Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - June 08, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - June 08, 2020
- Daily FI discussion thread - June 08, 2020
- What do you plan to do for your kids education?
- From poverty to enlisted.
- DAE experience guilt about their past spending habits and the money they've wasted
- Considering life phase goals/intentions for CoastFIRE Planning along with finances
- Weekly FI Monday Milestone thread - June 08, 2020
- Money vs fulfillment. Time running out
| Posted: 07 Jun 2020 11:08 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 - June 08, 2020 Posted: 08 Jun 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]  |
| What do you plan to do for your kids education? Posted: 08 Jun 2020 11:04 AM PDT Hi all, I've been on a pretty good track, but as I've been assessing some of my potential costs in later life, I'm starting to realize my initial targets may not be nearly enough. I come from a family where education is highly promoted. My parents paid for all my schooling so I was able to start off on an amazing path and become technically FI Before 30. I was looking recently at the cost of my lower, middle, and high school, and the cost was roughly 25k a year on average over 12 years. With college, I attended a top private university that was another 45k or so a year, with no scholarships. They also offered to pay for medical school Or post grad if I went down that path which is another 70k a year (they didn't have to since I had all my post grad covered by my company). All in for education alone you're talking over a million per child. I absolutely intend to do the same for my children since it opened up so many doors, and I feel it's my responsibility to pass on my good fortune. That being said that's a tremendous amount of savings that would greatly chip away at my prospects of retiring early. I'm curious about:
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| Posted: 07 Jun 2020 05:59 PM PDT Hello everyone I wanted to document and hopefully inspire some younger people. I grew up pretty poor. I decided to join the military at 19. My plan was to save as much as possible so I could start my new life. I join the service as an E-1 with $5 in my wallet. 7 years later and i'm an E-4 and I have managed to save/invest a little over $103k. I have always lived on base in a barracks. I'm single and receive no bonus pay nor do I get BAS. I have done what everyone says to do yet very few actually follow, I spend less than I make and I invest the difference. When I get a pay raise I save all of it. I still live as if i'm an E-1 7 years later and iv had many pay raises along the way from either promotion or yearly pay increases due to inflation yet iv never spent more than when I first joined. Some would say this is unreasonable and some friends even make jokes that this cant be sustained long term. But in reality I have no debt and i'm able to have more fun with my income than most because I have minimal bills. It's not always how much you make.... it's usually how much can you save. My income is $2,746 before tax currently I invest 28% of my paycheck (5% matched) into my TSP(401k) split 70% C fund and 30% S fund. C fund = SP500 index S Fund = Small cap stocks index Each month I invest $500 into a Roth IRA in SWTSX My monthly bills are between $750-$1100. Most of my money is spent on fun or travel due to no car payments or housing costs. Biggest expenses are car insurance and internet. https://puu.sh/FTRgO/e2479604d5.png My goal is to retire from the military after 20 years of service with an estimated net worth of $600k and a pension of 40% of my base pay for the rest of my life. If I retire as an E-6 that would give me $1,668 a month ($20,025 yearly). I estimate ill live off of $35k-45k annually meaning ill need to make sure my investments can cover the remaining $15k. After assuming the 4% SWR I should be more than fine after 20 years of service. I post this not to brag. I wanted to show that people of lower incomes can do this FIRE thing also. Don't be discouraged by these people who make $150k a year because I've never made more than $35k a year. Focus on getting out of debt and when you finally do it just keep investing the difference. [link] [comments]  |
| DAE experience guilt about their past spending habits and the money they've wasted Posted: 08 Jun 2020 06:26 AM PDT Slightly different post here. I have been interested in FIRE for a while now, but after turning 30 recently it has become something which I want to actively pursue. However, the more I look into this the more I can't help but feel I have wasted so much money in my 20s. I've had a pretty bad fast food habit for a while now which I have just kicked (14 days since I have eaten takeaway!) and I was wasting a lot of money on JustEat and Deliveroo. I feel like I am also that guy who when he gets drunk becomes overly generous in the interest of keeping the fun going - for example I would buy drinks for my friends, and almost always pay for stuff with my girlfriend who is a PhD student. I am experiencing an almost shame and fear of digging into this area further because with each cost optimisation I find I get this sense of guilt that it have been destroying my savings. I work in an area with potential to earn a lot of money although I wondering whether I have waht it takes to progress in the area. My only debit is my student loan (I live in the UK so it's not too much). So when I think about it I'm not in the worst position going forwards, it's just looking back... Does anyone else have any advice about how to deal with this, or any stories from people who have turned themselves around? I'm fully prepared to do the work, but I just can't help but feel bad about the past. [link] [comments]  |
| Considering life phase goals/intentions for CoastFIRE Planning along with finances Posted: 08 Jun 2020 04:07 PM PDT TLDR: Look at this: https://imgur.com/a/h9rQsNk I occasionally write about CoastFIRE. People disagree on what this means. To me, this means dropping out of your full-time career/job as soon as you safely can to explore more meaningful ways of making money and to spend more time on life goals. One way CoastFIRE reduces risk is by maintaining your income making potential and employability while you experiment with mini-retirements and lifestyle changes. CoastFIRE avoids the sudden exit from over-worked HCOL lifestyle into full-retirement, with less external structure & meaning. I'm here to share my the sketch of my Coast FIRE plan for others to get some inspiration. I break out my remaining years in 5 or 10 year chunks of time and reflect a little bit on what my life might be like and what I might want to accomplish and do with my time. I then consider what kind of cost of living it might take and what kind of income I might be able to make. Note that I am aiming for CoastFIRE starting with $1m at 45. I'm single, no kids. Currently 39. I'd be happy exiting with $750k. I could probably make a run for it with $500k. I'll keep re-assessing my goals and financial situation as time goes on. Sometimes life changes directions drastically & plans have to be thrown away. Again, I'm offering my personal planning for inspiration/discussion. Your scenarios will be different, but if you work through your own intentions and financial situation, you'll see what your opportunities are for yourself. You definitely can CoastFIRE with less net worth than I'm aiming for. Though, I do believe that Coasting into LeanFIRE is a bit overly risky. Instead, I think it's best to hit your LeanFIRE Number before you Coast. I think it's best to target a "normal" cost of living in retirement (not a frugal/lean retirement), knowing you may end up a little lean or a little fat depending on a ton of unknowns that will unfold in your life. [link] [comments]  |
| Weekly FI Monday Milestone thread - June 08, 2020 Posted: 08 Jun 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]  |
| Money vs fulfillment. Time running out Posted: 08 Jun 2020 07:36 AM PDT Let's say you are 30 year old. You have $150K of SPY, which nets $500/month forever passively. You have 2 options:
$500/month in Eastern Europe equals to $3000/mo in SF. $500/mo seems enough to live. Source. That means you can fully focus on your commitment to find enjoyable work.
Which option would you choose and why? Edit. I failed to mention the work is online/remote in both options. [link] [comments]  |
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