Financial Independence Thoughts on FIRE and Friendship |
- Thoughts on FIRE and Friendship
- Lively follows Fidelity's lead: No Investment Fees for HSAs
- Daily FI discussion thread - December 20, 2018
- Folks who hit their FI number in the last year and were ready to RE by now, has the recent downturn changed your plans at all?
- FI/RE is a culture, not a strategy
- Retiring early with a chronic illness that requires exorbitant monthly prescription costs
- Why we FI - Avoiding the old age employment trap
- How do you handle discussions about finances with non-FIRE people?
- Is December/January more prone to Panic Sell?
- Who are your favorite FIRE bloggers / personalities?
- How to negotiate part-time, remote work when you have FU money
- FIRE & Golden Handcuffs
- Lively Announces they are moving to No-Fee HSA
- How much should you indoctrinate your kids with the FI ideology?
| Thoughts on FIRE and Friendship Posted: 20 Dec 2018 06:54 AM PST I've read this subreddit for years and never felt that I had anything of substance to post. I value the ethos of FI tremendously and came across it while already doing some of the things anyways (cooking my own meals, paying down debt, investing in index funds, etc.) but wasn't truly on the FIRE path because I was wasting a lot of money on things without realizing it (cable TV, eating out at crappy restaurants too much, ordering crap from Amazon that we didn't need, etc.) So I realize none of this is really all that unique. What I wanted to share is that my wife and I had some friends that also discovered FIRE around the same time, and went much more hardcore into it. They stopped going out to eat for any reason at all; would never go get a drink for any reason; would never buy something new for any reason; moved 10 states away and now live like hermits. In essence, if an activity cost any money at all, they just wouldn't do it. While they are definitely going to achieve FIRE earlier than we are, they've sacrificed a lot of things along the way like friendships and relationships, and it has led me to much contemplation about the differences in our paths. Some of the relationships I've kept by doing things like going out for the occasional drink have led me to conversations about jobs and career choices that catapulted me into interviews and new jobs that have ended up tripling my income, while these friends of mine are still scraping by earning the same amount they always have. Our savings rate of ~40% is nowhere near theirs and certainly not bragging rights on this sub, I realize, but we still have a rich social life and enjoy ourselves along the way, while our ultra-FIRE friends have faded completely from our social circle and live a pretty spartan existence. I realize that in itself is worth considering, too; perhaps they've chosen to remove themselves because they feel that these social connections to people that don't understand their FIRE motivation are hampering their journey. Maybe they really are happier without having friends or ever going out for a drink. I don't mean this post to say that they are wrong and I am right; or vice versa. The roots of this movement were about giving up consumption and I recognize that I really haven't been able to completely do that. The point I was really trying to make with all of this is that however you found yourself on this path, it's important to remember to think through these kind of considerations - is it worth giving up your friendships because of your dedication to FIRE? To us it wasn't, and to our friends it was. I wish them the best and I am a bit jealous that they'll be truly FI earlier than we will. But I've also had a lot of really good times along the way with the friends we all shared, and there is a hole there where they are missing from it all. [link] [comments]  |
| Lively follows Fidelity's lead: No Investment Fees for HSAs Posted: 20 Dec 2018 08:46 AM PST From an email I received just a few minutes ago: " We are proud to announce that today we have eliminated all HSA fees for individuals and families. This includes any fees to access investments in their HSA. This makes Lively a truly no-fee HSA for eligible consumers. Back in October, we announced our $11M Series A financing. At that time, we promised to invest the time, effort, and resources needed to continue investing in our platform. Our work has led to further automation resulting in cost savings that we're now passing along to our users. As you might know, most HSAs come with a laundry list of fees that often include monthly maintenance, account opening, funds transfer, debit cards, excess contributions, point of sale, minimum balance, reimbursement, and account closure. HSA fees directly inhibit a consumer's ability to reduce out-of-pocket costs and maximize their health savings. Lively has no-fees." [link] [comments]  |
