Financial Independence Daily FI discussion thread - October 11, 2020 |
- Daily FI discussion thread - October 11, 2020
- Growing a side gig to catch FIRE
- Roth Conversion, Married Filing Separate
| Daily FI discussion thread - October 11, 2020 Posted: 11 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]  | ||||||||||||||||||
| Growing a side gig to catch FIRE Posted: 11 Oct 2020 02:13 PM PDT I am a teacher full time, and after trying different things, I found that my the most lucrative side gig involved my most marketable skill: teaching. I started doing extra teaching as a side gig in 2013. Here is a table showing the growth of my side gig income as a % of my total income.
My side gig income has enabled me to accelerate my path to FIRE. I have always maxed out my IRA, but because of this side gig, in 2015 I maxed out my 403b contributions for the first time, and since 2016, I have maxed out my 403b, 457b, Roth IRA and my three kids' Coverdell College Savings accounts every year. So those of you with side gigs, what is your side gig and how does your side gig fit into your FIRE plans? What % of your income is your side gig? How have you seen that % change over the past few years? [link] [comments]  | ||||||||||||||||||
| Roth Conversion, Married Filing Separate Posted: 11 Oct 2020 01:28 PM PDT Hello. I aim to retire early and use the Roth conversion ladder to convert traditional IRA balances to Roth tax free, so conversions up to the standard deduction for multiple years. However, I feel my spouse will want to keep working when I retire, so if we file jointly, my Roth conversions will be taxed. Is it possible to execute the Roth conversion ladder by filing Married Filing Separate? I don't know if there is any prohibition for doing so. Can you think of any downsides of filing Married Filing Separate? Thank you [link] [comments]  |
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