Financial Independence FI saved my job... and got me promoted |
- FI saved my job... and got me promoted
- Daily FI discussion thread - March 02, 2019
- Does any one watch the Shiller PE Ratio for buying index funds?
- Want to make mortgage loan payoff in next week or two from Vanguard & Betterment (what is preferred/safe?)
- Have any of you gone into a field you don't like because you can make more money?
- Live in British Columbia LIRA/LIF options
- Interesting short video article on FI on the BBC
- How do you invest your “emergency fund?”
- FIRE calculations when one spouse wants to keep working
- Should i tell my parents about being close to FIRE?
- I want to have financial independence and retire early but our economy sucks.
- GFY money vs INF money
| FI saved my job... and got me promoted Posted: 01 Mar 2019 11:31 PM PST Here is a story about how pursuing FI has helped my career. I'm in my early 30s and have around ~$500k saved. My goal is somewhere around $2-3M so I'm not close to retirement but the nest egg is a good start. I actually don't mind my work and enjoy it sometimes but my field has horrible job security which is what prompted me to begin saving. It seems like layoffs happen at least once a year and with a young family I didn't want to be fucked if it happened to me. I hit $500k saved last year. And like clockwork, the layoff rumors started happening at the beginning of this year. Finally having a sum of money I felt pretty comfortable with, my confidence was high. What's the worst that can happen? They lay me off and I get a severance package, and I have a shitload of money anyway. So as soon as I got wind of the rumors I started shamelessly campaigning for a spot on another team that I felt was more strategic to the company. I watched all of our CEO's public strategy statements and put together a presentation that basically regurgitated his ideas and how they tied into why I should be on that other team. I'd never have so blatantly tried to find a spot on another team without FI. As it turns out, I not only got onto that team, but as a result of the layoffs and re-org they promoted me to be the MANAGER of that team! Most likely due to my understanding of the company strategy. My previous team was all let go in the layoff and re-org, so if I hadn't done that I would be looking for work. Certainly I could have done this without FI, but I was totally prepared to lose my job so I didn't feel scared about shamelessly initiating conversations with bosses 2-3 levels above me. And that is what saved me, and got me promoted. Edit: For those who are curious, I'm in consulting/professional services. I've averaged about $120-150k over the years depending on bonuses. Not software developer money but pretty good. [link] [comments]  |
| Daily FI discussion thread - March 02, 2019 Posted: 02 Mar 2019 12:08 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]  |
| Does any one watch the Shiller PE Ratio for buying index funds? Posted: 02 Mar 2019 02:25 PM PST While I never sell the ETF's / index funds I buy, I do try to time my buying. So far it's worked to my advantage. Does anyone else use the PE Shiller ratio to time their buying of index funds? [link] [comments]  |
| Posted: 02 Mar 2019 02:13 PM PST My decision has been made, and I'm excited about pulling the trigger! Also feels surreal already knowing I'll be completely debt-free soon (almost like I will be in some place I don't belong.. weirdly enough). Been going back and forth on pros and cons of paying it off for more than 6 months at this point at least. So - to do this I'm going to need to close out Vanguard brokerage account. And then some money from Betterment. Once mortgage is paid off, I still am leaving behind considerable amount of money in Betterment (more than a year worth of emergency fund, although this account isn't used for emergency funds, I have that elsewhere). You guys have probably been through this already. Should I:
I'm leaning toward option 2 - have proceeds go to my checking account the regular way.. then do a wire transfer from checking to mortgage lender. Thoughts? Does it not really matter that much? I'm trying to avoid any potential complications that might arise while I work toward eliminating the last debt from our lives! Edit: if this is the wrong subreddit, please let me know where I can post this question - I thought me doing this step is an integral part of becoming financially independent. I would post this on /r/personalfinance but I probably would get a bunch of responses saying I should keep the money invested instead.. [link] [comments]  |
| Have any of you gone into a field you don't like because you can make more money? Posted: 02 Mar 2019 08:21 AM PST I'm a 19 year old college student graduating this summer. I've gotten accepted for Princeton for an MFin, Berkeley for an MFE, and Carnegie Mellon for a MS in Computational Finance. They're top ranked programs with the median starting base salary being around $120k plus a large bonus. Within a few years I could be making around $250-300k total compensation. When thinking about FI, this seems amazing. I could have enough saved for retirement within 20 years. The only issue is that I'm not sure if I would enjoy this field and working 40+ hours per week for 20 years sounds like a lot, especially as a 19 year old. I feel like I would enjoy something in Data Science or ML much more, even though it wouldn't pay as much as finance. If I don't enjoy the field, I would have to get a second MS in order to be able to work in a Data Science since an MFin or MFE is useless for any field not relating to quantitative finance. I'd pay $70k-$100k for the degree, so getting the degree and then changing fields immediately would feel like I'm just throwing money away. Has anyone gone through a similar situation? Any advice? [link] [comments]  |
