Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 28, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 28, 2019
- Daily FI discussion thread - October 28, 2019
- Overseas FIRE Spending Update Q3 2019 (x post /leanfire)
- When your plans to financial independence clash with how you were thaught to live and create conflicts within your family
- Going ex-pat for a year
- Is it safe to FIRE while having commercial rental mortgages?
- Weekly FI Monday Milestone thread - October 28, 2019
| Posted: 27 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 28, 2019 Posted: 28 Oct 2019 01:10 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]  | ||||||||||||||||||||||||||||||||||||
| Overseas FIRE Spending Update Q3 2019 (x post /leanfire) Posted: 28 Oct 2019 10:29 AM PDT I found the monthly updates by another user in the /r/leanfire sub a useful read, so I thought I would add my twist and provide quarterly spending updates on my retired life overseas. This first post one is a long one, as I tee up the background to put the updates in context. Future updates will be much shorter. I hope these updates can
Quick background on me for context: Graduated a state university at 27 years old. Worked for 16 years, including 3 years, where my only income was as a small business owner (a financially devastating failure), averaging $20,000 a year. Average income over all 16 working years ~$68,500. Saved aggressively to recover from the failed business to FIRE at 41. Currently, 46 and have been traveling full time for the last 5+ years. Spending Update July to September 2019 Homebase: Sofia, Bulgaria Other Countries Traveled: Austria (Vienna), Czechia (Prague), Serbia (Belgrade), Bulgaria (Plovdiv and Rila)
The figures above EXCLUDE any expenses incurred by my girlfriend. We split Housing 50/50 and Food 60/40 (I'm the fat ass). I do not include her portion of the rent and in the numbers above, just my portion. The Top 4 Biggest Expenses For July to September Food $442 per month- my most significant expense (38% of spending) involves me stuffing my face. Honestly, I know I spend too much here, but eating brings joy to my life. I also have peculiar eating habits that drive up my spending. I eat a protein-heavy carnivore diet. I eat roughly 160 grams of protein a day, think roughly FIVE 4 oz (114 g) steaks a day. I also exclude most refined carbohydrates (bread, rice, and pasta). Regrettably, refined carbs are the cheapest way to fill up an empty stomach. $8 Huge Tomahawk Ribeye Steaks I cook 75% of my meals at home to save some money, but I do splurge on some "luxury" groceries such as truffles and imported spices. Bulgarian fresh produce is cheap. Watermelons during the summer are .20 cents a pound. Fresh yogurt is .70 cents per 16 oz/ 500 ml. I usually eat 1 meal per day in a local casual/fast food joint. For me, this means a trip to the local BBQ grill for sausage and chicken filets. An example is this 2.2 lbs/1 kg box of 10 beef kebapches (Bulgarian sausages) for ~$7. This box with some cheap sides feeds me for 2 meals. Roughly once per week, my girlfriend and I treat ourselves to a nice sit-down dinner. These dinners range from $20 to $30 per person, including appetizers, a main, and dessert. These treats include splurging for dry-aged tomahawk steaks, platters of fresh sushi, and bottles of local wine. An example is this $18 veal filet dinner with roasted peppers, potato puree, and topped with truffle butter. Veal with potatoes and truffle butter Housing $271 per month- this is a volatile expense for us because it depends heavily on the market. My girlfriend and I try to keep our combined rent and utilities to be roughly $200 per person/$400 combined. In many places (Bali and Medellin as examples), this will get us fancy apartments or villas in desirable neighborhoods with amenities like a pool and weekly maid service. In Sofia, the market mostly catered to long term rentals > 12 months. Each place we looked at in our price range and desired location charged a premium for month-to-month renters like myself. In the end, we spent $350 for a shared 2 bedroom, 1 bath Airbnb with a balcony in a trendy central location. Fitness $117 per month- I use Fitness as a key component of my social life. When people usually bring up difficulties living overseas, one of the primary reasons is isolation and lack of friends. The money spent here is for classes and gym memberships, which make up the bulk of my social life. My girlfriend and I went to weekly AcroYoga jams, Capoeira classes, and belonged to a Calisthenics gym. I highly recommend people moving overseas to use activities to build up their local social circle quickly. These activities could be Fitness or less active groups like board game meetups, improv classes, language exchanges, or hiking groups. The more you integrate and build your social circle, the easier it is to make the country you are living at feel like home. Shopping $102 per month- Even staying at an Airbnb, every time we move, we spend money on household items. This quarter, we bought a blender for smoothies, a wireless extender to boost WiFi to our