Financial Independence Once you're FIREd, how do you rent an apartment without a verifiable source of income? |
- Once you're FIREd, how do you rent an apartment without a verifiable source of income?
- Need suggestions on what I should do
- Medical check before FIRE?
- Daily FI discussion thread - July 07, 2018
- People with careers and kids (no SAH parent) how in the hell do you make this work?
- Lifestyle Inflation, new baby and cognitive load
- Car insurance for the FI
- Additional contributions to pre-taxble retirement accounts.
- Other useful forums / websites
- ELI5: The difference between the Trinity SWR of 4% and the oft-quoted average market return of 7%. Are any of these figures adjusted for inflation?
- Do you include inheritance in FIRE plans?
- Discussion: Christians who manage an SR >= 50% and also tithe
- Check My Plan
- Your children's spouses will be enjoying the fruits of your labor after you pass on?
- How do you conceptualise the value of $100?
- Advice with risk and allocation for mom
| Once you're FIREd, how do you rent an apartment without a verifiable source of income? Posted: 07 Jul 2018 05:53 AM PDT I'm moving, and most of the apartment buildings expect to see proof of 3x rent as income. These are corporate-owned buildings, so the people in the leasing office don't have much flexibility in terms of waiving some of those criteria. I'm already looking into privately owned apartments so I can work with the owners directly. But is there a way around this issue? [link] [comments]  |
| Need suggestions on what I should do Posted: 07 Jul 2018 01:06 PM PDT Hello all, Discovered this community and I like the idea of retiring early. I grew up in a household with money worries and I'm the product of that - I'm frugal and live below my means and avoid debt whenever possible. I am looking for suggestions on what to do. Basic info. 31 years old male, stable job, single, no kids, and I rent. I have zero debt of any kind and drive a paid for car. Expenses each month are around $2,300 which includes my $1,400/month rent. Income: $105k 401k Account 1: $103k 401k Account 2: $50k Roth IRA Account: $20k Cash Savings: $130k I max out my 401k and contribute the max to my Roth IRA every year. Beyond this basic things I do nothing else investment wise. I'm fairly risk adverse/conservative with money. I toyed with the idea of opening some investment accounts somewhere but I really don't know where to begin. I've also considered real estate investment (buying a place and holding onto it in future and rent it out) but my goal is to settle down someday (ideally sooner rather than later), get married and have kids assuming I find the right woman. For this reason I am cautious of buying a place only to flip it if I happen to suddenly settle down. Ideally I'd like to use a chunk of my cash savings to put down a large down payment on a house and have a 15yr mortgage. I don't have a crystal ball and have no idea if/when any of this will happen. I'm looking for suggestions one what you would do in my shoes. Is it wise in my situation to continue renting if I'm happy? Thanks for any help/suggestions. [link] [comments]  |
| Posted: 07 Jul 2018 05:28 AM PDT I'm a 40 years old male and no medical history in my family of any major health issue. Will leave my job in 10 months from now and before loosing my awesome medical insurance provided by my company was wondering if it's a good idea to go thru a pre FIRE medical check, the problem is I have absolutely no clue on what to ask a GP and even less sure he will understand my request. After 23 years on a very unhealthy career (airline pilot) my main concern is heart issues or cancer, What you guys think about this pre FIRE medical check? Regards, [link] [comments]  |
| Daily FI discussion thread - July 07, 2018 Posted: 07 Jul 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]  |
| People with careers and kids (no SAH parent) how in the hell do you make this work? Posted: 06 Jul 2018 05:55 PM PDT Seriously. I don't even know what to say. We have 3 kids (11, 10, 8). We're hustling our asses off and our net worth is showing it (hit double commas this year, woo!) but I feel like there's nothing left for a social life. My husband and I very rarely have alone time. My house always looks like shit so I NEVER invite anyone over. I've gained so much weight the last 5 years (I don't even want to say how much because I'm so embarrassed). Ugh, it just all feels unpleasant and unsustainable. And the sad thing is I feel like it shouldn't be "that bad." Neither of us have to work tons of overtime, for example. Our house, the kids school, and our respective work places are all within 5 miles of each other so no one has a commute. Our side hustle is rental properties, which is often not any extra work, followed by short spurts of having to fix something or meeting a repair person here or there. I've begun fantasizing about quitting. But I hate to think about how much time that would add to our goals. Next year my husband hits a milestone at work and gets a whopping 5 weeks vacation, while I'll be stuck at 2 (I'm also allowed to "buy" a week, so 3). How do you do it all!? Do you have help? Like nannies or housekeeping or... what? Do I just need to wake up at 5 am and meditate and make a cleaning schedule and a diet plan and an exercise plan and a social plan? Just thinking about it makes me exhausted. [link] [comments]  |
