Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - November 04, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - November 04, 2019
- Daily FI discussion thread - November 04, 2019
- FIRE Flow Chart 3.1
- Most websites online recommend that one spends no more than 33% of their income on rent. What do the people of FIRE think of this? How much do you spend on rent?
- Anyone else having a “holy crud it’s working moment”?
- Weekly FI Monday Milestone thread - November 04, 2019
- Those that are retired, what percentage of your monthly or yearly spend is required expenses vs flexible spending?
- Tips on developing a budget for someone with a nontraditional mobile lifestyle?
- Need Some Advice Please - Pay Off Mortgage Or Buy Another Rental Property
- HSA or HRA when expecting child?
| Posted: 03 Nov 2019 10:08 PM PST 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 - November 04, 2019 Posted: 04 Nov 2019 12:10 AM PST 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: 04 Nov 2019 02:37 PM PST A few weeks ago, I made a few attempts (1, 2) on making a new flow chart that is more aligned with this community. I learned a lot of valuable insights and also learned a few disturbing misinformed concepts that are floating out there. Hopefully, the amalgamation of information that I sent to them directly, through comments, or on the flow chart in Version 3.1 helps clarify some of those concepts. I'll be the first to admit that Version 3.1 is not the absolute perfect FIRE flowchart, but it is a, hopefully decent, start. My dream goal is to have it final enough to have it published in the FAQ, but I'll leave it to the community and moderators to discuss whether it is worthy to be placed in the FAQ. Feel free to review Version 3.1. The one item that I agreed from previous comments, but haven't had the time to tackle, is to organize it into sections with appropriate labels and colours. In future versions, this may be implemented. I'd be open to seeing what appropriate sections would be best. I also have it in my project roadmap to include appropriate references in the different colour-coded sections. For example, adding in the IRS Publications 502 in the HSA area/section to discuss what is considered a qualified medical/dental expense. I've debated whether I would link to popular FIRE websites but ultimately decided against that. I'd be open to hear for cases for and against this. [link] [comments]  |
| Posted: 03 Nov 2019 09:19 PM PST |
| Anyone else having a “holy crud it’s working moment”? Posted: 04 Nov 2019 03:32 PM PST Just looked over the accounts and I think I have hit a tipping point. Like appreciation outpacing contributions. No doubt everyone has had a good year so far. Sure, we're all going to get wiped out by the recession next week. Feeling good for now though! [link] [comments]  |
| Weekly FI Monday Milestone thread - November 04, 2019 Posted: 04 Nov 2019 12:10 AM PST 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]  |
| Posted: 04 Nov 2019 07:05 AM PST I'm wondering how people typically structure their spending in retirement to allow for flexibility with unexpected expenses or economic downturns. Does the 4% most people use, consider the ability to reduce spending during recessions and then increase during good years to average out to 4%? [link] [comments]  |
| Tips on developing a budget for someone with a nontraditional mobile lifestyle? Posted: 04 Nov 2019 02:54 PM PST The last couple years I've been working commerical fishing, wildland firefighting, maritime engineering. I'm always moving around and all my jobs have provided housing and sometimes food. I don't have a car or apartment so offtime means travelling overseas or visiting family. Lately I've been reading this sub and starting to think about being more responsible with my finances and being able to retire in my 40s. I'm not bad off, I got a few dozen grand in the bank, but I could be doing a lot better. I just added it up and in the past month alone I've spent 600 on bar tabs despite being at sea for half that time. This is the type of shit I'm trying to reign in. The problem with budgeting is my situation is constantly changing and the traditional categories don't apply to me. Sometimes food is free, sometimes I'm in a place where it's very cheap, sometimes it's very expensive. I don't have rent but my recreational tavel expenses could be considered rent because I have nowhere else to live when I'm not working. I get that the principle of spending as little as I can and saving as much as I can is the same but I think plans and hard budgets are better for long term goals. Anyways, anyone else in my situation? Any advice? [link] [comments]  |
