Financial Independence 40 & just passed 650k NW |
- 40 & just passed 650k NW
- Relationship vs FI/RE
- Which milestone had the most profound emotional impact on you, crossing 100k, 200k, 250k etc
- Crossed 1/4mil- Long time Lurker just want to say thanks!
- Expectations vs reality post FIRE
- Daily FI discussion thread - April 06, 2019
- Should I hold investments at multiple brokerages to diversify against one of them going bankrupt like Lehman Brothers in 2008?
- My Company is doing layoffs.
- 26, recently crossed the 100k mark
- 2.5 year update - consistent saving
- Do you pay estimated taxes on dividends and cap gains?
- US vs International Exposure, am I way off base?
- What do you include on your net worth ?
- HSA or no HSA?
- FI in Australia to retire in Italy
- Can I convert or switch over from my Roth 401(k) to a traditional 401(k)?
- Retirement withdrawals from bonds during recession?
- I will not tip-toe through life only to arrive safely at death.
| Posted: 06 Apr 2019 07:47 AM PDT My wife, son, and I live in HCOL area, but we just surpassed 650k Net Worth. I know we need more, and we will, but for the next few years my wife is a SAHM. I hope to retire before 60! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 06 Apr 2019 12:35 AM PDT So this would probably also fit into r/relationshipadvice but since our disagreement exclusively concerns money and FI/RE, I rather wanted to post it here. If it does not fit this sub I am sorry and will obviously delete the post. I'm in my mid 20s and have a GF of 7 years whom I love deeply.. however... while we are very suitable for one another in most regards, we are not compatible at all when it comes to my FI/RE plans. She has a very good education (Bachelor/Master/PhD in psychology), but recently told me the entire truth: She wants to stay at home, first with "kids" and afterwards just on her own. She does not plan to go to work ever again after she gets pregnant. Moreover, as of now, she also does not want me to retire anytime before 70 because I, "as the man, have the obligation to care for her financially". As she likes luxury products (e.g. chanel bags) and vacations, retiring early on just my income seems unfeasible. What's even more troublesome, she also does not agree to split my income into two so that everyone can spend/invest their own part. If I want to invest my own part while she spends hers on luxuries, she still wants to (and legally would if we were to be married ) own 50% of my investments. Effectively, this discourages me from investing in our future altogether. I tried talking to her about this many times, but she would not budge in that regard, pressuring me emotionally by saying things like "You really do not love me if you don't want me to be happy" and multiple other ironic things like that... To be fair, her parents live like that so that's probably where she got this idea from. Her father earns 200k+ and wants to retire as well, but so far was not able to (he turned 56 this year), mainly due her mother having the same expectations and being of high maintenance as well. Overall, I am just at a loss of what to do. Either break up with her or just relinquish my hopes of FI/RE seem to be the only viable options. If someone here can think of any other options or was in a similar situation (or maybe just had disagreements over money with their SO), I would be glad to hear about that! EDIT: First of all, wow this blew out of dimension! The community really proves once more to be invaluable, well-experienced and supporting. Tomorrow I will have the time to read through every single comment and try to answer them. Even as it stands now, I learned much by your discussions and am incredibly grateful for all the new thoughts that were provided here. Reading through them really helps me to shape my own opinion more clearly and to consider new important aspects. Overall I should also mention that she really does have many positive attributes as well, otherwise I would probably not have stayed in the relationship as long. I would not be were I am today if not for her help and love and I can not just ignore my past happiness with her. Yes there are many red flags, but there are also various things that make up for many of them. Currently I'm leaning toward discussing and settling things once and for all when she comes back from her current vacation. I will talk about my expectations very clearly and ask her more details about hers (and her reasoning). I will formulate what I think is absolutely necessary (e.g. mutual plans for future savings but also things that I would want to put in a pre-nup) for me to continue the relationships and also where we might be able to find compromises. Overall, I will also make clear that if she can not change in this regard without starting to resent me, then I will have to end it before it's too late, as hard as it may be. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Which milestone had the most profound emotional impact on you, crossing 100k, 200k, 250k etc Posted: 06 Apr 2019 01:37 PM PDT | ||||||||||||||||||||||||||||||||||||