| Lifestyle Inflation, new baby and cognitive load Posted: 07 Jul 2018 12:25 PM PDT We have lots of comments and warnings against lifestyle inflation and I've always been good at guarding against societal pressures to arbitrarily increase my standard of living simply because I have more disposable income. I've been a new dad for the past 6 months and my friends/co-workers who know how frugal I am have started to joke about how expensive kids are. I've brushed off most of these barbs because I understand the truth from the fiction. i.e. if we choose daycare it is going to be expensive, but things like toys/clothes/baby stuff can easily be obtained used in good condition. We've all heard this before. These are the same people that told me living in NYC is expensive, and it is, but it isn't. Anyway, what completely surprised me was my decreased willpower to fight off increases in spending since baby has been born. I think I've traced this back to the idea of cognitive load whereas my prefrontal cortex is so taxed from figuring out this whole new baby world that I am WAY more susceptible to spending money for comfort/convenience in ways I didn't pre-baby. If there are any psychologists/neuro people in this group I apologize for my rudimentary understanding and explanation but I believe its the same reason why we tend to buy junk food at airports (because our brains are tired from figuring out the logistics of getting through airport). There is an experiment out there where they taxed people's pre-frontal cortex (control didn't) and then they were able to get a snack from a table that had cake, cookies and fruit bowl and the people whose brain's were very tired overwhelmingly chose cake over fruit. Examples include: 1. Went to visit family and instead of driving around for 10 minutes to look for parking on the street I threw the car in the garage for $37
So I am finding that, at least early on, baby's seem to be expensive and its because my brain is fried and doesn't have the same willpower it once did. Its not because I don't have enough time (I do) and its not because I want the best for my new family (I do, but us FI/ER's are smug and still think we can find the best at a fraction of the cost), its because my brain is so pre-occupied with analyzing this new baby reality that my spending defenses have been lowered and I've succumbed to the more expensive, easier option. FI/RE Dads or Moms - you feel this? Does it change? TL;DR: Managing new Baby has increased cognitive load and is tempting me to spend more. [link] [comments]  |
| Posted: 07 Jul 2018 04:17 PM PDT I was wondering what type of car insurance FIRE enthusiast take. The cars are old (11, 7) and high mileage (100k, 200k) and both paid off. I assume it makes no sense to have comprehensive or collision insurance on these, vehicles right? Also as far as actual driver insurance, do most of you take the state minimums or since you have a hire amount of assets to lose do you go with the high end coverage amounts? [link] [comments]  |
| Additional contributions to pre-taxble retirement accounts. Posted: 07 Jul 2018 02:49 PM PDT I have recently met with two tax professionals looking for ways to put additional money into pre-tax retirement accounts. I received slightly different answers, but both looked a little confused by what i was trying to do, which leads me to believe neither has dealt with someone trying to do this. The best answer I received was, I needed to make around $150,000 a year in order to contribute the $54,000 limit into pre-tax retirement accounts. I was hoping someone could point me in the right direction with this, or give me some advice. I am currently 27 years old, and make $76,000 a year at this time. I have no student loan debt. I put roughly $15,500 a year into our Annuity/401k. I have asked to make additional contributions to that, but have received no such luck. (My Annuity is constructed in such a way that I can not, believe me, I have tried everything.) In addition to the Annuity/401k, I pay into a pension as well. I also max out a Roth IRA. I own 1 house as a primary residence, and have another house as a rental/investment property. I have looked into a HSA account, but long story short, I pay into an account through my employer that acts similar to a HSA, but am only able to use it for Healthcare costs, not retirement. I am also currently contributing to a taxable individual brokerage account.. I am currently contributing $20k to the taxable individual brokerage account, and would like to put that into a pre-taxable retirement account with after tax money, and have the ability to write off the contributions on my taxes. (Additional 401k?) Is this even possible? Maybe, contributing to a taxable investment account is, really the only option. Maybe, I need keep searching for a CPA, that was dealt with these kinds of strategies. Any advice that you could give would be appreciated. [link] [comments]  |
| Other useful forums / websites Posted: 07 Jul 2018 03:25 PM PDT Hi all. I just started following this sub recently and it's quite a amazing. I didn't know about all the tricks to build up wealth faster. That being said, I was wondering if anyone had suggestions for other forums/websites. Currently, I am aware of Mr money mustache, boggle heads, financial Panther, and doctor of credit. Are there any other similar ones that I am missing? [link] [comments]  |
| Posted: 07 Jul 2018 01:06 PM PDT Trying to do an opportunity cost analysis of saving vs. investing and want to make sure I'm using the right figures with the right ideas. [link] [comments]  |
| Do you include inheritance in FIRE plans? Posted: 06 Jul 2018 08:50 PM PDT I think most of us want our parents and families to live long, healthy, happy lives! And I also know that if they have been able to save, and have been managing their wealth during that happy and healthy life, they may likely still eventually pass some of that wealth on, but at an unknown point in the future. I'm curious whether folks here consider potential, or estimated, inheritance in their FIRE plans at all, or if the unpredictable nature, the uncertainty of health care costs, or just the difficulty of thinking about this, make it something that you never "plan on. [link] [comments]  |
