Financial Independence Weekly Self-Promotion Thread - July 03, 2019 |
- Weekly Self-Promotion Thread - July 03, 2019
- A major benefit of FIRE
- Protecting Your Assets from Predators As You Age
- Daily FI discussion thread - July 03, 2019
- Portfolio critique: my no VTSAX, no e-fund FIRE portfolio
- Hit 100k, but how to 10x it?
- 20yo, first FIRE dilemma
- 2 Healthcare Professionals Journey Towards FIRE
- What do you do when you're on track for FI, but have no idea what you'll do?
- June Expenses - Case Study: Living aboard a sailboat
- Moving to a state with no income tax
- If you could receive your chosen annual FIRE amount every year until you die, how much would you need in savings/reserves beyond that to feel comfortable?
- How do I calculate the value of access to a 401k?
- Since it's been cool to vent and pour your heart out here
| Weekly Self-Promotion Thread - July 03, 2019 Posted: 03 Jul 2019 01:08 AM PDT Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
| Posted: 03 Jul 2019 06:23 AM PDT Hey everybody, Last month has been the most expensive month in my 15yr working life. In June, a lot happened: -I started visiting a cardiologist because of strange chest pain. Had multiple expensive tests done ($1500). -I visited the ER after a bout of extreme chest pain and was diagnosed with pleurisy ($1000). First ER visit ever for me in 20+ years actually. Just glad it wasn't cardiac. -We repaired a foundation watering system for our house (this is absolutely essential where we live) ($500) -And the wife got one time surgery for Sinusitis ($5000) -And the wife replaced some durable medical equipment she needs to replace every 4-5 years ($1000) -And then I had the first accident in my life in the same month. I totaled my car and bought another used one for cash ($7000). Under ordinary circumstances, a family with our middle class income would be under an incredible amount of financial stress and strain. But we aren't having trouble at all, at least financially. We haven't even had to worry about money in the slightest because we're savers. I think this is one of the largest benefits of FIRE or at least a saving mentality in general. [link] [comments]  |
| Protecting Your Assets from Predators As You Age Posted: 03 Jul 2019 07:39 AM PDT In addition to lining up your finances to support you as you age, make sure you give some thought to how you'll protect your assets from predators. As you get older, the vultures get more aggressive, and your cognitive ability is going to suffer some inevitable decline, making it harder to deal with their tricks and frauds. You don't want to save for a lifetime, plan a safe withdrawal rate, etc., only to end up the last five or ten years in poverty because someone robbed you blind. I have an uncle and aunt without children who lost several hundred thousand dollars to a nice, attentive couple from their church before my father and his brother were on to them. My aunt was a high school principal, and my uncle was an army colonel, so these were smart people. Even if you do have family, tales abound of people being taken advantage of by unscrupulous relatives. In addition, there's a whole industry out there designed to drain the money from retirees with significant savings through shady, but court-approved means. Warning, this is a engrossing, but terrifying read. https://www.newyorker.com/magazine/2017/10/09/how-the-elderly-lose-their-rights [link] [comments]  |
| Daily FI discussion thread - July 03, 2019 Posted: 03 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]  |
| Portfolio critique: my no VTSAX, no e-fund FIRE portfolio Posted: 03 Jul 2019 04:15 PM PDT Me:
1.x MM portfolio. In simplified terms:
Other stuff:
Investment strategy:
Investment philosophy:
Liquidity ladder:
Liquidity stress testing: on a few occasions I've found a screaming deal on a beater car/RV/mountain bike on craigslist, contacted the seller, and purchased it within an hour, often in cash. This proves to myself that if I need a few thousand dollars within an hour, I can make it happen. If I need tens of thousands within a day or two, that's also possible. (Bought a roof on short notice. Unpleasant, but not stressful) Concerns:
[link] [comments]  |
| Posted: 03 Jul 2019 12:15 PM PDT A bit of my background, I'm 25 years old and am in the Military. If you asked me what my Assets, Liabilities, or Net Worth were six months ago, I could give you a ballpark number but had no real idea. Now, I can give you an accurate number in about 2 minutes and its just over $100k. I'm not patting myself on the back, I feel behind the game, but my investments are starting to make noticeable quarterly earnings (nothing to retire off of, but noticeable). My question to those who hit the 6 figure mark, what helped propel you to the next milestone (currently $250k, then $1 million, etc.) and did it occur quicker or slower than the first 100k? I do a ton of reading on investments and personal finance/literacy, I watch YouTube videos (thanks Graham Stephen if you're reading), I talk to my peers, but haven't seen a clear path forward to help roll this snowball bigger. [link] [comments]  |
