Financial Independence Daily FI discussion thread - July 30, 2019 |
- Daily FI discussion thread - July 30, 2019
- Thought Experiment: Designing a small business for maximizing personal pretax savings and other tax and healthcare related benefits
- Should a middle aged engaged couple stay single to keep ACA affordable?
- Any FIRE enthusiast from Hong Kong/ Asia countries?
- FIRE without the RE?
- FIRE as a south american (ecuadorian)
| Daily FI discussion thread - July 30, 2019 Posted: 30 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]  |
| Posted: 30 Jul 2019 12:14 PM PDT Rather than dwell over different situations and limitations, let's try to discuss these options as generally as possible. There are clearly many "what if's" here, and decisions that depend on specific situations, but I think we can still get some constructive discussion going. The general theme is designing a business for accelerating FIRE, or FI + low maintenance profitable business that provides your health insurance and other $$ benefits for you. This idea stemmed from an earlier thread where someone mentioned owning part of a hotel as an investment, and to also provide health insurance for their family through the business. Let's assume that you have the ability to create a small business, and for the purposes of this discussion it meets the needs of your current expenses, [EDIT: For organization's sake, I'm going to group some thoughts into the themes of Retirement Savings, Health Care, Other Tax Benefits/Write-offs, Other Investment Benefits. How would you maximize your household savings rate and transfer as much personal spending onto the business as legally possible? Some of these ideas may depend on if you are the sole owner of your business, if your spouse is co-owner or an employee, if you have other non-family members as employees or co-owners, the state or country that you live in, LLC vs S-Corp, etc. If that's the case, feel free to mention these assumptions in your response, but don't let them limit your creativity! Retirement Savings
Health Care
Other Tax Benefits / Write-offs
Other Investment Benefits
Sorry this got kind of long! I'm hoping to learn all of your creative tricks and wish list ideas on how you could structure your own business for optimal savings and FI. [link] [comments]  |
| Should a middle aged engaged couple stay single to keep ACA affordable? Posted: 30 Jul 2019 01:30 PM PDT I'm 45 and my fiancé is 59. I'm hoping to retire early in about seven years, around the time he will be eligible for Medicare. We live together in a paid off house with no debt. I think it makes more financial sense for us to remain single - regarding health insurance. If he continues working into his late 60s, and I retire early, I would have to cite his income as household income for ACA. But if I remain single, and I am living off savings, my reportable income would be much less. As a single person I might report $25,000 in income, but as a married person I might have to report about $90,000. That would make a huge difference in my monthly ACA cost. edited to add: Am I understand ACA correctly? People are giving me a hard time about it. Acting like I am unromantic for thinking about healthcare years down the road. We were just going to get married, but one day it occurred to me to look into ACA and it gave me a huge pause. It seems like there's not a big upside to getting married if you are not raising kids together, and if the "under God" thing isn't a big deal to you. Edited to add: I wanted to be sure I'm not missing something about how ACA works about married versus single… [link] [comments]  |
| Any FIRE enthusiast from Hong Kong/ Asia countries? Posted: 30 Jul 2019 12:06 AM PDT Hi, I am from Hong Kong. So, first thing first, sorry for my horrible English, I hope reading my post won't give you headache ;P I discovered FIRE a year ago and read several books and binge listen to a lot of podcasts. Most of them are from US/Canada, while I can still find many useful information from them, I find myself sometimes feel really alone in my pursuit of FIRE. Nobody in my circle is pursuing FI, they don't even know what FI is. If any of you are from HK/China/Asia countries, please say Hi :D [link] [comments]  |
| Posted: 30 Jul 2019 04:15 PM PDT I read a lot on here about how many people save up to then live of interest and no longer have to work. It seems odd to me though to live frugally just to continue living frugally. My goals are a bit different, in that my plan is to save up to earn my independence, then keep working because I like to work and just blow whatever money my wife and I make after that point. E.g. buying Ferraris, vacationing anywhere, etc. Is this a common outcome for some people here? Is there a reason this isn't preferred? [link] [comments]  |
| FIRE as a south american (ecuadorian) Posted: 29 Jul 2019 04:27 PM PDT Hi, I'm from Ecuador, I'm new to the FIRE movement. There is a lot of info to take in, however, one of the things i have more trouble with is what to invest once i have some money saved. I have read about index mutual funds, etf, etc, but are they available for non-us people? if so, wich website, broker or app can i use to do it? (i know that robin hood is not available for us). Last question, is the 4% rule applicable for South America? Info about fire on south america only shows me US people who retired in south america, so i you know about some blogs, website, or a subreddit about it would really help. Thanks in advanced. Cheers, Xavier [link] [comments]  |
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