Financial Independence Daily FI discussion thread - July 12, 2019 |
- Daily FI discussion thread - July 12, 2019
- Am I looking at this organization wrong?
- Weekly FI Frugal Friday thread - July 12, 2019
- 20-something trying to FI/RE but just found out that my parents don't have a retirement fund
- a 10 Year Plan to FIRE/FATFIRE
- You just reached your Financial Independence $ amount in your investment portfolio, quit your full time job, then the market crashes- now what?
| Daily FI discussion thread - July 12, 2019 Posted: 12 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]  |
| Am I looking at this organization wrong? Posted: 12 Jul 2019 01:12 PM PDT Hey all, My friend and I were talking the other day about our financial plans and I started talking to him about FI principles. He seemed to believe that 401k's and IRA's are useless, and he's all about this real estate organization called Lifestyles Unlimited.. apparently you pay them $10,000 a year for resources to manage rental properties. A quick google search and I found this article on their website which seemed... sketchy to me? He's been meeting with these people and wants to cash in his retirement accounts to buy a membership and start buying rental properties. I have no problem with owning rental properties but something just seemed off, anybody have experience with this organization? Article below. [link] [comments]  |
| Weekly FI Frugal Friday thread - July 12, 2019 Posted: 12 Jul 2019 01:09 AM PDT Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed 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]  |
| 20-something trying to FI/RE but just found out that my parents don't have a retirement fund Posted: 12 Jul 2019 12:22 AM PDT I had a semi-money talk with my Mom last night and found out that they don't have the cash reserves to cover their retirement. I'm distraught and scared for the future. I just started working and I am saving for my own retirement and dreaming about FIRE-ing but I feel like I will be their retirement fund. I am truly grateful for the life they provided me. We have never been poor my whole life - we have a house, a car, and other fixed assets (several pieces of land, etc.), but my parents are SCARED of investing, didn't invest their whole lives, and would rather lend the money to their relatives. I have already cut my spending to the minimum and I don't know what to do for THEIR retirement, while saving for mine. :( [link] [comments]  |
| a 10 Year Plan to FIRE/FATFIRE Posted: 12 Jul 2019 03:28 PM PDT throw away account.... Learned about FIRE/FATFIRE 6 years ago and started saving crazy in the last few years. I wish I started my path to FIRE sooner.... Status Married with 2 kids (6 & 4) Age: Me (41) / Wife (36, not working) Location: VHCOL Approx income: 250K - 300K / yr (employed and side) Assets: $3.159 mil Depts: $696K Net Worth: $2.463 mil Asset Breakdown $70K - Cash / Emergency Fund $959K - 401K / Roth IRA / T-IRA / Taxable Account / 529 $820K - Property #1, Primary Resident $580K - Rental #1 $530K - Rental #2 $200K Personal Loan to fund my business Dept Mortgage #1 - $337K Mortgage #2 - $210K Mortgage #3 - $149K Fund Info Retirement 401K - 250K (VITAX) R-IRA - $93K (VTSAX) T-IRA - $51K (VTSAX) Taxable $55K - VBTLX $55K - VTIAX $180K - VTSAX $100K - VGT 529 $175K - Vanguard Total Market (2 kids) Current / planned Contribution (Yearly): $12,000 - VTSAX (Roth IRA) $18,500 - VITAX (401K) $48,000 - VGT (Taxable) $24,000 - VTSAX (Taxable) $4,800 - VBLT (Taxable) $4,800 - VTIAX (Taxable) I'll contribute more here and there if allowed. Planned Future: - Move to a bigger house in 3 years - approx budget $1.3MM to $1.5MM (Sell Primary Resident) - Quit daily job in 2 - 3 years to focus on my business - FIRE by age 51 - 53 with liquid asset of $4MM - with 4%SWR, $160K / yr (plus rental income) will be enough for our current lifestyle. Questions: - Current allocation is heavy on stock. Should I do anything different now or in the future? Or keeping going all-in on VTSAX & VGT? - Any way to re balance taxable account in the future without triggering taxable income? - Any advises? What can do on the taxable side to achieve FIRE sooner? [link] [comments]  |
| Posted: 12 Jul 2019 01:40 PM PDT You worked all your working life to reach this point- YOU NOW HAVE ENOUGH MONEY to quit your full-time job and move into the gig economy by living off distributions from your investments and income from part-time gigs. You have it figured out and now you can live the same standard of living as when you were working full time. What a life this will be! Then a military, political or environmental emergency causes the stock market to drop like a rock. Your million dollar Fidelity Investment account has now dropped in half. You thought the many bond funds mixed with your stocks would protect you but they crashed too. What now? Can you be financially independent in July but desperate in November? Consider yourself financially independent today? How much would your investment portfolio have to crash before you would panic? (You are too young to collect a pension or Social Security and you quit that full-time job last year and they won't hire you back!) [link] [comments]  |
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