Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 08, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 08, 2019
- $4m. 40. Last checkup before FIRE
- Preachiness about FIRE method
- What are your non-financial goals?
- Anyone else planning to go full time RVing after FIRE?
- VHYAX vs VTSAX for a permanent holding position.
- Daily FI discussion thread - April 14, 2019
- Cofounder for tech startup vs. FAANG for FIRE
- I live in US but don’t think I’ll retire here
- Housing conundrum
- VTSAX in i401k at Vanguard
- Calculating how much Social Security benefits if I stop working now
- As someone pursuing FIRE, what is an hour of your time worth?
- Should I move out of my parents house?
- Throw it all in Betterment? Or are dividend stocks ok too?
- If I FIREd, am I eligible for Medi-Cal?
- Currently FIREd in Salt Lake City. Help me FIRE in a better location
- Is it possible to work for FI while still in school with loans?
- What do you guys think of whole life insurance or universal life insurance
- FI question
- Did you own a business?
| Posted: 07 Apr 2019 11:10 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]  |
| $4m. 40. Last checkup before FIRE Posted: 14 Apr 2019 07:45 AM PDT Situation
Financial
FIRE plan
Last checkup questions
Thank you! The advice from this sub over the years is a big reason why I can do this. [link] [comments]  |
| Posted: 14 Apr 2019 01:37 PM PDT I am a long time poster on this sub but I am using my throwaway. Every single day I see heavily up voted post about how FIRE can be an obsession and that one should seize the day because they could lose it all if they die tomorrow. It's fine if people want to live that way but at this point it has become too preachy. Currently two post at the top are "FIRE Obsession" and "What's the point of wealth". Obviously there must be some influence from r/all given that both posts are over a thousand upvotes and basically say the something. I and many others believe in the "if you fail to prepare you prepare to fail" motto. We don't base our plans of hypothetical what if we die tomorrow scenarios. Even the mods of this sub admit "At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible." People who want to save as much money as possible shouldn't be demonized or be told to go to therapy since they don't like working at all. There is no one way to FIRE but this sub constantly pushes lifestyle inflation and justifies it by saying "what if I get a heart attack tomorrow then saving was pointless." The goal of the post is not to criticize people who do not want to minimize spending and maximize saving I just want to say be mindful not everyone likes the idea of working or the "build the life you want and save for it" and some of us rather retire as early as possible. [link] [comments]  |
| What are your non-financial goals? Posted: 14 Apr 2019 12:03 PM PDT I think most of us here have realised that financial goals related to FIRE are not ends in themselves but rather a means to support our other goals in life. This is the spirit of building the life you want and then saving for it. I'll start by saying the reason I am pursuing FIRE is to be able to to have the time, mental capacity and financial means to have and raise a family. Would love to hear what other people have as their ultimate goals that motivate them. [link] [comments]  |
| Anyone else planning to go full time RVing after FIRE? Posted: 14 Apr 2019 11:13 AM PDT My general plan is to pay off my current residence by the time I reach my 1M FIRE goal, rent it out, buy an RV outright, and live in it full time. Lots of overlap between FIRE, full time RVing and minimalism. Anyone else considering something similar? [link] [comments]  |
| VHYAX vs VTSAX for a permanent holding position. Posted: 14 Apr 2019 12:20 PM PDT Wouldn't VHYAX be better than VTSAX for investors that never plan to sell and rely primarily on dividends for income? It seems VHYAX has the best of both worlds, relatively good diversification (over 400 stocks) combined with a higher than average dividend yield. Why is VHYAX not discussed more in this subform? VHYAX is the Vanguard High Dividend Index Fund btw. [link] [comments]  |
| Daily FI discussion thread - April 14, 2019 Posted: 14 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]  |
| Cofounder for tech startup vs. FAANG for FIRE Posted: 14 Apr 2019 03:46 PM PDT Hi all, just curious what your thoughts are on whether it's worth it to try to found/cofound a tech company for 2-10 years or to stay at a FAANG. Not talking about being an early employee - I think the math only works out there if you really hit the lottery and happen to work for the next Google or something. I have a couple thoughts outlined below, but let me know if I'm missing anything: Pros of doing a startup:
Cons of doing a startup:
Really, I think in direct costs it all boils down to the fact that you are sacrificing pretty stable income for the chance at making much more. What I'm really curious about are the indirect pros and cons, like the career progression potential. Does anybody have knowledge or experience in this area that they could add? Personal anecdotes? [link] [comments]  |
