Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - July 06, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - July 06, 2020
- Daily FI discussion thread - July 06, 2020
- Top 10% control 88% stock holdings as of Sept 2019. Values are high flying during pandemic while the world plunges into chaos. Do you ever feel guilty?
- Path and lessons to 400k
- End is in sight, then I looked at insurance
- Weekly FI Monday Milestone thread - July 06, 2020
| Posted: 05 Jul 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 - July 06, 2020 Posted: 06 Jul 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]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2020 12:44 PM PDT As a FIREer, what is going for us is that majority of us who are more than half way there own large assets in stock market. I think a lot of us belong to the top 10%. As the world plunges into chaos and unemployment is at sky high, a lot of us FIREers are making seriously good money in the stock market. If you re heavy on NASDQ index or FANNG stocks, you are killing it. Does it ever cause a bit guilt in you that you are fairing so much better than the 90% population? That you don't even need to work and your portfolio is pulling in more money than average household income? I do. I feel guilty. I work in asset management and I feel the whole stock market is so rigged that it's a way for the rich to enrich themselves. One of my mentors once told me that if you want to be rich, you own assets and businesses and hire others to do the work for you. One day, you will be making money while you are sleeping. I've dreamed to get there one day like him. And I did. But I have tremendous amount of guilt that I don't do shit and I make 6 figures a year just by sitting on FANNG and other Tech stocks. Here is the brief stats as who own the stocks in America. https://business.financialpost.com/investing/how-americas-1-came-to-dominate-stock-ownership [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2020 04:04 PM PDT I've never done a milestone post, but enjoy reading others and find them insightful. Plus, COVID has gifted me some time to research my 9.5 year path to $400k. The Basics: Just turned 32, single, lived in VHCOL cities most of my career. Finding Motivation to Save: For the first few years of my career, I had a troubling feeling that I wasn't saving enough given my fortunate situation. That said, I've always wanted to be a gold standard saver but didn't have the motivation or financial literacy to do so effectively. A couple years ago I read 'The Richest Man in Babylon' by George S. Clason (parables about the power of saving over time) which lit a fire. Since then I've educated myself (mostly through r/personalfinance, r/bogleheads and Buffet) and I'm now on track to prioritizing saving. BUT before that... Some Lowlights (avoid these!): Honestly, I'm not the gold standard saver by any stretch, especially early on.
Disclosures: In addition to a high marketing salary, I've been given 3 huge advantages:
Key Learnings / Advice:
Note: rounded to the nearest thousand. Annual Notes:
Anyway, welcome any additional comments and ultimately, hope this motivates someone to prioritize saving! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| End is in sight, then I looked at insurance Posted: 05 Jul 2020 06:04 PM PDT So due to my father passing, I just inherited a duplex. I already had a couple other rental properties and this put me over the mark of general day to day life costs vs passive income. And before some people jump in, saying that rental income properties aren't really passive, I have a property manager that takes a small percentage, and it truly is passive and super easy for the most part. Granted this was a terrible way for me to hit the benchmark, losing somebody, but I'm trying to look forward to what comes next. I'm barely crossing that benchmark, and then I realized I hadn't really factored in getting my own health insurance (USA). As soon as I looked up those costs, it hit a whole new level of, "well shit, time to really buckle down even more to get past that last amount" so I was hoping others might know of good ways to avoid the insane costs? I had been looking at a few plans, and while I had thought I would most likely have 2 kids in the future. If my spouse covered own insurance, just me +2 kids means about $1k/month for remotely decent coverage from BCBS. Wtf? Is there a cheaper marketplace out there I'm missing? Or is that really what I should expect for the time being? Any other advice would be more than welcomed. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weekly FI Monday Milestone thread - July 06, 2020 Posted: 06 Jul 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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