Financial Independence Type-A Dad jumps to my defense |
- Type-A Dad jumps to my defense
- Daily FI discussion thread - Wednesday, February 03, 2021
- Lifestyle Change. Now a Parent (Help). Want to stop investing in stocks and progress to something that has less maintenance.
- Weekly Self-Promotion Thread - February 03, 2021
- A Slightly Different Way to 100k. 3.5 years, 95k gain. 2017 - 2020 (US, 20somethingM)
- Let’s talk about kids. How do they fit into the FIRE equation?
| Type-A Dad jumps to my defense Posted: 03 Feb 2021 08:04 AM PST For context, my parents are still working hard running their own business as they approach their 70's. I have three siblings, one who globe-trots automating factories, another flies Black Hawks, and the other is a smart, accomplished, hard-working auto mechanic. Two are married with six kids between them. Meanwhile I worked my butt off from the my teenage years until my late 20's when I suddenly leanfired to just tend to my land lording duties and live a frugal life so that I could spend my time enjoying my hobbies. I live like a child, playing in rec sports leagues, going kayaking, skiing, biking in the woods, exploring nature, going to museums and local theater, making go-pro and drone videos, reading, playing with my cat. The life of leisure. I was just reminded of a moment at a holiday dinner a couple of years ago I'd forgotten about. I'd never heard my dad give an opinion about how I live. If anything I thought maybe there was a subtle bit of disappointment that I wasn't using my education and talents to amass more wealth and status the way he would. But I figured if that is what he thinks, that's his problem. My brother was saying he doesn't golf as much as he'd like because of how crowded his course was getting on the weekends. I said I usually go mid-morning during the week after I've met a friend for breakfast. The retired guys who play during the week like really early tee times so by 10 am the course is wide open. My brother goes, "Yeah, well, you can do that because you have nothing to do in your life." Before I could smile and say, "Yeah, that's true." My dad apparently got a little offended on my behalf and jumped to my defense: "MaroonStriation doesn't owe anybody anything. He doesn't hurt anybody living the way he lives. He takes care of himself and that's all he needs to do." "Yeah, but I'm just saying...", my brother tried to defend himself only to be interrupted. "There are plenty of people worthy of criticism in this world for how they live. He's not one of them. He doesn't hurt anyone." Thanks, dad! [link] [comments]  |
| Daily FI discussion thread - Wednesday, February 03, 2021 Posted: 03 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]  |
| Posted: 03 Feb 2021 03:46 PM PST Hi all, I just became a parent... to twins. My employer retirement account is at a target fund (set it and forget it). My Roth IRA has $30k+ all in random stocks I like. I am also opening two 529 accounts. I'm interested in selling all the shares . I am clueless on things such as index funds and mutual funds. If you were in my shoes what would you do with the $30k Roth IRA? Please let me know your thoughts on how you would split this up. [link] [comments]  |
| Weekly Self-Promotion Thread - February 03, 2021 Posted: 03 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]  |
| A Slightly Different Way to 100k. 3.5 years, 95k gain. 2017 - 2020 (US, 20somethingM) Posted: 03 Feb 2021 09:46 AM PST TL;DR: Spent half the time living in work provided housing, half the time with my parents, saved something like 90%, invested consistently through the coronavirus "crash." No moonshots or windfalls per se. But an enormous amount of luck leveraged into opportunity. I can't really tell anyone in my real life about this, as none of the really understand FI, but I figured someone might be able to get something out of this, and sometimes its good to just get stuff off my chest. Real quick, here is the level of privilege I got from my parents, so you don't have to hunt for it: ------------------------------------------------------------------------------------------------------------------------------------------ My parents helped me explicitly financially by paying my car insurance back when I was working in nonprofits (before the story begins. As soon as I got a job in 2017 I covered my own costs). Other than that, I lived in their home and ate their food for about 1.8 of the past 3.5 years. I also was homeschooled for a significant portion of my time growing up, which theoretically cost them quite a bit in reduced income by my mom not working, so you could make the argument that they implicitly spent a significant amount of money on my k-12 education. It was overall a good experience that I think has benefited me quite a bit. As far as I am aware, they don't have any money, or at least any extra money beyond standard expenses. My extra curriculars were rec sports that I payed for myself as soon as I got a job, going to the library, and youth groups. Hopefully that paints a bit of the picture. ------------------------------------------------------------------------------------------------------------------------------------------ I figured this warranted its own thread for the following reasons that stand out a bit:
Next Paragraph is navel gazing, skip if you just want juicy details: ------------------------------------------------------------------------------------------------------------------------------------------ Why am I into FI: I don't care about getting off the grid/out of the rat race, or not working, or any of the most common things I've seen on this forum. I am a deeply religious person (though arguably not of one of the common flavors of religion), and most of my goals are based around a sort of religious altruism. I wanted to find the most optimal way to complete these things, and I've decided(for what I see right now) that being in a place of financial security is likely the best scenario for me to be able to pivot into the positions on projects that I want to be. Volunteering rather than working for a religious org seems to give you significantly more power, and the ability to tango with the "administrative" side of things, rather than having to necessarily do what they say. (I'm a bit more openminded than a significant portion of my peers here, so take that as you will.) I recognize that it is in many ways probably a fantasy, but I figure if