Financial Independence To what extent did you try to find work which you are passionate about? |
- To what extent did you try to find work which you are passionate about?
- Government Contractor vs Government Employee?
- Daily FI discussion thread - February 03, 2019
- What are those behaviours at the workplace which were previously a no-no or risky but which you are now able to do?
- Anyone barista FI here?
- Sold home - what to do with the equity
- Two questions that have kept me busy!
- Examples of how outgoings reduce after retirement
- Is it worth working a boring but well-paid job, over a more interesting job, if my priority in life is FIRE?
- Mortgage balance, mortage payment, inflation, etc. and FIRE calculations
- FI thoughts from an ex-Google employee
- My “first” exhausting year working towards FI
| To what extent did you try to find work which you are passionate about? Posted: 03 Feb 2019 08:54 AM PST I've seen this discussed as a sort of side conversation, but I'm curious what folks think about finding work which you are passionate about. The whole point of this movement is that you don't want to work, so you try to maximize income and savings to reach a point where you don't have to work. I'm in a circle of peers that are very interested in a career which fulfills their passion and which does good by the world. I'm starting a PhD in clinical psychology in the fall, and I know I could have chosen a career that would make more money and that would probably still interest me (I-banking was one of my alternative career paths), but my hope is to do work that is meaningful to me and that makes an impact on the world. I still want to reach financial independence so that I'm not at the mercy of an employer, and I still would probably like to reach a point where I don't have to work as much, but I can't ever imagine fully retiring when I have a skillset that can do good for the world. I guess my questions are: did you try to find work that you're passionate about? If you couldn't, what made you decide to relinquish that particular requirement for work? If you did, what about FIRE appeals to you? [link] [comments]  |
| Government Contractor vs Government Employee? Posted: 03 Feb 2019 01:19 PM PST So I have an opportunity to convert from a federal government contractor to a federal government civilian employee. My issue is that I'll have to take a pay cut in order to do so. Here's some of the key details: Edit: Current salary is about $105K. The max I can start at as a gov't employee would be a GS-12 Step 10, which is $97K w/ locality pay, but there's no guarantee I would be starting at that pay and on top of that it would require a promotion to GS-13 to move past that point. For starters, I am 34 and currently max out my 401K, Roth IRA & contribute to taxable investments. Cons / Pros to going goverment employee:
Cons / props to remaining a government contractor:
Are there any other factors I should be taking into consideration? What option would you all recommend taking in this situation? At the moment, I'm leaning towards remaining a contractor. [link] [comments]  |
| Daily FI discussion thread - February 03, 2019 Posted: 03 Feb 2019 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: 03 Feb 2019 07:42 AM PST It is beyond dispute that with more savings comes a confidence and an increasing ability to put people in their place. I would love to hear about those instances at the workplace which you could afford to do because you had some cushion to fall back on if need be. [link] [comments]  |
| Posted: 03 Feb 2019 08:17 AM PST Whats your job? What hours do you work? Overall, how are things going? Any tips? What's the biggest concern or obstacle you're running into? [link] [comments]  |
| Sold home - what to do with the equity Posted: 03 Feb 2019 04:09 PM PST Hi sub! I'm 30 years old and I recently sold my townhouse! I will receive a gain of about 25K. My question is, what to do with this cash?
Debt - 20K in credit cards, 32K in student loans Assets - 50K in VTSAX, 8K in 401K, 3K in Cash, 1K in companies stock Please help. Thanks! [link] [comments]  |
| Two questions that have kept me busy! Posted: 03 Feb 2019 08:06 AM PST Hi everyone (crossposted to both r/EuropeFIRE and r/financialindependence), First of all thank you for these awesome communities and the posts that I have read that have helped me a lot. I currently have two questions left that have kept me busy the past two weekends. There is so much to read about it and sadly, like all things investing, there is not a conclusive answer on the matter. Hopefully you guys can give me the final push I need :P. I am from the Netherlands and currently investing in 70% stocks (global stocks) and 30% bonds. My questions are regarding the 70% stocks: 1) What are your guys views on the hedged vs unhedged discussion for global stocks? You can read lots of research on the matter, but they are mostly from the US perspective. From a Dutch/Euro perspective there are so many different opinions. Some say its worth the cost, others do not, some say it increases votality while others say it reduces it... Do you guys hedge or not? or mix? 2) My second question is regarding the percentage of small caps and emerging markets in my portfolio. Out of the 70% stocks I currently have around 4% emerging markets and 3% small caps. This means I have around a total of 10% out of the the 70% stocks in both those categories together (7/70). But from what I have read online this might be a bit low for a long term portfolio. I often see people that go as high as 20% out of the 70% in those categories but that means one would have 28% out of the 70 in EM and small caps (20/70). However, if you look at a swensen style portfolio for example he actually has 5% emerging markets, but it's based on 50% stocks which calculates to 10%.. but that's out of 50% stocks. So would that indeed mean that for 70% it's a bit low? Hopefully you guys can give me some more insights on both questions and help me clear my mind! haha Thanks in advance :) [link] [comments]  |
