Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - May 04, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - May 04, 2020
- Daily FI discussion thread - May 04, 2020
- Is an income property the right move?
- Weekly FI Monday Milestone thread - May 04, 2020
| Posted: 03 May 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 - May 04, 2020 Posted: 04 May 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]  |
| Is an income property the right move? Posted: 04 May 2020 05:26 PM PDT My wife and I are currently living in a duplex and our landlord offered to sell it to us. Fair market value. I am ALL ABOUT the idea of snagging an income property. My wife is a little more hesitant. I have been running the numbers and I am feeling confident, but want to see if they make sense to everyone here, if I missed anything, or if I am completely off base. First I started with our combined monthly incomes (simple enough). Second, I took various projected mortgage payments and used the average as a baseline. I created four scenarios: 1) our mortgage with no renters, and we are paying private mortgage insurance (PMI); 2) our mortgage plus PMI minus the income from renters; 3) our mortgage with no PMI and no income from renters; 4) our mortgage with no PMI minus income from renters. Third, I created a budget based on existing numbers and some hypothetical numbers (since we currently dont pay water sewage and garbage) The expenses I listed included the following: garbage, water/sewer, electricity, internet, food, gasoline, student loans, credit cards, car insurance, and streaming services. I cannot think of any additional regularly occurring expenses (this would be a good place to chime in if you have a suggestion) Fourth, I took the utilities and such and created another two scenarios- one that is much more expensive and another that is less expensive. Kinda like a best case/worst case scenario deal. Finally, I added the respective cost of the mortgage scenarios to the respective costs of utilities. Then I subtracted those costs from our income. The result was twelve different scenarios (4 different mortgage situations×3 different expense situations). And in only one we would be in the hole be $10 (which would be the absolute worst case scenario). In all of the rest, we would have over a $1,000 left over. The only wildcard I was unable to clue in was upkeep and repairs on the unit. Besides that- does my thought process seem sound? If so, it seems like a bangin investment to me! Please weigh in. If anyone would like to check my math, DM me, and I'll send you the spreadsheet. Lol [link] [comments]  |
| Weekly FI Monday Milestone thread - May 04, 2020 Posted: 04 May 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]  |
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