Financial Independence Daily FI discussion thread - June 14, 2020 |
- Daily FI discussion thread - June 14, 2020
- Business owners, what is your approach to FI?
- How do you prevent yourself from living in the future?
- What is the optimal way to utilize the Lifetime Learning Tax Credit in pursuit of FIRE?
| Daily FI discussion thread - June 14, 2020 Posted: 14 Jun 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]  |
| Business owners, what is your approach to FI? Posted: 14 Jun 2020 07:02 AM PDT I'd love to hear from other business owners (whether that's consulting or drop shipping) on your perspective on FI. More specifically:
My spouse and I have almost stumbled into a lucrative niche: content marketing for B2B SaaS (especially series A startups). It netted $140k last year, should hit $200k this year, and our goal is to hit $1M (gross) in 3 years. But we have no idea what the eff we're doing. [link] [comments]  |
| How do you prevent yourself from living in the future? Posted: 13 Jun 2020 09:44 PM PDT Right now I have about a 70% savings rate (and looking to increase that by moving out of my apartment and buy a duplex to rent out the other half) I still go out (or did before covid) with my friends to our favorite dive bar fairly regularly I go on two vacations a year (I'm a big fan of fishing and hiking, so the vacations are comparatively cheap) I coach highschool wrestling, and do plenty of other stuff I enjoy, so it's not as though I'm not living life or anything. Yet it feels like I spend a potentially unhealthy amount of time thinking about the future. Thinking about future plans and goals for myself in 8-10 years when I've achieved FI. It's not that I have no near-term goals for myself, it's just that a lot of my goals, like living overseas, just aren't feasible right. Or at least it feels like pursuing them right now isn't worth the risk. It feels like right now I'm just doing what I need to do to get to the destination as quickly as possible so I can do what I really want to do. I'm incredibly fortunate to be in such a position, so I hope this doesn't sound too much like complaining, but it just feels like I'm toiling through things right now to get to the promised tomorrow because obviously money invested right now is twice as valuable as money invested in another decade. Anyway, if you have any advice for a guy that feels trapped in the golden handcuffs of tech because it's the most efficient way to reach FI, please let me know [link] [comments]  |
| What is the optimal way to utilize the Lifetime Learning Tax Credit in pursuit of FIRE? Posted: 14 Jun 2020 02:10 PM PDT My logic is: -more education correlates with more income -lifetime learning tax credit reimburses you for enrolling in an accredited institution Once you are already employed and working towards FIRE, going back to being a student is not the right move imho. So I think that means doing something like taking online classes. However, it also doesn't seem like getting a whole 'nother degree is the right move, so how would you approach this best? [link] [comments]  |
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