Financial Independence If you could restart your FIRE, what would you do differently? |
- If you could restart your FIRE, what would you do differently?
- FI and having a family.
- Daily FI discussion thread - December 27, 2018
- 529/taxable investments/car payment
- How a spouse going into a nursing home can wreck your plans, and some ways to keep your money
- Testing fire and feeling guilty because I do not work
- How to obtain FIRE with 200k in tuition loans?
- What are your glidepath/bond tent investments?
- Best way to continued to contribute to Ira once you fire'd?
| If you could restart your FIRE, what would you do differently? Posted: 26 Dec 2018 09:51 PM PST Some background, Im a 17 y/o high schooler with a guilty pleasure for financing. I'm interested to know what you all would have done differently/would recommend doing at the beginning of your FIRE, and what you would do in my position. [link] [comments]  |
| Posted: 27 Dec 2018 06:49 AM PST Fellow Aspiring FI's / FI's, My wife and I will be having a baby in a few months. I am very curious to learn about the strategies employed by those of you with kids to keep your kid-related expenses in check, while at the same time improving your savings rate and putting money away for the achievement of your FIRE goals. Which approach works/worked well for you? Also - what was your strategy regarding putting money away for your children's future? I am thinking about setting up a separate Vanguard S&P500 fund for the kids which we can use toward their education or maybe a down payment on a house for them. Thanks! [link] [comments]  |
| Daily FI discussion thread - December 27, 2018 Posted: 27 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]  |
| 529/taxable investments/car payment Posted: 27 Dec 2018 03:33 PM PST I will be receiving a bonus this month and can't decide the best situation. There might not be an absolute best one, it's probably more individual preference.
(Next bonus isn't until Spring 2020 and of course never guaranteed. It's a little more than this one. I could easily pay this car off over the course of 2019 if I don't use the bonus for it. If I'm disciplined about it which isn't always the case.) [link] [comments]  |
| How a spouse going into a nursing home can wreck your plans, and some ways to keep your money Posted: 26 Dec 2018 11:44 PM PST a couple of years ago my dad got sick and had to go to a nursing home and we didn't know how long he'd need to be in (we were lucky, he got out in two weeks). after doing some research i realized that if he stayed for any length of time, it was going to soak up all the money my parents had spent their lives saving! below is a condensed version of what i found while trying to help my mom. if a spouse ends up in a nursing home, the average cost is between 82-92K a year. the couple is responsible for paying this, not the government. However, Spousal impoverishment provisions come into play when one of a couple enters a nursing home expecting to stay for at least 30 days. At that time the powers that be take a "snapshot," of their combined resources to determine when medicaid will start paying for this care. The Protected Resource Amount is 109,000$ (different per state), which means you must pay for the nursing home until you have only 109,000 left, then medicaid will pick up the tab. So if this 'snapshot shows you have 500K, then you must spend 391K on the nursing home before medicaid will kick in. (your house, and care are exempt). Medicaid officials have the right to recoup any funds spent on your nursing home care from your estate after your death. Thus, your heirs could stand to lose any assets you did not properly shelter before entering the nursing home. While hiding assets from the government is a criminal offense, you can legally shelter certain assets from this 'snapshot' and avoid using them to pay for the high cost of a nursing home stay. here are a few suggestions: Give monetary gifts to your loved ones before you get sick. In the case of Medicaid,any assets you transfer within the five years prior to entering a care facility are subject to seizure after your death. Transferring funds before you fall ill shelters your money and ensures your family members can legally keep the gifts they receive. draft a "life estate" for your real estate, naming you as the life tenant and a loved one you trust as the remainderman, with future ownership interest in the property. Place liquid assets into an annuity. Some states, such as Colorado, do not count periodic payouts from annuities when determining Medicaid eligibility. Transfer a portion of your monthly income to your spouse. The Federal Spousal Impoverishment Act protects the spouses of nursing home patients by permitting them to exclude their own income when paying for a spouse's nursing home care. If your spouse's income is less than the amount your state exempts, you can direct a portion of your income to your spouse to bridge the gap.Shelter your money through an irrevocable trust. Place your assets and your spouse's assets into a "pour-over" trust. this was all very new to me and caught my family sideways, we got lucky, but i actually don't have a lot of hope that many people are going to be able to pass on inheritance, i think nursing homes are going to soak up most of what people were able to save in their lives. stay smart! [link] [comments]  |
| Testing fire and feeling guilty because I do not work Posted: 27 Dec 2018 02:46 PM PST Startting from last friday I am not working for 2.5 weeks. This is the longest time, by far, that I do not work and not go on holiday. I am 46 now and I think I did not have more than 4 days off in a row since I was 16 (except when going on holiday to a foreign country). As we are going to fire next year (at least partial) we saw this as a test. And I have tio say that it feels strange. I have enough to do - playing games and reading but I feel guilty. I feel guilty that I waste my time without working. Does anyone else have this feeling after real fire? I always think that the difference of working another year instead of already living from our money makes a difference of more than 100.000 Euro. My wife says we have no children and our health is more valuable than more money but it is so hard for me to leave... [link] [comments]  |
| How to obtain FIRE with 200k in tuition loans? Posted: 27 Dec 2018 01:22 PM PST I'll be graduating from grad school in May (25 y/o) with 200k in debt, and I'll likely make anywhere between 110-130k a year in salary eventually, but this first year I'll be doing a residency which pays anywhere between 30-50k. That being said... is FIRE even possible starting off with this much debt? Please advise, I don't know too much about it. [link] [comments]  |
| What are your glidepath/bond tent investments? Posted: 26 Dec 2018 09:10 PM PST I'm preparing to retire. Kitce's bond tent or Big ERN's glidepath both prescribe getting into bonds before and into the first few years of retirement. For those following this plan, exactly what investments are you in for the non-equities part of your portfolio? (I assume folks are laddering). For reference, high-yield savings accounts such as Barclays yield 2% and provide good liquidity. I'm wary of having a lot locked up in a bond tent/glide path with the market looking like it will hit lows. [link] [comments]  |
| Best way to continued to contribute to Ira once you fire'd? Posted: 26 Dec 2018 06:02 PM PST I figure my fire's date is somewhere in my early 40 and all of my income from that point on is either from my rental properties or my index funds withdrawal, neither of which qualify as "earned income". So my question to those that have fire'd and still want to contribute to their ira is that "Is there a loophole that would allow me to do it?" or do I have to spend 3 months every year actually getting a job and earning enough to meet the requirement. [link] [comments]  |
| You are subscribed to email updates from financial independence / early retirement. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment