Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - March 23, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - March 23, 2020
- Daily FI discussion thread - March 23, 2020
- Suggestions from a long-time FIREee on coping with anxiety.
- Accidentally lost a major milestone!
- Weekly FI Monday Milestone thread - March 23, 2020
- Unpopular opinion(?): Most of us are now better off
| Posted: 22 Mar 2020 11:09 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 - March 23, 2020 Posted: 23 Mar 2020 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]  |
| Suggestions from a long-time FIREee on coping with anxiety. Posted: 23 Mar 2020 07:48 AM PDT Speaking as a guy who ER'd in 2005 and who got through the housing bubble, anxiety is totally natural and OK. I imagine you've heard what I'm about to say, but hopefully it'll encourage you to hear that these coping mechanisms aren't just theoretical, but are actually effective. They're working for me right this very second. STOP ENDLESSLY BROWSING REDDIT AND OTHER FORMS OF ANONYMOUS SOCIAL MEDIA. This is huge. For human interaction switch largely over to what let's call intentional conversation. Communicate with friends and family and acquaintances directly by phone or IM or whatever best suits you instead of getting lost in a crowd of strangers. Target your support. This brings out the best in people. Stick to hard news and stay away from sensationalized coverage. Despite what I just said about Reddit, /r/covid19 is a great central source for hard science. The science is encouraging, and it's great to see how the global scientific community is coming together. Find stories about everyday heroes, like the teacher who's right now leading my daughter's virtual classroom. In 2009 we were all uplifted when Captain Sully safely landed that American Airlines flight in the Hudson River. Stories like that were what we needed to hear. Honest to God, I'm pretty much worshiping the linoleum my pharmacist walks on. Futurology doesn't have to be negative. Like: the distributed manufacturing systems springing up are gonna be huge in the post-COVID-19 world. I seriously wish I owned a 3D printer right now. This event could also blow a lot of bullshit out of our healthcare and college systems. Etc., etc. Keep exercising. No need to belabor this. Yoga and burpees if nothing else. Establish a routine. Old convicts frequently tell new ones how important it is to structure their day instead of sitting around playing cards and doing constructive things only when they feel like it. This is good advice for anybody. Keeps one busy instead of sitting around mooning about stuff or smoking weed all day or spanking the monkey fourteen times an hour. It takes some self-discipline, but it's totally worth it. Incorporate an educational component. "I like birds, so today I'm gonna replace a half-hour of Netflix with a half-hour ornithology lecture." Remember that as a FIREee or an aspiring one, you're already ahead of the game because you have some money put by. Our community's gonna hear a lot of "Guess you're not as smart as you thought you were, eh?" Whatever. We were at least smart enough to make money and keep it and put it to work for us. A direct reason I was able to FIRE is that my grandparents survived the Great Depression and passed what they learned to my parents and to me. This is a hell of an opportunity for us to be ambassadors for sound personal financial management. Figure out ways to spend locally. There are gonna be a lot of cottage industries springing up. My wife and I have more or less pledged to each other that if it should work out that we get stimulus checks, we're gonna spend them on our friends who are trying to earn money. Like: my friend forages for wild mushrooms and such for selling to restaurants. That market has dried up. We just started buying watercress from him. Everybody wins. Check out live-streaming performances. Did you catch the Dropkick Murphys live show last week? I was like, damn, this is exactly the breath of encouragement and normalcy I needed. /r/festivals is doing some great work curating this stuff. My wife's over here watching a video Steve Martin just posted. He's out in the woods somewhere playing the banjo. It's awesome. I guess that's it for the moment. Last thing I'll say is that while I don't know you personally, I care about you and I want you to feel healthy and happy. Stay strong and be well. Edit: typos and shit. Edit edit: I note with some amusement that people aren't finding the notion of spanking the monkey fourteen times an hour to be implausible enough to comment on. Maybe that's just a Reddit thing. Hmm. [link] [comments]  |
| Accidentally lost a major milestone! Posted: 23 Mar 2020 01:14 PM PDT This is an update from two years ago when I posted that I "Accidentally hit a major milestone" when my investments binked over $2M without my noticing. I had reasonably popular comment describing my path towards FI and plans for the future and an early retirement. If you had asked me a few weeks ago, that $2.2M had grown to over $2.6M (despite 529 withdrawals for college) and my RE goal was in sight! Today, I'm at $1.8M and dropping. Holy shit, that's a $800k+ loss in a month! Admittedly, I feel punched in the stomach. One of the things I learned running a business is: "The things you need to do when times are bad are the things you need to do ALL THE TIME!" If I had to do it all over again, still without a crystal ball, I think I'd only have changed a couple things:
I am staying the course! Hang in there, FIRE! I appreciate all the calming posts. I'll share more details in comments if there is any interest on specific updates since my post two years ago. I wonder what my next post will say in two years time? See y'all in 2022! [link] [comments]  |
| Weekly FI Monday Milestone thread - March 23, 2020 Posted: 23 Mar 2020 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]  |
| Unpopular opinion(?): Most of us are now better off Posted: 23 Mar 2020 03:02 PM PDT TLDR: some encouragement For those who are already FIRE'd, I feel for you and hope your plans are still in tact. For those whose employment are less secure or gone, even more so. But the majority of this sub, I suspect, are still in the process of saving, and probably less than halfway to their RE number. For all of those, your journey just got easier. One of the reasons why the FIRE community grew so quickly was because we just had one of the longest bull market runs in history, enabling people to retire as much on their stock growth as their earnings. While COVID is obviously a massive unexpected event, equity valuations were very rich on a variety of metrics, as can be expected after such stellar performance and accommodative monetary policy and is in part why the drop was so precipitous. (This fact was pointed out myself and many others in the FIRE community, often who work in finance or economics, but was silenced as this was 'market timing' - which in fact it was). This is all now moot as the market has corrected and then some (not that that necessarily proves we were right). And while no one knows exactly how things will play out it is highly unlikely that the world economy lost 30-40% of its medium or even short term productive capacity, as asset prices are basically implying now and might well continue to for an extended period of time as the second- and third-round (credit-related) effects reverberate through the world markets. So while stocks might not rebound soon, take some heart - if you still have your job, and stay the course, you might very well have just gotten a significant boost in your long term journey! So stick to your plans as far as possible, (IMO) invest MORE now if you can, be thankful for what you have, pay attention to yourself and those you love, and enjoy seeing what it feels like to live your life (kind of) outside the rat race for a few weeks, and feel lucky that this did not happen at the end of your capital accumulation phase. [link] [comments]  |
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