Financial Independence Daily FI discussion thread - July 02, 2020 |
- Daily FI discussion thread - July 02, 2020
- FI - For me, "Some Day" is Today
- Hit 100k, as a service industry employee, just wanted to share the start of my journey with everyone
- Is anyone rethinking living situations due to the pandemic?
- FI With Young Kids?
- Thoughts on these industry ETFs?
- Inheritance advice and placement help
| Daily FI discussion thread - July 02, 2020 Posted: 02 Jul 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]  |
| FI - For me, "Some Day" is Today Posted: 02 Jul 2020 09:38 AM PDT Today, I hit my number, today is "SomeDay". I'm still happily employed, and fulfilled, but today marks the day that for the first time, I've hit my number. I don't really know how I feel about it all, as the market is fully decoupled from the economy, and there has never been a more uncertain time in my lifetime -- but here we are. It's been 20 years of often working 50+ hours, working on growing my career, playing defense with the personal finances and then offence with the investments. I'll try to write up my path for some future Milestone Monday, but for today, it's just a stake in the ground. You may all tell me to fuck off now. Edit: I'm 44 years old, single-income, two kids. The number is 1.8MM CAD. Edit2: That's 1.8MM NW, as if I sold some stock to pay off my house tomorrow, not including any home equity gimicks in there. RE will be in four years. [link] [comments]  |
| Hit 100k, as a service industry employee, just wanted to share the start of my journey with everyone Posted: 02 Jul 2020 02:25 PM PDT I know we see a lot of high income posts here and I wanted to share my small milestone and how I got here. It's a nice feeling for me and it's tough to share that feeling with people in my life so I'll share it with you. I'm currently 29, I graduated in 2013 with a Bachelor's in Environmental Science, 90k of student loan debt and no strong direction of where to take it. I moved back to my home town and started working at a hotel while I looked for more career oriented jobs, but didnt come up with much over the first 2 years and over those years realized I quite loved what I was doing so decided to continue. All of a sudden its 8 years later, still loving what I do and have a little to show for it. I make $17.25 hourly thanks to my transition to a supervisor role, and make a reasonable amount of tips on top of that, I estimate about a 60k a year income. I've dropped my student loans to about 4k at the moment, should be done this year. I have a 15 k emergency fund, 70k in investmests between a Roth IRA (Betterment) and a 401k through work. I also have 20k in a slightly more conservative investment portfolio (also Betterment) in hopes of buying a home sometime soon, as I am currently renting. All in all nothing crazy but wanted to share my personal journey of consistent saving up to this point, and say that I'm happy to be part of this community, its helping current me and future me simultaneously. [link] [comments]  |
| Is anyone rethinking living situations due to the pandemic? Posted: 02 Jul 2020 11:10 AM PDT Like many folks aiming for FIRE, I have prioritized living close to my office for reaching my financial goals. I had even given thought to moving somewhere I could bike to work, even though I work at an office in an industrial area that's not particularly well suited to that currently. I used to go in 4 days a week, but my company isn't not reopening the office for the entire year, and we've been out since the start of March. It seems like it will be a hard sell to get us back in the office every day, and even if they do, I'm estimating a lot of companies will be more flexible towards remote work. There's been talk of coming in the office around a day a week as a new normal in the future. If I'm commuting a day a week, it would open up a lot of different areas I could live. There will probably be more options for full time remote as a software engineer. In my case, I like being close to nature, so I would like to move to somewhere I could get to hiking trails, bodies of water, etc. very close to my house. I prioritize this higher than being close to a city, since we cook at home and find most of our entertainment being outside. I already have a couple of options (a local reservoir for kayaking/fishing a mile away and mountain biking trails 20 minutes away, but have to go about an hour to get to mountains). There's some areas about an hour from my office that would meet the criteria of what I'm looking for. Has a) working from home and b) the possibility of continued working from home changed for anyone how they treat their location proximity in order to be frugal? [link] [comments]  |
| Posted: 01 Jul 2020 05:07 PM PDT I'm sure this has been asked and answered but I can't find it anywhere. This sub is filled with posts where relatively young people claim financial independence while single or in a DINK relationship. I'm curious about what's happened as any of you have had families. Or if others like me are chasing FI with an expanding family. Some specifics about me:
I don't want to wind up being "you'll understand when you have kids" guy, but I'm just very curious about people who have claimed FI early in life and expected to travel the world only to suddenly realize having a family and added responsibilities changes things. Also this sub seems to have a lot of dudes, and I'd love to hear the female perspective on this. EDIT: Wow, there's been so much feedback it's almost hard to keep up! I wanted to add a few things to address some of the common questions I've seen. 1- My job: I'm a Sr Development Manager at an enterprise software company. My pay is a mix of base, bonus, and stock. Pay like this fluctuates and is not guaranteed year over year. When I decided to have kids, I changed the course of my career to be able to work from home. My wife first tried to take a year sabbatical, and has since decided to stay home until our kids are in school. 2- I asked for a female perspective because in my experience women tend to analyze thousands of little factors I would never consider when it comes to kids and put them all together in what they might call "mother's intuition." I've tried to be analytical about the cost of kids and I'm constantly surprised at how wrong I can be. 3- Seven short years ago my wife and I were DINKs living in a small 1BR condo and making ~$75k/year. We drove a 20 year old car and followed MMM style frugality while trying to save for a house, pay for our wedding, and pay down our $120k+ in combined college loans. We quickly realized this would be a difficult life to lead with one or more children in the mix, which is why I'm asking how others handled this. [link] [comments]  |
| Thoughts on these industry ETFs? Posted: 02 Jul 2020 04:45 PM PDT With consumers spending habits forced to change and states desperate for cash I see the following industries ready to explode... TaaS - transportation as a service Sportsbetting and online gaming Cannabis Pets Thoughts? [link] [comments]  |
| Inheritance advice and placement help Posted: 02 Jul 2020 04:06 PM PDT Hi everyone, i am in a very unfortunate/fortunate position, due to certain circumstances i will be recieving an inheritance earlier than i should be. I will likely be getting given 3M+ USD. I am in my mid 20s and have not been given any sort of instruction for the fortune that is being handed down. I am curious, in your opinions what would the lowest risk way to use this money be to retire and live comfortably? I am also a Canadian, so i dont know if that would get converted to Cad or not. Insight would be appreciated [link] [comments]  |
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