Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 27, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - April 27, 2020
- Daily FI discussion thread - April 27, 2020
- 1 year FIRE update HA!
- FIRE + Family?
- Weekly FI Monday Milestone thread - April 27, 2020
- Annuities- really as Great as some financial companies told me?
- What books should i read to learn how to trade stocks,forex, crypto.etc.?
| Posted: 26 Apr 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 - April 27, 2020 Posted: 27 Apr 2020 01:09 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]  |
| Posted: 26 Apr 2020 06:05 PM PDT I FIREd last year at 45. Ha! That whole "what happens if you retire at the height of the great depression?" I may be testing that. However currently things are actually good. Its been a quiet year for me on the home font. Since I am FI already I'm not stressed about not going in to work or trying to work from home or hoping not to get laid off. My checking and saving have enough to get me though for quite a while. I have basically been on my own "social isolation" for a year. Its hard to have a social life when all your friends and ex- coworkers are busy with employment! I was catching up with all the new release moves until the shutdown. I have finally been able to catch up on a bunch of the games I neglected over the past few years. My biggest "splurge" was building a new PC to play the modern games. I enjoyed "The Outer Worlds" and Fallout 4 has been great. Epic has been giving away games weekly so I have a bunch in my library I haven't even had a chance to try. My health has actually dramatically improved since I no longer have to deal with the stresses of my old job. I am able to cook at home and not not eat out as much. I lost a bunch of weight and all my vital stats are back in the green! Still plenty of room to improve. I was getting out and doing some exercise before Covid. That has died down and I really should get back to walking a bit more, even if I need to wear a mask. My net worth has taken a bit of a hit but I still have enough "slack" in my budget that I'm not stressing. I even picked up a little stock that I feel will do well in the next couple of years. I'm not going hog wild but I'm betting on an eventual recovery even if it takes a while. I have some time. My main yearly worry is heath insurance and how to deal with it. Since I can control my conversion from my 401k/ira into my Roth I can have enough "income" to qualify for ACA. That's my current plan until we finally fix the heath care system in this country. So all in all its not a super exciting update, but if you are working on FIRE, or just FI, I can say it is worth it! [link] [comments]  |
| Posted: 27 Apr 2020 10:33 AM PDT I recently purchased a home in anticipation of starting the next phase of my life, which will hopefully include the addition of children. I have always been a good saver and really lived within my limits, hoping to attain FI someday. I am starting to do some math on how my savings will look in the future. The down payment represented about 40% of our non retirement savings. Additional expenses on top of that (moderate home renovations, home furnishing, car purchase) represent another 10-15% of our saving. So very quickly we "spent" about 50-55% of all our non retirement savings, which has been really hard to stomach. Our new yearly housing cost will now represent 17% of pretax gross income (principal, interest, taxes, insurance and home association fees) – which is a somewhat significant increase over our previous rent expense which represented about 12% of our gross income. The addition of a car (we never owned one before) will add expenses, along with just general upkeep of the house. Once we have kids the bills will keep on coming (childcare, medical, food etc.) We have historically saved well but all this really just points to that being much more difficult to do so. I guess this is really a long-winded way of asking, how do you continue your FIRE journey as you look to start a family? It looks like my saving rate is about to plummet. How did people handle this transition and still maintain high level of savings with all the new expenses that come with starting a family? Just curious what other people's experience with this transition in life and how that alters you financially. I live in fairly HCOL city ---so that makes this feel even more difficult to manage. Would be interested to hear other's experience with this transition. Thanks [link] [comments]  |
| Weekly FI Monday Milestone thread - April 27, 2020 Posted: 27 Apr 2020 01:09 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]  |
| Annuities- really as Great as some financial companies told me? Posted: 27 Apr 2020 04:19 PM PDT I have a big question that has been on my mind for years. The question is about annuities. Backstory: I have recently been investing nearly all of my money, mostly in retirement plans through my job & personal portfolios I like to run on my own as a hobby. My brother always suggests and claims that I'm wasting my time and money because I am not investing in life insurance policies & annuities. I am a scientist & a skeptic, so of course the whole idea of an annuity sounds way too good to be true to me. My brother worked for a company that sold all kinds of finance products (World Finance Group or WFG was the company name) in the past & all of his coworkers I met would say the same thing as him. Personally, my rationale was that like with many things, I always look towards the people who did the best in the industry. For example: if I wanted to be good at Basketball, I would watch the NBA & more specifically Lebron James or Kobe Bryant videos to see how some of the best people in that industry played or got so good. I'd also try to speak to them and learn from them. As I have done my research online through articles, videos & more, I have never heard of the top financially wealthy people or any of the wealthiest people in the world, talk about how amazing their annuities were and how much money they gained just because of this "great financial product" that everyone spoke of to me. As a matter of fact, I rarely ever hear about them anywhere ! None of the big finance YouTubers or book authors I try to learn from ever even mention them! I am trying to become as financially independent as I can and want to know if this is true and if I should look to invest into them. So my main question is: "are ANNUITIES really as great as some finance companies say? And if so, why do I never hear about them from any financially solid people?" What makes them so great & the "best" financial product this company always tried to sell? [link] [comments]  |
| What books should i read to learn how to trade stocks,forex, crypto.etc.? Posted: 27 Apr 2020 04:12 PM PDT I plan on learning how to trade this summer. Any recommendations for books to read on how to do it? [link] [comments]  |
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