Financial Independence Achievement unlocked (non-humble brag) |
- Achievement unlocked (non-humble brag)
- Daily FI discussion thread - August 02, 2018
- Interesting FIRE article in latest issue of Journal of Accountancy: are FIRE pursuers a new source of business for CPAs?
- Getting paid for your skill instead of your time.
- Complex calculation for how much is needed ?
- Any other medical professionals other then doctors in FIRE?
- Competing Job Offers - Need Advice
- Question: Investing for FIRE with Vanguard vs. Merrill Edge when working with Merrill Lynch already
| Achievement unlocked (non-humble brag) Posted: 02 Aug 2018 06:14 AM PDT Yesterday, I reached a major milestone: my net worth (assets minus liabilities) is now over $1M. I can't help but think of Ben Affleck's speech in Boiler Room: "They say money doesn't buy happiness? Look at the fucking smile on my face." [link] [comments]  |
| Daily FI discussion thread - August 02, 2018 Posted: 02 Aug 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]  |
| Posted: 02 Aug 2018 01:34 PM PDT Title: FIRE-d Up for Early Retirement Subtitle: A growing online community is sharing financial strategies to make retiring in their 40s a reality. Here's how CPAs can help clients reach this goal. Read here: https://www.journalofaccountancy.com/issues/2018/aug/planning-for-early-retirement.html [link] [comments]  |
| Getting paid for your skill instead of your time. Posted: 02 Aug 2018 08:06 AM PDT I've been talking with a lot of people recently about finding fulfillment in their jobs, and what is the key to enjoying work. Forty hours per week, I'm sitting in an office job where I count the hours. The job itself is supporting an interesting field, and I have specific experience that makes me qualified to do this work, but in reality, anyone could do this job to some extent. I've come to realize that this office job (along with many others) you're paid for your time and not for your skill. Conversely, I have a small business that I'm starting on the side, while I have a consistent income from the office gig. Being business minded, I used to try and optimize the business to create as much as I could in the limited time I had to work on it (create more, sell more, make more). I realized that I was stuck in the "get paid for your time" mindset. Since that realization, I've started to slow down and work on my craft instead of the bottom line. Working to create art instead of a product that I could make quickly and sell quickly. With FIRE in mind, after I reach my goal I'll leave the office job and "retire to" my small business as my new work. With the bottom line and profit becoming and afterthought, I'll be able to create what I want to create, taking the time and care I feel is necessary. What I'll sell will by my skill, not my time. I love working hard, and the thought of retiring-to my craft sounds a lot more enjoyable than retiring-to just another business. Just my perspective, at this point in time. Any thoughts on the matter? [link] [comments]  |
| Complex calculation for how much is needed ? Posted: 02 Aug 2018 09:34 AM PDT Hi all, My wife and I have been on the path to FI for a while now but without ever setting a fixed target. I've always found calculating a fixed target quite difficult in our case and can't seem to quite get through it. How would you calculate how much money is needed taking the following into account?
The way I've tried to get through it is to divide life in 3 buckets. The bucket following pension age, the bucket of 55 till pension age, and the bucket of whenever we can/want to retire till 55. And then calculate what is needed for each bucket. But this approach doesn't fill me with a lot of confidence that it's even remotely correct. Thanks for your insights on how to approach this calculation! [link] [comments]  |
| Any other medical professionals other then doctors in FIRE? Posted: 02 Aug 2018 11:45 AM PDT So basically I will have 2 years for my undergrad left and then 2 more years for physicians assistant school but due to the military gi bill and more I will most likely not incrue debt at all ... is this a good way to go considering a lot of pas will have a decent salary out of school . Why does it seem like there are more people in tech here then anything else ? [link] [comments]  |
| Competing Job Offers - Need Advice Posted: 02 Aug 2018 07:57 AM PDT EDIT: Just wanted to thank everyone for their advice and recommendations. I was already strongly leaning toward accepting the new job, but I'm now convinced more than ever that it's the right move. Sometimes it's easy to miss the forest for the trees. I'm going to let my supervisor know that I will not be accepting their counter-offer. This post may be better suited to r/sysadmin, but I wanted to get some perspective from the people in this sub. Here's a quick background: I'm 30, married, living in the Pacific Northwest (born and raised), and an I.T. professional with 8+ years of experience. After 5 years of working for the same ownership group and management team, I never once asked for a raise or used a single day of vacation. Instead, I used only our allotted PTO days (5 per year) during that time. We're given only 5 paid federal holidays per year as it's essentially a 24/7 business operation that is open all but 2 days in the entire year. For roughly half of my tenure I've been required to be on-call for emergency after-hours technical support without any additional compensation. I never received a monthly cell phone plan stipend (after inquiring multiple times in the past) despite being required to use my personal cell phone for work purposes, Meanwhile, co-workers in my department and other employees throughout the organization all receive a stipend for using their personal devices for business if they are not assigned a company-issued phone. A few years ago after shockingly losing one of my closest relatives to suicide, I was informed that the company's bereavement policy only covered immediate family members and that I would need to use my own PTO or vacation days to take that time off to be with my family and attend his funeral. For years I consistently stayed late in the office (voluntarily) to help meet project deadlines and keep us afloat of our daily workload because we were so heavily