Financial Independence really glad I've been pursuing FI |
- really glad I've been pursuing FI
- FIRE and MrMoneyMustache highlighted on PBS Newshour segment
- Not pursing FIRE, but use this sub for saving motivation and direction.
- Started my resignation process today
- Daily FI discussion thread - October 26, 2018
- Do you take fewer non-financial risks because of FI?
- Weekly FI Frugal Friday thread - October 26, 2018
- "The best luxury money can buy you is freedom"
- Brazilian Fire
- Cincinnati area Meetup
- There is no better feeling than having a 50% salary contribution to your 401(k).
- Hypothetical: You're forced to work until the day you die. Would you still care about FI?
- Have a backup plan if your current career isn't FIRE-proof
| really glad I've been pursuing FI Posted: 26 Oct 2018 03:34 AM PDT Work in banking. Just found out we are being acquired. People are devastated, partly feeling betrayed, partly wondering if they'll have a job. By pursuing FI, I have a sense of calm. Through severance, unemployment claims, existing retirement and savings, I could last awhile without a new job (several years). I wish the best to my colleagues. Just another example of the power of FI, whether you're there or not. Stats: 28M, $70K retirement, $15K savings, $10K mortgage, $35K annual spending, losing my $85K salary most likely. Wife+2 kids [link] [comments]  |
| FIRE and MrMoneyMustache highlighted on PBS Newshour segment Posted: 26 Oct 2018 08:21 AM PDT They did a 9 minute segment on the FIRE movement and I thought it was well done. It'll help get more people aware of the alternatives to spending all their money of stuff. https://twitter.com/newshour/status/1055608907257720832?s=21 Edited to add accompanying article: https://www.pbs.org/newshour/economy/making-sense/want-to-retire-by-40-heres-advice-from-people-who-did-it [link] [comments]  |
| Not pursing FIRE, but use this sub for saving motivation and direction. Posted: 26 Oct 2018 09:31 AM PDT Over the few reddit accounts I've had, I've been lurking this sub constantly. I'm at the point now where my bills are paid, contributed to investments, expenses covered, and saving full paychecks (weekly pay cycle ruuuuuules). M[25], 110k a year income, and I am finally experiencing having a bank account reflecting that. Thanks, folks! Might be on my way to FIRE without knowing it. [link] [comments]  |
| Started my resignation process today Posted: 25 Oct 2018 11:21 PM PDT 39, married, 2 young kids, $5M NW. Have an employment contract so the process of actually being out will take a while, but I started it today. With some luck I'm RE by end of year. Was hard because I helped build the company (and 80% of my NW came from it), but it's time. Felt like a weight off my shoulders to have started the process. [link] [comments]  |
| Daily FI discussion thread - October 26, 2018 Posted: 26 Oct 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]  |
| Do you take fewer non-financial risks because of FI? Posted: 26 Oct 2018 10:46 AM PDT Was recently considering some elective surgery. After checking out the price and the procedure, I ultimately shelved the idea for fear of the statistically unlikely complications. If I ended up dead from malignant hyperthermia, all my saving and sacrifice becomes moot. Do you find yourself taking fewer risks, even if they are unlikely to affect you, because sufficient longevity is necessary to enjoy the fruits of FI? EDIT: Post weight-loss skin removal, not that it's central to the point. [link] [comments]  |
| Weekly FI Frugal Friday thread - October 26, 2018 Posted: 26 Oct 2018 04:08 AM PDT Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! 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]  |
| "The best luxury money can buy you is freedom" Posted: 26 Oct 2018 04:07 PM PDT I just did an interview with Robin Singh, the founder of E-Junkie and that was one of his quotes on my podcast. He was all about minimizing effort and maximizing results in building his business. He wanted to buy freedom instead of "stuff", because, in his words, all he wanted to do was "sit around and be lazy" in his freedom. He's now living out in India, enjoying his time out in nature on the "Peepal Farm", where he takes care of animals and people (and yes, sits in laziness haha) Here are some key quotes and takeaways from the interview: • Saving money is easier than working for it. • If you're going for financial freedom, you have to decide what you're going to do with that freedom • Cut out anything that's unnecessary. Don't follow consumption patterns • Advertisements are designed to seduce you After retiring he began doing charity work because he wanted to • Lower consumption not to lower materialism but to lower suffering Even if you don't consume anything materialistic, you still need to eat. Even if you're vegan (like Robin) and eat just a bowl rice, someone somewhere down the line is putting in labor and suffering. Once you hit the point of freedom, you have to choose what you do with it and that comes from WITHIN yourself, not in the outside, material world. Very good FI insight. edit: removed self-promoting links [link] [comments]  |
