Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - March 25, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - March 25, 2019
- Finally reached 50% savings rate (on sub-100k income)
- How do you withdraw/manage dividends after you retired?
- My financial journey - a 33 year old rambles about his path to FIRE
- Daily FI discussion thread - March 25, 2019
- How has financial independence changed you?
- First post long time lurker, just seeing if there are other people who have the same thoughts
- Weekly FI Monday Milestone thread - March 25, 2019
- What is your asset allocation and how many years to FI?
- 5 on 2 off: Financial Independence
- Just landed a job paying $400k. FI/RE finally feels possible. Can you guys check my math/plan?
- Best way to FIRE as a reservist?
- FIRE - Where to live in Canada?
- Anyone else sick of this slow grind?
- Why is it so hard to practice Stealth Wealth?
Posted: 24 Mar 2019 11:09 PM PDT 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] |
Finally reached 50% savings rate (on sub-100k income) Posted: 25 Mar 2019 10:05 AM PDT I know I see a complaint that people who make under 100k can't achieve FI, so I thought I would provide our numbers. Income: Savings: Savings rate: 51.5% I know there is debate on whether or not mortgage principal should be included, but since the house appreciates, and the money can be pulled out in the future, we have chosen to include it. We are pushing close to a 100k income, but are currently a few thousand short of that. I am an accountant for the state government, and my wife is a teacher. Our income is split fairly evenly. However, now that I've completed the CPA exam, I will start looking for something that has better pay and is closer to home. Having a dual income and being able to rely on family for very cheap childcare has been very beneficial to us. We live in a wealthy county in middle TN, which I would qualify as being on the higher end of MCOL. Our house was $325k and is in a suburb of Nashville, which is just above median price in our county. Our sizable mortgage payment has certainly set us back a few years on the path to FI, but the house makes my wife happy. Sometimes, you have to make compromises. We don't live deprived lives by any means. We are season ticket holders for the local professional hockey team (go Preds), and we take a couple nice beach vacations per year (substituting one to go to 2020 NHL Winter Classic). We also enjoy hobbies such as weekly board game meetups, playing our Wii U, neighborhood socials, taking our newborn and spoiled dogs for walks, and watching Netflix (it turns out watching reruns of the Office never gets old). I think what is most important is figuring out what matters to you and finding ways to do more of that. In our case, very little of what matters most is expensive. At the very least, we can find ways to make what we love less expensive. For example, we sell tickets to weekday hockey games to recoup most of the cost of season tickets, and we use travel rewards to never pay for plane tickets. [link] [comments] |
How do you withdraw/manage dividends after you retired? Posted: 25 Mar 2019 05:32 AM PDT Hello people of FII, this morning I woke up wondering how it will look like when I reach FII - if everything goes as planned - in 5 years? More specifically, how will I "get" the money to go through the month & pay the bills? If you're using a B&H stocks approach, this means accumulating dividends on the brokerage account until you reach a high amount and withdrawing? Selling stocks you have and withdrawing? If you're using a long-term bonds approach, this means selling said bonds every month? [link] [comments] |
My financial journey - a 33 year old rambles about his path to FIRE Posted: 25 Mar 2019 08:53 AM PDT I wanted to write a post detailing my financial journey. This is largely for my own benefit but thought I would share if anyone had anything to gain from my experiences. I acknowledge that some of this would be hard to replicate. Also, apologies for the long post. Childhood background, origin:
FIRE target and plan:
Summary of job movement:
Some observations:
Sorry for the ramble. It was somewhat cathartic to get this on paper. If the mods don't think this helpful feel free to delete. [link] [comments] |
Daily FI discussion thread - March 25, 2019 Posted: 25 Mar 2019 01:10 AM PDT 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 has financial independence changed you? Posted: 25 Mar 2019 04:29 PM PDT I am eager to be financially independent without necessarily retiring early. I have read several posts about how people's outlooks regarding their job and income change significantly after becoming financially independent (typically for the better). How has your life changed knowing that you could lose your job tomorrow and not need to find more work? [link] [comments] |
First post long time lurker, just seeing if there are other people who have the same thoughts Posted: 25 Mar 2019 06:30 AM PDT So, i am 33 just recently got to the 100k a year. I am married, and my wife is still going to school for nursing. I am doubtful i would retire early and not sure i am to concerned with it, I like my job. However the Financial Independence part is what keeps me coming back. I have seen my parents get laid off, and struggle financially my whole life. I want to have the ability to not worry about that. So, i am going at my own pace, (maxing out 401k, got a house that is in a high value market) and have a goal, to be FI, if along the road if I can retire early all the better. Anyone else taking a slower approach? [link] [comments] |
Weekly FI Monday Milestone thread - March 25, 2019 Posted: 25 Mar 2019 01:10 AM PDT 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] |