| Crossed 1/4mil- Long time Lurker just want to say thanks! Posted: 05 Apr 2019 07:59 PM PDT I'm 30 been in a HCOL for the last 7 yrs as a employee of various non profits. I was able to graduate with just Stafford loans which I was able to pay off while working in college and living at home for two years after college. Started working at 40k for the first three yrs after college and been able to get promotions and pay increases each year after that. This allowed me to recently start making my 401k. I just crossed 250k which has been a huge target of mine for the last couple yrs since I discovered this sub. According to my projections (current rate) I should hit 300k early next yr! I do feel like I am heavily (60%) in cash and should put it in some sort of account outside of t-bills and savings but that's another day. So this was attained without winning some lottery or going "yolo" in an equity. I just want to say thanks for everyone's advice and posting experience. This is what the internet is for! Thanks for this amazing and valuable hobby! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Expectations vs reality post FIRE Posted: 06 Apr 2019 02:07 PM PDT Curious for those of you who are FIRE if your experience being retired were just as expected, or something very different. Did your stress level go down? What did you find challenging being FIREd that you did not expect? Was it better or worse than you hoped? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Daily FI discussion thread - April 06, 2019 Posted: 06 Apr 2019 01:08 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]  | ||||||||||||||||||||||||||||||||||||
| Posted: 06 Apr 2019 08:47 AM PDT My fiance and I have investments in several different places at the moment (Fidelity, Betterment, Morgan Stanley, not even sure about her old 401ks. We were thinking of consolidating them all in one place for convenience, but does it actually make more sense to spread them around to a few brokerages? It's not totally clear to me why some of these places would be able to lose my money by going bankrupt but I'm a bit worried about it. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 05 Apr 2019 09:44 PM PDT I've been in the same company for 14 years and worked my way up to a decent salary(135k) upper middle management role. The last 3 years have been overwhelming as they brought in too many consultants that kept changing the structure. This last round they wanted to trim the staff and add more responsibilities to me. I'm in a decent situation but not at FIRE yet. I've told them that if they are doing layoffs that I wanted to volunteer as I'm under contract and would get paid a year salary and benefits. I was told a flat no and they needed me to run the team. This is a classic example of giving the good employees more work. Since they are looking to save money they wont pay me more for taking on the extra responsibilities. I feel stuck. I want to quit but I feel it's unfair that the under performers are getting severance packages. I've been looking for another job but the job market in my city is slow. What would you do in this situation? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| 26, recently crossed the 100k mark Posted: 06 Apr 2019 12:20 PM PDT Only my siblings know this but I officially crossed the 100k mark! I currently make 100k and have been fortunate enough to be locked in an amazing rent situation in LA ($732/month) on the west side. The savings may be short lived however if I choose to pursue my MBA. Tbd I guess. Currently I have 37k liquid and 66k in investments (401k, Roth, stocks, Vanguard funds). Any thoughts on what an ideal ratio of investments to liquid cash would be in case the market tanks? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| 2.5 year update - consistent saving Posted: 06 Apr 2019 08:29 AM PDT Hey all, I've recently come across a post I made 2.5 years ago with my financial breakdown and wanted to share what this r/PersonalFinanceCanada and r/financialindependence have done to my finances. I spent my 20's mostly squandering my money (no clue about investing), but got serious when I found these 2 subreddits. You can see the old post here to compare. I hope to look back on this post in 2 more years and hopefully be in an even better situation.