I shoot for making these goals a reality, I will at least get some of them done. ------------------------------------------------------------------------------------------------------------------------------------------ On to the details: Got my first job in high school making $7.25 per hour, about 2 years of that over the course of which I received two raises, completing high school making $8.50. I was always a bit of a saver, so I just stashed almost everything I made in a savings account. My parents never really taught me how budgeting or finance worked (They didn't/do not exactly know themselves) so almost everything I got at the time was from Art of Manliness articles. Graduated HS with $4,000. Worked in non profits for several years, during which I made very little money(read 100 bucks per month), but had all my expenses covered by the nature of the work. I was planning on doing this long term, but eventually they told me I needed to go start being an adult and having a real job or going to college, so I did that around Summer 2017. Summer 2017: hadn't made or lost any money, had about $4,000. Joined a reserve component of the military that summer and started a new service industry job that was heavily tip based. It turns out working in non profits had made me a pretty good salesman/people person, so my average take home for the rest of the year was about $16 per hour. I spent the semester working, going to college, and waiting for the military to give me tech school dates. I had moved back in with my parents, so had very small expenses, I paid them about $150 per month in rent/utilities/food. Wasn't a great situation, as their home is small and several other people lived there, but I made the most of it with half a bedroom to myself, and the price made it worth it. School costs were paid for by scholarships that my state offers to anyone with good enough grades. I'm amazed that this isn't more well known, but you can go to school basically for free if you maintain a 3.0 GPA in at least one state, and probably more. Went to basic training that January, and saved all of the money I made from that, about 3k. When I got home, over the summer I continued to work. July 2018: ~$14,000. Purchased a car outright for $9500. In hindsight, may not have been the most financially savvy decision, but I was very anti loan at the time, so that was the best decision I could think of. I did get way better at my service industry job around this time, so I was pulling in closer to 20 per hour. It was around this time I started to learn more about how stocks and index funds worked, and began to think about investing. By December I was back up to like 13,000 and around that time I was activated for a military duty that ended up lasting about a year and a half, into this present Juneish. During that time, I completed military technical school, worked for my unit, went on several TDY's and a deployment. Between the deployment and the TDY's, I made bank off of per diem and extra incentive pays, not to mention tax free money. I aggressively started putting money into my TSP around August 2019, and also began to put money into my Roth IRA. I fund basically via a total stock market index, buy, and forget about it. I think my average take home over the course of that year and a half was about 4k per month, and I saved almost everything except for a few random purchases, and sent my parents a bit of rent money as well. This snowballed me quite a bit, kept investing through the coronavirus/oil malarkey drop early 2020, and benefited from the rebound. July 2020: 85,000. I got off active duty and started going back to school in the fall, and received a bonus I had enlisted for, netting about 7500. I also was awarded an extremely generous scholarship that included living expenses of around 1600 per month after tax, and was making a drill paycheck of around 250 per month. I stayed at home as long as I could stand, and finally moved out in November. By this time, I was just under 100K, and then stonks kept going up, and I hit 100 around mid December. Since I've moved out, I'm not saving anywhere near as aggressively, but I don't feel like I need to. I'm keeping my expenses low, and will graduate soon into a job where I'll be making 60-80k in a MCOL area. I figure with my current yearly expenses, that will be plenty to coast Fi, but I don't have a particular outcome in mind just yet. I want to see where the chips fly as far as career and family take me, so I'll see where things go from there. December 2020: 101,000 Yup, that's about it. I'll try to answer any questions if anyone has questions about this ridiculous thing that happened to me. I've deliberately changed a few details for the theoretical sake of anonymity, but I don't think they are anything numbers related. [link] [comments]  |
| Let’s talk about kids. How do they fit into the FIRE equation? Posted: 31 Jan 2021 07:24 AM PST I'm new to this subreddit, so forgive me. When I was a teenager, I had a talk with my parents regarding finances. I don't know how we got to the following, but they said to me, "Yeah, you and your brother suck all the money from us, but we love y'all more than anything, and specifically, will do anything to give y'all a better life than your mother and I had growing up." In all seriousness, this really stuck with me. Ever since then, I've been incredibly frugal with my money. I'm 24, and a have a solid amount in savings (I think? With respect to other 24-year-olds… we can discuss this in the comments), and I'm actively planning for my future. But then, comes the thought of having kids. I have NO idea if I even WANT kids. But, what if I do, maybe 10 years from now? Should I start accounting for my hypothetical kids, now? Also, be honest with me: are the majority of y'all SINK/DINK? And/or working professional, white-collared jobs? After that conversation with them all those years ago, I had looked up "average investment in your child", and holy CRAP, my parents were right. Goddamn, they weren't joking. My brother and I were leeches on my parents. So, kids… how do they fit into YOUR FIRE equation? EDIT: Please feel free to ask me questions about my financials. I've created a budgeting spreadsheet when I started working full-time, and that has really helped me garner a better understanding of where I stand RIGHT now, but not with respect to everyone else. [link] [comments]  |
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