| Discussion: Christians who manage an SR >= 50% and also tithe Posted: 06 Jul 2018 03:56 PM PDT I suppose this post could also apply to those who give consistent percentages to charity, but for me the giving is built into my religious commitments. So for whom it's applicable: how does giving a tithe (10%) effect your FIRE pursuits? Does it feel like you're slowing down your own progress? Have you made peace with the fact that you may not be able to save as much as your secular counterparts? I currently hover at ~45% SR. Really the only legit place in my budget to boost that number higher is if I cut my rent by getting a roommate. Since I'm angling towards marriage sooner rather than later I don't have much desire to deal with a roommate again in the interim. Having said that....the fixed 10% figure sometimes taunts me. I'm fairly young and I know that FIRE is the slow build, but I sometimes feel tempted to use that money to pour gas on my savings rate and really boost things along. On the other hand I have read several times recently that often the rich deal with feelings of guilt for their excess. Not precisely because they didn't earn it, but because they are aware of all the advantages that allowed them to attain their status. I don't feel like this is an issue for me despite an above average salary. The act of giving away 10% to the poor, widows, and orphans certainly acts as a good buffer for guilt. I also believe strongly in my commitments, so I don't feel like my arm is twisted behind my back. I'm interested to hear other perspectives. I've seen plenty of vague "we give to charity" discussions, but no details that parallel a consistent desire to give away a certain percentage of income. [link] [comments]  |
| Posted: 07 Jul 2018 10:44 AM PDT Hey All. Looking for input on my plan. About Us: 28 year old male working in IT making ~175K a year. I work 4 days a week, from home, and have a VERY flexible schedule. My GF (serious long term) makes ~60K a year. We currently rent but I want to buy a house in the next few years as I want a place that is "mine". I want to build a man cave, buy high quality items once, etc. I know it won't be an "investment" but its a lifestyle choice I want. I don't think I want to retire from my job anytime soon as I love it... long term if I want to do some travel they don't like I'd like to do remote consulting to make some fun money. We want to get to a space where our portfolio can sustain us if needed. Current Savings / Goals: We are currently on track to save ~100K per year (401K, Post tax, HSA, etc.). Most of that is going into VTSAX. We currently have about 270K sitting in VTSAX now. Concerns: Any input appreciated! Thanks [link] [comments]  |
| Your children's spouses will be enjoying the fruits of your labor after you pass on? Posted: 07 Jul 2018 01:52 PM PDT You leave your remaining wealth to your kids to enable their well being and early retirement but the spouse basks in it too. How does that make you feel? [link] [comments]  |
| How do you conceptualise the value of $100? Posted: 06 Jul 2018 05:18 PM PDT Taking for example a $100 vacuum cleaner I recently considered purchasing. I used to think "I make $20 an hour so I would need to work for 5 hours to pay for the vacuum cleaner." Now I think about the value of $100 over time. "If I have $100 and I buy the vacuum cleaner, then in 1 year I will have $0 and a vacuum, and in 10 years I will have $0 and an old vacuum." "If I don't buy it, then in 10 years I will have no vacuum and $260." Then I add in the passive income of investing "If I have $260 then I will get $26 every year for the rest of my life." Then I go back to my work-related income, "It would take me over 1 hour of work per year to save an additional $26." So if I buy the vacuum and do not work an extra 5 hours to replace the $100, then in 10 years time I will have to work over 1 hour per year for the rest of my life to replace the income I would get from having saved that money. In the end I didn't buy the vacuum. Assumptions: $20 per hour after tax wage, 10% return on investment How do you conceptualise the value of money? [link] [comments]  |
| Advice with risk and allocation for mom Posted: 07 Jul 2018 03:48 AM PDT This is more FI than RE (although they did RE) Dad just passed & I'm advising mom financially. Dad had two rules: Although we never made a ton of $ as a family, this strategy worked out beautifully Here's her situation: - she's 76 and pretty healthy. Super duper active with arts and volunteering - we created a realistic budget (non-travel) - annuity & social security completely pay for non travel budget - ~$600k able to be invested to fund travel, prepare for end of life care (or maybe inheritance) - Req. minimum withdrawal of $30k for travel (yes, probably more than needed but she'll probably take grandkids or go to fancier places) Risk: I'm trying to gauge her risk. Of course no one wants to lose money, but I'm a higher risk/ smart allocation kind of guy and feel I'm inadvertently influencing her. Then again she CAN go higher weighting to securities with her budget covered no matter what. I think she's comfortable with whatever I want to do. Problem: about 1/2 is sitting in brokerage account awaiting the market to finally dip (tariffs and whatnot) for us to get all in. I'm not sure if I'm procrastinating because I'm really having trouble deciding a good strategy for the $600k balance other than something along the lines of "60% some sort of index ETFs & 40% something safer" I love this sub and thought you helpful folks would have some good advice & ideas to consider. Thanks in advance. [link] [comments]  |
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