Financial Independence Daily FI discussion thread - October 08, 2020 |
- Daily FI discussion thread - October 08, 2020
- How do I talk about money with people midFIRE
- Socioeconomic advancement toward FI and family asking for money
- Daily FI discussion thread - October 03, 2020
- Weekly FI Frugal Friday thread - October 02, 2020
- Daily FI discussion thread - October 02, 2020
- FI Through Medical Retirement at 30
- Moderators: Is the r/fire sub closely related with r/financialindependence?
- Daily FI discussion thread - October 01, 2020
- Mom is retired. Question about what to do with an annuity
| Daily FI discussion thread - October 08, 2020 Posted: 08 Oct 2020 01:06 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]  |
| How do I talk about money with people midFIRE Posted: 08 Oct 2020 02:26 PM PDT This is more of a relationship post, but I don't know where else to go. I also wanted to know if others where having similar issues. For context, I'm a 33 year old male. I'm having trouble talking to people about money in the last few years. Even writing this it sounds like a giant first world, humble brag of a post. This stuff has been bother me a lot lately, since I feel like it's a growing divide with the core people in my life. Around the time I hit the 200k and we all began hitting 30s it's like something switched with my friends and I. We have been tight since high school, and I can talk to them about anything. They can talk to me about anything. Essential I feel like an elitist. There are two reasons why. When my friends and I talk about money, they say I just don't understand their problems. The other one is probably my problem: when I talk about $1,000 I talk about it like they would talk about $20. I get their money problems and half the time I've been the one to point out the solution (cheapest way to do something, how credit vehicles work, or refinance routes), but somehow when it comes to me trying to talk through a monetary issue they just say "you got money". It annoys me to no end. The reason I have money is I pay myself first, and what is left is my budget. My budget is $3k to spend a month, which is probably less then they do. In my group, I'm probably the lowest earner if stock gains aren't included (which aren't ever took out of the market anyway). How the hell to I get them to understand that I still have to adhere to a budget?! My other issue is: I don't really think about day to day spending anymore. I mostly stick to 3k a month but I don't feel a need to track my spending. I've gotten to the move in point with my gf and we were talking about budgets. It's been kinda frustrating, because we are coming from very different places. She's learned to live without certain things, while I'm learning it's ok to enjoy some of my money on some luxuries. I said off handily that if we couldn't make initial budget work I could just kick in an extra $500 a month and she told me I can't just act like $500 has little value because that is a lot of money to her. She's earning $34k a year and hates talking money. Despite that she's great with money and an amazing saver. If she had chased money instead of passion for a career I have no doubt she'd FIRE before me. How do I talk about our budget in a way that's comfortable for her, and reassure her that I view our income and spending as our money? I can bring 2k-4k to the table for our monthly expenses, but to me the question is how does she want to live preFIRE not what our budget should be? That's my lame first world problem. I feel ashamed of having money lately, and I'm concerned I'm acting like an asshole about it. No one I know has a net worth over $100k including senior family members, so I don't really have anyone in a comparable situation to ask. The easy answer would be to stop talking about money, but the only reason I'm good with money is I've been able to talk about it with the wonderful people in my life. I've adapted all their good habits and it's got me this far. What's everyone else's experience? Does anyone have any useful toss for talking money? [link] [comments]  |
| Socioeconomic advancement toward FI and family asking for money Posted: 08 Oct 2020 05:19 PM PDT Hi all, I hope it's okay to ask this here. I'll try to keep the question focused more on the financial aspect rather than relationship advice. I've been on the FI journey for several years. Try to keep expenses low, debt free, and work hard while supporting my family. I'm a working professional, solo parent, in a very nice city. I am not flashy but one could say I "hold my own" well. None of my family knows my financial details. Never have. But, they have many assumptions because because I don't complain of struggling. Unfortunately, I just got cussed out (not the first time. It's happened numerous times over the years by my toxic, resentful mother) and guilt tripped for not giving money to distant family. My question is, does the FI journey also mean losing relatives along the path of socioeconomic comfortability? Sometimes feels like while FI is incredibly important for me and my household, it comes with the cost of some loneliness at times. If that even makes sense. What's been your experience on your FI journey and how has that impacted your connections? [link] [comments]  |
