Financial Independence What's your most petty reason for wanting to FIRE? |
- What's your most petty reason for wanting to FIRE?
- Daily FI discussion thread - December 05, 2018
- Advice on getting back into the job market after being "unemployed" for so long.
- Steps Before a mini retirement?
- What's your "wow, that's a terrifying amount of debt" moment?
- Weekly Self-Promotion Thread - December 05, 2018
- Anyone else here who met their goals relatively early and lost motivation to continue working?
- Looking for suggestions on FIRE
- My co-worker posted a retirement/FI email today. Whether or not he knows he is FIRE-ING is unknown, but his email is interesting. Nothing you probably don't already know, but nice to see it happen.
- Taking out a HELOC during recession to invest a good or bad decision?
- Do you worry about a sick relative?
- What is your FIRE success story?
| What's your most petty reason for wanting to FIRE? Posted: 05 Dec 2018 10:38 AM PST I'm at my desk at work listening to people sing happy birthday in the cubicles over from me as they blow noisemakers. I hate office birthdays. Obviously this isn't my primary reason, but it's motivating me right now. Anyone else have a ridiculous reason? [link] [comments]  |
| Daily FI discussion thread - December 05, 2018 Posted: 05 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]  |
| Advice on getting back into the job market after being "unemployed" for so long. Posted: 05 Dec 2018 11:25 AM PST So I FIRE'd before I hit my 30s due to a massive inheritance. While I have several hobbies and passions, none of them are related to anything that could realistically be a career. My highest education is a 2 year associates. And from an educational standpoint, the only areas that I'm interested in are history and astronomy, neither of which will likely pan out with any sort of career options anyhow. I never had any job skills that could translate into something high paying, that I'm sure many people on this subreddit have. I'm not an engineer, or a doctor, or a software developer. And I'm okay with that. I mostly spent my time after high school working in warehouses. And to be honest, I kinda miss working in a warehouse. I miss the people, I miss the idea of keeping myself busy in a zero stress job environment, etc etc. Clock in, do my job, clock out. Don't have to worry about complicated issues because I'm not paid to do so. I've been looking to get a part time or full time warehouse job for a month now; put in a bunch of applications, had a few interviews. Nothing has panned out. I believe the fact that I've been "unemployed" (from the employer's perspective) for the past two years now is the issue. Aside from a few months in 2009, I never had any issues finding employment. No criminal record or anything like that. I'm not really sure the proper way to approach the issue of being unemployed for two years. In fact, for the most part I'm not even getting into the interview process. Most of my applications are being rejected before I'm able to explain my situation. And honestly, even if I do get into the interview process, I'm not necessarily sure if telling the interviewer that I'm financially independent and already retired is necessarily a good or smart thing to do (the two interviews that I did have, I kept the financial situation from them, and just explained that I spent my time enjoying hobbies and traveling). [link] [comments]  |
| Steps Before a mini retirement? Posted: 05 Dec 2018 08:24 AM PST My husband and I are going to take a mini (6-9 month) retirement starting in April. We currently live in the Netherlands, and our plan is to quit our jobs, move our stuff (not much) in to storage in the US, and travel (mostly abroad) for 6 months or so before settling back in the US and starting to work again. So my question is....what financial things should I keep an eye on or set up ahead of time? I'll fully fund our back door Roths in Jan. I'm wondering if there is anything special I should do since our earned income will be <50% of what it would be in a normal year (we've got cash to fund all our expenses, we won't be touching our investments at all). Also, it's been a long time since I live in the US. So I don't really know what the deal is with short term health insurance there these days. Can we just buy some short term high deductible insurance to cover us until we start working again? Or would it be better to try to go through the ACA? We're both young and healthy and would only be insuring against a catastrophe. Is there some major consideration I'm not thinking of? Thanks in advance for your help! [link] [comments]  |
| What's your "wow, that's a terrifying amount of debt" moment? Posted: 05 Dec 2018 12:19 PM PST ...personal and/or someone else - recently heard an extremely sad self-induced scary one... Did it lead to a FI/RE wake-up call potentially? [link] [comments]  |
| Weekly Self-Promotion Thread - December 05, 2018 Posted: 05 Dec 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]  |
| Anyone else here who met their goals relatively early and lost motivation to continue working? Posted: 05 Dec 2018 03:46 PM PST Lets hope I can keep this short. Early on in life my motivations for work were materialistic and petty. I wanted a big house I would probably never use 90% of and I wanted a garage full of exotic cars. I grew up more and things changed. My goals turned into "I just want to make enough money to do whatever I want". The problem is I dont do a whole lot. Being able to do whatever I want isnt exactly expensive. Its not that I dont have hobbies, its just that the things I enjoy happen to be cheap. The other problem is I reached that goal a good while back, and its been hard to find the motivation to grind out work since then. I just dont need to. My income allows me to sit around all day and do nothing, and thats sort of what I've done just about all year. Its getting old, though. I recalculated my savings rate the other day and my jaw just about hit the floor. My savings rate over the last 6 months has been 92%. I save 92% of my income due to how frugal I live. Its hard to get up and work long hours when I know it wont really make any difference to my life since I can already afford to do what I want and have very little financial stress. My frugal life isnt something which impacts me negatively. I cannot imagine what I would do with a bigger house, for example. I've been thinking about making a stupid financial