Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 01, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 01, 2019
- From negative $50k to quarter-millionaires in less than 5 years
- How to prevent major lifestyle creep?
- If you retired today, how many days would your investments last, using the 4% SWR?
- Pursuing FI on less than <70K/yr - Current Savings Rate @ 53% in a non-STEM career. Hard but possible
- TSP ADVICE?
- Daily FI discussion thread - April 01, 2019
- My fire numbers as an egyptian
- Weekly FI Monday Milestone thread - April 01, 2019
- How many of you have a "side hustle"?
- I took the plunge! (FIRE at 33, NW 1M)
- Received my ROE contribution check today. What should I do with it?
- Anybody gaining expenses at retirement?
- Do you hide your wealth from family/friends? I am afraid of people guilt-tripping me for my wealth.
- Am I the only one that likes to "splurge" by buying more of my favorite fund?
- [Episode 1] Starting my journey!
- Does anyone have experience with fundrise?
- 3 year update; approaching leanFI
- Retirement overseas?
- Looking to buy rental property
| Posted: 31 Mar 2019 11:11 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]  |
| From negative $50k to quarter-millionaires in less than 5 years Posted: 01 Apr 2019 08:39 AM PDT So I just did my quarterly net worth update and just noticed that we crossed the quarter million mark! And since people seem to like these kinds of posts, as well as being a good little reflection for myself, I thought I would share a little progress report of our journey. Here is a year-by-year summary: 2014
2015
2016
2017
2018
2019
Here's a little YNAB snapshot of the last 3+ years of networth tracking. Our expenses during that period averaged to around $3,100/month. That's enough to get us yearly visits back to Boston, grass-fed beef, a Nintendo Switch, among many other luxuries. With the baby on the way and since we crossed a significant milestone, we may relax our savings a little. But we'll see! [link] [comments]  |
| How to prevent major lifestyle creep? Posted: 01 Apr 2019 05:11 AM PDT Hey all, I recently got a job offer, and accepted. My pay will spike significantly from $18k post-tax to $54k post-tax. I already plan on socking away 25% into my 401k (the max I can at this company) and maxing an IRA, but this still leaves me with (very roughly) 30k to do as I please. I already plan on spending a bit more to let myself enjoy life, but how much exactly is still up in the air. I won't need a new apartment, as that's taken care of. Any advice would be appreciated! Edit: Now I see what people mean by "RIP my inbox." Will try to respond to as many comments/questions as I can. A few things: 1) My savings are already automated, even if it is only a little bit per month. 2) The company hard caps pre-tax contributions at 25% per check, I make up the difference in maxing it post-tax. 3) I don't plan on living "miserly", I know I definitely need/want a higher budget. Just trying to determine how to manage it/how much to increase it by. I've seen comments ranging from 10-25%, so I'll work something out. Thanks for the advice everyone! [link] [comments]  |
| If you retired today, how many days would your investments last, using the 4% SWR? Posted: 01 Apr 2019 08:22 AM PDT I have found this as a fun way to keep track of how close I am to financial independence. Rather than just taking your expenses and multiplying by 25 to see how much you would need invested today to be FI, this method tracks how many days you could get by on the 4% safe withdrawal rate. The formula to calculate your "days invested" is: Retirement Savings / (Annual Expenses / 365 * 25) Alternatively, you can use this tool While savings rate and net worth include cash savings and the equity in your home, the only numbers that go into this calculation are investments intended for retirement. [link] [comments]  |
| Posted: 31 Mar 2019 04:05 PM PDT Edit: There have been a lot of requests for the Google-Sheet. No guarantees I can make it happen but I will try to make it a template that you can input your own spending categories and make it work for you- this will take a few hours but I'll try to get to it this week Hey Everyone, I figured I would make this post since it feels like those of us in the non-STEM category (and especially with lower incomes) are under-represented. A little about me:
Things that probably make my current savings rate possible:
