Financial Independence Daily FI discussion thread - July 11, 2019 |
- Daily FI discussion thread - July 11, 2019
- Can people stop being assholes in the comments section of the "just FIRE'd" posts?
- Add us to the list! 35m 2.4m NW, officially "done"
- What are your FIRE cheats?
- Do you have a financial advisor?
- Made a loooong list of over 35 of the best FIRE podcasts
- FIRE'd n your early 50's? What did you do after fire? How much did you have?
- Prepping for a career change at 31 - how much cash should I save?
- Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required by Kristy Shen
- Considering investing in rental properties as I get closer to FIRE
- High paying job, but health is deteriorating fast. Trying to save all I can to achieve lean fire, or semi-fire, before it all goes to shit. Need advice!
- Reflections post an expensive surgical procedure
- Created an AirTable for Financial Independence Calcs
- SoCal Meetup?
- Reddit blocked
- FIRE while working in education-proving it’s possible.
| Daily FI discussion thread - July 11, 2019 Posted: 11 Jul 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]  |
| Can people stop being assholes in the comments section of the "just FIRE'd" posts? Posted: 11 Jul 2019 09:43 AM PDT It's become nauseatingly predictable. Whenever someone makes a "just FIRE'd" post, a slew of people invade the comments section trying to pick apart any and every advantage that person had in a naked attempt to try and discount why their FIRE status isn't that significant. If there's so much as a hint of a high income, or a windfall, or abnormally high returns on investments, or any sort of advantage at all... it's almost inevitably seized on and rehashed over and over about how "of course you can FIRE with that kind of advantage." These aren't advice posts. They're not trying to tell you how you should go about reaching FIRE. They're just celebrating a significant milestone that, even with advantages, still takes years/decades of disciplined pursuit to reach. Trying to tear them down isn't going to make your journey any faster, or easier, or more significant when/if you finally reach it. Just say congratulations and move on. [link] [comments]  |
| Add us to the list! 35m 2.4m NW, officially "done" Posted: 11 Jul 2019 08:27 AM PDT It took us 12 years and a very supportive wife, but we finally hit our number. Here's where we're at:
My wife will continue to work since she enjoys the community aspect of going into the office. It's also contract work, so she won't be devastated once the contract is up. Our biggest takeaway has really been saving more than half of our income. We maxed out our 401k, and then saved at least half of our base salaries, and 100% off all commissions and bonuses. We did make a few good decisions with real estate, including buying straight out of college near the school. This allowed us to live well below our means the first 5 years out of school. Many of our friends were still in grad school at the time so we could blend in with the crowd and not overspend. By the time we were tired of living there, we rented out the home and bought our second closer to work. This got us generating income from the rental while still heavily saving from our main jobs. Once we sold those two homes, the appreciation and gross rental income accounted for 300k. Company stock also played a big hand. I was able to ride it out with a tech startup and received a few payouts as investors changed hands. We still would have gotten there without this, just not as high of amounts/home value. It took a lot of grit to make it through those times and I'm glad to be off the ride. There's really not a way to make the demanding requirements without sacrificing other life categories, and for me it was family (we chose not to have kids until later in life), friends, and health. We eventually shifted away from real estate and into index funds which is where we're heavily invested. I realized that I'm not handy and didn't enjoy dealing with tenant complaints or with issues that arose. Once our investments started making more than one of our base salaries for two straight years, I knew we were ready to pull the trigger. Moving forward, my plan is to rest for the time being and eventually help other startups and help out others achieve FIRE. [link] [comments]  |
| Posted: 11 Jul 2019 11:04 AM PDT 36M/no kids/900K net worth. I've embraced the FIRE lifestyle since my mid 20's by adopting the following practices: 50% SR, Maxing out my 401k, Paid off, fuel efficient, low end car, Modest 1,000 sq ft house, Carry no debt except my mortgage However, I regularly splurge on a few expensive items even though I know it'll slow down my FIRE progress:
What are your FIRE cheats? In case you're curious my net worth breakdown is the following: 250k 401k 100k brokerage 45k savings 500k home equity (I got lucky and bought a house in the Bay Area and it doubled in value over the past 5 years and I've been making extra mortgage payments) I make about $170k per year, but that is very recent. Most of my earning years I was making between $52k-$90k [link] [comments]  |
