Financial Independence NYU Professor Scott Galloway on "How to Get Rich" |
- NYU Professor Scott Galloway on "How to Get Rich"
- FIRE as an officer in the military
- How does expensive medication factor into FIRE?
- Daily FI discussion thread - February 28, 2019
- How many FI people would it take to build a car-free city ?
- how are most folks calculating their net worth
- Only FIRE Tracker you will ever need
- Another overpaid 25 year old looking at a pay cut
- starting from zero
- My plan for FIRE and why you should not live in expensive cities.
| NYU Professor Scott Galloway on "How to Get Rich" Posted: 28 Feb 2019 10:00 AM PST Came across this CNBC video from Scott Galloway: "Do this and you're guaranteed to be rich" It was refreshingly simple and directly in line with FIRE principles. Essentially: start saving young, pay yourself first, spend less than you earn. He defines "rich" as simply making more passive income than your burn. If you're interested, the more tangentially related video that led me there was his TED talk (read: rant) from last year on how tech companies manipulate our emotions. [link] [comments]  |
| FIRE as an officer in the military Posted: 28 Feb 2019 07:44 AM PST Are there any officers here planning on FIRE'ing from the military? If so: - what's your rank? - what's your savings rate? -what's your net worth? - what's your plan after retirement? (civilian jobs etc) [link] [comments]  |
| How does expensive medication factor into FIRE? Posted: 28 Feb 2019 03:44 PM PST My wife has to take medication that "retails" $80,000/yr for the rest of her life. With insurance through work, it's $87 a month. Is there a method to insure yourself outside the realm of employment that is "cost effective" for prescriptions? I was just curious how others are dealing with this. We're a few years off, but I want to start planning around it and see if it's a deal breaker. [link] [comments]  |
| Daily FI discussion thread - February 28, 2019 Posted: 28 Feb 2019 12:07 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]  |
| How many FI people would it take to build a car-free city ? Posted: 28 Feb 2019 12:59 PM PST I just read MMM's article on how a simple 3D mockup of a town turned into a forbes.com article about the "upcoming" Cyclocroft. While I understand his reasons for not wanting to move forward on such an immense project all of a sudden, it begs the question : How much would be needed (in terms of ressources and time) to build a 1-square mile town and make it a great car-free retirement place from scratch ? I'm sure this has been done before, and that industrial companies have built "factory towns" larger than that in the past.
Since this sounds like the perfect "early retirement" destination, I'm trying to figure out how many FI people it'd take if a handful of us decided to go all Atlas Shrugged and build our own town ! [link] [comments]  |
| how are most folks calculating their net worth Posted: 28 Feb 2019 03:55 PM PST Just curious when I see posts on here to the effect of "I made it to $100k," "My goal is 1.5 million," etc, how these numbers are being derived. Lots of comments that reference various benchmarks as well. Are these numbers purely cash in mutual funds from which to draw 4% from? Or are they various retirement accounts, pensions, etc as well? Real estate? I know it varies person to person, but I'm curious to get a sense of what a lot of folks are referencing when they throw out a number. [link] [comments]  |
| Only FIRE Tracker you will ever need Posted: 28 Feb 2019 03:34 PM PST Hi everyone, I created a FIRE tracker that can show you your financial future. https://docs.google.com/spreadsheets/d/1goq2epd-bYTywv-xcuSwnVuV75sJmLvkrmX5iuJEOaE/edit?usp=sharing Let me know if you have any questions on how to fill it out or suggestions to make it better. [link] [comments]  |
| Another overpaid 25 year old looking at a pay cut Posted: 28 Feb 2019 12:32 PM PST I'm 4 years into management consulting out of undergrad. I'm looking at an exit opportunity at a big public company and want to get a sense of benchmarks since it's not the most common exit at this career point. Note this is all in CAD and exit is in financial services (also this is Canada so the health benefits are for paramedical, dental, vision etc. and not primary or emergency care). Currently: - $190k base, ~$250k all in (+ very good benefits and perks) Offer: $145k base, ~$190k all in (could be higher because I'm not accounting some discretionary LTIP, way worse benefits) I'm heavily considering it since I think the content will be interesting and the work-life balance will be better, and is sort of a step on the FI/RE path (in this case >60 hours now with lots of unpredictability to <50 hours with more predictability). I'm buying time in a way that gets me to FI/RE a little slower (but not slow by any means). On the other hand, it feels crazy to take such a big pay cut when I don't need to (I don't hate my job right now but I also don't think I can sustain it for too much longer, maybe another year or maybe 2). I'm also ~1.5 years from another promotion that would take my compensation up to ~$300k and would allow me to exit to more senior roles in industry. Taking this job would slow down, or at least risk slowing down, my career trajectory. I'm still not sure how much career matters to me (I intellectually believe that workism is not the way to make people happy, but I have subscribed to it for entire short life). FWIW my net worth is $300k across tax-advantaged accounts (RRSP & TFSA), regular brokerage accounts and cash. [link] [comments]  |
| Posted: 27 Feb 2019 10:59 PM PST I recently (today) had some bad news I cant get into it without losing my mind but it but it wiped out 4 years of savings. have you ever had any setbacks? did you recover and how? [link] [comments]  |
| My plan for FIRE and why you should not live in expensive cities. Posted: 27 Feb 2019 10:11 PM PST Hello, this post maybe belongs in r/offmychest. I don't know anyone else with the FIRE mindset so I feel I need to share my plan to get some validation that I'm not crazy. Currently I am finishing up my degree in Software engineering. In my country we get a loan from the state to study which is about 1100$ per month. I realized it was cheaper for me to write my thesis somewhere where the living costs are lower and moved to Asia to write it. Now I live in the city center and basically spend my days at cafes writing my thesis and then eat at restaurants everyday. And this ends up being about 18% of my expenses here. I can also do weekend trips and go out for drinks everyday while still not spending more than my monthly loan (in fact I end up spending about 80% of it). I'm realizing that this is actually my ideal life. I get to work on my project, it's nice weather everyday and I love just sitting at cafes and do research. I also work 4-5 hours a day and quit whenever I want. It's perfect. Once I graduate I got a prestigious job waiting for me in one of the major cities. Sounds good on paper, however if I were to live like I live now with what I'll be earning (43337$ after tax+health insurance per year) in this city then I would actually have less money percentage wise after each month. Just food alone would be about 30% of my expenses if I were to eat out and have coffees everyday. So now the job feels like a downgrade as I will be having a worse lifestyle while working way more. Upon realizing this I've updated my life plan. Now what I plan to do is to work 1-2 years at this job to get a good CV while living as frugally as I can. Afterwards I will apply for a remote job (or negotiate with the current company) so I can then move somewhere cheap and live on 1.1k$ a month like I currently do. I calculated that if I can get a remote job with the wage I will be earning I could have my ideal lifestyle while still saving 28k a year and retire when I'm about 35. Everyone I talk to think this is a stupid/impossible idea and wonder why I would like to live so frugally. I don't really see the flaw in it. What I value is having some friends, good food, nice place to sit and drink coffee and have interesting/fun projects to work on. It just makes more sense to work towards financial independence since I value freedom more than things. Everything I own right now is a suitcase with clothes, my camera and my laptop and it's perfect for me. I don't want kids or a house or marriage, it's actually the opposite of what I want. In fact I'd prefer to live in a shared flat with some good friends. It feels like I must be crazy or missing something because I don't meet anyone else with this mindset while to me it seems so obvious. [link] [comments]  |
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