Financial Independence Is everyone else spending too much time looking to the future? |
- Is everyone else spending too much time looking to the future?
- Daily FI discussion thread - Thursday, February 25, 2021
- Just reached $0 NW for the first time as an adult
| Is everyone else spending too much time looking to the future? Posted: 24 Feb 2021 08:45 PM PST I feel like I'm spending more mental bandwidth than necessary planning my RE, essentially living in the future. Spouse and I still take vacations and enjoy the moment, but I find myself "spinning my wheels" planning or calculating when we can quit working. Will give a brief summary of where I"m at in the FIRE journey in case it's relevant. 35 years old, spouse (31) and I have been good saving in the past but didn't get serious about FIRE as early as I wished. 140kish household annual salary (bonus can drive it higher), about 65% savings rate vs take home, 200k NW with about 140k liquid primarily in tax shelters. Happy to provide details if requested but don't think its pertinent here. Most of our plan is set on autopilot as our investment contributions are automatic via employer or auto-deposit. We are projecting a retirement in 10 to 13 years dependent on market returns and what will be a decision of "how much do I dislike working vs how much luxury spending do I want" that won't be made until closer to the retirement date. We are mostly on autopilot, aiming for a retirement nest egg of $1.8m-$2.25m that we should hit when I'm 45 to 50 if I don't see significant promotions. Jobs aren't extremely stressful compared to what we have worked, and we intentionally plan time away from work relatively well (4 to 5 weeks vacation for each of us annually which is pretty good in the US), though we have a 40 minute commute each way that drains some of our time. With things mostly in order and just playing to the waiting game, I still find myself spending an inordinate amount of time building out our post-retirement plans (some vacation planning which is helpful) and re-re-re-reviewing our income projections (not helpful). Have you found yourself in the same spot, and how did you get out of this trap? I'm happy to plan for the future but I feel like looking forward 10 years all the time with no further planning needed isn't a healthy mindset... [link] [comments]  |
| Daily FI discussion thread - Thursday, February 25, 2021 Posted: 25 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]  |
| Just reached $0 NW for the first time as an adult Posted: 24 Feb 2021 12:34 PM PST Didn't have many people I could proudly say this (title) to, so I thought I'd share here. I'm nowhere near my idea of FI of course, but I am so proud of the way I've reshaped my life through focus and becoming more and more financially literate day by day through sites and subs like this one. The journey can seem like such a slog at times, but similar beginning milestone posts from others have always been some of the most motivational for me, so hopefully this serves as motivation for someone. I (29 y/o) started 2020 around $81k in debt (majority student loans, some CCs, a personal loan), $900 in savings, and a little in a 401k I'd contributed to off and on over the previous year without really understanding what I was doing. Had recently gone from making $55k to $85k in a non-technical career track in a HCOL area. I had never really felt out of control, but had no knowledge about saving, budgeting, investing, FIRE, debt payoff, compound interest, etc whatsoever, and just figured that everyone had debt forever (pmts just felt like a normal, lifelong monthly bills, like rent!), and no one my age had any sort of a retirement plan. My top New Year resolution was debt payoff, and I listened to every podcast, read every blog/book I could find on it, and of course all roads eventually lead to FI/RE/MMM/Vicki Robin etc. By end of this past year I'd paid off over $33k in debt, and have now zeroed out five different loans/CCs, cash flowed a 12 year old car so I could manage better in the pandemic, am on track to max out my Roth for the first time in 2021, landed a new role paying $100k, and am contributing as much as I can to my 401k, while also chipping away at remaining low-interest debt. I feel like a whole new person. It's been one of the best decisions of my life, to go down this path. If you're out there and feeling like you're eons behind in this whole journey due to debt, or you wish you'd started this 10 years ago, or you're feeling low after seeing a post by an engineer of some kind moving along toward FI quicker than you are, just keep up the good work. You're doing so well, and you're eons ahead of so many folks. tl/dr: Long time lurker, first time posting; Hit net worth of $0 just now at 29 y/o in a non-technical, non-sales career, in HCOL area. *Edit for spelling error. [link] [comments]  |
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