Financial Independence The religion of workism: why wealthy americans aren't retiring |
- The religion of workism: why wealthy americans aren't retiring
- FI/RE isn't just about retiring early - a difficult example
- Retirement is the World’s Longest Coffee Break
- Am I doing this right?
- Daily FI discussion thread - February 25, 2019
- My journey so far
- Weekly FI Monday Milestone thread - February 25, 2019
- Contribution Help
- Would love a few more sets of eyes on my financial setup!
- Daily “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - February 25, 2019
- When is the FIRE documentary coming out ?
- FIRE as an antidote to workism
- What Not To Do With Your Freedom
- Is my number wrong or everyone else's number is wrong?
| The religion of workism: why wealthy americans aren't retiring Posted: 25 Feb 2019 05:47 AM PST Great article in the Atlantic this weekend that I thought the FIRE community would appreciate. https://www.theatlantic.com/ideas/archive/2019/02/religion-workism-making-americans-miserable/583441/ Highlights: There is nothing wrong with work, when work must be done. And there is no question that an elite obsession with meaningful work will produce a handful of winners who hit the workist lottery: busy, rich, and deeply fulfilled. But a culture that funnels its dreams of self-actualization into salaried jobs is setting itself up for collective anxiety, mass disappointment, and inevitable burnout. * * * There is something slyly dystopian about an economic system that has convinced the most indebted generation in American history to put "purpose over paycheck." Indeed, if you were designing a Black Mirror labor force that encouraged overwork without higher wages, what might you do? Perhaps you'd persuade educated young people that income comes second; that no job is just a job; and that the only real reward from work is the ineffable glow of purpose. It is a diabolical game that creates a prize so tantalizing yet rare that almost nobody wins, but everybody feels obligated to play forever. [link] [comments]  | ||
| FI/RE isn't just about retiring early - a difficult example Posted: 24 Feb 2019 08:37 PM PST I've been an instinctive saver my whole life, but over the last few years escalated my efforts toward reaching early retirement. I live cheap, and I get around mostly on the subway, by bicycle, or by Uber/car rental every now and then. I'm doing pretty well for myself, but live cheap so save a few thousand dollars each month. This week I got a phone call I was not expecting. My mother, who is young (pre-retirement age), eats well, exercises, doesn't drink, takes no medications, etc., has been diagnosed with cancer. Stage 4. She is optimistic, and I'm hoping for the best. But I know the odds. It's extremely difficult to reach her via transit (different city, 2 hrs away). The day after hearing the news, I hopped on AutoTrader. Found three local cars that met my criteria. Test drove them. Within four hours of opening up the cars listings, I found myself the owner of a new (to me), reliable car, which will get me back and forth from me to her whenever I want. Didn't blink an eye at the $23k check. Easiest money I ever spent. This has been a shitty and harsh reminder of two things for me: first, that saving money to retire early is a worthwhile goal, because none of us know how long we'll be on this Earth. And second, that by living within your means, you're setting yourself up to be able to handle life's curveballs just a little more easily. I take a lot of comfort in knowing that I can drop everything at a moment's notice, and hop in a car that I can count on getting me where I need to be within a couple hours. And I'm glad that I don't have the added stress of wondering how I'm going to afford to travel back and forth over the next weeks, hopefully months, and perhaps even years if I'm lucky. [link] [comments]  | ||
| Retirement is the World’s Longest Coffee Break Posted: 25 Feb 2019 02:00 PM PST Humor is a great way to live out your retirement days (that we're working hard to reach). Here are some of my favorite retirement quotes... "Retirement: That's when you return from work one day and say, 'Hi, honey, I'm home – forever.'" – Gene Perret "I enjoy waking up and not having to go to work. So, I do it three or four times a day." - Gene Perret "My parents didn't want to move to Florida, but they turned sixty and that's the law." – Jerry Seinfeld "When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch." – R.C. Sheriff I hope a few of these quotes put a smile on your face and spark some interesting thoughts. [link] [comments]  | ||
| Posted: 25 Feb 2019 03:41 PM PST 21M. My expected income in 2019 will be anywhere from 75-100k. My current retirement savings is based out of a 401K. I also have a liquid savings in Ally at around 2.2% APY (relatively high balance of around 35k since I need the funds liquid to buy a property soon). My only debts are a two student loans from this semester for $5,500 gaining no interest until I graduate, and $2,000 at 5.05% interest. I may or may not pay these off when I receive my undergrad, or I may just hold on to them to help pay toward my MBA instead of taking out a higher interest graduate loan. My company matches my traditional 401K at 5%, and contributes 3% into a pension regardless of my contributions, which is a Roth IRA at a guaranteed 4% APY. I personally contribute 10% into my traditional 401K. If I'm planning on FIRE (I'm still on the fence as to whether or not this is something I want to do, considering the fact that I love my career field), should I only be contributing 5% into my 401k to max my employers matching contributions, and putting the other 5% into a taxable Vanguard mutual fund or growth fund? I've also heard that well rated muni bonds are good to balance out long term portfolio growth since they're tax free growth... My fear is that presumably if I choose the FIRE path, I'll be wanting to retire prior to 59 1/2, therefore I would want to avoid any early retirement penalties from a retirement account. Thanks, and any insight is greatly appreciated! [link] [comments]  | ||