| Examples of how outgoings reduce after retirement Posted: 03 Feb 2019 01:55 AM PST I have seen a lot of people talking about outgoings going down after retirement being the accepted wisdom, what are examples of how this happens? I can think of reduced fuel expenses when no longer commuting but am struggling to think of other examples. Obviously if you have children they will likely have left home in many cases but can't think of how other expenses would reduce directly linked to the cost of working/going to work. [link] [comments]  |
| Posted: 03 Feb 2019 03:19 AM PST Hey guys, just looking for opinions here. I've recently graduated university with a law degree and am stepping into the workforce for the first time. Honestly, I hate working and value my free time to be creative and enjoy myself a hell of a lot, so ever since I heard about FIRE, I've decided that I would work hard to achieve it as quickly as possible. However, going into the job market now I think about working in jobs I hate and I kind of dread it. But then I'm also not sure if working any job is going to feel the same for me, so I'm a bit conflicted. I've just gotten an interview for a job that pays $90k within 2 years, but it sounds like it could be boring (though I honestly don't know, maybe its riveting?). Do any of you have opinions on this? Would appreciate any advice. [link] [comments]  |
| Mortgage balance, mortage payment, inflation, etc. and FIRE calculations Posted: 02 Feb 2019 04:49 PM PST I'm possibly close to FI, and have been trying out various calculators / spreadsheets / etc. to see how close I might be. These explorations have led me to two questions:
The advice I have seen for FIRE calculation is to consider mortgage payments as an expense; and to not consider the value of the residence as part of assets (got to live somewhere; and it isn't generating income until you sell it). This seems reasonable. Most FIRE calculators handle inflation by normalizing everything into today's dollars. However, I have a 30 year fixed mortgage, and the mortgage payment isn't going to change for 30 years, while everything else will (likely) go up with inflation. If the mortgage payment is a significant percentage of yearly expenses (today, at least), this seems like it will throw off the calculation quite a bit. How to handle this in estimates?
The standard advice is to keep the mortgage, assuming it has a low rate; investing that money will (in the long term) give you a better outcome, because (in the long term) market return rates are higher than most mortgage rates these days. This seems reasonable. However, if I retire, then I will rely on investment returns to pay expenses. Expenses are significantly higher with a mortgage payment than without one. So if I don't pay off the mortgage, even if my portfolio is larger (generating higher returns), expenses are also higher, so (a) in at least one spreadsheet model, I reach FI later; and (b) comparing payoff vs. mortgage payment scenarios in firecalc, payoff seems to reduce the probability / time horizon of failure in many scenarios (presumably the ones that simulate a long market downturn happening sooner rather than later, coupled with the higher expenses with the mortgage payment). This suggests that if you are close to FIRE (and don't plan on significant income other than investment returns) then it is better to pay off the mortgage and lower expenses. What am I missing? [link] [comments]  |
| FI thoughts from an ex-Google employee Posted: 02 Feb 2019 09:23 PM PST Found this video of an ex-Google employee who has FIREd and talks about his thoughts. (this is not me. I'm still grinding through life) [link] [comments]  |
| My “first” exhausting year working towards FI Posted: 02 Feb 2019 04:30 PM PST Hey lads, Just wanted to share my story for the year as I am proud of where I have gotten to. Also can't share this stuff with many people. I try to share with my family but they think I'm crazy. I have always been working towards fire I just did not know it and in just in a very inefficient way so I put "first" in title for this reason. I have bought a few houses since I was 20 but could have done a better job of paying of the debt but I was young and having fun. I did realise from a young age(about 25) how bad credit card debt and personal loans were so I have not had any of these since then and I'm now 33. Almost a year ago I started to heavily focus on my budget and do a lot of reading including this sub. At the start of last year I was paying 200$ a week into a mutual fund and paying off about 1700$ a week into my mortgage. Now I'm doing 1300$ into etf. $2000 into my mortgage and $150 into crypto. I also max out my super contributions at 480$ a week. These numbers are still changing here and there as I pull the belt tighter. This year has been a super exhausting one in regards to finances as I have been actively trying to change my mentality and find ways to cut spending. I had two left just before Christmas that I wanted to work on. Food and partying. The last few weeks I have start doing meal prep and freezing meals and it is saving heaps. The partying I still need to work on. I am hoping this year will start to slow down in regards to actively trying to change the way I live. I can't wait to be in the boring middle that people talk about so I can just be on auto pilot for finances. I think I'm almost there. Anyways thanks for reading. Best of luck to you all [link] [comments]  |
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