Salary: ~ $65K after bonuses My goal this year has been to save at least 50% of all income, and so far things are working out. I will say that I do track every penny, which I think is especially important for those of us without monster salaries. Take a peak at my rig: Example one is the daily dashboard - I don't have to do any inputting here. I have another google sheet that I input in all of my transactions, and vlookups and sumifs do the rest. Same thing with the Quarterly report, it all feeds from the one transaction master input and budget I created. The daily dashboard e-mails to me automatically every night at around 10:00 PM from a cool plugin called "Schedule & Send Emails in Spreadsheets" (wild name, right?) Example of Daily Report: Example of Quarterly Report: Also, you may realize the math doesn't add up perfectly to my claimed salary - the reports above do not include my 10% contributions to my Simple IRA, so my effective savings rate is actually a bit higher than what you see above. The purpose of these reports is to track the income/spending I have direct control over [link] [comments]  |
| Posted: 01 Apr 2019 03:00 PM PDT Hey folks. I'm getting out of the military soon and like a financially responsible individual, I have this TSP I've been contributing to since bootcamp. My question is, what should I do with it? Should I move it or keep it in there? Only problem with keeping it is that I will no longer be able to make contributions to it. Any advise would be great. [link] [comments]  |
| Daily FI discussion thread - April 01, 2019 Posted: 01 Apr 2019 01:11 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]  |
| My fire numbers as an egyptian Posted: 01 Apr 2019 08:18 AM PDT throwaway account because my friends following me, i'm 24 Egyptian working abroad with 85% saving rate monthly i calculated my fire long time ago and asked a lot of question and you guys really helped me and my goal to FIRE in my home country, but here is the thing 1$ = 18 EGP and 12.000 monthly is monthly is more than enough for me , which means i only need 3,600,000 EGP to fire ? its a lot back in egypt but its only 200,000$ i see a lot of high numbers here on the sub which makes me wonder is really 200k$ enough for me to fire did i get my numbers right ? sorry if this is not allowed to post but i just want to get my goals straight and know what i'm working towards [link] [comments]  |
| Weekly FI Monday Milestone thread - April 01, 2019 Posted: 01 Apr 2019 01:11 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]  |
| How many of you have a "side hustle"? Posted: 31 Mar 2019 10:00 PM PDT I recently finished "Your Money or Your Life" by Vicki Robin and "Financial Freedom" By Grant Sabatier and both books mention side jobs to bring in additional income. I've been wracking my brain for the last two weeks trying to come up with a low upfront cost and flexible way to get started in a "side hustle". I'm curious how many people actually have an additional stream of income and what it is. If you have one, what is it, how much are you making, and how much are you working at it? [link] [comments]  |
| I took the plunge! (FIRE at 33, NW 1M) Posted: 01 Apr 2019 03:49 PM PDT At long last, I left my soul-sucking job, with no plans to ever again draw a paycheck. I hit my magic number a few months ago, and was careful to leave on good terms with colleagues and with 100% buy-in from my s/o. Things I've realized as this day has approached: —My (former) colleagues are all either deeply in debt or shackled to their lifestyle. They really have no conception that I could be positioned to retire, since they couldn't do it themselves. Those senior to me make literal millions, but with jumbo mortgages and private school bills. Those at my level and junior are stuck with student loans and yuppy lifestyle creep eating away their paychecks to nothing. For smart people with finance-industry clients, there's a lot of financial illiteracy, too. —Having fuck-you money is everything it's cracked up to be. The last few months of work were just as awful as any similar stretch before it, but it didn't stress me half as much as in years past. Because I could walk away at any time, I had a sense of control even when assholes acted in charge. —As good as it is to say "no" to assholes, there's an even bigger freedom in saying "yes" to the people I care about. Can I babysit my friend's kid tonight? Sure, babies are fun for me! Can I go out for a movie with friends tomorrow? Hell yes, doesn't even matter what's showing. Spouse wants to do a weekend trip? Grab the keys, I'll pack a bag. It's such a boon never having to make excuses or contingencies for work coming up. —I've already started noticing I'm more patient, forgiving, and attentive in my daily life. It's a like revisiting level 1 after beating the boss of the game — things that once were challenges now are crushed