Financial Independence Daily FI discussion thread - July 09, 2019 |
- Daily FI discussion thread - July 09, 2019
- Want to live longer? Retire early
- Graphing net worth, investments, contributions, assets, liabilities in 1 chart
- Mega Backdoor Roth Questions
- Buying a house after FIRE
- Do you miss the sociability of work?
- Windfalling into the unknown. I've included specifics & am willing to answer most questions for help in deciding what to do.
- NYC Meetup?
| Daily FI discussion thread - July 09, 2019 Posted: 09 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]  |
| Want to live longer? Retire early Posted: 09 Jul 2019 06:48 AM PDT It's nice to see an article that suggests that retiring early increases longevity: https://www.forbes.com/sites/jonathanlookjr/2019/07/08/want-to-live-longer-retire-early/ [link] [comments]  |
| Graphing net worth, investments, contributions, assets, liabilities in 1 chart Posted: 09 Jul 2019 05:51 AM PDT I created this chart for DW, who prefers pictures to tables. It displays https://i.imgur.com/jeIxEoe.png (quarterly frequency, last 10 yrs) Notes: edited for clarification [link] [comments]  |
| Posted: 09 Jul 2019 05:22 PM PDT Hi, I've been looking to additional approaches to saving as I have maxed out my 401k, Roth IRA, and HSA. My 401k plan allows for both after-tax contributions at 6% and in-service distributions, so I'm able to take advantage of the mega backdoor Roth. The kicker is that each rollover comes with a $25 distribution fee. I had hoped to initiate a rollover after every contribution, but with this cost, it doesn't make sense. So a few questions:
Thanks! [link] [comments]  |
| Posted: 08 Jul 2019 06:45 PM PDT Withdrawal rates, health insurance all make sense to me, but the one topic I have yet to see any good information on is how to go about buying a home AFTER you've FIRE'd. Most people I've seen have bought a home before pulling the trigger, but it seems to me it would be very difficult to get a loan after the fact given that you're technically unemployed and have a lower income. Has anyone had any experience buying a home after FIREing? Is it even possible to get a loan? (Given of course that your remaining investments after fees and downpayment cover the mortgage etc) [link] [comments]  |
| Do you miss the sociability of work? Posted: 08 Jul 2019 04:37 PM PDT People who have FIREd, do you miss the social aspect of work? Right now I'm 24 and would love to be retired, but part of that is because my current situation with friends and family is so great. I see many people I care about quite often. That got me to wondering if maybe when I'm older and my social circle has lessened, if work wouldn't be a nice way to actually have some good interaction with people. It has made me consider if I'd be less passionate for the RE at that point in my life. Has anybody dealt with this? TL;DR - do you miss the interaction with people at work after you FIRE? [link] [comments]  |
| Posted: 08 Jul 2019 09:47 PM PDT I am about to inherit 1.5 million. The last property in the estate closed today. I am at a loss with what to do with the money. I am 32, married with two children. We want to invest it and not touch it until retirement. I don't know a lot about investing, but I know that we have been in a bull market for 10 years so I am nervous about self managing it (During a crash or decline). Someone suggested that I contact this fee-based financial planner. I have been in contact with them & they will actively manage my money, do tax planning, business planning, etc. - for 1% on a 2 million dollar minimum. The manager said they would take my 1.5 mil, but still charge 20k/year. This is crazy, correct? Even considering their high end tax, estate planning, investment services? Married, two kids under 5, Midwest LCOL United States, I have a BA in business and my spouse has some college experience and working for a real estate brokerage as a salesperson. Our current financial situation upon inheritance will be as follows: Primary residence - owe 100k - value 300k 1k month car loan - value 70k Two other cars paid off - value 15k Four plex - paid off 1.5k/mo income - value 250k Four plex - owe 180k 0.5k/mo income - value 250k Condo Rental - paid off 1.2k/mo income - value 150k Condo Rental - paid off 1.2k/mo income - value 140k Condo Contract for Deed - income 200 dollars a month Single Family Rental - paid off 1.2k/mo income - value 100k 50k cash 150k retirement accounts - plan on continuing contributions of 11k/year We currently live off of the income from the rental properties and cash lent out through mortgages (hard money). With rental property expenses, our total income fluctuates but hovers around 8k/mo. We spend about the same every month so are not saving anything. We will have about 400k from the hard money loans expiring. This will decrease our income by around 4k/mo. If we do not deploy this capital to get a 10% return immediately we will be dipping into principal to live. This is somewhat supplemented by the fact that my spouse is a realtor and helps occasionally with their parent's business for pay. As far as health insurance, since we are self employed, we use a health cost sharing program that's $500/month for the whole family. We have all been pretty healthy, very low expenses there. Our current mortgages on our home (100k) and the four-plex (180k) are around 5% interest. We have held our home mortgage (30 yr amortization) for about 5 years and the rental mortgage (20 yr amortization) for 1.5 years. We are interested in either expanding our RE portfolio with all the money or letting a financial manager take the 1.5m at 1% and invest the 400k in hard money again or some other contractual situation. We just read https://www.reddit.com/r/financialindependence/wiki/commercialrealestatepost and this sounds right up our alley. We live near a larger rural town of around 30k people. Multifamily garners pretty good returns. Commercial here is hit or miss. The economics of the area aren't like a growing metropolitan suburb or anything. Labor is cheap which tends to bring in low wage industry. Some mobile home parks could be obtained reasonably but need a lot of rehab capital. Also, we know the 1k car payment is ridiculous. We plan on selling it for the full value and purchasing something less expensive with cash. Should we pay off everything? [link] [comments]  |
| Posted: 09 Jul 2019 04:37 AM PDT I've found some old posts but nothing recent. Is there a FI/RE meet up in NYC? If not, anyone want to get together to start one? I'm in the process of searching for my first investment property and would to meet up with like-minded people. [link] [comments]  |
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