| Daily FI discussion thread - February 25, 2019 Posted: 25 Feb 2019 12:10 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: 25 Feb 2019 03:36 PM PST Obtained some FI last April, and after living in Los Angeles my entire life, got tired of the traffic and fast paced life, hopped in my car and headed east looking for a smaller city and more personal community experience. Recently spent time in Savannah and found it's nearly perfect. Historic, well planned, great small parks and squares with benches and oak trees, super walkable, and I am at my happiest when I spend the day going into every little shop, meeting people and socializing. Even as an introvert I have learned that we need each other. Our consumer based lifestyle leaves us overworked and isolated. Only when I find a great place do I realize just how broken our society is. I'm always looking for more people who want to live in the same manner. Your thoughts? How can we build spaces and communities where we see each other frequently? [link] [comments]  | ||
| Weekly FI Monday Milestone thread - February 25, 2019 Posted: 25 Feb 2019 12:10 AM PST Please use this thread to post your milestones, humblebrags and status updates 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! 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: 25 Feb 2019 03:14 PM PST Hello, hoping for some advice on my contributions. I'm a 21 year old who just started a full-time job. Wondering how much I should contribute to these categories on my planning site: Pre-tax Roth 401(k) After-tax Some base info: my rent+utilities is just a little over 20% of my pre-tax monthly income, with no current car payment and decently cheap insurance. Any advice would be much appreciated. Currently have it set as 10% pre-tax and 2% Roth [link] [comments]  | ||
| Would love a few more sets of eyes on my financial setup! Posted: 25 Feb 2019 03:16 PM PST
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| Posted: 24 Feb 2019 10:09 PM PST Need help applying broader FIRE principles to your own situation? We're here for you! Post your detailed personal "case study" and ask as many questions as you like, or help others who've done the same. Not sure if your questions pertain? Post them anyway…you might be surprised. It'll be helpful to use our suggested format. Simply copy/paste/fill in/etc. But since everybody's situation is different, feel free to tailor your layout to your needs. -Introduce yourself -Age / Industry / Location -General goals -Target FIRE Age / Amount / Withdrawal Rate / Location -Educational background and plans -Career situation and plans -Current and future income breakdown, including one-time events -Budget breakdown -Asset breakdown, including home, cars, etc. -Debt breakdown -Health concerns -Family: current situation / future plans / special needs / elderly parents -Other info -Questions? [link] [comments]  | ||
| When is the FIRE documentary coming out ? Posted: 25 Feb 2019 11:40 AM PST | ||
| FIRE as an antidote to workism Posted: 25 Feb 2019 06:09 AM PST Interesting recent article out of The Atlantic that explores the religion of work and its curious underpinnings considering we, as a society, are more productive than ever. I think that the "opt-out" for the type of white collar worker this article talks about is the FIRE concept. In order to FIRE, first you have to re-train your consumer psyche to allow for a maximal savings rate. Then you have to take the conscious effort to imagine your life without the need to work for a living. You practice this lifestyle (high savings, looking for higher income) in order to reach a perceived goal of 'self-actualization'? that comes with being financially independent (beholden to no-one, mainly creditors) and allows you to retire from required work earlier than what is considered normal. This, done correctly, essentially defeats workism. FIRE allows you the freedom to make your life about something else other than working to live. Does FIRE as a rebellious act against workism appeal to anybody else? [link] [comments]  | ||
| What Not To Do With Your Freedom Posted: 25 Feb 2019 07:42 AM PST From today's Daily Stoic newsletter:
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| Is my number wrong or everyone else's number is wrong? Posted: 24 Feb 2019 04:40 PM PST Mid-40s couple, planned non-healthcare expenses of $90K. I decided 30X at my age is pretty reasonable - so 2.7M However, health care is brutal - I ran ACA silver numbers + deductible until medicare for a married couple, then medicare until 76 - ~$730K required So now we're up to $3.43M required, but almost all of this is going to be dividend taxed or capital gains.. call it 15% fed, 3.7% state. Total 18.7% needed for taxes First couple of years look like 2.7M + 730K + 769K or $4.2M Medical rolls off over time (but the plan costs go up) and I'd gradually drop the multiplier until age 65 to 25X. Things change dramatically as social security & medicare kick in.. but for the first 20 years it doesn't change much. Am I thinking of this wrong or is everyone else thinking of this wrong? $4.2M vs. $2.7M is painful. [link] [comments]  |
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