Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - August 10, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - August 10, 2020
- Daily FI discussion thread - August 10, 2020
- $2.3M Invested, $2.5M Goal | 32M & 32F w/ 1 Child | <3 Years to Go (Annual Update #3)
- Getting spouse on-board the FI journey
- Weekly FI Monday Milestone thread - August 10, 2020
- How important to you are FI related qualities in a potential significant other? What are those qualities?
| Posted: 09 Aug 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 - August 10, 2020 Posted: 10 Aug 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]  |
| $2.3M Invested, $2.5M Goal | 32M & 32F w/ 1 Child | <3 Years to Go (Annual Update #3) Posted: 10 Aug 2020 07:32 AM PDT This is Annual update #3 (first, second). I know my favorite posts in the subreddit are the ones that include all the raw details so i'll do my best to include the relevant information. Quick recap: 32 year old couple in the SF Bay area both working at "FAANG" companies in non-engineering tech roles (ie Senior Data Science Manager for me) and our plan is to be able to retire by 35 but am currently a few years of schedule (wasn't the case 3 months ago so I take that with a grain of salt). Earning fairly "Fat" bay area salaries but have more modest spend goals in retirement ~75K (excluding housing). I debated whether I should update this year since it feels strange posting mid-pandemic but felt it would be helpful for others to see how crazy the swings can be and how unpredictable rebounds can be (see charts below). We both graduated in the middle of the great recession with non-STEM liberal arts degrees (economics) from state colleges. I wanted to go into banking but the career fairs at my university in florida were spartan. Friends with top honors were getting their offers rescinded from the key players and I couldn't even land an interview. Luckily found opportunities at local tech start ups and two jobs later was recruited to the Bay Area for nearly the same base adjusted for COL but clearly much more upside (full base salary history at the end). While 2020 has been rough trapped in a yardless apartment with an active toddler we are fortunate enough to both have remained employed (knock on wood). Covid also tossed in another interesting future option around longer term remote work outside the bay while maintaining ~90% of bay area salaries. So my original plan was to FIRE at 35 could turn into more of a glide out (really wanting to get out of the Bay Area ahead of my toddler starting elementary school). Overall Investment Value as of 8/7: $2.3M, +54% YoY (prev. 1.75M)
My Favorite Charts (Updated 8/7/20): https://imgur.com/a/c6pGm16
High level goals:
Income:
Personal Base Salary History (Later on equity contributes a large portion of my salary but isn't included here, note: don't get overly hung up on the exact ages/dates everything is within +/- 1 year but smoothed out to make doxxing a little harder)
Again, want more of my life story be sure to read my posts from last two years: [link] [comments]  |
| Getting spouse on-board the FI journey Posted: 10 Aug 2020 12:06 AM PDT My wife and I are on our path to FI. We are in our 30s and we were a bit late to realize how money works. Although we just started, the thought of achieving something big, that never even crossed our minds before is very powerful and promising. We are three years into our marriage and we made some bad decisions the first year which put us in a lot of debt and that eventually pushed me to know more about FI and how money works. Since then we have recovered and I can proudly say that we became debt-free 3 months ago. We have been trying to save as much as we can to build an emergency fund and once we achieve that, we will start to invest. My only concern so far has been that my wife is not a math person. She has been 100% supportive of me taking charge of the finances and budgeting but when it comes to me showing her numbers and graphs, she freaks out and cannot comprehend. Its like she is scared of graphs and math. She told me she has been traumatized by her math teacher in class and she even fears calculators now. Keeping this in mind I never pushed her to learn about numbers and percentages and extrapolating graphs but I always wanted to teach her how investments work just in case I am incapacitated and she can take care of herself. Yesterday, as I was thinking of ways to at least show her how our budget works, I remembered a diagram (sankey diagram) but I didnt know the name of it so I turn to you guys and tried to explain what I was looking for. I am so thankful to those that replied and told me it was Sankey diagram. I went ahead and make the Sankey diagram for my wife thinking it has no graphs, its very visual and easy to understand. And, when I went home and showed her that, she loved it! She understood everything listened to me with 100% attention while I was explaining everything to her on the diagram. I just want to emphasize on the importance of your spouse being on-board in the FI journey and that you have to find ways of making it easy for them to get onboard and not push them to do it if they do not know the concept. For those of you who are still single, keep this in mind that once you are not single anymore, the most important thing in FI journey will be your spouse supporting, understanding and working towards your shared Financial Independence goal. EDIT: Example of a Sankey Budget Diagram EDIT 2: This is just an example diagram and not my ACTUAL budget. [link] [comments]  |
| Weekly FI Monday Milestone thread - August 10, 2020 Posted: 10 Aug 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]  |
| Posted: 10 Aug 2020 09:39 AM PDT I am dating to find the person I would like to spend the rest of my life with and I have struggled in determining what attributes are deal breakers in the area of FI. For me, it has not been important that my partner be in a similar finical position. But is it important that the person is financially responsible, doesn't live above their means and doesn't have a lifestyle that is incompatible with my own. My thought was that, as I become more and more committed to a partner, my financial independence would become theirs as well. But that has been an extremely difficulty leap to make. The issue I have run into is where potential partners are two tied up in their carrier, not in a position to take time off and enjoy life, or not have the finical security to take risks or change careers to increase their happiness. I.e they don't have finical independence. This makes it difficult to grow a relationship in the areas that are important to me. So, perhaps finical independence is a deal breaker after all; and it's not just financial responsibility I am looking for? Interested in the thoughts of others. Cheers! [link] [comments]  |
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