Financial Independence Finally hit my "RentFIRE" number |
- Finally hit my "RentFIRE" number
- I’m seeing a ton of people here comparing themselves negatively to the huge salaries and net worths often posted. Here’s a bit of perspective.
- Daily FI discussion thread - Wednesday, February 10, 2021
- Weekly Self-Promotion Thread - February 10, 2021
- Any Barista FIRE stories here?
| Finally hit my "RentFIRE" number Posted: 09 Feb 2021 08:02 PM PST After many years of saving and investing, I finally hit my "RentFire" number: the number where, if I convert my 401k to cash, taking a 30% penalty, I can pay my current rent + utilities indefinitely ($2400/month) plus food and expenses ($400/month) off a 3.5% annual investment return. Total liquidated assets are 940K (1.1M without taking penalty). Thanks to this sub I've been able to prioritize it, and I have a deep sense of relief, even though I plan to keep working for some time, to hit 4M by age 45. I can't tell you how good it feels to have this as a backup option; I think it'll give me a newfound independence at work as well where I am not beholden to my employer. AMA. [link] [comments]  |
| Posted: 10 Feb 2021 04:36 PM PST The majority of folks in here are well-off compared to the average person where they live, and many live in wealthier parts of the world to begin with. The next time you think to compare yourself to someone so financially successful that they deem it noteworthy for a room full of financially successful people...at least don't forget that's who you're comparing yourself to. Compared to the rest of the world, you're most likely in or around the top 0.1% in wealth. So anytime you're feeling like a broke btch, feel free to go to this link below just for a reminder of how money you are Note: I'm not intending to solicit donations, the site just has a cool tool to use for perspective [link] [comments]  |
| Daily FI discussion thread - Wednesday, February 10, 2021 Posted: 10 Feb 2021 02:00 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]  |
| Weekly Self-Promotion Thread - February 10, 2021 Posted: 10 Feb 2021 02:00 AM PST Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
| Any Barista FIRE stories here? Posted: 09 Feb 2021 07:21 PM PST Barista fire seems to be one of the more controversial "fires" here but for all the discussion, I haven't actually seen a post by someone who tried. Here's the plan that I'm thinking about: Barista FIRE now at ~30, married (no kids) with ~$700k of assets (200k 401k, remainder liquid investments) which we've saved from our current work. I'd work in the reserves/National Guard (already in, would want to do it regardless) making about ~$15K/yr, wife currently works remotely and part time making $30k/yr. So call it $40k/yr post tax. Our expenses should be about the same as income (including paying down a mortgage) with the goal being not to touch savings, although we can as needed. If there's an emergency of some sort, I can try to go full-time in the reserves/guard and make >$100,000/yr. My math is if the $700k grows at 7%, we would have enough to actually be FIRE in a little over a decade if we decide we want to. Of course, it can grow slower or we may get bored and take up full time jobs or lucrative side hustles (I like real estate for instance) but it seems like it works. I haven't actually seen people do this (unless you count FIRE blogs as "barista") so curious to hear stories of anyone who has done something similar and any faults people find in the plan. [link] [comments]  |
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