| I live in US but don’t think I’ll retire here Posted: 14 Apr 2019 11:43 AM PDT Does it make sense to put 10% of my salary to 401k if it's very likely i'll be moving out of US in the next couple of years? My employer is matching contributions so it seems like a good idea but given such a short time I'm not sure if it's effective. WDYT? [link] [comments]  |
| Posted: 14 Apr 2019 03:19 PM PDT Married couple (both around 30 years old) with baby on the way. Currently rent a 1 bedroom apartment (~900/month rent). We don't exactly love the apartment environment. We have been house hunting for a while now, with no luck. Our net worth is ~600K with half of it in cash and the rest in investments (401K, IRAs, taxable accounts). We make a combined income of ~100K but will drop down to ~70K once the baby arrives. We're very new to the idea of investing money and FI, so only over the last year or so have we been funneling more cash into investments. We have held the cash reserve, thinking we would buy a house with cash. We are fully aware that most people here would say get a mortgage and invest the rest of the cash, but we just can't stomach the idea of borrowing money that we already have! We have been looking at houses in the 200K price range. One of our biggest issues with houses near us (within reasonable commute distance from main job) is the property tax rates and HOA fees. Even if you flat out buy your house with cash, you'll still have to pay 5-8K per year in taxes and fees (not to mention maintenance costs). On top of this, I think we could very easily reach FI within 5-10 years. Once we do, we would definitely move away from the city to somewhere with a lower COL, where we would be happier living and feel more comfortable raising a child (or children) with wide open spaces. (Imagine moving somewhere like Frugalwoods did) Is it even worth buying a house right now if we plan to retire and leave the area within 5-10 years? Everybody says buying is always a good investment, but from I've learned in the FI community, that's not ALWAYS true. I used to think that renting was just completely throwing money away, but am now leaning towards the idea that it may be better for us. What would you do in our situation? Any tips, thoughts, ideas, recommendations, leads, etc? [link] [comments]  |
| Posted: 14 Apr 2019 02:52 PM PDT This wasn't possible previously and I somehow missed the news but thought I'd share that I today I was able to purchase VTSAX shares in my i401k (individual 401k) w/ Vanguard. [link] [comments]  |
| Calculating how much Social Security benefits if I stop working now Posted: 14 Apr 2019 02:01 PM PDT Can someone tell me if I am doing this correctly? I looked up my earnings history from ssa.gov and it shows that I currently have 16 years of working history. I added up the earnings and it came out to $1,032,122. I then indexed the total earnings and the total came out to $3,004,668.10 using the chart that is provided (I am born in 1982 so I put 2044 as earliest withdrawl at 62). I then did the math in the following way: $3,004,668.10 divided by 420 = $7,153.97. Then I used the bend formula 926 x 0.9 = 833.4 4657 x 0.32 = 1490.24 1570 x 0.15 = 235.65 Added all up to equal $2,559.29 Is this the proper way to calculate the benefits or am I missing something? Also does this mean that if I don't work another day in my life I will get $2,559.29 at age 62? Your help is appreciated [link] [comments]  |
| As someone pursuing FIRE, what is an hour of your time worth? Posted: 14 Apr 2019 05:14 AM PDT Situations in life come up where you need to decide between time and money. This can be expenses: Car needs new brakes, grass needs cutting, etc., or side-income: selling stuff on eBay, credit card churning, doing surveys for cash, etc. Let's assume for this exercise that you don't like whatever work it is that you have to do (I change my own oil, which is nearly free nowadays...). A lot of my coworkers consider their hourly wage at work to be what an hour of their time is worth at home. To me, this is insane as we work in O&G and most salaries are $60+/hr. This allows some of them to justify going out to eat every night - pretty nifty. My breaking point is ~$15/hr, or about 33% of my marginal after-tax hourly rate. If it costs less than that, like our house cleaning service, I'd rather be watching Netflix. What's your breaking point? [link] [comments]  |