| Do you have a financial advisor? Posted: 11 Jul 2019 07:08 AM PDT I feel like everyone on this sub, leanfire, & fatfire knows what they're doing. I am not a finance professional - definitely have more knowledge and interest than say, the average Jane - but the lack of being in the field certainly prevents me from knowing all the loopholes, gotchas, and good stuff. Is everyone in here actually doing this on your own, or do you have an advisor? If so, is it worth it, and how did you choose one that you trust? What questions would you ask to vet them out? Edit: this is interesting, I'm glad I asked the question. Thanks for playing! [link] [comments]  |
| Made a loooong list of over 35 of the best FIRE podcasts Posted: 11 Jul 2019 03:30 PM PDT Here's a long list of the best podcasts for FIRE. There's over 35 in total and they've been broken up into sections for FIRE specific podcasts, Personal Finance and Investing, and a section on Side Hustles. If there are any we missed, let us know in the comments and we'll add them in. Link: https://www.podchaser.com/lists/Best-FIRE-Podcasts-Financial-Independce-Retire-Early-107ZzpuaZR [link] [comments]  |
| FIRE'd n your early 50's? What did you do after fire? How much did you have? Posted: 11 Jul 2019 02:19 PM PDT If you have reached fire in you are in your early '50s, what next things did you do? Did you quit work? Did you travel? How did you make your next steps. also how much do you have in the bank that is iquid? [link] [comments]  |
| Prepping for a career change at 31 - how much cash should I save? Posted: 11 Jul 2019 12:01 PM PDT (I think this follows the rules, but if not just tell me, I can delete or move this post. Originally I was going to put this in personalfinance, but my question is much more similar to how an early retiree might manage their cash and investments.) How do you balance your cash versus investments when you're trying to cover 1-2 years of living (no income)? If you're risk-averse, how would this plan sound to you? ------- $300k in retirement accounts, almost done maxing out this year. $270k in brokerage accounts (Index funds and heavily in one tech stock - planning on selling up to $70k over the course of the next 1-2 years to cover expenses). 30k in cash savings (2%) and 6 more months of working. For the next 6 months, I have $2k/month I could either invest, or add to my cash savings. Should I stop investing that $2k every month and instead grow my savings? ------ I've tried a career change in the past, but couldn't find a good fit (and missed my corporate benefits), so with a bit more self-awareness this time, I expect it'll take 1-4 years to really figure out my next career. It will definitely be a change from high-paying to mid/low-paying. For the first 2 years, I think my total expenses will be about $80k per year (health insurance, educational courses, etc). After that, I plan on reducing my COL and probably working lower-income jobs to just cover my expenses. I know I'll be fine financially, but I also know I'll get anxious if my net worth drops too low and I don't want to get tempted in returning to my high-paying (current) field). Single and renting, not sure about kids or house ownership - if that happened it would be after the career change. [link] [comments]  |
| Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required by Kristy Shen Posted: 11 Jul 2019 03:03 PM PDT Hi, I found this book Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required" in a blog about financial independence on biggerpockets.com. I was wondering if anyone has read this book yet? Thank you in advance [link] [comments]  |
| Considering investing in rental properties as I get closer to FIRE Posted: 11 Jul 2019 12:59 PM PDT I am considering taking a chunk of my portfolio, possibly 500K to 1M, and invest in rental properties. I'm clueless in this area and trying to figure out how to determine if this makes financial sense. My goal would be to invest keep things as hands-off as possible by outsourcing to a property management company. Thoughts/Questions:
If there's anything else I should be concerned about? [link] [comments]  |
| Posted: 11 Jul 2019 06:33 AM PDT Hi all, I am 30 years old, and currently make about 95k per year. I've been working at this job for just under a year now. It's a sales position with base plus commission. I have severe insomnia and don't sleep much every night. I've been suffering from this illness for over 20 years. I've visited many doctors, and have tried many medications, and taken many tests. They feel that it's genetic, and something is wrong inside my brain. I cannot seem to sleep or rest. As a result I look 10 years older than I am, and my body is breaking down. I'm seriously unhealthy, and it's starting to wear me down. I can't work out because I don't have any energy. I can barely get through the day now. My mind is messed up, and I can barely concentrate on tasks. I have bad cognitive problems, and have trouble remembering things. (This is why I don't think I can work much longer) I also cannot hold down. Traditional 9-5 jobs because of my insomnia (I