Financial Independence Update to "Early Trick to Teaching Your Kid to Save" |
- Update to "Early Trick to Teaching Your Kid to Save"
- What has your net worth done this year?
- Bold predictions about the future?
- End of Year Review 2018
- Budget breakdown of a 25 y/o who makes 100k/yr — CNBC
- Daily FI discussion thread - December 21, 2018
- Roth Conversions in a down market - turbo charge it? Probably more appropriate for folks in the RE phase but feedback from everyone is welcome.
- Weekly FI Frugal Friday thread - December 21, 2018
- Income Tax on Early Roth IRA Withdraw?
| Update to "Early Trick to Teaching Your Kid to Save" Posted: 21 Dec 2018 09:49 AM PST Since the original post was so well received I thought I'd share an update. We recently started giving our older two an allowance of $1/ week. The first week went as you might expect: we went to the grocery store, they found some candy that cost exactly $1, they spent all their money. They did bring it home and split it with the littler two because they "didn't want them to feel left out", but that's just a side bonus. The real win came a few weeks later. We'd been giving them their allowance but hadn't had an opportunity to take them to the grocery store in a few weeks (we normally shop at restaurant supply shops for cheap bulk foods, not many lower priced things there). When the time did come for the grocery store, I warned each of the bigger girls to make sure they brought their purses. After a few minutes I checked on them and in a moment of absent-minded parenting noticed that they had left most of their money on their shelves. Me: "Girls, don't forget this money here, you'll want it at the store." One of my girls: "No, we talked about it and we decided to leave most of it here so we wouldn't be tempted to spend it. We're only each taking one dollar so we don't feel like the other has more." I'm not paraphrasing. I was floored, and immediately quoted them in an email to their Dad so he could also jump up and down like I was doing mentally. They are miles ahead of where I was in any of my first two decades; it really is possible to teach prudence guys! [link] [comments]  |
| What has your net worth done this year? Posted: 21 Dec 2018 09:21 AM PST I thought it would be fun to see how everyone's net worth changed this year! For me, I'm almost exactly flat for the year, and I maxed out my 401k and Roth IRA lol. Edit: I recalculated and I'm actually up 5%. I forgot about an investment! How did everyone else do? Edit: Looking at my FI spreadsheet, this year basically just adds a year to how long I need to work. Bummer, but I'm sure there will be a big bull after this bear like always. Just hope it takes less than 7 years to recover/go up! [link] [comments]  |
| Bold predictions about the future? Posted: 21 Dec 2018 03:26 AM PST There are a lot of young redditors here with decades of participation ahead in the workforce. The pace of social, economic, and technological change is unprecedented. What are your bold predictions about FIRE in the next 20-30 years? [link] [comments]  |
| Posted: 21 Dec 2018 05:06 AM PST How was everyone's 2018? Anything exciting to celebrate? Any setbacks? What are your specific 2019 Goals? I'm getting ready to take a vacation for the next two weeks and wanted to get my goals down before the new year. Here's my post from last year 2018 Wins/Setbacks:
2019 Goals:
Happy Holidays! [link] [comments]  |
| Budget breakdown of a 25 y/o who makes 100k/yr — CNBC Posted: 21 Dec 2018 01:06 PM PST This article is currently going around twitter, and twitter is having a meltdown. Tldr guy in Boston own his own business making 100k, spends 33k, people are furious. "But what about student loans?!???!" Reminds me a little bit of MMM's complainypants. Good on this guy for living below his means. [link] [comments]  |
| Daily FI discussion thread - December 21, 2018 Posted: 21 Dec 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]  |
| Posted: 21 Dec 2018 03:26 PM PST Am toying with the idea of converting more before Dec 31 2018. I already maxed my Roth Conversion early this year up to 12% tax bracket. Is the ~10% drop in S&P500 worth converting more of VOO or VTI from my traditional IRA to my Roth account? Am leaning towards maximizing up to 22% bracket. I believe that S&P500 will recover in a year or two and the (tax free) gains on the Roth side will justify the additional tax I will pay from this move. Am already in my RE phase of FIRE. And I have a big chunk in IRA that I know will bite me in the ass in RMD related tax when I am 70yo (just turned 50 this year). Thanks for your feedback. [link] [comments]  |
| Weekly FI Frugal Friday thread - December 21, 2018 Posted: 21 Dec 2018 03:08 AM PST Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! 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]  |
| Income Tax on Early Roth IRA Withdraw? Posted: 21 Dec 2018 11:51 AM PST Been lurking on Mad Fientist and a few other pages about Roth Ladders and 72t/SEPP distributions, and am looking to clarify something that seemed to be implied in an article that I haven't quite understood. I know you can avoid the 10% penalty through these methods, but do SEPP distributions from a Roth IRA before age 59.5 incur income taxes? Is this why Roth conversion ladders are preferred, generally? If so, this is going to change my strategy in putting more dollars toward a Traditional 401(k) this year instead of Roth 401(k). [link] [comments]  |
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