The higher salary and being able to split bills with the girlfriend really helps, but for the most part it has been consistency in saving. Every time I get paid I put away $2,000 across my investment accounts. Here is a breakdown of my budget from 2 years ago, I managed to cut it down even further, but for the most part it's very similar. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Do you pay estimated taxes on dividends and cap gains? Posted: 06 Apr 2019 11:23 AM PDT Four years in a row I've had to pay a tax under payment penalty. I'm already claiming 0 on my w4 and max out my 401k but this does not offset the income from investments. The dividend income is getting to the point where it is leading to a large tax bill at the end of the year ($10k+). Seems like this problem will only get worse. For those with large dividend or cap gains each year, how do you handle taxes? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| US vs International Exposure, am I way off base? Posted: 06 Apr 2019 09:53 AM PDT I am wondering if the following weighting in my portfolio is way off base or something that seems pretty solid: 75% VTI (Large Blend US Market) 18% VXUS (Large Cap Foreign: 7% VSS (Small / Mid Cap Foreign) I plan on having around 90% of my investible money thrown into these funds, with the remaining 10% being my "professional gambler" money and taking some higher risk single equity investments. (I know this may not be advised but its more of a fun/learning thing and I do not have issues with the extra risk) Any advice would be greatly appreciated, thanks for the help! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| What do you include on your net worth ? Posted: 06 Apr 2019 02:07 PM PDT I have been reading almost everything about FI in the last few months. While planning your FI, do you set a specific amount of networth you need to have as goal? And that about net worth ? What do you exactly include in there ? Do you include things like home market value minus due mortgage ? If there is a small business, do you try to evaluate its value and include it in your net worth ? Do you include such business assets ? How about a potential future heritage ? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 06 Apr 2019 09:30 AM PDT I need your assistance to determine which plan to opt with. I'm planning to switch companies soon they offer 3 different health plans. Plan 1 with high premium and low deductible with no HSA. Plan 2 with medium premium and medium deductible with HSA. Plan 3 with low premium and high deductible with HSA. The catch is that my wife's company will reimburse her with a stipend because she does not use their insurance and we use my company. So essentially her company will be paying for our health insurance. We're about to have our first child later this year. It would be nice to pick plan 2 and be able to invest the maximum into the HSA, but I'm leaning more towards getting the best health insurance plan with the smallest deductible. My option is go with plan 2 with HSA or Plan 1 with no HSA and lower deductible. What say you reddit? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| FI in Australia to retire in Italy Posted: 06 Apr 2019 02:52 AM PDT Hi guys – I'm new around here and I wanted to share with you my situation. Hopefully I'll get some good ideas to work on. Thanks to the ones that will provide input! I'm based in Australia but originally from Italy. I'm a high income earner with my full-time job, I own 1 investment property in the UK (no mortgage) and 1 (modest) investment property in Australia (interest only mortgage, 50% offset). I currently keep all savings in cash in Savings Accounts or Term Deposits. I am renting the house where I live in, and happy to continue to do so – no intention to own the place where I live in really. I'm in my mid 30s. Married + 1 son. The key idea is to become FI and then move back to Italy where cost of living is sensibly lower. On top of my Investment Properties, I want to start investing now in ETFs and I have made up my mind around an allocation. I'm thinking of using IB Australia as a broker. Anybody out there in a similar situation? Any tax issues I should be aware of in my path to FI with the view to relocate to Italy? Any help or pointers, much appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Can I convert or switch over from my Roth 401(k) to a traditional 401(k)? Posted: 06 Apr 2019 08:19 AM PDT I tried to do some Googling and searching of this sub for this question, but I'm not finding anything (I must just not know what to search since I know this info must be out there). I like the idea of the Roth conversation ladder, and I'm guessing it can't be done effectively from a Roth 401(k), which is what I currently have. Basically I'm trying to figure out:
Some background info on me in case it's relevant:
Thanks in advance! [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Retirement withdrawals from bonds during recession? Posted: 06 Apr 2019 06:04 AM PDT Say i have 3 years of living expenses in bonds, what kind of bear market would i look for to start drawing from it instead of equities? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| I will not tip-toe through life only to arrive safely at death. Posted: 06 Apr 2019 12:25 PM PDT The quote above seems particularly apt for trying to figure out a balance between saving for the future and living in the now. As someone new to this sub, I am always looking for comments about frugality and how to cut costs to save more. However, I'm also keenly aware that I'm not sure I want to sacrifice my quality of life too drastically in order to, hopefully, retire with a decent quality of life in the future. How do you FIRE folks strike the balance? Is there a litmus test you apply when deciding on what to add/delete from your day-to-day expenses? TIA for any advice. [link] [comments]  |
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