effortlessly, because all the psychic energy drained by working is now brought to bear. The day-to-day errands, chores, and squabbles are easy to overcome when you have spare willpower to keep your temper — and spare energy to get off your ass and do the dishes! —Retirement binds me and my s/o together, even more closely than our marriage already had. I've basically pre-funded her eventual retirement, while her job is our equivalent of baristaFI — we've always lived within her (much) smaller income from a job she actually loves. But neither of us could quite make it without the other. It's a good thing we're in love and on the same page, 10+ years on! —There aren't too many hours in a day, and I'm busy even without work. I have an active social and family life, volunteering, travel — I literally don't have an open weekend on my calendar through July. I'm not even doing my preferred time-killer habits (like reddit) as much as I once did. —There's no satisfaction quite like accomplishing exactly what you set out to do. We laid out a plan in late 2010, and it had me retiring no later than mid-2019. Not to shabby! [link] [comments]  |
| Received my ROE contribution check today. What should I do with it? Posted: 01 Apr 2019 03:30 PM PDT Glad I beat the tax deadline to get it back. No taxes were taken. What should I do with it? Put all in the Roth? Put 25% of it toward early taxes for 2019? Suggestions welcomed. [link] [comments]  |
| Anybody gaining expenses at retirement? Posted: 01 Apr 2019 09:09 AM PDT Experts talk about how much less money retirees need to survive because of the cost of doing business is gone. Wardrobe costs, gas, lunches maybe an extra car ect. But I look at my job and once I retire I will be gaining expenses I didn't have while working. Cellphone..I have a work phone and my company is pretty cool with using it for personal do I don't have a personal cell phone. Home internet...work reimburses me my internet fees. Work clothes...I wear polos supplied by my company and khakis. I work mostly from home and very rarely need to eat out when I'm in the field. And finally the huge one... Company car...I have a company car and have had a company car since I graduated college. Haven't paid for gas, insurance, car payment or car registration in 20 years. I am married and we do have 2 family cars so it's not like I have to come up with 100% of this cost the day I retire. But geesh I'm not saving any money once I retire. [link] [comments]  |
| Do you hide your wealth from family/friends? I am afraid of people guilt-tripping me for my wealth. Posted: 01 Apr 2019 02:18 PM PDT I made a similar post on Entrepreneur and figured it would apply to Financial Independence as well. The TL;DR of that post is that I'd like to start making more $ with my business, but I feel like I've held myself back for subconscious reasons. While browsing this subreddit someone made a comment about hiding your wealth from others as they will start requesting it from you. Suddenly a lot clicked for me. I feel that I have a subconscious "mental barrier" towards earning/saving more because I am afraid of my family (mom specifically) requesting money from me. I don't know if I am over-thinking comments she has made or if I will be expected to give $, but for whatever reason I am afraid that they will request money from me/guilt trip me for becoming very wealthy. So do you hide your wealth from friends/family? One thing also that's hard for me is I'd like to inspire/uplift others by showing them what's possible, yet it seems the only way to do that is to reveal that you are financially abundant. How do you turn down requests for $ when you are in fact abundant? This is probably my biggest fear with $, is being guilt-tripped into being a "bad guy" because I won't give $. It's strange, I'd like to give to others & help others freely, but when it becomes an expectation suddenly I have this mental barrier holding me back... [link] [comments]  |
| Am I the only one that likes to "splurge" by buying more of my favorite fund? Posted: 01 Apr 2019 09:07 AM PDT I know a lot of people like to scratch that "buy itch" by purchasing something, from Amazon or wherever, it might be clothes, it might be electronics but almost always something physical. And I think most of us recognize that feeling of an itch to buy something. I was talking to a friend about FIRE/FI and investments and I jokingly said that "I'm the most boring person ever, when I splurge and impulse buy something it's most probably more investments/index funds". Lately (maybe last year or so) I've been splurging on investments. I might have some money left over at the end/middle of month (after already putting away a large amount when I get my salary) and it just feels so great to buy some more of a fund I'm invested in. Does anyone else scratch their "buy itch" by buying/investing more? [link] [comments]  |
