Financial Independence New rule - No gender discussions or comparisons or complaints |
- New rule - No gender discussions or comparisons or complaints
- Do the holidays pain anyone else in regards to shopping for friends/family?
- Can someone explain to me how they plan to have 0% income tax when retired?
- Having the FIRE talk in a relationship
- Daily FI discussion thread - November 28, 2018
- Weekly Self-Promotion Thread - November 28, 2018
- Sell or keep the rental property?
- Expose your finances to me!
- Safe withdrawal rate used as an emergency fund.
- Which would you say is better for FI - a cheap house or a more expensive one?
- Those in Biotech/Pharma industries, which masters degree do you feel has the most value?
- "More Hours, Less Time" or "Fewer Hours, More Time"?
- Field Report: The biggest risk to FIRE is relationships and peer pressure.
- is FI possible for everyone?
- We Need ad Honest Conversation about Marriage
| New rule - No gender discussions or comparisons or complaints Posted: 28 Nov 2018 12:34 PM PST We want this subreddit to be a welcome place for everyone. Gender repeatedly comes up in relationship discussions (including the recent divorce threads), but our subreddit is about becoming financially independent and potentially retiring early. Women and men can save money. Women and men can spend money. Be specific about your situation, and leave general gender discussions to other subreddits. I'm going to try to be as clear as possible so that hopefully everyone isn't confused about what gender discussions and sexism is. Because clearly the line needs to be explained to some of you. If you cannot discuss your finances without mentioning how gender hurts you, please don't post. If you cannot discuss your expenses without complaining about a gender, please don't post. if you cannot provide feedback to someone without mentioning how their gender hurts or harms them, please don't post. If you say "my wife spends a lot", that's just fine. If you say "women always spend a lot", don't do that. If you say "well, you're a man, so marriage sucks for you", don't do that. If you say "marriage in general is a bad thing", go for it. If you say "marriage in general is bad, because women..", seriously? Stop it. Is this clear? I think there are somewhere around 50 thousand other subreddits, I'm quite sure you can find friends there to discuss gender issues. They don't belong here. At all. [link] [comments]  |
| Do the holidays pain anyone else in regards to shopping for friends/family? Posted: 28 Nov 2018 08:40 AM PST I don't mind birthdays, as those are sprinkled throughout the year, but I dread this time of year because of the expectation of buying useless shit for people all at once. I would rather not receive any gifts at all and simply enjoy the company of family during my time off school/work. How do you go about this without seeming like a Grinch? [link] [comments]  |
| Can someone explain to me how they plan to have 0% income tax when retired? Posted: 28 Nov 2018 12:23 PM PST I've been lurking this reddit for a while and still not quite understanding something that is significant to planning. I've seen it mentioned before where people say something like "When I retire i'll be withdrawing about $40k or less with 0% in taxes". Obviously, 40k x% tax vs 40k 0% tax changes the FIRE calculations. Can someone explain the mechanics/IRS rules to me of this? Unless everything is Roth (maybe this assumes everything is converted to Roth?), how would you withdraw 40k without paying income tax or capital gains tax on certain accounts? Also, I assume it's not "earned income" so no SS and medicare deductions? Thanks in advance! [link] [comments]  |
| Having the FIRE talk in a relationship Posted: 27 Nov 2018 07:08 PM PST Hey everyone! Just a tiny background, I'm 28, newly on path to FI but trying to fully for it over next 10 years. Recently had a break up, it was only 6 months in but I feel that my wanting FI was a source of stress or at least contention. When is a good time to bring up FI in a relationship? Or can a relationship work if the other person isn't in board with FI? Finally, how is it best approached? I'd be interested in hearing other people's opinions about this! I realise that not everyone will be on board with FIRE, so I don't talk about it much with friends/family. But I'd like to be completely open and honest in a relationship. EDIT: I think stress was a poor choice, but it was more something that separated us a little in that I liked to plan ahead every so often and reassess. I am not about living on the cheap, I still enjoy and do everything I want to do and we always went on dates and enjoyed ourselves. She just hated thinking about finances and planning ahead financially. It's not something I could really understand, but I am beginning to realise that the FIRE community is the exception rather than the rule. Most people hate financial planning, especially in 20s/30s. [link] [comments]  |
| Daily FI discussion thread - November 28, 2018 Posted: 28 Nov 2018 03:08 AM PST 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 - November 28, 2018 Posted: 28 Nov 2018 03:08 AM PST 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]  |
| Sell or keep the rental property? Posted: 28 Nov 2018 10:12 AM PST Some background. I am relatively new to FI, currently 31, and have a 15 year roadmap to FI (I wish I had known about this stuff when I was 25). I have a rental property with 20 years left on the mortgage. I currently net $250 / month from rent (this is without principle, if you add in the principle payments of $352 /month its $602). If the property was paid off today I could net $1,650 / month. Based on current market value, taxes, depreciation recovery, etc if I were to sell today I'd take home $93,000. The question is this: should I keep he rental for the long term FI rental income of $1,650 in today's dollars, or should I cash out and use the $93k to max out my ira and put the remainder in VTSAX? Thanks for your advice on the subject [link] [comments]  |
| Posted: 28 Nov 2018 04:15 PM PST Hi everyone! I was inspired by Budgets Are Sexy to make a net worth roundup from random people like this. (don't worry, I got permission) It would be awesome to get some responses from the FI/FIRE community! No matter who you are or what financial situation you are in, I want to hear your story!! I will most likely include everybody who fills the form out thoughtfully. If you have a chance, please fill out the form below! Thanks! :) [link] [comments]  |
