Financial Independence Daily FI discussion thread - May 03, 2020 |
| Daily FI discussion thread - May 03, 2020 Posted: 03 May 2020 01:07 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]  |
| I was supposed to FIRE right around NOW Posted: 03 May 2020 03:10 PM PDT Welp, many of you have said that real estate income or small business income shouldn't be counted as part of your FIRE number. I kinda took offense of that notion in the past. I thought to myself that if I save enough to encounter 10% vacancy, have a healthy reserve, I should be OK. Who would knew this Pandemic just threw all of these conventional RE wisdom in the trash. A huge part of my post FIRE income would have come from my real estate investments. It's totally rocky right now with very uncertain future due to the shutdown. But I am still hoping for the best. I did take this sub's recommendation and built a pretty sizable Cash/Bonds/Stocks mix. FireCalc showed that I have a 98% success rate to live off that stash for 20 years without any additional income. I am in my early 40's. And yes, I am counting on some SS and a sizable inheritance. (Don't kill me) Since this pandemic, I took an unpaid leave from my job and it suppose to end after 3 months. It has been 6 weeks without any work and I am feeling the best!!! I don't have to do the stupid daily stand up to report to the higher being what I have been up to. No more nagging emails from HR, my boss, compliance and IT department. ZERO stress! I get up every morning to have coffee and breakfast without getting rushed, situate my kid to the remote classroom, read news on my computer, go for a little nice walk, have home made lunch, take a nap, do a workout, watch movies, bake a dessert with my kid… Wow, I didn't know life can be this good. The dreadful feeling that eventually I still have to return to work really puts me down. If only if I could count on my RE investment, I would have pulled the trigger with no hesitation. Some FIRE folks said that it doesn't have to be 0% or 100%. Deep down, I really want to just take a chance. I am good for 20 years at least. And the chances of my millions$ of RE holdings evaporate into thin air is quite small. What if I don't live very long? That would sucked real bad if I die prematurely. Maybe I should just take a chance and live a little. Humans are extremely resilient. We change, adapt and survive. It doesn't have to be one formula fits all. [link] [comments]  |
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