| Live in British Columbia LIRA/LIF options Posted: 02 Mar 2019 09:29 AM PST So long story short.... I live in BC and have done very well on some investments over the past 3 years. Im 41 now and would like to retire by 45....Here's where Im confused.... My initial capital came from a pension transfer to a self directed LIRA. Is even possible to convert to a LIF before 50? Id like to retire early as I will be financially independent by my early to mid 40s. [link] [comments]  |
| Interesting short video article on FI on the BBC Posted: 02 Mar 2019 12:27 AM PST No new information, but it was nice to see FIREd people not living in a van https://www.bbc.co.uk/news/world-us-canada-47410738 (American English helpfully subtitled for British viewers :)) [link] [comments]  |
| How do you invest your “emergency fund?” Posted: 02 Mar 2019 08:42 AM PST I've heard it said that it's recommended to keep 3-6 months of living expenses in an emergency fund. That may only be $7,500 to $15,000, but I feel like that's way to much too be sitting in cash... After much thought, I'm torn between investing my "emergency fund" in a bank like Marcus or a NQ Account at Vanguard and solely invest in VTSAX. I agree with the belief that having an emergency fund is good, but I just can't decide if investing $15,000 into VTSAX qualifies as an "emergency fund"? In that case, my emergency fund will be commingled with my retirement fund! But if I choose Marcus, I'm stuck earning 2%. [link] [comments]  |
| FIRE calculations when one spouse wants to keep working Posted: 02 Mar 2019 08:42 AM PST My husband and I both work full time currently, and my goal is to FIRE as soon as I can. However my husband is happy to continue to work full time until 65. After I FIRE, I would want to work casually so I'll still bring in some income while having the freedom to walk away at any point. We don't have children yet but we would like to and I would be spending most of my time caring for our kids after I FIRE. We are also living in a condo but would like to move up to a townhouse that will give us some more space. Given all of these variables, I'm having some difficulty in calculating my FIRE number. I would assume we'd be withdrawing less than 4% as it wouldn't have to cover all of our expenses. Do you have any tips on how I should project our future income/spending? [link] [comments]  |
| Should i tell my parents about being close to FIRE? Posted: 02 Mar 2019 08:08 AM PST I have 2 other siblings. We each have 2 kids. I make significantly more than my siblings, but they all have professional degrees and doing fine financially. I am worried that if i tell my parents about FIRE, that may impact money left in the will for the grandkids. They already alluded to the fact that " i don't need the money". I know it sounds selfish, but we grew up with similar genetics and the same environment. I just worked harder / took more risks in my 20s. I. I don't feel that my kids should be penalized for that. Edit: so i'm not asking for any money of course. Just because I will FIRE, it doesn't mean my kids will be set up for life. Of course they'll have a leg up ( education paid for example). Maybe my expectations are different due to cultural reasons (south asian). Edit2: my siblings prob have like 1-2 million dollars. They have doctorates and are not on skid row people. I have not lied to my parents. They live 10 min away so they know about every major purchase, vaca, work negotiations etc... They are proud of my achievements. I 'll share major milestones with them. I'm was just wonder if i should stop. [link] [comments]  |
| I want to have financial independence and retire early but our economy sucks. Posted: 02 Mar 2019 12:45 PM PST I live in a "shit-hole" country. our economy is nonsense. We're not the worst country in the world but unemployement is currently at 57%. Finding a job in this country is almost impossible unless youre connected so I am looking for ways to make money overseas via the internet but I can not think of any. Any ideas? [link] [comments]  |
| Posted: 02 Mar 2019 12:34 AM PST One of the things I've come to realize is that FI is a grind if you're looking at big numbers that are 10-20 years away. My FI number is realistic in 12-15 years on the pace I'm on. Id like to accelerate that but who wouldn't. But there are numbers before that to help keep me motivated. I think the big goal is always that FI number where people tell you to GFY. But before that comes INF money (I'm not f'd money) That starts with a healthy emergency fund which I have but the next target is my Re-FI number. (Retirement account FI) What this number represents to me is if I can get xxx.xxx into retirement accounts and then I never add one more dollar and let compound interest do it's thing I will still have a FI number at 60 years old. I'm 33 and I will hit that number by 38. Why thats important is because right now my wife and I have a SR of 50% gross income. At 38 if one of us were to lose our jobs (we get paid in a similar range) we could reduce our savings rate to 0 and be living on the same budgets and know that worst case scenario we're on a path to FI at 60. It's not FU money but it's the We're not Fd money where another level beyond an emergency fund is reached. Of course that's not the end goal but it's a milestone worth celebrating that adds a closer more tangible goal to my FI journey. [link] [comments]  |
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