Financial Independence Daily FI discussion thread - October 10, 2020 |
- Daily FI discussion thread - October 10, 2020
- FI Isn't Just About Retiring Early: Having FU Money Is Freeing (40/f)
- Dividend stocks/ETFs vs growth stocks/ETFs
- [Discussion] Is living with my parents worth the savings?
- Garrett Gunderson
| Daily FI discussion thread - October 10, 2020 Posted: 10 Oct 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]  |
| FI Isn't Just About Retiring Early: Having FU Money Is Freeing (40/f) Posted: 09 Oct 2020 06:04 PM PDT I know that some of the folks on this subreddit think of retiring early as financial independence. I know myself well enough that if I retired, I'd just end up bored and frustrated. How I define FI is the fact that I can work a job that I enjoy, but as soon as I don't enjoy it anymore, I can walk away. I can't tell you how liberating it is to me personally to know, "If you're not happy, you can leave." Granted, that hasn't happened yet, but it makes me feel good that I don't have to stay in a job I don't like if I don't want to. [link] [comments]  |
| Dividend stocks/ETFs vs growth stocks/ETFs Posted: 10 Oct 2020 03:39 PM PDT First time posting here. I am 18 and soon I am going to college where I am going to work as I study. Plan is to invest every month as much as I possibly can. My question is if I want to reach FI is it a "must" to invest in dividend stocks/ETFs or I can do it by investing in growth stocks/ETFs and withdrawing 3-4% every year? Any suggestions/advice is welcomed. Cheers! [link] [comments]  |
| [Discussion] Is living with my parents worth the savings? Posted: 10 Oct 2020 03:08 PM PDT Currently I'm pulling around 92k a year as a software engineer, living with my parents at home. I just turned 27 and I work in tech at a company that has a pretty decent outlook, I'm imagining this role will be around for a while, and if anything my salary should increase if I continue to work hard. I'm still living with my parents because I just found this job ~5 months ago, and prior to that was unemployed for a while, I was essentially reconsidering my career path and working on my mental health so I needed a place to stay while I figured out my next move. It'd been a tough year but I really took the time to focus on self improvement and overall I'm now in a good place and I feel like I'm in a steady routine that's actually sustainable. So that personal background being given, my net worth is about ~90k. As I'm reading up on here and in general, I'm finding that it's increasingly hard to justify moving out of my parents house. My current expenses are around ~800-900 a month. 500 goes to my parents for groceries, I buy beer pretty regularly, clothing & fitness gear every so often and eat out maybe 3-4 times a week. So after all my expenses are said and done, I'm pulling in around 59k a year that's going either straight into my Roth, my 401k or my brokerage account. If I move out into my own place, that number optimistically goes down to 35-37k per year saved.. If I stayed here for 3 years compared to if I didn't, that's around 60k in profit I'm losing simply due to rent and utilities, which, if you factor in compound interest over the course of 20 years or so, assuming a 7% rate of return, is projected to be a total opportunity cost of 230k, over 30 years, that's 456k. I realize I'm at a comfortable salary and at the end of the day, I'd probably be fine for retirement even if I moved out, but I'm wondering what more experienced members of this community think? Is this militant discipline critical to getting to the point of FIRE - I'd imagine the more strict I am the quicker I'll get there, but I can't help but feel like there needs to be some form of compromise in order to still have a fulfilling late 20s. With COVID, I'm greatly restricted to what I can do socially, I can't really go out to bars / restaurants and hang out with as many people my age as I'd like, and of course that comes with a big opportunity cost in itself, so I'm a bit torn. I'd hate to watch my social life decay and wonder what could have been by just living with my parents, not to mention, I definitely will need to get laid soon and living with my parents for sure does not help with that (unless I meet a chill, FIRE minded girl whose down with the cause haha). At the same time though, when I look at the numbers, I can't help but feel like I'm throwing away potentially millions in the future for just adhering to this one simple principle of minimizing expenses. Any thoughts from more experienced folks? I'd imagine saving up for a down payment on a home and getting into owning home equity should probably be the next major financial step of my life from here. I would love to hear any and all advice you fine ladies and gentleman have. [link] [comments]  |
| Posted: 10 Oct 2020 12:26 PM PDT I'm just starting to read "Killing Sacred Cows" by Garrett Gunderson and interested what people here think are advantages and disadvantages of his approach? So far I've gathered that he's big on cash flow like Robert Kiyosaki, and he also seems to favor paying more for insurance (including whole life insurance) then I'd prefer. But I do like some of his concepts and approach to things. Anyway, curious to get the collective wisdom of this group! Thanks [link] [comments]  |
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