| Posted: 03 Jul 2019 03:46 PM PDT Hello everyone! I'm 20, single guy, AD Navy, which of course means a steady income of about $910 every 2 weeks, I also doordash on the side usually getting $100-200 a week, it's a small income compared to the real world but I don't pay health care, food, housing, etc. My net worth is ~17.5k right now ($3.5k bank, $4.5k TSP [military 401k], $7.5k Roth IRA, $2k car [typically I see people don't add this because it's a depreciating asset but I use mine to doordash in my free time and so it's not a proper, cash flowing asset]). My dilemma is, I really want to go to Europe, and I saw a deal for round trip non-stop flight to and from Barcelona next March for $426 including the insurance on United. I bought them because with the insurance I can cancel for a small (maybe none, gotta check) fee, it was worth the risk in my book. My vacation is 3 weeks long, so I suspect I'll need $3k conservatively and $4k if I wanna buy my family and myself souvenirs, see soccer games, etc. I have this money easy, especially with 9 months to save, but it's constantly in my mind "what can that 4k do for you in the future, just wait to go to Europe until you're in your 50's and retired". My parents say it's the trip of a lifetime because 1) I'm single 2) real jobs don't typically offer 3 weeks vacation even in a year and 3) I'm young and can get around I need some justification on one way or the other, it's eating me, because their points are valid, but so is mine. Maybe my mindset is thinking too young, I'm not thinking of the drawbacks of waiting and going as an old guy. Edit: goal is to retire at 50, I save ~50-60% of my income (only have less than 2 years to judge that metric that's why it's wide) [link] [comments]  |
| 2 Healthcare Professionals Journey Towards FIRE Posted: 03 Jul 2019 08:13 AM PDT Hi everyone, we love this movement and we just wanted to give some insight to our FI/RE journey from a healthcare professional(s) point of view. Careers: 1 Certified Registered Nurse Anesthetist (CRNA) with 10 years experience and 1 Senior Technical Healthcare IT Engineer (background is Radiology and Cardiology) with 15 years of experience. CRNA has a Doctorate of Advanced Nursing Practice in Anesthesia and a BS in Radiology Sciences & Administration and Management. We are both 35 y/o. Debt: Started our FIRE journey with $125k combined in student loan and credit card debt. RE Investments: 1 LTR property (Paid $456k in 2016, appraised for $530k this year) in a growing metro and 1 STR vacation rental property (Paid $180k in 2017, appraised at $220k this year) in a heavy tourist mountain town. LTR has tenants covering monthly mortgage payment under a 15 month lease managed with a property manager. STR vacation property is self-managed remotely by us that performs at over 60% occupancy rate annually. Grossed $29k in first year, currently halfway through year two grossing $23k. Looking to add a third property in 2020. Income Vs Expenses: •Average Monthly STR VR Expenses = $2,517.02 •Average Monthly LTR Expenses = 3,536.06 •Average Monthly RV Expenses = $8,800.00 •Total Monthly Expense Average = $14,853.08 •Monthly Income (Wages over 6months) = $26,675.97 •Monthly STR VR Income = $2,436.33 •Monthly LTR Income = $2,390.33 •Total Monthly Income (Average over 6 months) = $31,502.63 •Difference = +$16,649.55 401ks/Retirement: CRNA - Funding a self-employed 401 at 10% with a current balance of $85k. Current Living Status: We live, work, and travel full-time in our 5th Wheel RV. CRNA takes 1099 contracts at facilities across the country every 3 months at a time. Healthcare IT Engineer works remotely from home office. 1099 company provides per diem that covers rent at the campgrounds we stay at. By choosing this route we significantly decreased our monthly expenses by additionally increasing our income. Current Debt Status: Started with $125k of Student Loan and credit card debt (paying these off have been our primary objective) in October 2018. In the 9 months since, we've paid off a total of $73k with our highest amount paid in June 2019 at $30k in one month. We have $52k left. Payoff month is set to be December 2019, but making plans to move that up to November or October possibly. Retire Early Plan: We both are targeting between ages 45-50 for retirement. We plan to continue our current living status for the next 2 years after Debt has been paid. At age 50, the engineer could be offered early retirement from employer. Emergency Funds: $3k currently for STR VR and $10k for current living. Thanks for reading! EDIT: Formatting, Misspellings, and added Emergency Funds [link] [comments]  |
| What do you do when you're on track for FI, but have no idea what you'll do? Posted: 03 Jul 2019 09:44 AM PDT Throwaway because I don't really want this linked to my normal account. I'd just like to get a sense from others if they ever question what they are saving for? I've been very lucky my whole adult life; great wife and kids, great job, nice house in a well off suburb, two paid cars, and a substantial amount in cash and investments. I didn't have much growing up and my parents never really had much. I took their same mentality and never really spent much on frivolous things. After graduating university and being a software developer for 7 years, I started my own business 8 years ago and things are steadily getting even better. The problem is, I have a hard time not working now and I can't really see myself doing anything else. I don't feel stressed or depressed, I just feel like I'm in a constant heads down state of working or parenting and I have no idea what I would do if I wasn't doing one of those things. I have friends that play guitar, travel, go camping, are into sports cars, or take cooking lessons. And while I do like a lot of those things, I'm completely lost when I have free time. More than that, I don't really dream or aspire for anything big (e.g. a dream home, a trip around the world, etc.). I guess financially I can plan for more free time or starting to dream bigger, but I just get up, work, spend the evening with my kids, work a bit more, and then head to bed. Rinse and repeat. I'm definitely not complaining since my life is good, but wanted to know if anyone else kind of feels this way or has a different point of view that I could try and take? [link] [comments]  |
