Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - August 31, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - August 31, 2020
- Daily FI discussion thread - August 31, 2020
- 75K net worth! (25M)
- Coasting a low stress job before early retirement
- Does anyone pursue FIRE so that they will have a comfortable base to pursue Entrepreneurship?
- [Update] Perspective for those shaken by this market
- Introducing /r/House_Hacking!
- Weekly FI Monday Milestone thread - August 31, 2020
- Just wanted to brag to internet strangers because I can't tell friends or family. I just hit 75k in savings from investments to retirements account, age 27 ! And I didn't do it with some HCOL job making 200k/yr..
| Posted: 30 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 31, 2020 Posted: 31 Aug 2020 01:10 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: 31 Aug 2020 01:37 AM PDT Hey everyone! Pretty stoked on this, but I didn't know who to share it with. I enjoy reading the personal stories that get posted here, so I figured I would share mine as it seems a little different approach when compared the majority on here. 2015
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I am getting out of the military soon and will be going to college for a Computer Science degree using my GI bill. I will be getting out debt free with over $70,000. It's not for everyone but the military can certainly set you up for the future and is very easy to build a nice net worth in. [link] [comments]  |
| Coasting a low stress job before early retirement Posted: 31 Aug 2020 10:59 AM PDT I'm in my 40's and just about checked out with high stress jobs and the corporate world. I have enough money saved up to take a substantial pay cut and coast for 5 to 10 years and retire comfortably. Anyone thinking the same about phased early retirement where you work low stress lower salary jobs once you are mostly financially secure? I'm looking for suggestions for second careers that could meet these definitions. Easy/low stress jobs, 40 hours a week, 50k+ in income preferred but not necessary. Probably could do fine with minimum $30k a year. [link] [comments]  |
| Does anyone pursue FIRE so that they will have a comfortable base to pursue Entrepreneurship? Posted: 30 Aug 2020 06:48 PM PDT I can see how it would be easier to start a company if you had enough to live on saved up. Is this anyone's plan? RE in your 30s or 40s and use the security and maybe some of the capital to start a company? [link] [comments]  |
| [Update] Perspective for those shaken by this market Posted: 31 Aug 2020 04:40 PM PDT I made a comment 5 months ago when I did spreadsheet day at the bottom of COVID that got a lot of notice. See it here. My portfolio is up $130,000 from that day, and my spending has been slashed due to COVID lock downs, down 50% on a 6 month average, and about 30% on a 12 month average. This combination has actually brought me to my FIRE date: A full two years early. I'll keep working and building a buffer for a little while. How are you all doing? [link] [comments]  |
| Posted: 31 Aug 2020 05:17 PM PDT Hello everyone. I want to introduce and invite you all to join /r/house_hacking. This is a new sub dedicated to the house-hacking real estate investing strategy. House-Hacking (HH for short) is where you buy a house to live in and rent spare rooms out to cover the mortgage, leaving you with little-to-no housing costs and growing equity! This is often an easy way for newcomers to get started in real estate, especially in expensive areas! If you are experienced in HH, I invite you to share your stories and experiences so others may learn. If you're new, please post any questions you have and we'll try to answer them and/or point you to good resources. We do not tolerate the pitching, selling, or advertising of "gurus", courses, bootcamps, or other real estate related scams. If you break this rule, you will be banned. This is your one and only warning! [link] [comments]  |
| Weekly FI Monday Milestone thread - August 31, 2020 Posted: 31 Aug 2020 01:10 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: 29 Aug 2020 10:55 AM PDT Joined the military right out of high school. This has honestly been the biggest help. After a 4 year enlistment and 2 deployments I was able to leave with ~30k in the bank+retirement. It was not that difficult being a single person. A lot of people join and buy flashy cars and all sorts of shit they don't need (or get someone/themselves pregnant). A big secret, when you deploy is to put all your shit in storage. That's EASY savings in the thousands for like a week or two of work packing stuff. A little stressful when you get back but just bunk with someone you get back with. Anyway, I moved to Colorado after getting out and went to school. I also joined the reserves and worked a security guard job. (HIGHLY RECOMMEND SECURITY GUARD JOBS + SCHOOL) I worked ~24 hrs/wk and literally just patrolled 15 min/hour while studying 45min/hour. Good study breaks + exercise, but you work crap hours sometimes. I also met a girl and got serious with her (don't really recommend this part) I paid for rent the whole time, and she wanted to go out to eat a lot. My savings of 30k quickly dwindled. Then she left me after convincing me a 3k ring was what she needed for us to get engaged. Live and learn I suppose. Not all relationships are like that, but be CAREFUL to not end up in one like that. It's very easy to talk yourself out of your FIRE plan for "love". If this is important to you, the person you're with should respect that. After we broke up, I lived with roommates for the next 3 years. I didn't really make much or lose much. Colorado is expensive and I was essentially at $0 saved after food and bills. (Luckily, Colorado has beautiful mountains that are free to hike!) But I spent a lot of time tracking my food/fun expenses which was very useful for calculating my retirement money needed. I also traveled twice outside the country. Places like SEA are not very expensive to travel ($8/day hostels and you can eat out for every meal for like <$10 a day). All I did was use the bonus points from my credit card that I had ~8 years of expenses on. (Highly recommend finding a card that gives % back and PAYING IT OFF EVERY MONTH) A Bus to your nearest big city and constant checking of flights to MATCH YOUR SCHEDULE TO makes this relatively cheap. So I got an engineering degree, but it was environmental, and we don't make as much as the other engineers. ~50k starting in CO if you're lucky. I moved to a LCOL area with a big environmental project and started making 55k/yr. I negotiated my rent from 1200 to 1025 in a downtown area, so I could walk to work. I like walking to work and barely spend money on fuel. 1025 is still a lot, and after 1.5 years I bought a tinyhouse for 80k. Estimated rent savings of ~300/month, with some equity building. So yes, looking forward to saving more and hopefully retiring in my late 30s to early 40s. I don't know if this is considered "privilege" or not, but the military was really the make or break for this. 4 years of working my ass off to have 0 student debt and be able to leave with some degree of money in my pocket. All I had to do was sign my life to potentially get killed for the country... Edit: Really appreciate all the comments! [link] [comments]  |
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