Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 15, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 15, 2019
- Is anyone here actually FIRE using only stock market investments (and not "faux-FIRE")? Without managing rentals, doing part-time work, or blogging?
- THANK YOU r/financialindependence
- So what's the deal with VTSAX?
- If you are trying to keep up with the Jonses, here is their net worth
- Daily FI discussion thread - April 15, 2019
- Parental Leave: FIRE can't come soon enough!
- US Expat - Retirement Account planning suggestions request with IRA, Roth IRA or Megabackdoor IRA
- Father in law forced into retirement
- Weekly FI Monday Milestone thread - April 15, 2019
- Question for internet police, am I retired?
- Any strategies for car enthusiasts / gearheads? How do you guys deal with this hobby?
- 457(b) seems like the perfect FIRE account...
- [Follow-Up]Thanks everyone for chiming in and showing me that FIRE is real and not just for FIRE bloggers. I believe!
- Am I ready to fire yet?
- advice for trying to achieve FIRE on only about $22k a year
- Leave money for kids, good or bad?
| Posted: 14 Apr 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]  |
| Posted: 15 Apr 2019 10:47 AM PDT PLEASE prove me wrong because I'm starting to thinking FIRE is just trading a 9-5 job for a different job. I've been living the FIRE mentality for several years now; mainly following the principles and skimming blogs of big FIRE folks. One thing I'm noticing is that none of these people are actually retired, they just found alternative, often un-reproducible means to working instead of doing 9-5. They just traded one job for another. I've listened to several episodes of MadFientist's podcast and the majority of these big FIRE names are still working a lot of hours and bringing in a lot of money through:
most of which I'd argue isn't reproducible for the majority; because you need to have a niche skill, write well, there can only be so many FIRE bloggers, or you're spending so much time "supplementing your nest egg" that I wouldn't even consider it retirement. Real estate in particular is a really painful, annoying point because most folks struggle to even afford their primary residence much less acquire rentals (and even after that, you trade your 9-5 job to become a 24/7 on-call landlord). EDIT: Alright thanks everyone, my doubts are sufficiently dissolved. I am a believer that it's possible to FIRE without relying on post FIRE income. I still have my doubts about certain bloggers like GCC but that's my criticism of them being fakers and not of the possibility to FIRE by solely investing in stocks and bonds alone. [link] [comments]  |
| THANK YOU r/financialindependence Posted: 15 Apr 2019 12:39 PM PDT Not a talk about my money and where I'm at, so remove if not allowed, but I just wanted to thank this entire sub and everyone in it. I grew up poor(er) than those surrounding me, but not completely desolate. All of my friends in better positions, parents paid their schooling in full, their cars, everything. I knew I didn't want to grow up and be in the position that my parents were and currently are, with negative net worths each in their 50s. I'm currently in my 20s and just graduated around -40k from student loans, and know that because of the help of everyone here and my willpower to not be average, I will be in a great position in 30 years and RE (somewhat) My (older) coworkers brought up how they didn't see retirement being possible until they're 70 and the "rigged" system. I expressed that at my rate, I should be able to retire by 50-55. Two of them actually laughed in my face and told me to stop dreaming. We all make roughly the same income in a LCOL, so I know exactly what's possible with our incomes, and 50-55 years old is very reasonable. The lady who laughed in my face then went on to tell me the company "screwed her" because she "set up auto deposits into her retirement account" 14 years ago, and realized a few years back they were never deducted from her paychecks and invested. This sort of tells you about the type of person I'm talking about, who didn't realize what was happening to her money for 14 years. Thanks to you guys and the knowledge I absorb here, as well as my burning desire to live frugally yet comfortably for a Financially Independent future, I can gladly say this will never be in the shoes of these people. [link] [comments]  |
| So what's the deal with VTSAX? Posted: 15 Apr 2019 08:06 AM PDT I see this fund praised/made fun of/overjoyed/worshipped/mocked on this sub all the time... What makes this one so infamous? I have been trending towards the Target Retirement funds but curious if I should add some of this to my portfolio. Can anyone give me a summary and maybe its pros/cons in a non 'memey' way? Thanks! [link] [comments]  |
| If you are trying to keep up with the Jonses, here is their net worth Posted: 14 Apr 2019 06:14 PM PDT Not uncommon to see people wondering where everyone is on their "journey". Which is difficult because different people have different levels of income and have also been working for different lengths of time. I found these three charts that may help put net worth numbers in some type of context.
