Financial Independence What was the moment you first knew you had to achieve Financial Independence?

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• What was the moment you first knew you had to achieve Financial Independence?
• Black and FIRE walking
• Daily FI discussion thread - October 30, 2018
• Just curious - where are people living? What locations are most FIRE friendly?
• Budgeting for health insurance during FIRE
• FI in terms of needs
• Are there any countries that I can live in with only $15k?
• Are you saving too much for retirement?
• Others' Response to Your FI
• Combination of health insurance for savings?
• Toy reproduction of the Trinity study
• Recommendations for Audio Media
• Staying focused when most of your earnings are a year end bonus ?

What was the moment you first knew you had to achieve Financial Independence? Posted: 30 Oct 2018 06:54 AM PDT For me, I remember very clearly the first time the concept was introduced into my head. It was 1995 and I was 16 year old kid down on his luck and wondering where I was going to go with my life. I went to see the movie "Seven" and during that movie there is a moment where the profile of the killer is being described. One of the things they knew of the killer was that he must be "Independently Wealthy". Independently Wealthy. For the rest of the movie I couldn't stop thinking about that term. To have enough money to do… whatever you want all day. To have enough money you didn't have to work. To have freedom. That was a turning point in my thinking and knowing I had a goal to achieve. My decisions since then have been influenced by that idea, with the goal of being "Independently Wealthy". 23 years later I still remember sitting in that theatre and rolling it over and over in my head for the rest of the show, and really my entire life since then. When was your turning point? submitted by /u/Flapjacker71 [link] [comments]

Black and FIRE walking Posted: 30 Oct 2018 01:56 PM PDT I've been on the FIRE path for about a year now. Over time I've gotten more and more curious if there are any others out there like me (millennial aged Black-American) who are also walking the FIRE path, so I thought I'd ping the community and see who responds. If you're in the Orlando, FL area please let me know, I'd love to meet and talk. EDIT: So it looks like I have to stress that the point of this thread is NOT to trigger a discussion on privilege or racism, though I suppose that was inevitable given the current climate. For this thread, what's being asked is what's being asked. submitted by /u/king_of_steel [link] [comments]

Daily FI discussion thread - October 30, 2018 Posted: 30 Oct 2018 04:07 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. submitted by /u/AutoModerator [link] [comments]

Just curious - where are people living? What locations are most FIRE friendly? Posted: 30 Oct 2018 04:48 AM PDT I'm on a contract in Germany currently, which will end next year, so I'm looking to make a move. I'm curious as to where people who have enough disposal income to make good progress towards FIRE are living? It seems that anywhere in Europe is out of the running - from what I see, excellent social programs but less disposal income. I am thinking maybe Australia or California, but really have no idea. Preferably also looking for somewhere with a good quality of life for my age group and not so harsh winters. I'm really open minded though. Just some background info: I am 30 and single, no dependents. Have a bachelor in Electrical Engineering and have been a Systems Engineer before, but I'm currently doing Program Management. I'm a dual citizen of Ireland (EU) and the US. Thanks for any input. submitted by /u/CrazyPotato1 [link] [comments]

Budgeting for health insurance during FIRE Posted: 30 Oct 2018 09:24 AM PDT So I was trying to get a handle on how to budget for healthcare if I were to retire, and just realized there's a double whammy with ACA rates. Assuming that you won't get subsidies, you need to budget not only for inflation, but also for the fact that the older you are, the more health insurance will cost. A bronze plan for my family (48,48,6) will cost $905/month for 2019. If I were 15 years older, the same plan is $1600/month -- a 76% increase... It was a consistent 20% increase every 5 years, and it held across bronze, sliver and gold plans... Any thoughts on how to budget for health insurance during retirement given todays rates on the ACA website? submitted by /u/throwyawafire [link] [comments]

FI in terms of needs Posted: 30 Oct 2018 02:55 PM PDT The wants are endless. I am starting to think about FIRE as having enough to cover the needs without having to work. Lifestyle is not static, and has a fixed and a variable component. I used to feel bad about splurging on something like a trip abroad. But we (me & spouse) know that is a variable thing and that we would scale back on it in RE. Can cover the needs (which for me are $65k/yr) with passive cash flow. So that makes me comfortable with the occasional indulgences while still working. submitted by /u/fireaway911 [link] [comments]

Are there any countries that I can live in with only $15k? Posted: 29 Oct 2018 06:10 PM PDT I currently live in LA where rent is way too expensive. I'm open to moving anywhere and everywhere. I like Mexico because of the low cost of living but I'm sure there are cheaper countries. Has anybody moved abroad? submitted by /u/kushmaster10 [link] [comments]

