Financial Independence Daily FI discussion thread - October 11, 2019 |
- Daily FI discussion thread - October 11, 2019
- Another Reason for FI
- Seeds of FIRE found in a 1938 Hollywood oldie
- My experience going car-free
- Savings and MMF accounts, keep 2 or merge into 1... thoughts?
- Weekly FI Frugal Friday thread - October 11, 2019
- The idea of a "neutral year" in your retirement calculations.
| Daily FI discussion thread - October 11, 2019 Posted: 11 Oct 2019 01:07 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: 11 Oct 2019 09:27 AM PDT Lots of posts here and other financial subreddits about getting out of the daily grind, gaining control, hating work, etc. as reasons to pursue FI, and NONE of those reasons are bad. But, I wanted to give a different reason (or maybe it fits into one of the above "categories")...TIME. Not only from the perspective of achieving FI to have control over your time, but also thinking about how to enjoy the pathway to FI more as that TIME is also just as important. The constants are that time marches forward, it is finite, and we never know how much we have. My grandfather died when I was very young (I am now 30). He was diagnosed with Parkinson's disease and due to instability on his feet fell down a flight of stairs causing his death. I have brief moments of things I remember, such as how red his face got when he laughed and the sound of his laugh, but otherwise everything is just stories and pictures. Today I learned that my father has now been diagnosed with Parkinson's disease. It's super early stage, but one of the frustrating things about Parkinson's is that you never know how quickly it will progress. There are medications that can help control symptoms, but they don't change how the disease progresses. So, essentially we have no idea what the next 10 years and beyond will look like. For me, I am blessed to be in a great place financially and with an excellent job that provides both a quality income plus flexibility. Therefore, I plan to visit my parents as often as possible. My family and I see them multiple times every year anyway, but this diagnosis put things into perspective and we will try even harder. The same for my wife's family. I read something earlier this week here on Reddit about how often you will see your aging parents. Assuming their 70 and live until 90, it may only be 40 times as many only see their parents twice per year (or even less). For me, I want to see my parents and my in-laws as many times as possible. Is it worth it to pick up those extra shifts to increase my income? Is it worth it for you? For many it very well could be worth it. But, as you do just make sure you consider what you are sacrificing. Now to the FI part. The reality of my grandfather and now my father having Parkinson's doesn't bode well for my genetics. Plus, I have suffered multiple concussions from athletics, so my risk for degenerative brain diseases is increased anyway (not necessarily Parkinson's, but Alzheimer's and similar). As I mentioned above, I am 30. My goal is to be FI by 40, but I have no plans to stop working at 40. I enjoy my job, and it allows me to serve others. But, this change with my father's diagnosis again gives new vigor to my goal. I have become somewhat lazy about my savings, and 2018 hasn't been a great year for savings due to installing a fence at our home, having to replace our roof due to hail, refinancing our home, etc. Life happens, but as 2019 is ending and 2020 is starting I am making a new push to increase that savings rate to hit my goal! Why? For all the same reasons as everyone else, but also because if I am diagnosed with Parkinson's at age 50 or 60 or whatever I don't want to be stuck having to work and instead want to have the flexibility of traveling to see my children as frequently as possible. I hope this gives inspiration to someone somewhere, but serves as my reignition. Edit: fixed dates...oops, it's been a crazy year and even more crazy day Edit 2: thank you so much for those with well wishes and with positive insights. They are greatly appreciated. [link] [comments]  |
| Seeds of FIRE found in a 1938 Hollywood oldie Posted: 11 Oct 2019 02:25 PM PDT So I'm watching Holiday, by George Cukor, a 1938 movie. The main character is in finance and is saving to have enough to stop working and enjoy his life, it's not the crux of the film, but I found it interesting and wanted to share. Here is a great quote from the film : I want to save part of my life for myself. There's a catch to it though, it's gotta be part of the young part. You know, retire young, work old, come back and work when I know what I'm working for, does that make any sense? [link] [comments]  |
| Posted: 10 Oct 2019 05:09 PM PDT I recently moved to San Francisco for a job and sold my car and gone car free - it's actually been way easier than I thought! Here are the pros and cons: Pros:
Cons:
Overall, I would highly recommend going car-free if you have the means to. Both from a financial stance, but also quality of life :) Edit: One caveat noted in some comments is that I am lucky to have a roommate with a car - this is certainly the case. However, I only ever use his car for costco runs which we do 1-2x/month. If I had to replace these with lyfts (or just not go to costco and instead go to my local market), my overall cost savings would probably drop $25-50 month, but would still come out greatly ahead. [link] [comments]  |
| Savings and MMF accounts, keep 2 or merge into 1... thoughts? Posted: 11 Oct 2019 06:05 PM PDT Started to getting into savings and investing for the long term couple months ago and opened an AmEx High Yield Savings(HYS) account and Fidelity brokerage + IRA. Seeing that the interest rate of HYS and brokerage account SPAXX are about the same right now, I was wondering if its wise to just merge everything over to Fidelity to centralize everything and does anyone have everything handled at one place(i.e. Fildelity, Charles, Vanguard)?? [link] [comments]  |
| Weekly FI Frugal Friday thread - October 11, 2019 Posted: 11 Oct 2019 01:07 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]  |
| The idea of a "neutral year" in your retirement calculations. Posted: 10 Oct 2019 06:13 PM PDT If my wife and I continue on the current path we will never have to work again after age 35. Except we think we will work out of boredom which will mean certain years we wont have withdrawals or contributions. I want to introduce the concept of a neutral year to my planning. Today every full time year may equate 12 neutral years since we are so far from our number. As we get closer it would be nice to track how that changes. Maybe when we get to 33 years old 1 full time year is equivalent to 3 neutral years. Which seems like something worth knowing. Does anyone do this or have any advice to learn more if this is a thing? Edit: I want to know the diminishing returns of working full time vs coasting to early retirement. The best way to calculate it for my scenario. [link] [comments]  |
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