Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 07, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 07, 2019
- Daily FI discussion thread - October 07, 2019
- Enlisted Military FIRE (I did it!)
- Cop trying to FIRE
- Weekly FI Monday Milestone thread - October 07, 2019
- Help understanding the effect of high property taxes on fire (NY area)
| Posted: 06 Oct 2019 11:08 PM PDT Need help applying broader FIRE principles to your own situation? We're here for you! Post your detailed personal "case study" and ask as many questions as you like, or help others who've done the same. Not sure if your questions pertain? Post them anyway…you might be surprised. It'll be helpful to use our suggested format. Simply copy/paste/fill in/etc. But since everybody's situation is different, feel free to tailor your layout to your needs. -Introduce yourself -Age / Industry / Location -General goals -Target FIRE Age / Amount / Withdrawal Rate / Location -Educational background and plans -Career situation and plans -Current and future income breakdown, including one-time events -Budget breakdown -Asset breakdown, including home, cars, etc. -Debt breakdown -Health concerns -Family: current situation / future plans / special needs / elderly parents -Other info -Questions? [link] [comments]  |
| Daily FI discussion thread - October 07, 2019 Posted: 07 Oct 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]  |
| Enlisted Military FIRE (I did it!) Posted: 06 Oct 2019 05:47 PM PDT So, it looks like I'm FIRE'ing… The boring middle is over! 36 years old, medically retiring from the military at 16 years. I spent my entire career saving everything extra. Every time I was promoted, the extra money went to savings. I've lived like an E-5 since the day I turned E-5. Tax returns, special duty pay, deployment pay, enlistment bonuses, raises, everything went into mutual funds. I spent 10 years as a single dad and went car free for a little over half of it. Got married last year and bought a house with my wife in St Augustine Florida. Cash. I guess I'll get down to the numbers. Investments: 210,000 House: 310,000 Rental property: 65,000 (That's value minus mortgage) Total assets: $585,000 So with a 3% SWR and a $20,000 annual retirement, that gives us $26,000 a year with no mortgage, and no health insurance costs. And if the market takes a shit, I'll still be making $20K a year. Full disclosure is that my wife does still work and she has a 6 figure job, but if she were let go tomorrow, we would be totally fine. She works now because she wants to. (and she admittedly always will in some capacity.) We are saving a disgusting amount of her salary, and she will probably get her doctorate at some point in the future. I have my associate's. This military medical retirement kind of came out of nowhere and now I'm coming to terms with the fact that I'll never have to work again, 4 years ahead of schedule. It's kind of surreal. The FIRE path for me was paved with a low desire for expensive things. What Thoreau says in Walden about fashion and transportation resonated with me. This week I threw away 10 year old pants because the zipper finally broke on them. I have sandals that are 20 years old. Being in the military helps, I guess, they tell you what to wear every day. That's going to be a weird adjustment. OK, now I'm wandering. Just wanted to say thanks here, I always loved seeing when people FIRE'ed it gave me hope. Keep plugging away and watching those numbers grow! [link] [comments]  |
| Posted: 07 Oct 2019 03:25 PM PDT So let's get started. 31 years old. Work as a cop in the Northeast. Became interested in FIRE at the beginning of this year. Current salary is $88,000. Got hired when I was 27yrs old. Looking to save over $125,000 in the next 4-5 years into my 403b with a goal to have over 2 million by the time I retire at age 55. With these current amounts and around a 7-8% return I think I should get there. Thoughts? Assets: pension current $$ amount is $26,000 403b current $$ amount: 14,000 as our employer doesn't match. Currently deduct $300 a check bi weekly into various ETF's including S&P500. Come January 1, 2020, I'm going to increase it to $730 a check which should get me to the 19k a year which is the total amount allowed. I also contribute to a Roth IRA which I do $250 bi weekly to get me to the $6,000 allowed for the year. I'm a big fan of dollar cost averaging as I am invested into $ITOT, $VEA $VWO, $AGG and $EMLC. Total $$ amount in the account is $11,500. Started kind of late. I also have around $4,500 in Robinhood which is spread out through various dividend paying stocks etc. I contribute to this whenever I have extra money laying around. Debts: Mortgage payment is $880 a month. $216 a month goes towards my HOA fees. No student loan debt. Car payment is sickening at $535 a month. $300 a month towards my BOA credit card. Utilities is around $100-$125 a month. Cable bill is around $130 a month. I currently take home over 3k a month. Every January 1st I get a 2% raise for the next 4 years and will top out around 115k in 4 more years. I plan to take my 2% raise including my regular raise and invest that into my employers 403b plan. My lease is up in another year and have considered really getting out of the lease and buying something shitty in cash. I'm currently engaged living with my fiancé who has loads of student loan debt from an overpriced private college for a masters degree. So her debt will become my debt. It's difficult to save sometimes as I am helping her a lot out with her student loan debt. Thought? Thanks! [link] [comments]  |
| Weekly FI Monday Milestone thread - October 07, 2019 Posted: 07 Oct 2019 01:09 AM PDT Please use this thread to post your milestones, humblebrags and status updates 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! 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]  |
| Help understanding the effect of high property taxes on fire (NY area) Posted: 07 Oct 2019 03:32 PM PDT I've been looking at property (for family reasons) in Westchester County NY, the Hudson Valley, or western CT and environs within striking distance of White Plains, all known to be very high tax/HCOL areas. In looking at listings on Zillow I was tending to just look at Zillow's "Est. Payment" when trying to figure out my monthly housing costs/FIRE calculations and not really paying attention to what percentage of that cost was due to property tax. I was looking for some help understanding how high taxes affect your FIRE calculations and the choices you might make. I understand that the issue with property tax is that it's an expense that never goes away, but on the other hand, if your FIRE income covers your housing expenses while you're paying off the mortgage, does the fact that a healthy percentage of that mortgage goes to property taxes really affect your FIRE plans? If property taxes are high, does that mean you just need to get a cheaper property to compensate? Or will high property taxes significantly impact your ability to FIRE in that area? Put another way, let's say your monthly housing cost (mortgage, taxes, insurance) was $2000. But house #1 was in a high tax area where the property tax was something like $600 of the total, whereas house #2 was in a low tax state where only $300 or so of the total went to taxes. How do you plan for FIRE differently in those two situations? [link] [comments]  |
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