| Need Some Advice Please - Pay Off Mortgage Or Buy Another Rental Property Posted: 03 Nov 2019 08:05 PM PST Hi All, I had to create a burner account since I know a lot of my friends are active on this board. Basically I would like to get advice and feedback about where I am at with my FIRE plan. Age: Just a bit shy of 40 Incomes: · Work: $170K base, 30% bonus, $120K annual RSU. · Rental: $80K per year. Expenses: · Mortgage: $2,400 per month (15-year mortgage). · Currently pumping additional $2,400 per month towards principle. · Misc Expense: $7,000 per month. Debt: · $288K mortgage on my third home (15-year mortgage). On track to pay it off by year 6. Investments and Assets: · 401K: $200K · Individual Stock: $20K · 2 fully paid off single family homes: $1.8 million. · Liquid Asset: $200K. · ~$250K equity in my current house. · Currently save about $10-11K per month. Family Situation: Two kids. Wife is a full time stay at home mom. FIRE Goal: Retire from my corporate job and manage my properties full time. Goal is to have at least 4 rental properties by the time I hit 55. Let me be more specific, I want to have at least 4 fully paid off rental properties and have those generate at least $120K annually for my wife and I. About Me: I been through two bubbles and two recessions. First was with the dot com bust, and then the great recession. I am not a big fan of stock and 401K because of this. Another reason why my 401K is so low is I worked for a company that did not offer 401K match so I made the mistake of not putting anything in 401K from 2013 to 2017. I am starting to regret this decision but I have been maxing out my 401K for the past couple of years. My investment strategy during that time was to pay off my rental property (and I did) as well as my primary residence (and I did too!). I am moving from a HCOL area to a LCOL for work this year, this enabled me to convert my second paid off home as my second rental property. I am super fortunately to have a partner that is just as FIRE minded as I am. We don't like to travel, we don't drive fancy cars, she checks me all the time and make sure we live modestly and humbly as possible. Even though she is a SAHM she is an integral part of our FIRE journey. Need Some Guidance From FIRE Minded Folks Here: What to do with my liquid asset?? Should I…
Am I just bat sh!t crazy for not wanting to put money into other investment account? My 401K will be about $1M by the time I want to FIRE (55). I don't think I will need to tap into my 401K if I am able to get my rental properties up and running as planned. This is why I am not so inclined in putting more money into other investment accounts since my goal is to generate passive (not truly passive since rental properties need work) by the time I FIRE. Thank you all for being my source of inspiration since I discover FIRE! [link] [comments]  |
| HSA or HRA when expecting child? Posted: 03 Nov 2019 04:42 PM PST Google has failed me. I'm turning to you FI community for help and advice! TLDR: Wife is expecting. What's the opportunity cost of funding an IRA and 401k instead of an HSA? Can I save up qualified medical expenses to pull out of an HSA even if the expenses occurred in a year I didn't have a high deductible health care plan? It's open enrollment season for benefits; my wife and I are expecting our first child next year and I'm not sure which medical plan to pick. I have it narrowed down to two. One is an HRA plan and the other is an HSA plan. Just looking at the numbers for next calendar year, the HRA plan puts us ahead by about $900 (after considering cost of baby, premiums, and employer contributions). What I haven't quantified is the triple tax advantage of funding the HSA compared to just funding IRAs and 401k for next year. What's my opportunity cost by choosing not to have the HSA? Is it greater than $900? I'm not sure how I would approach that calculation. Another aspect to consider: I was planning to pay the large medical expenses out of pocket instead of using the HSA and then just keeping record of those expenses to be able to pull that money out of my HSA at a later time (in order keep that money growing tax free). Will I still be allowed to do that if I don't have access to funding the HSA in the year that I had the expense? Does anyone know that specific answer? I feel like the government might consider that to be cheating the system in some way and that would be a big financial mistake on my end. Thanks in advance for the help! [link] [comments]  |
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