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    Financial Independence Daily FI discussion thread - September 06, 2020

    September 06, 2020

    Financial Independence Daily FI discussion thread - September 06, 2020

    Daily FI discussion thread - September 06, 2020

    Posted: 06 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.

    submitted by /u/AutoModerator
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    How do you protect your hard earned assets?

    Posted: 06 Sep 2020 12:19 PM PDT

    Hi all,

    Always a pleasure reading the many success stories, overcame struggles, and humble journeys many of you have shared in this space. I'll try to keep my story short and hope I can pick the brains of the much more experienced of you all to find a path towards some peace.

    A few days back while scrolling through reddit I run into an imagine/story of your typical firer/rational low key frills family: went to work, spend below their means, and saved. Their net-worth got pretty nice and then Cancer hit one of the partners. Everything they built in years evaporated in months. Obviously this was in the US where despite having insurance, medical costs can still bankrupt you. I've experienced Something similar through the eyes of a close friend.

    I grew up low income, with an overcrowded house hosting multiple families and earning minimum wage. Through great family support, relationships outside of my own and a bit of luck I managed to finish school and found myself in a corporate white collar job. Since growing up living paycheck to paycheck and making the best of resources, one of the core principles of fire (keeping expenses low) wasn't really that new to me. I already knew how to live next to nothing (by force), I just didn't know what to do with all the savings.

    Anyway, I am thankful and have found myself, and despite Covid, still with a job and saving quite a bit of money. Through your readings and advice, there is no doubt that I will fire. However, I absolutely still have no safety net. Medical costs still give me nightmares and despite living a rather healthy life, I know illness does not discriminate.

    My question, for all you firers that have your budgets, your savings goals, etc and are now in great position, what are you doing to protect your assets in the rare case that unfortunate event happens? How do you survive (financially) after creditors from the likes of healthcare (or some other creditor outside of regular banking) come after your assets?

    submitted by /u/G0tie_lopo
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    Shopping for an HSA plan independent of employer

    Posted: 05 Sep 2020 11:18 PM PDT

    As the title suggests, I am searching for an HSA administrator, as my employer does not offer one. I'm aware that if I chose a HDHP that I am eligible to open up my own HSA. I know there are several on the market, but my question is this:

    1. Is there anything I can do to avoid paying FICA taxes on my HSA? I know if this was an employer sponsored HSA, then I wouldn't pay FICA taxes, but since I am opening one up independent of my employer, my understanding is that FICA taxes would be taken out of my paycheck prior to depositing into an HSA. Perhaps there is an administrator who will integrate with my employer's payroll?
    2. What HSA administrator would you recommend that has cheap/no fees? Not looking for anything fancy, just somewhere to put money into VTSAX.

    Thanks in advance for all your help!

    submitted by /u/ramrod155
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    If you reach $19,500 invested into your 401K account before the end of the year, do the automatic contributions automatically stop?

    Posted: 06 Sep 2020 02:54 PM PDT

    Say you invested $19,500 into your 401k with employer matching up to 3% by September. Will the automatic contributions automatically stop since the max you can invest is $19,500? Thanks!

    submitted by /u/Zurevu
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    Ideas for side earning UK

    Posted: 06 Sep 2020 03:20 PM PDT

    I've been looking at ideas for training or gaining skills that I could use to earn decent money after my regular 9-5 or at weekends. I know of some people that do driving instructing and I saw a plastering course which looked quite interesting, it cost £500, would give you a skill for life and I could use it to earn some decent side income. Does anyone have any other ideas I could consider?

    I'm trying to maximize my income so I can actively work towards fin independence.

    submitted by /u/joebaillie
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