understaffed. I've always taken the initiative to fix issues and make improvements wherever possible, and continuously asked to undertake additional responsibilities. I've also consistently found ways to save our organization tens of thousands of dollars per year or more in software licensing, training, and hardware procurement costs. While my skills, abilities and job duties have significantly increased over the last two and a half years, I've only received a single 3% cost-of-living salary increase during that time (one year ago). I've essentially assumed the role of a System Administrator during this span, but my title has remained Desktop Support Technician along with the much lesser salary (and job requirements) that come with it. I've been extremely flexible with my time and schedule and have traveled anywhere (we have 12 locations throughout the Pacific Northwest) they have asked me to be at any time (sometimes with less than 24 hour notice), including once 3 days before Christmas where I ended up getting stuck on a highway in a blizzard. There have been countless times where I've worked extended hours (12+) in one day (again, voluntarily) to help resolve issues, and yet if for example I had to leave 30 minutes early the following day to go to a medical appointment, my supervisor would often expect me to "make up" that time so that I would need to stay an additional 30 minutes the next day, completely discounting all of the extra work I had done in the previous days/weeks. A few weeks ago, I asked my supervisor if it would be possible to earn more pay for more work. Not a raise and not a demand, but simply a request to receive more pay for more of my time and availability. Weeks passed and I felt that there was no real sense of urgency or desire to make anything happen right away. So I finally decided that enough was enough and it was time to start looking for other jobs for the first time in more than 5 years. Within a week I received and accepted an offer at a non-profit hospital for a System Administrator position. It comes with a $6,000 salary raise, 2 weeks of paid vacation, 11 paid federal holidays plus 1 floating holiday, and 96 hours of paid sick leave per year (I have 3 weeks paid vacation, 5 paid holidays, 0 paid sick leave, 5 PTO days). They offer a full 5% employer match/contribution to the 403(b) company retirement plan (compared to the 3% at my current job), the health insurance premiums are $103 less per month and their annual maximum deductible is only $700 per year ($2,700 at current employer), saving me at least $3,250 annually. I wouldn't have access to an HSA anymore, but that's alright. The other main draw of the new job is that they're not open 24/7. No nights, weekend or holiday support required. I would never be on-call again and I would not be providing help desk support which I've come to grow extremely tired of. I told my supervisor the next day and I was very forthright and honest with him: I was leaving, and I was leaving because I wanted (and deserved/earned) a promotion and significant raise. I also voiced my frustration and disdain for being on-call without adequate compensation, as well as being expected to hold down the responsibilities of two jobs for the pay of one. I stated I felt that I was grossly underpaid and he agreed. I also mentioned the unfairness with the cell phone stipend deal and the inflexibility I'm afforded because of my additional help desk role relative to my peers that are not working in support who have no such restrictions and have much more freedom and autonomy. He mostly agreed with that as well and apologized for not giving me the cell stipend. They strongly expressed their desire to retain me. After speaking with the owner, they finally provided me with a counter-offer yesterday: a promotion to System Administrator, $10,000 base salary increase, $30/month cell phone stipend, $50 for every week I'm on-call, and a $5,000 project/performance-based annual incentive bonus. Not including the bonus, the total compensation (including salary, benefits, monetary value of time off) are almost exactly the same and up to $5,000 more assuming I earn the bonus. I would still be expected to provide help desk support as well. It's certainly an improvement from what I was receiving before, but I still don't quite feel like it's adequate. Particularly the $50/week on-call payment. That's really not very much to potentially have to work a lot more at any time, as well as the loss of freedom and flexibility in my personal life. I'm strongly leaning toward going to the other organization due to the more normal business operation hours, the extra time off, not having to work in a Tier 1 support role, never having to worry about being on-call or systems going down after-hours, a more affordable health plan, superior benefits, and just having a fresh start in a new environment. It seems like the obvious choice, but I wanted to get other opinions. [link] [comments]  |
| Question: Investing for FIRE with Vanguard vs. Merrill Edge when working with Merrill Lynch already Posted: 02 Aug 2018 07:22 AM PDT Hello! I have about 950k to invest with the goal of FIRE asap. ~650k of that was inherited, and moved from a shady firm to a slightly less shady firm (ML). My partner worked with this specific advisor and he seems competent to handle the mess of bonds I inherited. The remaining is my personal savings. I recognize there is a 1.1% fee for the advisor managing my account, and as I learn more I plan on taking over more and more of my investment. ML has a policy of reducing the fee to 1% over the million mark across all accounts, which should be achievable for me next year when a CD comes due. Basically, right now I am trying to decide if I want to use Merrill Edge or Vanguard for investing in ETFs/Mutual Funds (currently weighing pros and cons), with the benefit of Merrill Edge being less fees while I move my current funds over, and possibly their travel credit card. Is there any reason to not go with Merrill Edge over Vanguard? Edit: I can live off of 25k a year, so this investment strategy should allow me to RE while my net worth still grows, I am still navigating how to draw from what parts of my investments to achieve this [link] [comments]  |
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