Now, keeping up with the Jonses may not be the right benchmark because they are not really "save for the future" type folks, as indicated by this tweet from last year. Hopefully you are all saving more than $6/month. [link] [comments]  |
| Daily FI discussion thread - April 15, 2019 Posted: 15 Apr 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]  |
| Parental Leave: FIRE can't come soon enough! Posted: 14 Apr 2019 06:46 PM PDT My second child was born at the beginning of March 2019. To be home with my wife and help with our new daughter and my toddler son, I took a week of vacation immediately; went back to work for one day; and then took my full paternity leave. My company quite generously provides six weeks of paid parental leave. Starting tomorrow, I have one week of paternity leave left. So I will have effectively been off work for seven straight weeks. Obviously, helping with a newborn child is no cakewalk (lack of sleep!). But these seven weeks have been the best that I can ever remember. It's been amazing to spend all day every day with my family. I'm already 32 years old and am working primarily with a dividend growth portfolio for FIRE. I target to invest $2000 each month into specific highly researched dividend paying stocks; with an end goal of $100k in dividends for FIRE. But it's super slow going. My calculations indicate another 20 years of work. I'm sure if I pull from 401k and ROTH before 59.5 I could maybe cut it down to 15 years more of work. But it's hard to predict that far into the future with any true clarity. After being away from a traditional job for nearly two months, I absolutely do not want go back. But I am the sole provider for my family. And if I don't return, I won't be able to invest. I don't work for "job satisfaction". I have forced my promotions and raises over the years entirely to increase salary and thus investing ability. I did this because I'm 100% confident I would never get job satisfaction from any career. To me, work is to make money. I am working on a few side hustles, but nothing too major yet. And again, these are specifically focused to increase investing FIRE-power. All this to say: I thoroughly enjoyed being home with my family all these weeks. I cannot wait to have this be my "full time job". I only wish that it didn't have to come after my children are grown. [link] [comments]  |
| US Expat - Retirement Account planning suggestions request with IRA, Roth IRA or Megabackdoor IRA Posted: 15 Apr 2019 09:09 AM PDT Hello all, Have been reading this subreddit for a while now. I was not aware of the FIRE acronym and movement until very recently We are US Expats (8 years and counting) working for Fortune 50 firm and are on our way to FIRE. We are US citizens of Indian origin and plan to retire in Goa, India and visit US every year for 2-3 months. Single income currently as the other is taking a break from work or on FIRE early :-) This is the status of our liquid assets and I request suggestions with the below. (All figures in US$)
** 401K: No contribution since moving abroad ** Cash: Need to pay for kids college starting next year. High Income (~$300k) so full OOS tuition in US. Willing to pay for IVY League ($75k/yr per kid) if kids get admission (2020 and 2022). Considering our situation, what is the best way to move the cash and stocks into retirement accounts. Also, the plan is to eventually purchase a hotel apartment (in FL?) for under $200k (to live during our visits and rent when away). This, Hotel Apartment, needs further research though. TIA. [link] [comments]  |
| Father in law forced into retirement Posted: 15 Apr 2019 03:55 PM PDT So I apologize in advance for not having the numbers yet. My father in law is basically being forced to take an early retirement package. He has a pension but I don't know what he's getting or what the package will give him. He's 59 this year and only has $500k in his 401k. I just heard about this. They are talking about taking about $60k of the 401k to pay off their house and we're going to talk to a financial person. The company is getting them in touch with fidelity who deals with their retirement. They want to be able to collect interest from the 401k. All I could tell them is do not get any annuities and you should speak to a fiduciary because they're legally obligated to give them the best financial advice for them. How can I help them? Is fidelity the right people to talk to? I put as much money away as I can but I'm not that knowledgeable about this and I would like to help them. Please help me help them. [link] [comments]  |
| Weekly FI Monday Milestone thread - April 15, 2019 Posted: 15 Apr 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]  |
| Question for internet police, am I retired? Posted: 15 Apr 2019 11:11 AM PDT So I quit my job last week. Just had it. Bleh. Thinking about that job made me physically sick to my stomach. I probably am severely depressed, but I also feel like work was 80% of the cause. Left an $85,000/year job just like that. So my question is, if we can afford to live off husband's salary, and could easily withdraw another $47,000/year from retirement savings (but wouldn't ever plan on drawing even half that), can I say I am retired? At age 46 with a kid off to college, I can't really claim to be a stay at home mom though that is technically correct as well. I can piss off the internet police even more and say I am having fun this week earning income from side gigs (pet sitting, grocery delivery). I like the idea of setting my own hours, and decreasing any chance of having to touch retirement accounts. I just can't figure out what to say when people ask. I mean, I would consider another job, but I don't need to. Husband is employed and I am barista fired? Lol, no one else knows what that means. I guess maybe I just don't want people to find out I drive for Uber and worry that we are broke. [link] [comments]  |
