Financial Independence Daily FI discussion thread - April 28, 2020 |
- Daily FI discussion thread - April 28, 2020
- Quarantine Gave Me the Nudge to Pull The Trigger on RE
- FI Calc - a new retirement calculator
| Daily FI discussion thread - April 28, 2020 Posted: 28 Apr 2020 01:08 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]  |
| Quarantine Gave Me the Nudge to Pull The Trigger on RE Posted: 28 Apr 2020 10:31 AM PDT Hey all! My spouse and I hit our FI # last year. He's in tech and I own a hair salon. We also have one rental property. (Our plan is to eventually have one more.) Being financially independent was always our goal. We're in our 30s, so retiring seemed ridiculous. Our normal workdays can be 10-14 hours long, and for two workaholics, we wondered what we'd actually do with ourselves without work to fill the void. Enter coronavirus. My salon has been shut down for almost two months, and our CA stay-at-home order was just extended for another month. My husband is working from home, but with limited hours. I'm finally getting a taste of what retired life looks like, and not going to lie, it's surprisingly awesome. We have a relaxed breakfast together every morning. I've been slowly working on turning our small yard into a permaculture food forest, and it's amazing how much progress can be made without work in the way. I've been volunteering for a covid-assist group, delivering groceries to people who can't leave their homes, which gets me out on my bike every day. I cook all of our meals, a lot of which comes from our own gardens, so we're eating much healthier. I still make videos and posts for the salon's social media, all creative looks that I feel inspired to do--not pressured to do, which is how I felt when I was working full time. We're both calmer and happier these days. Our house is actually clean. (Something we never had time to do.) And we fight so much less. I told him that I'm dreading going back to how things were, and he agreed: our life before quarantine wasn't sustainable. We were heading for burnout. We're now looking into purchasing our second rental property, and then finally taking the plunge into RE. Without the shutdown, we probably would have been too scared to ever leave our jobs. This was definitely the nudge we needed. [link] [comments]  |
| FI Calc - a new retirement calculator Posted: 28 Apr 2020 06:36 AM PDT Hey r/financialindependence! I'm new here, and it's nice to meet you. I'm working on a new retirement calculator in the same vein as FIREcalc/cFIREsim. It's called FICalc, and you can view it here: If you've used FIRECalc/cFIREsim before then this should be familiar to you, as I modeled this app to be similar to them. 🤔 Wtf is this thing?If you haven't used similar calculators before, then this section gives you an overview of how they work. Feel free to skip this if you are familiar with these kinds of calculators. You give the calculator some inputs, like how long you plan your retirement to last, how much money you have, and how much you plan to withdraw each year. From there, the calculator runs through a series of simulations using historical data dating back to 1871. So, for example, for a 30 year retirement it checks to see how your retirement plan would have worked from 1871-1901. Did it run out of money, or not? Afterwards, it checks 1872-1902, and continues going all of the way through to 1990-2020. After running through all of the historical data, the calculator lets you know how well your plan worked. Right now, it shows you how often the portfolio ran out of money. This is the same strategy used in the analysis that led to the 4% rule, if you've heard of that before. 🤖 Why another calculator?There are already a few calculators out there already that do this same thing, but I'm trying to do a few new things with FI Calc that I think are worthwhile:
📝 Planned improvementsHere are some of the things that I'm working on right now:
💭 What do you think?Check it out if you have time, and let me know what you think! What can I do better? What features would you like to see? Are there things in existing calculators that you want to see here? I'm open to any and all feedback! [link] [comments]  |
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