Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - December 09, 2019 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - December 09, 2019
- Daily FI discussion thread - December 09, 2019
- Fire Flow Chart Version 4.0
- Projected costs of taking 6 months off work mid-career
- Weekly FI Monday Milestone thread - December 09, 2019
- Help me understand/model the tax details of executing a Roth conversion while living off a taxable brokerage account in ER
| Posted: 08 Dec 2019 10:09 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 - December 09, 2019 Posted: 09 Dec 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: 09 Dec 2019 07:55 AM PST For my goal of 2019 Q4, I wanted to learn more about flow charts and decided to make one for the FIRE Community. Best case would be to have this flow chart improved to a point where the moderators accepted it into the Wiki. Worst case would be that I learned how to do flow charts. Over many versions, here is Version 4.0. Please read the flow chart entirely before commenting since some redditors have been commenting or PMing of missing items; sometimes it's just buried deep. Please provide constructive criticism where I will evaluate for the next version; if it's needed. If you provide details on what exactly you'd like changed and provide justification, that can be sufficient to persuade me. I am not sure what would be good "sections" for each box title (rotated text on the right) and whether it was a good improvement or not; I'll let reddit judge that. I previously mentioned that I would want to add appropriate references but have been swayed against it as it requires maintenance for link sustainability and could also bias to certain sites/forums. Version History; for those interested [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||
| Projected costs of taking 6 months off work mid-career Posted: 09 Dec 2019 09:15 AM PST This post is a small case study and plan about taking time off for 6 months in the middle stage of our career. Hopefully it is useful for FIRE-minded people who are considering not working to see what the costs of doing so are. I'll plan on doing an update to see what the actual costs were and providing reflection on the time off. First a little bit of context about us:
Our plan for taking time off are:
My best guess is that this is going to cost us $5.6k/mo directly, and we'll miss out on about $7k/mo in savings. So... it'll be expensive. But that's what the money's for, right?
PS. Since this is a long-post and the sub loves charts -- here are some of mine:
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| Weekly FI Monday Milestone thread - December 09, 2019 Posted: 09 Dec 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: 09 Dec 2019 01:20 PM PST I've been trying to better understand FIRE as it could be applied to my situation (relatively high income, relatively short career) and I've spent a considerable amount of time modeling a FIRE trajectory in Excel. Through some analysis and reading, it seems like a few assumptions are either optimal or necessary when trying to go from zero to retired in 10 years or less. Just to cover my assumptions:
So that last point is what I was hoping to get help with... If I'm socking away potentially $100k/year in a brokerage account with no special tax status, how would I go about estimating tax burden when drawing from the account after ER? Which dollars are going to be taxed as contributions (i.e. potentially untaxed like savings?) vs. which dollars are going to qualify for LTCG? I was reading about some threshold income where no LTCG is owed, which would affect how much income I can use in the Roth conversion? It's all fairly confusing - more confusing than building a function that can calculate federal tax on earned income in each bracket, which was difficult enough. How is it different for single vs. MFJ? TL;DR: I want to figure out how aggressively I can convert Trad -> Roth in ER without incurring lots of extra tax. It seems like converting about $38k/year could be done at a relatively low ~8% average rate (if taxed as ordinary income), but I don't fully understand the tax implications of living off brokerage account and its interaction with Roth conversion at higher rates. Thanks! [link] [comments]  |
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