Financial Independence Daily FI discussion thread - September 25, 2020 |
- Daily FI discussion thread - September 25, 2020
- Near, yet so far
- For those of you who retired after FI'RE'ing do you still contribute to your ROTH IRA/401K etc?
- Weekly FI Frugal Friday thread - September 25, 2020
- Bank Account Comparison (not what you think)
- Help me
- What would you do different?
| Daily FI discussion thread - September 25, 2020 Posted: 25 Sep 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]  |
| Posted: 25 Sep 2020 01:38 PM PDT I am an immigrant, came to US 18 years back. Single income earner with 2 kids. My salary for the first 10 years was in between 50K to 80k. I read about FI around 8 years back and realized my salary was not enough to become FI. I completely focussed my attention on getting job that paid well. Luckily I was working in IT so it was easier to find ways to make more money including technology and companies to target. I started studying and practicing for interview in December 2012. In February 2013, I found my dream job paying me 130K for a big 5 consulting firm. I stayed in the company for a year, all the while continuing to practice and study. In 2014, I landed another job for 170k. I was happy but I knew I could do better. So, continued study and found my next job for 200k in 2016. I hate my job but funny thing is I hated my job even when I was making 50K. So for the greater good of getting to FIRE, my plan is to continue working for the next 3-5 years and then FIRE with $2M. I blame myself for not saving enough in the first 10 years but better late than never. Thanks for listening. I do not have anyone else whom I can share this so sharing here. My expense is currently around $6000/month( varied from $2500 to $6000), invest everything else in VTSAX. Also started investing in AAPL since 2014. 2000 - 2012 : Salary between 50k to 80k 2013 - 130k 2014 - 170k 2015 - 185K 2016 - 200k 2017 - 200K 2018 - 200k 2019 - 200k I am currently at $1.3M. I know a lot can change in the next 3-5 years including I can loose my job, obamacare repeal, I can get burnt out etc etc..I will change my plan and even my location when that happens. FYI, this is my first post, please forgive my english. I hate writing just like my job :). I know my salary is higher than most others folks but please do not treat this as bragging post. I do not think I have done enough to brag. I am really a nobody and have nothing to brag. I still am only 60% of my target, rent my apartment and drive an old corolla, nothing to brag. I hope someone finds my increase in income inspirational and tries something similar. Edit1: my expense varied from $2500(single with no kids) to $6000(married with 2 kids). And no, I do not have any crypto and never received any inheritance. Its all hard work and saving. Edit2: In one of my humble days, I promised myself that I will help at least 1500 people. I am not there yet to provide monetory help but would love to help provide guidance to anyone who is trying to increase his salary. Remember, if a lazy bum and a job hater like me can do it, anyone else can do it. Even if you are not in IT, research based on your education and experience, what job pays well and then go all out. Think and work on it night and day and you will succeed. Edit3: I have not stopped trying to increase my salary more. My next target is $250K to $300K. If all goes well and I can motivate myself, I will get there by March of next year. Edit4: I have been a good saver my whole life even when I was making $50k. But of course, when I look back I think I could have saved more and invested. Thanks to my Parents who taught me how to live a happy life with modest income. [link] [comments]  |
| For those of you who retired after FI'RE'ing do you still contribute to your ROTH IRA/401K etc? Posted: 25 Sep 2020 01:38 PM PDT Im 25, I have a few degrees in engineering and some medical school experience/2 years. I hate the desk life be it working or studying. I recently inherited my father's net worth and I feel I have a duty (and an interest) to grow his money conservatively and do something with it when I am older. I want to be able to spend time towards learning about the market, investment strategies, as the money grows, potentially diversifying into less liquid ventures such as real estate. I also enjoy my current (short lived) freedom of being able to pack up my bags and take off for a week or so on any vacation. The main thing I am missing besides a small salary is the opportunity for earned income to contribute to my tax sheltered accounts. Have any of you figured a solution around this? I would like to continue contributing to my IRA but I believe it has to be earned income. How do you retire and still add funds to that account? Or did you YOLO and just focus on your regular investment strategies and trading accounts? [link] [comments]  |
| Weekly FI Frugal Friday thread - September 25, 2020 Posted: 25 Sep 2020 01:08 AM PDT Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed 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]  |
| Bank Account Comparison (not what you think) Posted: 25 Sep 2020 04:31 PM PDT I shop around for different banks about once every two years or if I hear about a new checking/savings account with a compelling offer. This process is usually a little tedious, and I'm never sure if I'm actually getting the best deal. I thought it might be nice to centralize that data somehow. I registered BankAccountComparison.com, and I'd like to offer it up to the community. This is not a for-profit endeavor, and because it's something of personal importance, I'm also willing to put a little money behind it to get it started. I'm hoping to get some ideas from regarding what you think it should provide and how it work (for example, should it be a Wiki or should it try to scrape other sites). Also, if someone is interested in contributing the labor or design skills, that would be great too. I'm also open to being told that this already exists/won't work. What do you think? (Also, I hope this doesn't violate the no advertising/spam rule. If so, happy to take it down.) [link] [comments]  |
| Posted: 25 Sep 2020 04:34 PM PDT I've spent over $2k trying to learn stuff to make money bought courses, etc and lost more than I made. What's a good thing to make passive income? Option trading? [link] [comments]  |
| Posted: 25 Sep 2020 07:54 AM PDT Sometimes I am cathartic about the path I've taken over the last few years. I would like to know if anyone has interesting stories or ideas about what to do next or what they may have done different :) thank you! So here's me: No student loans My diet is almost completely beans and rice I buy and sell cars in my free time. I now have a newish very reliable vehicle and in the process of getting it, I've made money. I go to a small grad school and have a teaching stipend ~15k per year With the stipend I was able to buy a small house with 5k total down. My roommates pay the mortgage. I've nearly saved enough to buy a second house to rent out. I also doordash, Uber, etc [link] [comments]  |
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