted: 06 Jun 2018 10:09 AM PDT Good morning, In the last year, I have become really engaged with the FIRE community on reddit, and have read several financial books, this community has really changed my life. Knowing the impact a couple financial books and a few minutes on this subreddit a day can do for someone, I have tried sharing it with some family and friends, which has dramatically helped my a few, but some other friends seem to get very hostile with the topic of financial independence and personal finance. Conversations will pop up when a large group of my friends are together and I will offer friends to barrow some of my books are encourage them to check out the prime directive on this subreddit, while some appreciate the advice on hop on the FI train shortly after, some others have started to get pretty annoyed with the conversations and stuff I say (especially with the importance of an emergency fund and retirement savings). Although these are my best friends that i grew up with since I was 5, I can tell they get uncomfortable and perhaps its time to just start ignoring the FI subject with them and totally avoid it?? Has anyone else ran into this problem? I want my friends/family to be successful as well, and everything is so much easier than people make FI out to be and its READILY accessible to almost everyone, so I just instinctively want to share the world to them. My sister and her husband have made huge leaps of progress in the last 6 months and it feels pretty good to have helped them head in the right direction. Is this something I should completely ignore and tackle on myself, since some my friends aren't buying into it??? One thing I have noticed is the friends who take most offense to the topic, are the ones who are still living off their mom/dads money for rent/food and have their pretty 35,000 truck payment burying them financially. [link] [comments]  |
| Hello everyone! Loving the idea of FIRE. 24M starting out. Looking for some advice. Posted: 06 Jun 2018 02:40 PM PDT So as the title says im a 24 year old college graduate. I went to a Maritime academy and I am typing this post from a ocean going tug boat off the coast of Miami! My current situation is as follows- I recently got promoted and now I make $495 a day on the boat (55 dollars is per diem) so post tax it comes out to about $385 a day. I work a month on and a month off so at about 185 days a year i make $91,575 pre tax, $71,225 after taxes. In addition I bartend at least two days a week when Im home. Probably make somewhere around $1000-$2000 tax free month working sporadically. I currently have $10,000 in savings. Unfortunately I have $56,000 in student loans left. Its in my mother name (parent plus loan). Instarted with about 90,000 2 years ago. Ive been knocking these loans out pretty aggressively. The loan is 800 a month. The intrest rate on the loan is 7%. I have a cell phone bill which is approximately 150 a month. Im living at home for now so rent is no problem. Im contemplating moving out relatively soon maybe a year from now. Where i live everything is pretty accessible by bike or walking so I have no need for a car. I was taking 4% out for my 401k (stupid i know) I just increased it to 12%. So with all this being said. What else can I do. I hate working. How do I retire early? [link] [comments]  |
| So I picked a lost cost index fund. How and when is that calculated/assessed? Posted: 06 Jun 2018 01:42 PM PDT I have the majority of my 401k in FXAIX which has an E/R of 0.015%. Is that expense assessed only on gains? Or is that levied on a regular basis? How is that calculated? How and when am I paying that E/R? [link] [comments]  |
| Seeking Wisdom - Charlie Munger Posted: 06 Jun 2018 07:28 AM PDT Since we are talking about Psychology (https://www.reddit.com/r/financialindependence/comments/8oqcwd/the_psychology_of_money_long_read/https://www.reddit.com/r/financialindependence/comments/8oqcwd/the_psychology_of_money_long_read/) I like to share my favorite person who have spoke on this topic associated with finance and life is Charlie Munger, vice chair at BRK. One of his best quotes from The Psychology of Human Misjudgement is: "The idea of caring that someone is making money faster[than you are] is one of the deadly sins. Envy is a really stupid sin because it's the only one you could never possibly have any fun at. There's a lot of pain and no fun. Why would you want to get on the trolley? " USC Speech: https://www.youtube.com/watch?v=NopAYiI6SW0 The Psychology of Human Misjudgement: https://www.youtube.com/watch?v=pqzcCfUglws Books: Seeking Wisdom from Darwin to Munger, Poor Charlie's Almanack. https://www.poorcharliesalmanack.com/ additional quotes: https://www.valuewalk.com/2017/12/charlie-mungers-investment-wisdom-quotes/ [link] [comments]  |
| What are your favorite resources for increasing FI related knowledge? Posted: 06 Jun 2018 07:06 AM PDT Whether it's books, podcasts, blogs, forums, etc, what do you use to increase your FI/finance related knowledge? [link] [comments]  |
| Need help with spreadsheet calculations Posted: 06 Jun 2018 05:04 AM PDT Ok so I don't live in the US so I'm aware that my country's (Belgium) situation is vastly different than what most are familiar with but I know all the factors involved I just need confirmation that my spreadsheet math isn't wrong. In Belgium we can save for retirement by adding to a retirement account. The facts: Maximum contribution/year: 960 euro Here's where it gets tricky. On the contributions, there's an assumed ROI of 4.75% So obviously 4% ROI when they're assuming 4.75% is dumb BUT you do have the 30% immediate tax benefit when you contribute so while I'm investing 960 euros, I'd only have 672 euros extra to invest if I'd ignore the entire retirement plan. But I did the math. If I invest 672 euros a year at a ROI of 6% and let it sit until I'm 60 (growth on stocks isn't taxed, there is only a tax when you sell which is 1.32%) then I'd have MORE than if I'd save through the retirement account. Here is a spreadsheet where I did my calculations Column A shows the amount I'd be saving assuming the 4% ROI continues I was hoping that someone could tell me I'm not stupid and that our tax beneficial accounts are actually worse off than if I'd invest it in the overall market? (assuming 6% ROI of course) Thanks in advance for the help Edited to exclude offensive language [link] [comments]  |
| How Accurate Is This Retirement SWR Spreadsheet Posted: 06 Jun 2018 07:55 AM PDT A colleague of mine made this, he claims it's pretty accurate from information he gathered on the internet. Is this anywhere remotely correct? I'm more curious to know if that's how LTCG and Federal taxes work in retirement. EDIT - You can now edit the yellow cells : https://docs.google.com/spreadsheets/d/1RdcNCh0REEt9HgrwdXVXayGYKVo4JhhN6doqlPVvbbI/edit?usp=sharing [link] [comments]  |
| Posted: 06 Jun 2018 11:31 AM PDT My girlfriend and I have been inspired by a lot of the NW graph posts on here and wanted to do the same thing ourselves. Mine worked out ok- I have a positive NW so when I multiply that by 1.08 (an arbitrary growth rate) and drag down on excel it gives me a nice growth curve. The problem arises when we tried to do my girlfriend's. She owns a flat and, while she's paid off a reasonable chunk of her principal, her mortgage leaves her with a negative NW. When we try to multiply that by 1.08 it only gets worse, or more negative, not better. In the end we had to resort to only including the principal in our NW calculations. How have you got around this problem? Is there something we're not doing right? [link] [comments]  |
| If the concept of FIRE became mainstream what would the result be economically? Posted: 06 Jun 2018 09:52 AM PDT Just a broad question I've been pondering.. For example, what would it mean for the wealth management, financial planning or investment advisory businesses? Would we see a huge growth in passive funds? If so, how would that ripple into other areas of investment services? Would love some thoughts on this [link] [comments]  |
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