Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 26, 2020 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice. - October 26, 2020
- Daily FI discussion thread - October 26, 2020
- First FIRE in SE Asia??
- Weekly FI Monday Milestone thread - October 26, 2020
- I'm past middle age now and have too much money in 2 IRA's I just don't need or even want to manage any longer but my end goal while alive to to explore and discover ways to give complete ownership away to my children. Should I gat an irrevocable trust for them in hopes that give them ownership? How
| Posted: 25 Oct 2020 11:08 PM PDT Need help applying broader FIRE principles to your own situation? We're here for you! Post your detailed personal "case study" and ask as many questions as you like, or help others who've done the same. Not sure if your questions pertain? Post them anyway…you might be surprised. It'll be helpful to use our suggested format. Simply copy/paste/fill in/etc. But since everybody's situation is different, feel free to tailor your layout to your needs. -Introduce yourself -Age / Industry / Location -General goals -Target FIRE Age / Amount / Withdrawal Rate / Location -Educational background and plans -Career situation and plans -Current and future income breakdown, including one-time events -Budget breakdown -Asset breakdown, including home, cars, etc. -Debt breakdown -Health concerns -Family: current situation / future plans / special needs / elderly parents -Other info -Questions? [link] [comments]  |
| Daily FI discussion thread - October 26, 2020 Posted: 26 Oct 2020 01:09 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: 26 Oct 2020 03:03 PM PDT After COVID-19 goes away, I'm thinking if retiring early with fewer funds then normal and then hitting up a cheap developing country such as in South East Asia would do the trick. If you ascribe to the standard 4% withdrawal, or having 30x assets vs per year spending costs, or something along those lines, the issue there is you need quite a lot of money to do so. Not to mention given yourself a cushion in case of emergencies, sudden investment loss, supporting a parent late in life, etc that we are unaware of, those unknown unknowns. As a younger mid 20s single guy with an ok salary, with investments in the stock market that should yield well over the next few years, I see the traditional way of FIRE, Financial Independence Retire Early, where people live like they are in utter poverty. To me, eating canned beans not doing anything interesting and still viewing everything with a dollar sign seems to me to defeat the purpose of FIRE to begin with. The stress of looking and worrying and thinking about money seem to still be present. What's the answer here? I think the answer is to go to South East Asia when you are young and healthy and don't have attachments, and you are able to actually live and travel while spending just a fraction of the costs that you would have to in North America. Phone bills at the lowest go for ~$30-$50 month and that's very mediocre service/basics only. Plus the currency conversion to South East Asia you can end up living very well and actually enjoy the money and time earned. Only difference, is you are spending and living well, and costs are so much lower, especially the fixed costs like housing, food, basic amenities. I was reading some places you end up spending, depending on your level of spending, 1/3 to 1/5 of the cost in SE Asia vs in North America. With rising taxes, cost of living, inflation, stagnant wages and growth, ½ year cold in Canada, what's not to like about doing this on a beach in Thailand, Indonesia, or Vietnam? What good does it do to make a high salary, but then, even your basic costs, if you try doing the minimalist approach, ends up having high costs? You are at a net zero position. E.g. I know an acquaintance who went to work in New York, but then moved to Toronto, taking a 50% pay cut in the process. However, he actually ended up with more money saved per month, with the same lifestyle (regardless if minimalist, frugal, average, or luxurious)? In hindsight and on the outside looking in, it seemed like a waste of time, energy and money to move to New York to try to get ahead financially, only to see your net savings actually be less than the move even to begin with? It seems to me your earnings only matter if your costs can stay lower too; when I was younger I only cared about earnings too. I guess young people focus on their earnings, adults focus on the net change. What flaws and additional benefits do you see with this plan, to move to somewhere cheaper in the world and be able to do some travelling with lower costs? Either, for a few months, several months, or a couple of years? P.S. do not hold back on the comments, positive or negative, I am seriously considering this plan and want to have more potential things to think about ahead of time to consider so I don't have a black swan event backfire on me. This probably doesn't happen until at least 2022 or 2023, for both earnings personal situation and the world pandemic global situation. [link] [comments]  |
| Weekly FI Monday Milestone thread - October 26, 2020 Posted: 26 Oct 2020 01:09 AM PDT Please use this thread to post your milestones, humblebrags and status updates 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! 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: 26 Oct 2020 04:23 PM PDT I guess I could withdraw it but is that a good strategy? *Get, Hate when I misspell [link] [comments]  |
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