decision just to give me some motivation, or maybe some stress. Something to get my ass back in gear. I still dont have the cool car I've always wanted, and I still want one. I feel like immature even talking about actually buying something like this, but I have dreamed of owning a Lamborghini ever since I was a kid, and I'm in a position to be able to buy one. A used one that has already taken the bulk of depreciation, of course. This is a dumb decision, yes. My logic is I have never really rewarded myself with anything, and perhaps a bit of financial baggage will motivate me to get back to work and start grinding again since I will feel the need to displace the amount I'm spending on the car note. The monthly payment on a car like this is $2500 - $3000. It isnt enough to negatively affect me in any way, but its enough to motivate me to roll out of bed and put in some work hours. This is my thought process, at least. I want to post here, though, and hear from like-minded individuals. I feel like I'm about to do something very dumb, but something has to change. [link] [comments]  |
| Looking for suggestions on FIRE Posted: 05 Dec 2018 03:27 PM PST 22m currently in the Army. I started trying to save for my future about a month ago. I essentially started at around $200 net worth (sans vehicle, personal items, etc), and earn about $1400 every month. If things go well, I'll be serving my 20 years and be able to retire looking at a decent TSP. On the other hand, after my 6 years I may just try and get out. I'm trying to become FI as early as possible my parents are currently paying my phone/insurance bills until I finish my training and ship to a duty station, then I'll assume responsibility from there. As it sits, I have about $50 in my checking, $250 in emergency fund savings, $150 in savings for large purchases (phone, tv, vehicle upgrades, etc), $240 in an acorns investment account and $200 in an acorns retirement account. As far as my TSP (ROTH) goes, I dedicate 25% of my income to it (approximately $180 every two weeks). After I get to my duty station I'll be allotting about $400 for spending and $300 for bills/expenses, leaving me about $300 I can put into savings. I'm curious if I should continue dedicating money to the acorns retirement or if it would be better placed into my TSP or transferred to the acorns investment account. I'm also looking for ways to maximize my savings and become more frugal. I'd also like to know how I'm doing for my first month and if there are better places I should be putting my money. [link] [comments]  |
| Posted: 05 Dec 2018 03:02 PM PST After 13+ years at Company_X, 36 years in the industry, my wife and I plan to retire early. This will be my last week at Company_X. Thanks for all the advice and thought-provoking discussions from the investing community. Some folks have asked how we are able to retire early. Here is a brief summary of the steps we took to retire early, in no particular order:
The plan going forward is to use some low income years to take advantage of low tax rates i.e. a marginal tax rate of 12% and a long-term capital gains tax rate of 0%. One final thought: Some investors use an active investment strategy and need to continuously analyze balance sheets, business cycles, interest rates, weekly economic numbers, quarterly earnings report, year-end mutual fund summaries, market trends, global economies, standard deviations, ten-day moving average trend lines, sector fund rotations and then track emerging markets growth, small-cap micro tech, large-cap blue chip, mid-cap health care, etc. You get the point. Instead of an active investment strategy, we found that a passive investment strategy worked for us. I wished an old geezer had given us this advice many years ago: [link] [comments]  |
| Taking out a HELOC during recession to invest a good or bad decision? Posted: 05 Dec 2018 11:18 AM PST I value the opinions of those in this community as it relates to investing in an intelligent manor so I thought this would be an interesting topic/question to bring to the group. Most posts I've seen about mortgages relate to paying off early so this essentially doing the opposite. I think this does relate to FI because if it works you could FIRE earlier than if you didn't take this approach. With all the talk about a potential/likely recession in the next few years, I've been thinking about drawing on a HELOC (home equity line of credit) to invest the proceeds when the market is at somewhat of a low point. My thinking is that if I can take a HELOC loan of say $100K at an interest rate of say 3-4%, the market is likely to perform far better than that AFTER a recession. I'm basing this opinion on market returns after the tech bubble in the early 2000s and the mortgage crisis around 2008. After those recessions, the market performed very well. I haven't considered all details but here is my thinking at a very basic level: $100k HELOC Interest at 4%/year= $4K interest expense Invest $100K in some Vanguard ETFs/Mutual Funds Investment returns are likely to be over 5% and possibly well over. So say a minimum annual return of $5K with a max of maybe 15%=$15K. As you can see, you would come out ahead with even modest returns of 5%. Obviously, this is dependent on when you actually invest in the market and whether it's at a truly low point or somewhere between the low and high point. And of course, there's risk involved too in case you time the market wrong and actually lose money you invest AND have to pay the interest on the loan. I'm wondering the following from members of this community a) Have you actually done this in the past and what were the results (gain/loss, how much?)? b) Do you plan to do this after/during the next recession c) Any other general thoughts or critique of my logic. Is it a good idea or foolish/too risky? [link] [comments]  |
| Do you worry about a sick relative? Posted: 04 Dec 2018 06:03 PM PST Been thinking about this a lot recently. Do you factor in the possibility of having to care for a stick relative? If so, how? I just don't see a way that you can anticipate in your retirement plans the expense involved in 24 hour care. [link] [comments]  |
| What is your FIRE success story? Posted: 05 Dec 2018 07:36 AM PST Long time lurker, first time poster. What is your FIRE success story? How dd you make your money, how long, how much, and events leading up to it? [link] [comments]  |
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