Financial Independence Daily FI discussion thread - December 06, 2019 |
- Daily FI discussion thread - December 06, 2019
- How has being 'FIRE' focused help you in the workplace?
- I feel like this is the only solution in today’s world. At least I can pursue it
- Weekly FI Frugal Friday thread - December 06, 2019
- When do you decide that roommates are no longer worth the low cost anymore?
- House Payoff Celebration?
- Playing Catch-Up - Current Numbers - Advice Appreciated!
| Daily FI discussion thread - December 06, 2019 Posted: 06 Dec 2019 12:08 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]  |
| How has being 'FIRE' focused help you in the workplace? Posted: 06 Dec 2019 12:01 PM PST I love hearing stories about people on the FIRE train, and how it allows them to be more confident at work or put up with less bs. Does anyone have any stories to share? [link] [comments]  |
| I feel like this is the only solution in today’s world. At least I can pursue it Posted: 06 Dec 2019 03:07 PM PST I've always felt something since 15. I'm 24 out in the real world for 3 years with two different jobs. Since 15 I feel like I've been running on a hamster wheel. It was nice then though because I had a cathartic release of freedom every 9 months from school. So it started off slower, and got faster starting in college. No more bursts of freedom. I'm crushed all the time. Life is a bunch of deadlines. I don't have proper time for myself. I just want to go at my own pace again. I've never had a problem doing life by my terms. Seems like some people need other people to give them something to do (no offense). Hopefully it gets better when I get out with a job in the real world, I said. But then I heard adults say that's a lot of work too. One thing that stuck was "you get a choice between recovery and socializing." I feel this way now. The more I go on, it seems I was correct 9 years ago. The only solution in life is to have a ton of money. To buy time to actually and properly relax and go at my own pace to take care of myself properly in every way without having my time smashed by obligations fueled by money, ultimately others. Need to figure this out before it's too late. Am I crazy for thinking this way? Other people don't seem to care. [link] [comments]  |
| Weekly FI Frugal Friday thread - December 06, 2019 Posted: 06 Dec 2019 12:09 AM PST 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]  |
| When do you decide that roommates are no longer worth the low cost anymore? Posted: 06 Dec 2019 03:49 PM PST Basically, I chose a useless major right out of high school and so I had to go back to school for something smarter at 28. I am 30 now and have gotten great grades for the past two years. I have been living at this student housing place since August of 2017. It was only about $600 with lots of amenities and 5 minutes from downtown. I had to deal with 3 roommates but I figured I could make it work. The downside is they throw you in with people that you've never met before with their roommate "matching" program. The roommates have gotten progressively worse and the guy I have to live with now is a scumbag all across the board. He let a friend sleep on the couch for the first month and collected rent from him, didn't ask us if it was ok and kept all the rent money for himself - the crazy part is he did not even pay his regular rent to the apartment complex - I told him I was not ok with that and he sent me an essay long text saying how I "disrespected" him and how other people who have done that have ended up in the hospital - he is filthy, takes food and appliances into his room, doesn't take showers, plays video games super loud in the living room. I've tried talking to him but he doesn't care. I've tried talking to management but they don't care either. I've been trying my best to just stay out of the house and study at coffee shops or stay in my room but I'm near the end of my rope now. I'm too old for this crap. In 2020 I will be taking some of the hardest classes I've ever taken in my life and I don't know if I will be able to pass them with this extra drama from my living situation. I will definitely be getting my own place when the lease ends but that isn't until the end of July next year. I really want to get out now but I feel trapped. My options are essentially deal with it or find someone to sublease, pay the sublet fee and move out early. I am pretty set on a 1 bedroom place 5 minutes from where I'm at, it's about 1k. I average about $1400 a month. I could make it work but my leftover savings would be razor thin. A big part of me feels I need to get out of here ASAP - But on the other hand the low rent is very alluring and I think about how much I'm saving financially. On a third hand, I feel like I'm paying the exact same price it's just that right now I'm paying the other half with my peace of mind. [link] [comments]  |
| Posted: 06 Dec 2019 03:32 PM PST Thanks to this sub (and a few others), my wife and I will have our house paid off some time next year. We have been working hard to accelerate the mortgage pay down, and have been fortunate enough to plan on accomplishing this goal about 2 years ahead of our original schedule. I always said that I wanted to go to Vegas and blow a bunch of money on vices to celebrate. Now that the date is getting closer, I am having a change of heart. Instead of wasting money to celebrate, I think I want to do something more useful and/or charitable. Do you guys have any recommendations on something small that we could do to be charitable the first month we don't have a mortgage payment anymore? [link] [comments]  |
| Playing Catch-Up - Current Numbers - Advice Appreciated! Posted: 05 Dec 2019 09:07 PM PST I'm a 50M so I won't be able to truly RE, but do still hope to be FI! For years, I've felt so far behind given my late starts to both the workforce and investing. Now I feel like I'm playing catch-up! I've maxed out mine and my wife's Roth IRAs for several years, but after being inspired by so many of you, I recently also began contributing to a Roth 403(b) through my employer. My new total annual contributions across all 3 Roth accounts are $27k/year. (No match, unfortunately.) I spent some time today going back through the last seven years of investment records so that I could track my progress, see where I am, and (hopefully) watch it accelerate over the next few years. Current holdings are around $147k. I'm fortunate that my employer (California higher education) also offers a pension. It's based off years of service, highest salary, and an age factor that maxes out at 63 (the year 2033). Assuming that it remains solvent (a big IF given California's huge debt and the pension's unfunded liabilities), and that the terms don't change between now and 2033, here's the anticipated growth of what I should receive annually in retirement. If I work until age 63 to max out the age factor, the annual pension should be roughly $102k.
Assuming that my current investments and $27k annual contributions grow at 7% for the next 13 years, the total should be around $939k. With a 3.5% SWR, that's roughly another $33k per year. (I hope to increase my contributions annually, so this should be higher.) All told, that puts me at an annual salary of around $135k at age 63. (The additional annuity from extra work might add $10-20k per year.) Of course, that will be in 2033. Having done this exercise I do feel a bit better about my retirement. I still wish I could retire earlier, but it's not a grim as I once thought. Regardless, I would still appreciate your thoughts, insights, and advice. Thank you in advance and thank you to this sub for your inspiration! Edit: Anticipated salary at retirement wit substantial overload along the way is around $200k. Subtracting pension and investment contributions puts it around $160k, so the $102k pension covers roughly 70% of the net. It's the 30% pension gap that I'm attempting to make up with the other investments. We'll still have a mortgage and two kids in college, so expenses won't drop much, if any. Edit 2: Why am I being downvoted? I've seen other people post their FI plans so thought I'd share mine and get some feedback on how to improve. Am I not retiring "early enough"? [link] [comments]  |
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