| Posted: 26 Oct 2018 04:54 PM PDT Hello All I've following recently many people speaking about FIRE and I have some doubts that maybe you guys can help me... Mr Mustache speaks about 401K goal but I would like to understand how he got this number.. If I convert to Real currency it reaches 1.6 millions which is very hard to achieve... Thanks by the opportunity Best wishes Misterfirebr [link] [comments]  |
| Posted: 26 Oct 2018 08:41 AM PDT Informal FIRE, Mustachian meetup for those in the Cincinnati, Northern Kentucky, Dayton area. Saturday November 3, 2018 at Grainworks Brewing Company starting at 1:00 pm. Please comment if you plan on attending so that we can plan for the proper seating arrangements. See you there! 7790 Service Center Dr Suite B, West Chester Township, OH 45069 [link] [comments]  |
| There is no better feeling than having a 50% salary contribution to your 401(k). Posted: 26 Oct 2018 10:15 AM PDT This is the 3rd year in a row that I have maxed out my 401(k). With my contribution rate being so high, it gets maxed out usually close to mid year (August/July) and I look forward to January 1st of every year for this reason. The point in time where I cannot contribute any more also feels great, as my pay check increases for the rest of the year. Just wanted to share this, and I highly recommend you do this if you can! [link] [comments]  |
| Hypothetical: You're forced to work until the day you die. Would you still care about FI? Posted: 26 Oct 2018 09:47 AM PDT The thought experiment is this: You must continue working the rest of your life. You must stay locked in at your current job(s). You may not switch roles, responsibilities, or titles. You may not exercise any autonomy to try to change your work circumstances beyond what you are currently normally doing. You have to just keep doing the exact same job you're doing right now, continuously, until the day you die. In this circumstance of forced work dependence, would you still care about being financially independent? Would the fact that you have a higher investment account balance matter? Would exercising FI outside of work be enough, or is FI only useful to the extent that it buys you freedom and options related to your work situation? Edit: Apparently this question needs some background. It was spawned by one of those "What if X goes wrong and ruins your plans" threads. Usually the answer to those is "If that happens then I guess then I'll just have to keep working". That lead me to think "Is there even any value to FI outside of the options it buys me related to working? As long as I have to keep working, does my FI status or progress matter?" From the responses in here, sounds like people agree with me that the answer is: "No". [link] [comments]  |
| Have a backup plan if your current career isn't FIRE-proof Posted: 25 Oct 2018 10:51 PM PDT Due to the power of compounding, it doesn't take much to ruin early retirement. Here are a few examples of changes that each cut my retirement plan (https://www.lifetimepotential.com/worksheet/8y1ib3yow1rvlxvvleaj9vydc) shorter by about 10 years despite the $1M+ buffer I have at the end of my life.
These number are definitely not unreasonable and much worse has happened in the past. It got me thinking that it's not unlikely that I will be forced to either reduce my quality of life (which I don't want to do) or come back into the workforce about 10-20 years after I start retirement. Unfortunately for me, there is almost no way for someone 20 years out of the industry to get back to my position. I got to where I am through some luck (which probably won't come again) and a lot of hard work and sacrifice (which I don't want to repeat). My current skills, experience and relations likely won't transfer to the future. I would be starting over again almost from scratch except much older. If you have a career that won't survive a FIRE disaster, you should consider this additional risk and have a backup plan. [link] [comments]  |
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