Financial Independence I tracked every dollar I spent over the last 8 yrs. You can too! (Spreadsheets/instructions for 2019 included) |
- I tracked every dollar I spent over the last 8 yrs. You can too! (Spreadsheets/instructions for 2019 included)
- My goal for 2019 is to live off my side income, and bank 100% of my salary to an investment portfolio. What do you have planned for the new year?
- TD AMERITRADE releases Harris Poll of 1,503 US adults entitled: "The FIRE Movement Survey"
- Daily FI discussion thread - December 30, 2018
- What does professional level financial planning software offer?
- Tax Loss Harvest Question
- Audible Suggestions
- UK Post; Are there ways to make company car benefits work to YOUR benefit?
- Picking a state.
- How did building a home effect your FIRE journey?
- Forced Retirement for professionals in the accounting industry (private)?
- Real estate in this sub
| Posted: 30 Dec 2018 11:11 AM PST Happy New Year! Here is a snapshot of all my finances over the last 8 years. Here's the latest version of the spreadsheet I made to keep track of my spending and here are the instructions for how to use it. Shout out to all the people who have helped me debug and improve this spreadsheet over the past few years. Your continued feedback/encouragement/support makes me very grateful to contribute to this wonderful community. Cheers and see you again next year! 2018 YEAR IN REVIEW: - Earned all-time high annual net income
2019 GOALS: - Invest 45% of my net income.
FREQUENTLY ASKED QUESTIONS:
Disclaimer: Everything here is original content. I'm cross-posting to r/financialindependence, r/personalfinance, r/dataisbeautiful for maximum visibility. Everyone has my full permission to use/share/repost. Edits: Fixed formatting [link] [comments]  |
| Posted: 30 Dec 2018 01:48 PM PST |
| TD AMERITRADE releases Harris Poll of 1,503 US adults entitled: "The FIRE Movement Survey" Posted: 29 Dec 2018 06:03 PM PST https://s1.q4cdn.com/959385532/files/doc_downloads/research/2018/FIRE-Survey-full-research.pdf This survey was underwritten by TD Ameritrade and conducted by the Harris Poll. Those surveyed consisted of 1,503 US adults aged 45 or older with $250k or more in investable assets. The survey was conducted between September 28 - October 6, 2018. I find it very interesting that a major broker-dealer like TD Ameritrade would deem it worthwhile to expend the money required for a formal survey of this magnitude. Your thoughts?? A few highlights:
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| Daily FI discussion thread - December 30, 2018 Posted: 30 Dec 2018 03:07 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]  |
| What does professional level financial planning software offer? Posted: 30 Dec 2018 02:27 PM PST Many folks here have some form of spreadsheet that tracks assets and can make predictions about your net worth and assets after retirement, thanks to those that have shared! A recent look into professional financial planners made me realize that many of them use some sort of professional grade software that does something similar. From what I can tell the major difference between the spreadsheets shared here and the professional stuff is visual outputs that show different scenarios, and a nice user interface that makes them easy to walk through with clients. What am I missing? Some of the software has licenses costing $1500+ for the professional financial planners, so I assume there are some more nuanced details embedded in them. Is it better growth predictors, tying into interest rates published by reliable sources, a CRM for clients built in, better live updates, live tracking, what? I'm not looking to justify the price or discuss the accuracy of the output, but really, from someone who has either used this software or seen the output, looking to understand what it is they are meant to do to be able to better ask questions. [link] [comments]  |
| Posted: 30 Dec 2018 12:44 PM PST Tl:dr: Does a 401k purchase count towards triggering a wash sale in a brokerage account? I'm contemplating executing my first tax loss harvest since the market is down. I read up on the wash sale rule and have a question about my situation. I have brokerage, ira, and 401k accounts. I want to tax loss harvest the brokerage account but am worried about triggering a wash sale due to the fact that my 401k gets automatic investments every week from my paycheck. More specifically I have an S&P 500 based etf in the brokerage and 401k. In order to not trigger the wash sale I can't have purchased any S&P 500 based security in the 30 days leading up to the sale. However since my 401k purchases one every week I seem to not ever be able to take advantage of tax loss harvesting. Is this why some people don't invest in the same type funds in both a 401k and brokerage account? Trying to maximize my accounts to RE [link] [comments]  |
| Posted: 29 Dec 2018 05:24 PM PST Can we start a thread on FIRE related books available on audible? I went thru the sidebar recommendations, but the majority of the readings aren't available on audible, and some aren't available at all. I'm mostly interested in financial planning for retirement, but anything FIRE related would be helpful. Thanks! [link] [comments]  |
| UK Post; Are there ways to make company car benefits work to YOUR benefit? Posted: 30 Dec 2018 02:18 PM PST I want to invest it ; it's £5450 a year. Yet the reality is the UK gov reduces your tax free allowance by that amount meaning you pay 20% tax on it before it's even paid to you, and then you get all the standard income tax on top..... is this right? How can you make the car cash benefit work better tax wise to make myself financially independent? [link] [comments]  |
| Posted: 30 Dec 2018 10:26 AM PST How much does which state you choose to FIRE in (or semi-FIRE) in matter? Offhand, these are some factors that are in my mind on this issue as we consider moving this summer from Massachusetts:
So, just to give one example, let's look at capital gains taxes. In our case, we have most of our money in a brokerage account, so could withdraw $40k/yr to live on if we were lean-FIRE'd at $1mil or somewhat more. If all of that were just capital gains and none of it were basis, we'd pay $0 federal tax on it but $1,591 in MA state income tax. However, right now our brokerage account is all basis (we're sitting at a loss), so we'd actually pay $0 in MA state tax. As our investments grow, we will ramp up toward that $1,591, though it will probably be a long time before we even get to half that amount. However, we also have 457b money we were thinking of taking early. 457b accounts can be taken out with no penalty at any age as long as you are separated from the employer. The advantage of taking them early for us are: 1) Can take in FIRE years only enough to stay in $0 tax bracket ($24k currently), so pay no federal taxes, and 2) if we someday move abroad (quite possible in our case, as wife is from Spain), we'd have converted this to our own money and so will not be taxed on it there--and it would be taxed at 19-25% there! But, in MA, this $24k in 457b money would generate $775 in taxes, whereas in RI it would be only $19. Anyway, don't want to bog us down in details too much. Has picking a state been part of your FIRE planning? If so, how'd you go about it? [link] [comments]  |
| How did building a home effect your FIRE journey? Posted: 30 Dec 2018 03:00 PM PST Obviously, there is more to building your own home than just money. Did you allocate more money to energy efficiency than finishes? Where you more inclined to do some of the work yourself? What could you share about your experience? [link] [comments]  |
| Forced Retirement for professionals in the accounting industry (private)? Posted: 30 Dec 2018 12:00 PM PST A recent article posted on forced retirement (on this sub) made me wonder how it is like for older professionals in the accounting industry. For public I do know that partners are forced to retire at a certain age to make room for newer partners coming in. But how is it like for CPAs in private? I am guessing the general consensus is that you would be forced to retire around 55 ish but can someone (in accounting) shed me some light on this? Personally seeing my parents being forced to retire and going through 2008 recession made me pursue my career in accounting. Thanks everyone! [link] [comments]  |
| Posted: 30 Dec 2018 11:55 AM PST Why nearly no one here talks about real estate? I know its not 100% passive but atleast imo its great option for people who like it and it fits their Life style [link] [comments]  |
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