bedroom, and some cheap frying pans. Small electronic purchases are categorized here as well; the most expensive item this quarter was a water flosser because the Bulgarian dentist yelled at me for being too lazy to floss normally. International Flights $106 per month- Airfare between countries in Europe is shockingly cheap, even compared to domestic flights in the US. My flights booked and paid over the last three months: Vienna, Austria to Varna, Bulgaria = $20.00 Varna, Bulgaria to Larnaca, Cyprus = $30.00 Larnaca, Cyprus to Skopje, Macedonia= $19.00 (Dec trip) Skopje, Macedonia to Rome, Italy = $20.00 (Dec trip) Rome, Italy to Las Vegas, Nevada $230.00 (Dec trip) These are not even the cheapest flights. My girlfriend took a flight from Austria to Cyprus for less than $10 one-way last month. An Uber to the airport costs more than the actual plane ticket. Healthcare costs and Insurance $35 per month- This is not one of my top expenses this quarter, but I wanted to cover it. You only see my dental insurance premiums in these numbers, which is $18 per month. You do not see my US health insurance nor my International health insurance premiums, which I pay lump sum at the beginning of the year. My only medical expenses in the last three months are dental cleanings in Bulgaria for $33 vs. $200 in the US. However, as a rule, I can get all routine checkups and medical tests done cheaper overseas. Some previous examples: a DEXA and bone density scan in Colombia costs $25 vs. $150 - $250 in the US. My emergency room visit for ten stitches and drugs in Thailand was less than $12. My knee MRI in the Philippines cost me $200 vs. $1500 - $2000 in the US. Less than $40 a day is what it costs me to FIRE in Europe right now. About $1200 a month or $14400 a year. At this spending level, even if the doomsday forecasts from the news comes true, I don't have to panic. If there is an extended downturn, I still have expenses I can cut or levers I can pull to make it through a recession. Even if the market crashes, I can still make this lifestyle work. P.S. What other types of information would you find useful in these updates? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 27 Oct 2019 06:16 PM PDT So here's the thing... I am currently 18 about to turn 19 and this past year I've been taking personal finance a bit more seriously. I am a full time student but I do have a part time job as a tutor and I started saving most of my income (about 90%) to invest a part of it in a year or so (once I know enough about investing), to save up for university, and for retirement. The problem is that I learnt about finance on my own and come from a middle class family who doesn't have a problem with money but who never really saved up for something big either (they didn't have an IRA before a couple of years ago). My mom is always talking about the fact that I started working but I barely use my money (the first pay I had she went on about me not using it to buy her something.) I mean, don't get me wrong I do think it's important to spoil your loved ones once in a while but that's too much, right? She's also telling me I should at least use my money for myself like go to the spa get my nails done and take care of myself but I just can't afford it. Also, I feel bad waisting money on something that will not benefit me in the longer run. I know she thinks I'm cheap and I tried to explain to her that I'm just trying to look at the bigger picture but I guess she doesn't really understand me. Now I stopped answering her and I just kinda let her say whatever she wants because I dont want to fight with her. My dad is more understanding. Whenever i want to buy something (like books for school or when a needed a new desk) he insists on getting it for me but doesn't tell my mom he baught it for me. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Posted: 28 Oct 2019 01:51 PM PDT Has anyone moved abroad for a year at retirement? The wife and I are playing with this idea. Let kids get into college, then the two of us would go to Europe for a year. I have dual citizenship with an EU country so I feel it would be easier. [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Is it safe to FIRE while having commercial rental mortgages? Posted: 27 Oct 2019 08:45 PM PDT Is anyone here retired early while having a commercial mortgage or rental property mortgage? I still work a job but my properties are cash flowing enough for my to live off. I've been toying with the idea of quitting but I'm not sure how safe it is with a commercial mortgage. I know someone I work with who owns millions of dollars in property that cash flow enough to pay for their primary home mortgage, I see that as very risky because that cashflow can stop if the markets drop and the bank doesn't want to renew your mortgage. Am I over thinking this or should I just retire early already? [link] [comments]  | ||||||||||||||||||||||||||||||||||||
| Weekly FI Monday Milestone thread - October 28, 2019 Posted: 28 Oct 2019 01:10 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]  |
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