What is your asset allocation and how many years to FI? Posted: 25 Mar 2019 02:36 PM PDT I'm currently at 54% US Stock 36% International Stock and 10% Bond with 5-10 years to FI. Lately I have been considering dropping bonds all together. What is everyone else's allocation looking like? [link] [comments] |
5 on 2 off: Financial Independence Posted: 25 Mar 2019 06:47 AM PDT I am curious about the possibility of working a salaried position for five years at a time and accumulating savings to divert towards investments that would cover living expenses for the two year work hiatus. Does anyone have any ideas as to how to best develop a strategy for funding this particular lifestyle? Does anyone do anything remotely similar? For numbers and napkin math, assume $90,000 yearly salary. Take home roughly 65k. Contribute $27,400 to 401k, IRA, and HSA. $37,600 to work with. $25,000 annual living expenses. $12,600 to divert into taxable income sources to cover the two non-working years. Assume non-working living expenses decrease and no appreciable income will be generated. [link] [comments] |
Just landed a job paying $400k. FI/RE finally feels possible. Can you guys check my math/plan? Posted: 25 Mar 2019 02:15 PM PDT Current assets:
I'm starting a job next month that's paying me a whopping 400k a year, more than double anything I've ever made before. I'm both nervous about avoiding lifestyle creep, and also excited at the prospect of having a real shot at FI/RE if I handle this opportunity right. Here's what I've calculated my potential savings to be:
I figure if I hit 100k/year of passive income, I'll retire. As I see it, it feels like I could accomplish this in 10-11 years, when I'm 42 or 43. Note that these calculations are NOT taking into account my retirement accounts. The nest-egg would purely be my non-retirement account assets. Unknowns and Risk Factors. This is not taking into account several factors that are hard to anticipate, such as:
The numbers feel like they make sense, but it's kind of hard to wrap my head around. It feels like I'm missing something big that's gonna make me screw it up. Help me out here? Double check my math? Thanks in advance. [link] [comments] |
Best way to FIRE as a reservist? Posted: 25 Mar 2019 06:39 AM PDT Currently a USMC reservist in NJ. No deployments, but a lot of opportunities have been coming down the pipe lately. Anybody here have any experience on how to FIRE as a reservist? I have a full-time salary job and may go back to school for an MBA. [link] [comments] |
FIRE - Where to live in Canada? Posted: 25 Mar 2019 03:29 AM PDT Hi all, We are about to semi-FIRE from London (UK). Moving to Canada for various reasons. Where in Canada can I get a nice 2500sft house for around $800k, safe, good schools and access to a decent IT job market? Toronto and Vancouver ruled out due to high house prices. Also, we would like to be with 15-30mins driving distance to work. We've narrowed down on Waterloo and Kanata (both in Ontario). Are there any other cities to consider ? Better weather is a plus, but we could compromise there is everything else is good. Thanks :) Edit: 1. we don't speak french unfortunately Edit2: More about our FIRE situation: We are ready to FIRE as we have a decent income coming in from investments. But sometimes it all seems daunting and "to soon" as we are both under 40. We need access to a small IT job market so we can slowly transition into FIRE. I've now retired to focus on kids and home, but I have the itch to go back to work at times. My husband isn't fully FIRE ready yet mentally. I think he just enjoys tech. [link] [comments] |
Anyone else sick of this slow grind? Posted: 25 Mar 2019 06:05 AM PDT As a background, I am 31 M with a $72,000 income. Over the years I have grinded and amassed $600,000 via living super cheaply and saving/investing very aggressively (all stock + leverage). My take home income is $47,000 and I have saved $28,000 after tax last year. So just imagine my lifestyle being able to save that much on that income. In fact, I have been grinding for the last 8 years...living frugally, investing... however, I am getting sick of the grind. Meaning, I've done all the calculations...Even if I assume the best...the ABSOLUTE BEST..e.g. 10% rate of return over the next 10 years I would only have accumulated $2million-$2.5million. Personally, I have no problem dialing down my lifestyle even further to save money. I could potentially live on $800 per month if need be ($300 rent with 4 other roommates and $500 for everything else) to achieve goals for later in life... Honestly, I had more grandeur plans...at least fatFire by 40s but it looks like I won't ever achieve that unless I am making $250K+ per year I would love to be able to buy an annual worldwide ski pass and fly around and ski in those cool resorts, perhaps take first class flights around there, maybe train to climb Everest, stuff like that....at least before I am 50. Just wondering if anyone else is sick of this slow grind...? [link] [comments] |
Why is it so hard to practice Stealth Wealth? Posted: 25 Mar 2019 05:33 AM PDT What do you tell people when they ask you what you do with your money when they know you make a lot of money but don't have a lot of expenses? I don't tell anyone my salary, but a lot of my friends have a general idea because they graduated as the same major as me, or work at the same company as me, so they know approximately how much I make, and also know I pay very little rent, and have very little expenses. This weekend, for example, I told my friend how nice it was that my parents paid for a new couch for my apartment, and they turned to me and said, "Don't you make pretty decent money? Why don't you just buy it yourself?" I didn't really know what to say, without divulging the whole FIRE journey. "I like to have a lot of savings?" "I want to be able to retire?" [link] [comments] |
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