Financial Independence Daily FI discussion thread - July 02, 2019 |
- Daily FI discussion thread - July 02, 2019
- Well I did it, officially on sabbatical!
- At 75, Taking Care of Mom, 99: ‘We Did Not Think She Would Live This Long’
- How am I doing so far, early into planning for FIRE while in college?
- Wife as Property Manager - Real Estate
- What did you guys really dislike about your job or work in general that made you want to aim for FI/RE? When did this dislike for your job arise: at a younger age, or as the work became more repetitive/stagnant?
- Anyone experienced with cost-effective, sustainable self-builds?
- The term "FIRE" coined as early as 2001?
- Paradox of thrift
| Daily FI discussion thread - July 02, 2019 Posted: 02 Jul 2019 01:09 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]  |
| Well I did it, officially on sabbatical! Posted: 02 Jul 2019 09:46 AM PDT 32, a little beyond "coast-FI", and just started my sabbatical with my new family. Current planned length: until the end of the year, and likely longer after I get there and revisit finances. Wife works from home and handles the income right now, of which we need not much. While not exactly FIRE, it's a good preview into my life would be like if FIRE'd today. My bosses and supervisors were understanding of my decision to leave to become stay-at-home at dad. I believe being on leave for nearly 3 months made the transition out so much easier and much less of a shock to either side. My workplace had become accustomed to doing things without me, and I myself had time to "turn it off". Now I have little to no desire to "turn it back on" - I even turned down a massive raise to go work elsewhere. Given current circumstances, my time now is so much more valuable than at say 42, 52, or 62 and beyond. I also understand the opportunity cost of taking time off at this age in my career, but YOLO and there's no guarantee of anything in the future. I can only hope and vote for the politicians who will increase the length of parental leave in the country so that all new parents both FI and non-FI can enjoy time and bonding with their little ones without having the pull the plug entirely like I did. Here's the current rough schedule of my current "FIRE life", because babies make having any sort of schedule difficult:
Weekends change it up a bit since I have other activities like hockey, volleyball, or tennis that I'm involved with. I have to pick and choose which activities though, because realistically I've only got enough energy in the tank for one activity right now. Lastly, if I can figure out some sort of reliable income scheme in this time I'm taking off, I don't think I will ever go back to a salaried position. So that will certainly be a goal and focus of mine alongside helping raise the little one. [link] [comments]  |
| At 75, Taking Care of Mom, 99: ‘We Did Not Think She Would Live This Long’ Posted: 02 Jul 2019 03:28 PM PDT I just read this NYT article about the financial difficulties associated with caring for a parent while you are in your golden years. But wait, it gets worse. According to the NBER,
Further more,
This is a double whammy: your expenses are increasing the most precisely when your net worth is at its lowest level and decreasing. The SWR literature needs to address this vulnerability, because I don't think health care costs are going to go down any time soon. In the meantime, it would be prudent to work for a few more years and build up more of a buffer to account for this. [link] [comments]  |
| How am I doing so far, early into planning for FIRE while in college? Posted: 02 Jul 2019 02:20 PM PDT Hi, I'm 25 and won't graduate until I am 27. My starting salary should be $50k, and after a few years I should be at an average of $75k. Right now I currently have $18.5k in Roth IRA VTSAX and $46k in Vanguard brokerage VTSAX. I also have an emergency fund. As a student I don't have a job with a 401k, so I've been dumping extra money into the brokerage. After I get my first job with one, I plan on maxing the $19k and the $6k for the 401k and Roth IRA respectively ($25k saving per year). I read that VTSAX is not ideal to have in a brokerage due to dividends, what is my best route to deal with this? [link] [comments]  |
| Wife as Property Manager - Real Estate Posted: 02 Jul 2019 03:56 PM PDT So I'm closing on my first rental this month. It'll be owned in my name only (just easier for financing). I'm planning to self manage. We're also about to open a solo 401k for the wife as she has a 1099 hustle (Shipt) that's on pace to bring in 15-20k. Question: can I pay her as my property manager? As I understand it, those 'wages' will be subject to FICA taxes, but then could be put into the pre-tax solo 401k. We're talking ~$1200/year initially, but plan to scale. Currently we fall in the 24% tax bracket. File as married/jointly. [link] [comments]  |
| Posted: 02 Jul 2019 04:26 PM PDT I'm hoping to get you guys' perspective on what drove you to reach FI/RE. I'm only 21 and I also have a similar goal, but I'm interested in gaining some new reasons! TL: DR What did you guys really dislike about your job or work in general that made you want to aim for FI/RE? When did this dislike for your job arise: at a younger age, or as the work became more repetitive/stagnant? [link] [comments]  |
| Anyone experienced with cost-effective, sustainable self-builds? Posted: 02 Jul 2019 01:42 AM PDT I've been reading into a lot of stuff surrounding the FI subject for a while now. My dream is to some day be able to build a cost-effective sustainable home, so I can be independant of landlords/bank/energy/utilities as much as possible. I've been watching a lot of shows where they follow people on their journey's of self building (Grand Designs i.e.) and often hear it can be a cost effective way of housing if you know what you're doing and use prefab or modular materials for example. By no means I'm underestimating the challange. I have no idea how to find a suitable piece of land for example. But I'm still young (26) and have a long way to go, meanwhile I like to read in to it as much as possible. Is there anyone with a simular goal or experience in this field that can help me out with good topics, forums etc. regarding the subject? Here's a list of topics I follow (updated) Prefab building /Modular building, Structural insulated panels (SIPs), Cross lamilated timber (CLT), Woodcrete / Insulating concrete form (ICF), Thermal perfomance & sustainability, Passive House [link] [comments]  |
| The term "FIRE" coined as early as 2001? Posted: 02 Jul 2019 08:14 AM PDT I browse the ERE forums occasionally and came across a thread where it was found that this post on the Motley's Fools forum is the oldest revelation of the term 'FIRE.' https://boards.fool.com/fire-not-looking-back-14876054.aspx?sort=whole#14876054 Thanks /u/NewJobPFThrowaway for pointing this out... Its actually this one: https://boards.fool.com/things-that-are-stronger-than-death-and-fear-14154995.aspx Wonder if the guy who made that thread is still happily retired 18 years later ;) [link] [comments]  |
| Posted: 02 Jul 2019 03:50 AM PDT So eventually I would like to FIRE. I am currently taking a macroeconomics class and learning about the paradox of thrift. As FIRE is becoming more and more popular each day, do you think this will eventually be our undoing? Those that don't know, the paradox of thrift is essentially the idea that saving individually is good but if a mass group of people are focused on just saving then that, in turn, hurts the economy. Less money being put into the economy means less economic growth. I apologize if this isn't allowed here but figured I'd pose the question. If the FIRE community continues growing, will the economy really suffer because of it? [link] [comments]  |
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