Financial Independence Daily FI discussion thread - November 06, 2020 |
- Daily FI discussion thread - November 06, 2020
- Feel like we got to to do it all, including a divorce and raising 6 kids PLUS financial independence.
- Weekly FI Frugal Friday thread - November 06, 2020
- My job is incredibly easy, pays okay for my age and level but my life is descending!
- Coasting with kids?
| Daily FI discussion thread - November 06, 2020 Posted: 06 Nov 2020 12:08 AM PST 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: 06 Nov 2020 09:24 AM PST Just noting that a lot of these stories seem to revolve around things going really well early in life - early investing, making really good coin and not having major expenses, like kids. Or a divorce - which is typically a huge financial cost plus a credit killer. I think we managed to do it all. I have three kids, she has three and we both survived divorces with our finances relatively intact with no damage to our credit because we were both frugal to begin with and that didn't change. Neither my wife and I have ever made six figures yet I semi retired at 45 and only worked on my rental properties on part time basis. Landlording is months of very little work interspersed with moments of complete and total stress with massive expenses when a tenant screws you over. Fortunately Ive learned (the hard way) how to avoid those tenants and now, it's pretty easy money. We're finally at the point where my wife is working, because she loves it, but she could retire too if she wanted to. We have several paid off rental properties with excellent tenants who are providing passive income. She has a nice RRSP nest egg and we have a significant savings account that could carry us through any conceivable emergency. For the first time in years I have a lot more money than bills, and three paid off properties, so no worries about interest rates or where the economy is going. Now we actually get to sit down and figure out what we want to do with our future. We might do a bit more travel, but more than likely my wife will start her own school. I'll probably keep puttering on the dozen projects on our yard. We'll pamper our kids and grandkids when we feel like it. Give more to charity. Dine in nicer restaurants. And probably buy a few unnecessary niceties - went looking at Tesla Model S yesterday, just for the heck of it :) Still a little too rich for my blood, but maybe some day. Or a Taycan. We feel blessed. We've had a full life already and it feels like many years of work is finally paying back. Especially when we see friends who have made some poor financial choices struggling with paying basic bills. Delayed gratification, self control, good financial management and prudent purchases. It pays off. [link] [comments]  |
| Weekly FI Frugal Friday thread - November 06, 2020 Posted: 06 Nov 2020 12:08 AM PST 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]  |
| My job is incredibly easy, pays okay for my age and level but my life is descending! Posted: 06 Nov 2020 04:32 PM PST Okay so i graduated university in the UK and joined a graduate programme at a large telecommunications company. I rotated across 3 very dull areas for 2 years before rolling off the programme into my permanent role. My biggest annoyance with this job is that they used covid as an excuse to give none of us promoted grads the usual bump in pay to a permanent role, so we all have pretty much the same pay as we joined and the same pay as the new joiners which sucks. Anyway, my life and work is utterly dull and boring. I've been working from home for 7 months now and the monotony of the job is eating away at my brain. I earn 30k a year but genuinely only do around 2 hours (if that) of actual work a day, the rest is just baby sitting my laptop. I've calculated that this salary means im effectively being paid £56 per working hour, which if extrapolated out to a full working schedule is the equivalent of earning £110k a year. So as you can see, I have a very comfortable existence with very little stress and just enough pay to also feel comfortable. The issue is my life is descending into a black hole of meaningless existence. I am lost. I dont know what i want in life. I feel the corporate world has got me by the bollocks as the idea of not getting my regular pay check every month would be grim. Im totally trapped in a job thats wasting my life because i cant stomach losing the money. Has anyone been in a similar situation? [link] [comments]  |
| Posted: 05 Nov 2020 08:19 PM PST Hey everyone, throwaway account from a long time lurker and occasional poster. I've tried rearranging this post a few times to try and make it a coherent story but it definitely still jumps around, so I apologize in advance and hopefully it makes sense. I've settled on giving situation first and then thoughts and discussion questions at the end. TL/DR is basically anyone try coasting with kids or at least coasting while they only have one income? My Current Rough Numbers: Wife and I both 32, 3 kids under 5 in Canada (not sure if it would be considered medium or high cost of living, but I don't think it makes a huge difference to the discussion). Net Worth~$500k, $275k investment, $225k home equity I'm currently sole income, wife has the harder job of watching the kids. Gross 160k (varies), net 120k Save $40k, $20k on mortgage, $60k on everything else I've never really picked an actual FIRE target as I don't have a good sense of what our spending is going to be like as the kids get older or what a realistic FIRE budget is for us. Goal has always been more FI rather than RE. I'm in a relatively volatile industry with no guaranteed comp so having greater financial security has been a concern for a bit. FIRE is likely still 20ish years away. Despite FIRE not being close at all, we are likely past the point of being coastfire when including estimated government benefits. 5% growth and 4% withdrawal rate = 55k CPP (Canada pension plan), max for me, 50% estimate for wife = 21k OAS (Old age security) x 2 = $14k Already at $90k which would likely cover whatever we wanted to do, not including any other savings, wife's current small pension, potential for downsizing or any sort of other windfalls. Potential changes we are thinking about: We're currently thinking about bumping our expenses to try and decrease some of the insanity in our life. Things like cleaning service, lawn maintenance, snow removal. Basically anything we could potentially outsource other than childcare. Some of this would likely be difficult to implement until after COVID which may be the primary underlying issue anyway. I feel like it probably makes sense to not really worry about having any sort of significant savings rate while my wife is home with the kids and that when she goes back to work we will likely be able to have significant savings without too much effort. Although kids activities may eat up a substantial portion of the additional income, I guess it depends what they are interested in but I really don't have a good sense of what those costs will look like. Other Discussion Questions/ things I'm curious about related to this: Thoughts and opinions on where we are at? Has anyone tried coasting with children? When were your children most expensive/ what costs were significantly above/below what you were expecting? Anyone try outsourcing as much house/yard work as they could? Any service/spending people with small children have used to make life easier that they found worth it? [link] [comments]  |
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