Financial Independence Daily FI discussion thread - November 03, 2019 |
- Daily FI discussion thread - November 03, 2019
- How many of you are in jobs that you actually like?
- Working on FIRE but my higher-paying career is not making me happy
- Thoughts on this job offer / fire path?
- Reasons *not* to do Mega Backdoor Roth if available and can afford it?
- Post Retirement (Entertainment) Budget
- My parent are married with a net worth of 1.6M both are retired and net 90k/year from government pensions and retirement plans. They spend about 60k/year now. Stop, think, and be honest with yourself, would these impact your FI journey?
| Daily FI discussion thread - November 03, 2019 Posted: 03 Nov 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]  |
| How many of you are in jobs that you actually like? Posted: 03 Nov 2019 08:07 AM PST I left two good paying jobs for several reasons, mostly because of terrible employee treatment (verbal abuse, sexism, deceitful behavior just to name a few). Now I'm applying myself again in the same industry, hoping to connect with a company with better company culture. The work itself is fine, I don't love it but I'm good at it and it allows me to pay the bills and save. I imagine I'd like the work more if the company wasn't all of those things I listed above. This whole experience got me thinking about the folks here. How many of you are in jobs that you actually like? Edit: thanks for all your responses. And thanks to the mods for not removing this post as it does not directly relate to FI. I made a newb move by not reading the FAQ/sidebar, apologies. I'm out right now and will be responding when I get back. [link] [comments]  |
| Working on FIRE but my higher-paying career is not making me happy Posted: 03 Nov 2019 06:38 AM PST I've enjoyed 9 of the 15 years I've been at work. 7 of those years were in research (non-accounting) and paralegal work and 2 were in financial analysis, specifically rebuilding antiquated Excel sheets into automated models. Of the 6 years I haven't liked, 4 have been in accounting or auditing, 1 was in law firm pricing and 1 required a lot of conference calls and presentations. However the highest paying have been in accounting and pricing. I'm starting to wonder if it's accounting itself that I hate. I'm good at it but the general people I work with are not my type of people. I do accounting for the money but I used to play music and am more literary- minded and liberal. I worked hard to get this accounting masters and go through the experience to raise my salary up but I'm just continually miserable at work even changing jobs a couple times. Is the extra money really worth it ?? [link] [comments]  |
| Thoughts on this job offer / fire path? Posted: 02 Nov 2019 10:13 PM PDT I have two job offers and can only pick one. Fire is a goal but I also want to keep growing in the tech field. Fire job is a 125k/year, 55k yearly bonus (if all targets met) and allows work from home (non income tax state). There is no 401k and company is private so the 15k shares (offered in lieu of 401k) are useless imo. The job seems rather boring and I don't know that I can hit all the targets 100 percent. Tech job is in Silicon Valley with big name company but stagnant area. Pay would be around 160k year, 50k bonus for first two years (25k per year) and about 25k worth of RSUs vesting over 4 years. The company name and title would allow for higher paying opportunities in future when I leave. I am considering the fire job in order to get another work from home job and/or save for a rental property to purchase. What should I be thinking of here and what red flags are there? Am I being foolish if I decline the tech job? [link] [comments]  |
| Reasons *not* to do Mega Backdoor Roth if available and can afford it? Posted: 03 Nov 2019 02:36 PM PST I am lucky enough to: I do not have any money in a Traditional IRA as I use this to my advantage currently to do the regular backdoor Roth. Next year my employer will start offering the capability to do Mega Backdoor Roth type conversions with my current 401K plan. I've been reading and despite the additional complexities, I don't see any major downsides to doing a Mega Backdoor. I should have enough in taxable accounts to live off of for a good 5 years if needed if worried about locking up too much capital in tax deferred accounts. So the current "extra" 10-20K I am saving per year in regular taxable I could divert to performing a Mega Backdoor Roth. Question is if I do a Mega Backdoor Roth, does this render the capability to do a regular backdoor Roth 6K conversion moot? I am relatively already close to my personal FI number. If the market does well in the next 5-10 years I'm hoping to get solidly FI or even fatFI. Not planning to leave my employer anytime soon. [link] [comments]  |
| Post Retirement (Entertainment) Budget Posted: 03 Nov 2019 10:25 AM PST Hello everyone! I'm still about 8-10 years from my FIRE number and I've been researching what are some ACTUAL post retirement budget numbers but having difficulty finding something concrete. The only article I've found on post retirement entertainment numbers which lists entertainment at a low $197 per month. Link: https://www.financialsamurai.com/the-average-spending-amount-in-retirement-is-surprisingly-high/ I know everyone's situation is different, but it's very difficult to figure out future spending habits when my future lifestyle will be so dramatically different than it is now. There are two key attributes that I'm specifically looking at: groceries and entertainment. My current groceries budget is around $200 per person and entertainment is widely un-tracked and varied but I estimate it's around $200 per month on average. I am estimating my post retirement food & entertainment budget to be $1,500 per month. Is this way too much or too little? I know this varies by person, but I feel as though I'm just grabbing a number out of my ass. I know I will travel more and I will have lots of free time and people spend money when they have free time. Is it possible to extrapolate a percentage of pre-retirement entertainment budget to calculate a post-retirement budget? TLDR: How much do YOU actually spend on food & entertainment in post retirement? How did you calculate your budget numbers and were they accurate? [link] [comments]  |
| Posted: 02 Nov 2019 06:03 PM PDT This is quite a bit of money to me however I know it may not be much for others. My FI number is 1M with a 500k paid off home. My parents have all of their assets in a trust except for their spending account which is about $200,000. My dad is a retired veteran in federal government employee. My mother is on disability and receives Social Security, my father receives Social Security as well but also has two government pensions. They have about $900,000 appraised value in two separate homes which my brother and I are both in the deed for. They also have about $500,000 in bonds. They have been retired for about four years now, they haven't touched any of their savings, so the savings accounts just keep growing, plus they put additional money away because they don't spend as much as the pension/disability/SS accounts are paying out. I already know this is impacting me because I am more willing to turn down work I don't enjoy and am considering cutting back my work hours further to spend more time enjoying the journey. I would also like to hear how what other actions you might advise my parents to help protect their assets from a black swan situation. Edit/Addition: thanks for the feedback everyone. My takeaways are that 1. if I want to cut back on work that should have nothing to do with a potential inheritance rather it's a choice I have to be willing to make regardless of any potential inheritance. 2. that it's in my and my family's best interest that we make sure a quality real estate attorney and estate planner review my parents asset and plan to mitigate any risk of a black swan wiping it out. [link] [comments]  |
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