| Safe withdrawal rate used as an emergency fund. Posted: 28 Nov 2018 12:57 PM PST Hi all, I'm interested to hear the community's thoughts on this idea. This has probably already been discussed or in a blog post somewhere in FI land. If we can assume a 3% withdrawal rate is a safe number for income distribution in relationship to your overall net worth when FIREd, is it safe to assume you can still withdraw 3% yearly and use this as a means for an emergency fund while you are working? This could be concerned a 2nd tier emergency fund / plan. For example, if a working person has $100k net worth, they can withdraw $3k per year indefinitely assuming they are contributing annually to their wealth portfolio. This withdrawal amount doesn't include any fees associated with capital gains tax, tax penalties on retirement accounts, etc. While I keep a liquid emergency fund in a savings account, I thought this could potentially be a nice fall back in the event your liquid savings is depleted. [link] [comments]  |
| Which would you say is better for FI - a cheap house or a more expensive one? Posted: 28 Nov 2018 06:26 AM PST I'm on track to FIRE in 15 years (age 40, 40% SR) and will be buying a new house soon (getting divorced). As such, I'm downsizing to smaller house in a lower COL area. But I can't help but remember that houses tend to increase in value, at least a small amount over inflation, so downsizing a lot to a low-quality house seems like a questionable choice. So my question is, do you all see homes as a hindrance to FIRE (all that interest!) or are you seeing it as an asset that's going to appreciate in value and be there on retirement day to allow you to move to your dream location, so spending more is okay? No expecting a definitive answer here, just curious on opinions to see if I need to re-align my thinking. [link] [comments]  |
| Those in Biotech/Pharma industries, which masters degree do you feel has the most value? Posted: 28 Nov 2018 03:14 PM PST In Massachusetts. I'm switching into a Biopharmaceutical company and they provide education reimbursement, which allows me to take 2 grad classes a semester for free. Which Masters degree do you find most useful? And for someone in my position, which one would you say will help me the most? I understand a lot of companies don't give raises upon completion, but it adds to credentials needed for promotions. My undergrad was in Chemical engineering and I do have management experience while I was in college. I have 2 years related experience to the Pharmaceutical sector, making me quite green at 27. The new position is in a process development group, and they will have a new state of the art facility in two years down the street. Those in the industry , what are your suggestions? My goal is to maximize my early income potential. Many thanks. [link] [comments]  |
| "More Hours, Less Time" or "Fewer Hours, More Time"? Posted: 28 Nov 2018 06:12 AM PST The Question: This morning, my SO and I had a good conversation about our goals over the next few years. It basically boiled down to: do we want to continue working regular(+) hours to support a higher savings rate to RE in a shorter period, or work fewer hours to enjoy a more flexible life and push the 'full' RE to a later date. I thought it would be worth putting the same question to ya'll mangs. The Context: I'm a freelance writer. Over the past few years, I've worked 50+ hours each week to get us out of student debt, save an EF, keep things afloat as we had our first child, etc. In the same period, I've increased my hourly rate fourfold and have more work than I know what to do with. We can now meet our month to month expenses with about 10 hours of work each week. Or I could work 20 hours a week and save ~$25k a year. Or I could work full-time and save $50k+ a year. At the same time, our daughter is 18 months old and we're in the process of adopting another child. We also have a high school student living with us, who we're committed to supporting as mentor figures through college. Do I really want to work 40+ hours each week when I have the freedom to spend more time with my family while we're all young? Maybe, since now is the best time to save. But I'm really thinking the answer is no. Thankfully it's a spectrum, not an either/or decision. We're just in the process of deciding where we want to land. [link] [comments]  |
| Field Report: The biggest risk to FIRE is relationships and peer pressure. Posted: 28 Nov 2018 09:09 AM PST If you're like me, you're good with math and numbers which is what led you to the FIRE community, but maybe you never got out too much so you're vulnerable to peer pressure. Long story short, I estimate I undershot my FIRE potential by about 70% because I decided to have a serious relationship and all the trappings that traditional serious relationships incur. Although my friends try to console me that I am still "above average" in terms of wealth by age, it still doesn't make me feel better when I know that I had the potential to be so much more. I suppose it was a fun ride while it lasted, but right now I really wish I had my money back. Especially since I just took a career change for an 80% pay cut, and now need to live off my dismal savings. Please learn from my failure and don't allow anyone to influence your spending decisions. I wish I could find the link to that old post about the guy who was financially independent from his inheritance and broke up with a girl as soon as she complained that he was miserly and refused to share his wealth with her, calmly showing her the door. Anyone? [link] [comments]  |
| Posted: 28 Nov 2018 06:19 AM PST read a tweet that made me think
i was like hell yeh anyone can crush FI when they stop burnin money on shit the post says some people are so broke they can't save and not go hungry or the tiny bit they stash away wont ever go near FI had me trippin yo where is the line? [link] [comments]  |
| We Need ad Honest Conversation about Marriage Posted: 27 Nov 2018 08:06 PM PST Entering into a contract where you can lose 50% of your assets if the other party decides they want to walk away is a very serious commitment for most people but especially serious for those of us practicing FIRE. It's easy to walk blindly into relationships, why must we pretend that we shouldn't think about finances upfront? On the flip side, if you marry the right person, you are doubling your income and halving your expenses. This is FIRE on steroids. What are other people's experiences, tip, suggestions etc about getting married and how it can affect your finances. Looking for positive and negative stories and how you persuaded your other half that FIRE was the way to go? [link] [comments]  |
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