Are you saving too much for retirement? Posted: 30 Oct 2018 11:43 AM PDT It might be click-bait, but thought I'd post the article here for all to discuss: https://www.marketwatch.com/story/are-you-saving-too-much-for-retirement-2018-10-30 TL;DR: The usual "you'll not need as much in retirement as you think" and "you're giving up the best years of your life by continuing to work." submitted by /u/ktappe [link] [comments]

Others' Response to Your FI Posted: 30 Oct 2018 02:48 PM PDT I'm interested in what experiences people have had sharing the news that they were on the road to FI. For instance, what did your parents think about their offspring giving up work so early? Positive or negative. Or how about friends' reactions? Did it drive in a wedge in your relationship or were they curious about doing the same? submitted by /u/capri71 [link] [comments]

Combination of health insurance for savings? Posted: 30 Oct 2018 01:08 PM PDT Married, 51 and 55. 2 dependent children. All healthy with no pre-existing conditions. Fired in 2000. 5M net worth. As I researched options for medical insurance, the premiums for which have increased 4x in just a few years, I was presented an option to purchase a high deductible plan for a much more reasonable price with a fixed indemnity plan to cover the deductible of the major medical plan. This combination was quoted at half the price of what we are currently paying for another high deductible plan. Old deductible 2500/5000, new 5000/15000. Both are from United HealthCare, as is the old one. The differences I see at first glance is that the new major medical is a 6 month term vs a year, and the lifetime benefit is $2M. For half the monthly price, is this a reasonable risk or is this some new presentation of junk insurance? We do not qualify for subsidies and we are in good health so we have been outside the ACA marketplace. submitted by /u/yoonhi [link] [comments]

Toy reproduction of the Trinity study Posted: 30 Oct 2018 01:07 PM PDT So, I wanted to reproduce the Trinity study very approximatively. I though it might be of interest to some people so I decided to post it here. I used stock market data going back to 1871, but keep it mind that the S&P 500 was only created in 1950. I also completely disregard taxes or other variable expenses. Since I'm using the "real" values from the dataset, corrected for inflation, I expect not to need to update the expenses. However, my appreciation might be wrong. Since I'm lazy I also only did a 100 % stock portfolio. You might want to add some logic to keep cash on hand and automatically rebalance. In short, it's really not reliable as-is, but this piece of code might be an interesting toy for someone. Download the data from Robert Shiller (third link). Install Python and pip, thenpip install pandas xlrd. Then, save the following script to e.g. trinity.py: #!/usr/bin/env python from datetime import datetime, timedelta import pandas as pd def parse_date(year_month_as_float): year_month_as_integer = str(int(round(100 * year_month_as_float))) return datetime.strptime(year_month_as_integer, '%Y%m') df = pd.read_excel('ie_data.xls', sheet_name='Data', skiprows=8, header=None, skipfooter=1, index_col=0, usecols='A,H:I', names=['price', 'dividend']) df.index.name = 'date' df.index = df.index.map(parse_date) df = df.dropna(how='any') def simulation(start_date, end_date, do_print=False): capital = 1000000 spending = capital * .04 # change SWR HERE shares = capital / df.iloc[0]['price'] for date, price, dividends in df[start_date:end_date].itertuples(): capital = shares * price capital = capital - spending + dividends*shares shares = capital / price if capital < 1000: return 1 return 0 n_busts = 0 n_runs = 0 for start_date in df.index: duration = timedelta(days=100*365) # change time horizon HERE n_busts += simulation(start_date, start_date + duration) n_runs += 1 print('{} busts / {} runs'.format(n_busts, n_runs)) Finally, run it: $ python trinity.py 0 busts / 1773 runs submitted by /u/NapoleonKeynes [link] [comments]

Recommendations for Audio Media Posted: 30 Oct 2018 04:14 AM PDT Have any recommendations for audio media pertaining to FI, investing or finances in general (podcast, audio book...)? Looking to tune in while commuting to/from work and when I need some background noise. Any recommendations appreciated. submitted by /u/ironzap2 [link] [comments]

Staying focused when most of your earnings are a year end bonus ? Posted: 29 Oct 2018 07:29 PM PDT Hello all any of you out there where most of your earnings come at one time via a year end bonus how do you stay motivated thru the year? I'm picturing people in sales or performance based comp structures where your base salary ( because you live in a hcol ) is eaten up by living expenses and you live for that massive dopamine of that 1x cash bonus which represents multiples of your base. How do you stay positive thru the rest of year when you see your savings rate in the low levels (say 10%) or worst nw go down if market tanks and you live for that bonus that you bank. I know for me it's somewhat difficult like death by thousand cuts each spreadsheet month feeling like taking your lumps w a low savings rate then this one big event happens each year nw and SR for the trailing twelve months pops like crazy and then that's it. Back to the slow grind. How do you stay positive ? What do you do when spreadsheet day becomes something you almost don't want to look at ( I tell myself have to keep it up to have discipline on the expense side because it's so important ). submitted by /u/BustaBust99 [link] [comments]

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