| Should I move out of my parents house? Posted: 14 Apr 2019 12:41 PM PDT I am 18, and I got a job as a computer programmer earlier this year. I've been doing quite well and I'm making $60K (medium cost of living area + I have no degree, so I think this is good). I currently live with my dad and his girlfriend, but she is a bit of a hoarder, our house is a mess, people are fighting a lot (also live with sister, and 2 brothers). Life at home is stressful but I have my own room and I've dealt with this my entire life, so there is no reason why I wouldn't be able to deal with it longer to save up some money. I don't WANT to live at home, but I don't have any friends :( and places are expensive around here, around $1.5K a month. I tried looking for a roommate and this man got really aggressive when we met up, suggesting we could sleep in one bed to save money and was just being really gross, so I ran out and I haven't looked anywhere since then. Ideally what I'd like to do is just buy a duplex/triplex with an FHA loan and rent out the parts I'm not using. To do that though I'd need to save up a lot and I don't know if I'm in the right market for it either. Either way, the idea of "throwing away" $1-2K a month for rent seems stupid to me when I could be living for free, for reference my brother is living at home still and is about to graduate at 22. I live about 50 minutes away from work so the commute isn't great but also not awful. If I stayed here until I was 22, like I think is a common thing to do, I could easily have ~$150,000 saved up vs ~$80,000 if I had to pay rent the entire time, and I don't think it's that weird to move out at 22 (right?). I just don't know. It seems like such a waste of money to rent a place and not build equity. It seems like throwing away money to me. The idea of throwing away so much money really hurts me because I grew up really poor so even though I'm making decent money right now, I still want to retire as soon as I can, and saving as much as possible early on is the biggest part of that, as I'm sure everyone on this sub already knows. Anyways, with that info, do you guys think I should move out and just save less, or stay at home until I'm 22 and save a lot more? Thanks for your time and help! [link] [comments]  |
| Throw it all in Betterment? Or are dividend stocks ok too? Posted: 14 Apr 2019 11:56 AM PDT I'm very new to the financial literacy game. I follow Mr. Money Mustache quite a bit and like his simple advice of using Betterment (since I only have a basic understanding). Since then though, I've developed an interest in watching the well known stocks, like Disney, Netflix and Microsoft going up. Beyond that, I read up a lot on dividend stock investing, where I would essentially be buying a stock here and there with dividend kings/aristocrats to bring in passive income. Speaking to the math, am I better off just throwing my extra money ($1,200/month) in to Betterment? Or, would building a side portfolio of solid dividend stocks also be a good idea? (I'm 34, married with 3 boys. Solid, steady job with a pension to retire with at 54) [link] [comments]  |
| If I FIREd, am I eligible for Medi-Cal? Posted: 14 Apr 2019 11:38 AM PDT Living in California, early 40s, only income in a household of four, thinking about and working on FIRE. I guess health care is the most concern. Looking at Medi-Cal, if I quit my job eventually, will I be eligible for Medi-Cal? [link] [comments]  |
| Currently FIREd in Salt Lake City. Help me FIRE in a better location Posted: 13 Apr 2019 11:01 PM PDT I would really like to leave Utah - Help me FIRE in a better location in the lower 48 states given my three needs.
Suggestions welcome! [link] [comments]  |
| Is it possible to work for FI while still in school with loans? Posted: 14 Apr 2019 10:05 AM PDT Hi, new to this subreddit. I've been interested in the idea of financial independence for a long time but haven't ever felt like I would be able to do it at that point in my life. My overall question: Is it feasible for me to start on this journey now or wait for a bit until my situation changes? The Situation Me: I don't have a college degree. I recently became a certified personal trainer and am trying to learn how to start an online training business. I also have two part-time jobs. Husband: Is a full-time Physical Therapy student and doesn't have a job. He will be graduating in early 2021. Together: We have no savings and are having to live off what I make to pay most of the bills and some of his student loans for rent. We live in a high cost of living college town. We usually have enough money for some small entertainment costs/eating out a couple times a month and if we NEED new clothes or shoes but past that, we don't spend a whole lot. I don't mean to make this too long but back to my main question: is there any way to work toward FI with absolutely no savings and while living off loans? I don't see a lot of options here but I also don't know a lot. Any words of advice or knowledge are appreciated. [link] [comments]  |
| What do you guys think of whole life insurance or universal life insurance Posted: 14 Apr 2019 12:10 PM PDT |
| Posted: 14 Apr 2019 01:26 PM PDT What is the relationship between your job, your income, and your happiness? [link] [comments]  |
| Posted: 14 Apr 2019 12:16 AM PDT I'm a salaried guy heading slowly towards financial independence. I've always heard owning a business gets you there faster. Would love to hear from those of you who have successfully fired while owning a business. Was it true in your case? And also what was your business? Thank you in advance Edit: clarified. [link] [comments]  |
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