| [Episode 1] Starting my journey! Posted: 01 Apr 2019 01:13 PM PDT Hello folks! Another guy attracted to the beautiful life of enjoying laying on a hammock while checking my bank account! Siesta, fiesta and beer! Just kidding... A stupid spanish youngster here... My situation: I am a 24 yo from Spain, middle size city. I am working full time as an engineer and getting 2k eur/month after tax (which is slightly above national average). I already own a car and have 0 debt (it's common in Europe to graduate with no debt ). I started working one year ago (I had some small savings tho) and paying no rent (living at home) so I am taking advantage of this to save money. I have a savings rate of 75% aprox. However, I do not own a house/apartment or any real estate investment. Here is my portfolio as of 1st of April (total of 30k):
My main goal is complete freedom. One advantage is that I pretend to retire in Spain and things are cheap!!! Disadvantage: salaries are low :((( I am mentally prepared as if public pensions won't exist when I get old. A rough calculation would be to achieve 400k to retire but also a rough calculation indicates that I am 25 years far away from it. Plus I don't think I can keep the savings rate this high if I live on my own. I'd like to hear opinions about my current portfolio and how to improve it. Of course my only way to go right now seems to increase income. My main concern is that I started investing one year ago and current market makes me wonder if a recession could take down all the effort I've put into saving :( Moreover, real estate in Spain does not seem a good investment so I have many doubts of where to put my money. If you would invest RIGHT NOW planning not to touch the money in 15 years from now, what would you do? All in index funds, dividend stocks? Real estate? Cryptos? Other ideas? I have lived abroad 2 years (studying and working) and I would consider doing it again, but I'm unsure I could save more than the current 1.5k eur/month I am right now with my 1year professional engineer experience... What are you thoughts? Thank you! Some context: I don't think even 5% of young spaniards would consider early retirement, nor putting money into a pension fund or even saving money in general, in that sense I consider myself a privileged! [link] [comments]  |
| Does anyone have experience with fundrise? Posted: 01 Apr 2019 02:12 PM PDT I read about fundrise.com alittle while back, and I've been thinking about investing with them. I'm just starting on the path to financial independence, so money is very tight for me at the moment. It seems like this could be a good investment opportunity , but I'm nervous about putting what little money I have available into it. Any advice? [link] [comments]  |
| 3 year update; approaching leanFI Posted: 01 Apr 2019 05:41 AM PDT Hi, 3 years ago I posted an update stating my current situation and it was generally agreed that I was well on the path, but wasn't really there yet. You can find that post in my history. Just thought I'd update the sub with current state and ask your opinion on progress, I personally feel I'm passing out past a lean fire threshold. But please feel free to disagree / agree. Exchange rates are approx. 2019 income; £115k ($150k) Expenses (excluding tax) £17.5k ($23k) Assets: Property £650k ($855k) fully owned Cash £70k ($93k) Investments £230k ($300k) Pension pots £166k ($219k) So in terms of investable assets I'm sat on about £466k which using the 4% rule would provide about £18.6k... Currently more than my outgoings. Although I'm slightly over doing it with cash holdings. I have zero plans to stop here, I might however change things up in another few years. How close am I now to safety? [link] [comments]  |
| Posted: 01 Apr 2019 11:28 AM PDT How many of you have given though to retiring over seas? I have been looking at Chiang Mai, Thailand. If you can outright buy a condo (100,000 to 150,000) you can live for $1200 a month. When I was in the military I spend 60 days there and it was a lot of fun. [link] [comments]  |
| Looking to buy rental property Posted: 01 Apr 2019 02:00 PM PDT I'm sure a lot of people here own some rental properties so I think this is a good place to ask. I am currently looking into buying a house to use as a rental property. If there is any advice you could give yourself while starting off, what would it be? [link] [comments]  |
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