currently work from home, and can create my own hours) i can't hang on to this job forever. Please don't give me advice on the insomnia. Trust me, I've tried everything imaginable. I've accepted my fate. Because of all of this, I've hoarded a large emergency fund. I save all my money, because I know I'll need it one day when I can't work and need to support myself. I think I can work for another few years before being too exhausted to do it anymore. I plan on saving between 50-60k annually.. more if I get bonuses. Company doesn't offer 401k, so I use a brokerage. I keep a large savings account because I'm scared I'll lose my job and it will be hard to find another due to my limited work schedule capability. I cannot function 8hours straight in an office job, or any job requiring that much of me. I currently need to take breaks and naps throughout the day to function well. I'm fortunate that this position allows for that. I mostly run sales appointments each day, but when I'm not on an appt, I can relax. I'm performing quite well despite my sleeping issues. I consistently hit quota, and earn great income. Stats: I have about 50k in savings 10500 in a Roth IRA 2k in a brokerage Account. Car is paid off I realize I need to invest into retirement, but I'm scared I'll need the money soon because of my health. I can probably save another 50k by next Summer. I don't have any debt, and I live with family. So I have low rent. I can stay with them for 1-2 years. I'm concerned about my future. What advice can you offer me in this unique situation? With my limited time, and income, how can be able to afford to not work, or even just work part time in the future? [link] [comments]  |
| Reflections post an expensive surgical procedure Posted: 11 Jul 2019 06:01 AM PDT Yesterday I had a surgical procedure done which was absolutely necessary to resolve a long time medical condition of mine. Normally I'm a frugal person with my FIRE goal in mind, but man the thought of going under GA and having somebody operate on me scared the crap out of me so I opted for a good private hospital in town. I knew it was going to cost me a fortune but decided to suck up and tap into my precious savings. Day of operation came and between the post general anesthesia trembling, the pain, and the final bill which came to over $5k USD, I realized more clearly than ever that health is our biggest asset. I am fortunate to have been on the FIRE path for a few years and to be able to afford quality health care, but yet a simple minor procedure wiped out my entire month's savings and more. Not to mention the mental and physical distress me and my family had to undergo. From now on I will aim to be more in touch with my physical and mental health and to really get my stress levels in check. In the end of the day, the road to the elusive financial freedom is a long and winded journey, and I think we would all rather be healthy and happy old(ish) peeps when we eventually get there. PS: today I'm just laying on the couch, sipping hot chocolate, high on painkillers, patting the dog, and rightfully ignoring the work emails. I can already see how actual FIRE life can be so glorious! tldr: being sick costs a lot of money and is super non-FIRE; taking care of our health should be an essential piece of the FIRE puzzle! [link] [comments]  |
| Created an AirTable for Financial Independence Calcs Posted: 11 Jul 2019 11:52 AM PDT Hope this is useful for someone =] https://airtable.com/universe/expgmS3rnUnOMScMU/financial-independence-fire-budgetcalculator [link] [comments]  |
| Posted: 11 Jul 2019 11:43 AM PDT Anyone interested in meeting up and discussing the FIRE movement. Retirement Planning, Tax Advantages, Investments etc. [link] [comments]  |
| Posted: 11 Jul 2019 03:04 PM PDT Aholes at work blocked Reddit due to being hosted on cloud platform. Kills the entertainment I used to have reading through this forum. Makes motivation for FI increase. [link] [comments]  |
| FIRE while working in education-proving it’s possible. Posted: 10 Jul 2019 08:22 PM PDT Overall I have never been focused on the aspects of money or really wanting a lot of it....but it has obviously come up while working in education the lack of money that we are compensated for the hard work... I didn't go into education for the money...BUT I do believe that overtime your experience and quality of work should lead to an increased salary or even one that makes you comfy enough to support yourself and a family.... My goal with FIRE is to focus on real estate assets to increase my net worth over time. My investments-mutual funds and Roth's will be maxed out. My goal is 3 million. I plan to buy my first rental next year. I will use that as my primary residence as well. I want to build up to 10 rentals. I actually love what I do in education and have gotten a 30k increase over the years but it's still not enough to only have one income and support FIRE goals. So many things I want to do for my family. I should mention I make 53k from my first job and 10k from my second job. [link] [comments]  |
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