| June Expenses - Case Study: Living aboard a sailboat Posted: 02 Jul 2019 09:23 PM PDT First Month's Case Study Post: April 2019 June Overview: I can't even remember what happened this month. It was the last 4 weeks of the quarter and my time was focused heavily on getting everything buttoned up at work to make sure my performance review looked good. Aside from that, I started on rebuilding the structural members in the forward section of the boat. This meant ripping out the head, cabin sole in the v-birth, and the walkway between the main area and v-birth. The cabin sole in this area was also very spongy and it was also obvious that this area needed to be removed and repaired as well. The progress is slow, but progress is being made each day. To all that reads this - rebuilding a boat is an incredible experience, but one must be dedicated. I work anywhere from 8-10 hours in my day job, and will easily work that many hours on top of that on the boat. Am I tired? Yes. Am I over the constant battle of having to rebuild shit? Yes. Do I enjoy it? Yes. There are days where you just want to go sail, but that is impossible until you solve structural issues among other things. I am greatly looking forward to having most everything buttoned up and I am only dealing with minor things. GOALS:
Life Situation: Seattle, WA. Age 28, partner 26
Individual amounts of each Pre-tax deductions: Me(bi-weekly):
Wife:
INCOME:MONTHLY TOTAL: $ 8,783.62 AVERAGE(since Jan 2019): $8,831.64 TOTAL(since Jan 2019): $52,989.82 AVERAGE(since Jan 2018): $6,716.39 % Difference from previous month: -24.50% TOTAL(since Jan 2018): $40,298.36 Monthly Occuring Bills
TOTAL: $3,827.82 AVERAGE: $3,509.16 % Difference from previous month: -32% Expendable Expenses:
TOTAL: $650.57 AVERAGE: $1,385.21 % Difference from previous month: +24.26% Quality of Life:
TOTAL: $762.13 AVERAGE: $4572.76 % Difference from previous month: +27.43% Savings:
TOTAL: $756.25 AVERAGE: $4537.53 % Difference from previous month: +28.94% Just for Fun:
TOTAL: $216.14 AVERAGE: $303.64 % Difference from previous month: +36.60% Assets: Car: 1996 Toyota 4Runner - $3500 Boat: 1980 Pacific International Marine: $40,000 Stocks(Active management): $79,262.44 Vanguard Index Funds(Personally managed): $24,418.83 Cash: $17,589.27 [link] [comments]  |
| Moving to a state with no income tax Posted: 03 Jul 2019 10:52 AM PDT My wife and I are frugal people, like most here. We also love the outdoors. We bring home ~ 270K combined and have no kids / no debt. I've thought about moving to a state with no income tax, like WA (plus I can shop in Oregon for no sales tax). Has anyone thought about doing this? It looks like my state income tax is 6.11% for us... which is huge! What are the pros / cons of doing something like this? [link] [comments]  |
| Posted: 03 Jul 2019 01:15 AM PDT A la MMM, say you think you need $40k a year to RE. Now say you were guaranteed to receive that amount every year of your life. Aside from that, how much money would you need to have squirreled away in order to sleep at night? [link] [comments]  |
| How do I calculate the value of access to a 401k? Posted: 02 Jul 2019 07:02 PM PDT Suppose I had a job offer from a company that has competitive base pay but does not provide a 401k or SIMPLE IRA. Given my long term strategy of maxing my tax advantaged accounts, this would be a drawback. I would like to calculate a dollar value of this benefit normalized to 2019 income. In other words, how do I calculate how much higher my salary ought to be to do an apples-to-apples with another one's 401k? I realize that if left indefinitely, the annual rate of return of the tax advantaged account is higher than a taxable account's, so it will grow exponentially bigger. So I am willing to set a future valuation date of, say, 15 years from now. If anyone could aim me at the right strategy for starting a calculation, I would appreciate it! [link] [comments]  |
| Since it's been cool to vent and pour your heart out here Posted: 02 Jul 2019 07:27 PM PDT I had a thought that may fit and others may relate to regarding a desire to become financially independent (you remember how to spell independent because it just has so many E's). I think that I don't like to spend money because then I'll have to have earned the money, and I don't like the way that I do that. (I'm not a hooker or anything, just don't enjoy many occupations) A different way of looking at it would be that the things that I enjoy doing are not in the ways that they can create a profit, and I wouldn't want to seek a way to. I say that now but I'm sure my mind would quickly change if I found myself hungry or a mortgage in jeaprody (I know those are not on the same scale of things to be truly worried about). Earning money must create some kind of anxiety over fears on having to decide how to spend that money. I mostly just buy food, that seems to be the only thing I'm comfortable purchasing. The picture of the person this creates is not ideal at all. I don't like that. It would be like the opposite feeling that drives a millionaire to become a billionaire. The idea of being financially independent becomes a very attractive idea on people like (apparently) myself who are craving to get rid of these anxieties around money. I guess it would also mean that it is attainable by living a no spending lifestyle while working your way to a no spending lifestyle (or close to it, obviously not 100% money free) I don't know what the implications of this all are but in the end I would guess not much. [link] [comments]  |
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