| Any strategies for car enthusiasts / gearheads? How do you guys deal with this hobby? Posted: 15 Apr 2019 02:48 PM PDT As we all know, cars are a kinda expensive hobby to get into, and probably even worse, a quite expensive hobby to maintain, and basically everything about cars goes against the principles of FIRE , so I'm trying to know how the gearheads/car enthusiasts of FIRE deal with the hobby. My life goal is basically to be this guy (shoutout Hoovie) but before daydreaming about owning 26 cars I think I should at least strategize a bit hahahaha Do you guys stick to one car to lower the amount of insurance/expenses per year? Do you guys have a set amount of money to spend per year on "car related ventures" and just blow it to enjoy the hobby and free up mental space? Are you guys very aware of the market and treat the cars you buy like investments in a sense, to get less hit by depreciation? I haven't seen many posts about this topic using the search function, I saw one of a guy who did the set amount per year (40k i think lmao) for a new car [link] [comments]  |
| 457(b) seems like the perfect FIRE account... Posted: 15 Apr 2019 10:36 AM PDT I'm getting offered one through a private university hospital (on top of a 401k) and I hear my savings could be wiped the hospital goes bankrupt. But because it's a university hospital from a well known university, I shouldn't really have to worry about this right? Or is it better to play it safe and let the money be taxed then invest it myself? [link] [comments]  |
| Posted: 15 Apr 2019 03:57 PM PDT From this post: https://www.reddit.com/r/financialindependence/comments/bdj0yg/is_anyone_here_actually_fire_using_only_stock/ Today this sub helped me see that FIRE is realistically achievable for a lot of us and not just high traffic bloggers and those listed in my other post. As someone who has always been financially responsible, I never browsed this subreddit much and mainly digest FIRE by following a few bloggers. This doesn't change much for me financially because I still plan to save but not live like a miser throughout my accumulation phase but mentally it has
I still think GCC is a fucking liar though and nothing is going to change that 'til he releases his NW. [link] [comments]  |
| Posted: 15 Apr 2019 10:57 AM PDT I am a 50 year old male who works in sales/tech. Tired of the grind and looking to fire in 2019. I will look for part time work once I do leave my current role. I plan on earning at least 25k per year from 51 to 60 years old. My wife is a teacher and will continue working until 60 to achieve her maximum pension. We live in Upstate NY. Based on the information below, do you think I can fire at the end of 2019? Current Income:
Retirement Income:
Assets
Expenses
Debt:
Other
My thinking is that with my wifes income/health care and me working part time we can cover most of our expenses until we turn 60. I may have to pull 1-2% from the portfolio from 51-60 years old but thats about it. The portfolio will continue to grow until 60 and then we have substantial retirement income between pensions and social security. Barring some catastrophic event, all the models I run tell me I should be fine to Fire in 2019 and go work some part time job. What am I missing? [link] [comments]  |
| advice for trying to achieve FIRE on only about $22k a year Posted: 14 Apr 2019 05:22 PM PDT I don't even know if it's possible for me. of course I'm going to try to find ways to increase my income. But I turning 24 in July. I have no debt at all. right now I am contributing 20% of my income to a Roth 401k, and my employer matches 5%. I haven't been doing this too long however, I only have about $3000 so far. however going forward this means I'll be contributing a little over $5000 a year. Do I have a chance? Should I start investing in a regular brokerage account that I can start withdrawing from before I'm allowed to from my 401k? or is retiring early probably out of the picture so I should just put it all in my 401k? thanks in advance. I feel kind of lost. [link] [comments]  |
| Leave money for kids, good or bad? Posted: 14 Apr 2019 05:23 PM PDT One of the regrets with retiring early that I have is this. I will be spending several years working, carefully saving and investing to build say 1.5 - 2 m that would be good for me for life. Instead of stopping there if I continue for few more years, I will be left with 3-4M, which will allow me to pass a million each for the kids as inheritance that'll help them start well on their journey for FIRE. I can do this carefully by allowing them to work hard till their early 30's before passing them this. The downside is working on for more years which will be more frustrating for me. Have you guys thought about this? What are your thoughts on this? [link] [comments]  |
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