| Daily FI discussion thread - October 03, 2020 Posted: 03 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]  |
| Weekly FI Frugal Friday thread - October 02, 2020 Posted: 02 Oct 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]  |
| Daily FI discussion thread - October 02, 2020 Posted: 02 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 Through Medical Retirement at 30 Posted: 01 Oct 2020 03:08 PM PDT I started saving for FI when I was 26, aiming for a 70% SR and setting 33 as a target date. I can't say that I was always consistent, but I was roughly on track. But after a wild few years, it looks like I might be achieving that at 30 through medical retirement from the US Army. I started navigating the medical retirement process in March when they determined that I wouldn't be able to continue serving. Today I got results from my medical board and found out that my disability pay should come out to almost $48k per year, tax free. That's a bit less than half what I make now, but almost twice what I spend in a year. The way I see it, I would be beyond thrilled to have investments that pay out that much per year. Using a 4% WR, I'd need $1.1 million. It won't be affected by fluctuations in the market. I don't have to worry about making rent or bills if I become unemployed. I can go back to school without having to work my way through. And I'll have Tricare to take care of medical expenses. They said I could opt into Social Security, but I think I'll pursue another career while I can. So, this wasn't at all what I saw happening a few years ago, and I wouldn't have ever considered it an option for pursuing FIRE. Fate just kind of dropped it in my lap. For now I think I'll focus on the GRE and grad school, or look at engineering jobs in the area. Knowing I don't have to rush my decision or sprint into my next job is immensely freeing. [link] [comments]  |
| Moderators: Is the r/fire sub closely related with r/financialindependence? Posted: 01 Oct 2020 06:22 AM PDT I ask because it isn't mentioned in the about section, it has less members as this sub but has the same theme. Are these both accepted subreddit communities within the FIRE movement? [link] [comments]  |
| Daily FI discussion thread - October 01, 2020 Posted: 01 Oct 2020 01:08 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]  |
| Mom is retired. Question about what to do with an annuity Posted: 01 Oct 2020 11:03 AM PDT My mom is 69.5 years old and retired from a state job. When she retired she purchased an annuity with a Guaranteed Minimum Income Benefit (GMIB) rider of 5%. She has put $110,759 into the annuity nearly 15 years ago and the cash surrender value is about $195,000. If she were to keep the annuity for income, the GMIB value is $260,000. The company that she purchased the annuity from no longer offers the GMIB rider because it costs them too much money. They are now offering her the chance to increase her cash surrender value to equal the GMIB value if she drops the GMIB rider. If she decides to keep the GMIB rider, the cost of it will increase from the current 0.65% to 1.50%. The paperwork says the plan type is Traditional IRA. She uses a financial adviser (who sold her this annuity) and we're meeting with him on Friday to hear his recommendations for this money. I believe the adviser is going to tell her to cancel the rider and accept the increased account value, and possibly advise her to remove her money from the annuity all together and do something else with it. My mom has a state pension and social security which cover her living expenses. This annuity is basically "extra" money that will either be used for a snow-bird house or one day be mine, but she is very risk averse by nature so putting the bulk of it into stocks would probably cause her more stress than its worth. I'm hoping this community can give me some ideas for what to do with this money and what I should watch out for from the financial adviser. My instinct is to tell her to roll it into a Vanguard IRA and invest in some low-cost bond funds. I don't know what the adviser will say but I'm sure he'll want her to keep it with his company or one of the ones he represents. Any ideas on what to do with the money or what I should watch out for and ask on Friday? [link] [comments]  |
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