| Daily FI discussion thread - December 20, 2018 Posted: 20 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]  |
| Posted: 19 Dec 2018 04:57 PM PST Presumably if you hit your FI number in the last year, and even if you overshot your FI number by a few percent, due to stock market downturn by now you're no longer hitting your FI number anymore (say $2 million networth you hit in July which is your FI number, you're probably dipped slightly below $2 million networth now. Even if you were being conservative and hit 2.1/2.2 mill, you're probably now on the borderline due to the downturn). Assuming you were ready to retire early since you had hit your FI number, but that is now no longer true, are you changing your plans somehow? One more year? Or just using your bond tent etc? [link] [comments]  |
| FI/RE is a culture, not a strategy Posted: 20 Dec 2018 10:07 AM PST I'm probably older than most people who read and post here, turning 42 next month. I've been watching my account balances go down. I don't feel worried, and I think I've figured out why. Someone else asked what people will change or do different during a recession. I tried hard to think of what I'd do different and there's nothing. Then it occurred to me that I never quit living like it was a recession. I've just spent my entire adult life living like there's a recession, so there's no need to adjust. It's my culture. I think that's how you keep this simple. I don't mean eat ramen noodles all the time, I mean stay in a value oriented mindset. Some people call it frugal, but I think that word is often misunderstood to mean cheap. Value is often even better than cheap. Sometimes it's even free. I saved $200,000 this year, but I still dumpster dive. I sort of find it thrilling and if I see something good that I need, it saves me the trouble of shopping. I don't literally dive into dumpsters, I just look at what people leave near them. I just have mental notes of things I might need and I keep an eye out when I walk past garbage collection areas in my neighborhood. I don't even go out of my way, I just look around when I'm out walking. I got a bookshelf, a kid's picnic table, a box of toys, and 2 pretty good suitcases this month with no effort at all. People just sit them beside the dumpster. I don't have a car. I actually immensly enjoy bike riding so it's not a sacrifice, it's fun. I don't belong to a gym, I just run to the top of a hill nearby a few times a week while I take in the views and breath the fresh air from the sea. I don't have cable TV, we just watch YouTube and Netflix. I take many vacations, but always to see friends and family, so I get a double positive for my money. I live next to a library on purpose and use it a few times a week to read books to my kids. We swim in a public pool. We go to parks and feed the fish, chase the butterflies, and try to ID the birds we see. We eat most meals at home because it's healthier, easier, less time consuming, and our young kids aren't so well behaved yet. We have a year long membership to the zoo. It cost the same as a day pass and we went about 50 times last year with our kids. I'd do just the same in a recession. It's not miserable. I feel pretty good about it. I don't think I'd change no matter what happens with the economy, not drastically or fast anyway. It's never been a strategy. I was doing this before I heard about FI/RE. It's always been my personal culture. I just like to keep it simple. Update: Going to bed, but you guys will yard sale, but think dumpster diving is a a mental disorder? I didn't save $200K from dumpster diving, but it's all related, it's culture. I'm just not into material possessions. I don't have to worry so much about something I found. Also, I live in a pretty well-off, high density area, so the garbage might be a bit better. There's kind of a system, people put the stuff someone might want near the dumpster. So what if I saved $200,000 this year. Should I change who I am as a person? My dad got our first bikes on a trip to the dump back in the 1980's. I won't likely ever walk past something interesting or useful just because someone else labeled it garbage. [link] [comments]  |
| Retiring early with a chronic illness that requires exorbitant monthly prescription costs Posted: 20 Dec 2018 08:40 AM PST If my SO and I retire early we wouldn't have fantastic insurance and medicine would cost ~13-15x how much it costs now. I was wondering how you folks calculate this type of thing into the equation. [link] [comments]  |
| Why we FI - Avoiding the old age employment trap Posted: 20 Dec 2018 01:07 PM PST There are a lot of miserable anecdotes in this article. Basically older people are finding it exceptionally hard to find work at wages they've previously earned so they have to settle for significantly lower paying jobs, oftentimes working menial jobs without benefits. For example:
Age discrimination is real. And the fact that all major companies self-insure for their employee's health benefits creates an additional incentive to not hire/layoff older workers for all but the most valuable/irreplaceable of positions. I never want to be in this kind of situation, where I'm forced to accept a menial/low paying job because I didn't lay down the groundwork of FI early on. [link] [comments]  |
| How do you handle discussions about finances with non-FIRE people? Posted: 20 Dec 2018 07:33 AM PST On my journey to financial independence I have had to deal with a lot of odd discussions with non-FIRE people. They often don't understand the principle of FI or they think it is stupid. I feel like this is a contentious issue that shouldn't turn into FI people vs. normal people discussion, but people's mindset towards money is an important distinction. This article touches upon some of the issues I have been thinking about lately. People often feel envy or confusion when I talk about financial independence and aggressive saving. I am not a miser or scrooge, I just want to save so I can live the life I want on my own terms. This situation reminds me of the Sartre quote, "Hell is other people". FI people are a minority in a culture obsessed with excess spending. I am wondering if other people have experienced this. How have you dealt with talking (or avoiding talking) about financial independence with non-FIRE people? [link] [comments]  |
| Is December/January more prone to Panic Sell? Posted: 20 Dec 2018 04:08 PM PST I was looking over the last couple months of the S&P 500 today and couldn't help but notice things look a little bleak at the moment. It got me thinking, the average person tends to make poor financial decisions and additionally they tend to follow what other people are doing. Seeing as the market is currently down and many people are selling is it reasonable to think that things could get a lot worse simply because the December/January timeframe tend to be the months when the average person examines their personal finances? [link] [comments]  |
| Who are your favorite FIRE bloggers / personalities? Posted: 20 Dec 2018 06:27 AM PST I love reading the perspective of people who are either pursuing or have achieved FIRE. I'm familiar with MMM, but I don't really know of any other major FIRE personalities. So, whose blogs are you reading? Whose Instagram are you following? Etc. Etc. Edit: And podcasts. Those, too. [link] [comments]  |
| How to negotiate part-time, remote work when you have FU money Posted: 19 Dec 2018 07:58 PM PST I'm planning to put in my two week notice as I've reached a level of FU money, which I defined as being able to live comfortably with my SO in NYC for 2 years without a job. I'm currently in CA. I'm pursuing a career change once I'm out in NYC. It'd be great to have cashflow if I can negotiate part-time remote work. For those that did this, how did you approach your manager and what position were you at the company? If they say no, I'm quitting. EDIT: Okay, I misunderstood what FU money is. I don't truly have it but my situation and question still stands. I have enough money where I'd rather quit and look for a job in NYC rather than continue working at my company. However, I want to see if I can negotiate part-time work. [link] [comments]  |
| Posted: 20 Dec 2018 03:03 PM PST Recently, I've been thinking about my FIRE decision in terms of "I'll continue working until my income drops below X". I generally like what I do, but below a certain compensation I'd rather FIRE and spend my time doing something else. Does anyone else think like this? If so - do you mind sharing the what that income cut-off is for you in order to take off the cuffs (as well as your target FIRE number)? [link] [comments]  |
| Lively Announces they are moving to No-Fee HSA Posted: 20 Dec 2018 08:39 AM PST Just received an email from them:
I guess they saw the pressure from fidelity. That's great. Competition in the market works. :) [link] [comments]  |
| How much should you indoctrinate your kids with the FI ideology? Posted: 20 Dec 2018 07:08 AM PST I definitely think FI is a supervaluable ideology and I would like my kids to at least seriously think about it too. However, I don't want to be the kind of parent that pushes an ideology on his kids (also because this can oftentimes be counterproductive). For example, FI baby clothes exist online (https://www.zazzle.com/firefans), and I'm torn about whether that's a good idea. On one hand it seems fun and innocuous, but I wonder what kind of reaction it provokes if kids see that their parents used to make them wear such things when they were babies. Then again, what would be the right time to tell your kids about FI? Maybe it's the sooner the better? [link] [comments]  |
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