Financial Independence Weekly FI Frugal Friday thread - February 26, 2021 |
- Weekly FI Frugal Friday thread - February 26, 2021
- Daily FI discussion thread - Friday, February 26, 2021
- NYT: How To Get Really Rich!
- Pay off debt or buy a trailer?
| Weekly FI Frugal Friday thread - February 26, 2021 Posted: 26 Feb 2021 02:00 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]  |
| Daily FI discussion thread - Friday, February 26, 2021 Posted: 26 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: 26 Feb 2021 12:08 PM PST I thought this NYT OP-ed was interesting, with some surprising stats on the top earners in the US that could be of interest to FIRE seekers: https://www.nytimes.com/2021/02/25/opinion/inequality-medicine-law.html tl;dr:
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| Pay off debt or buy a trailer? Posted: 26 Feb 2021 03:34 PM PST The people involved: Me, my husband, and three children under 8 years old. The money: $30,000 The situation: My husband is active duty military and for the last six years we haven't been able to save anything. Anything. Zip. Nada. Nothing. For a two bedroom in California we were paying $2300 a month before utilities. While he's been deployed I've been in Texas with the kids but still paying $1700 a month rent. Recently he has re-enlisted and now we will be going to Oklahoma where the cost of living is much lower, but so is BAH. So our rent goes down and our paycheck. Recently things have aligned so that by the end of March we will have $30,000 due to tax return, reenlistment bonus money, PCS move money, sold leave time and sold TSP (retirement). Now we have two options. 1) We can pay off ALL our debt (all of it, totally debt free) and rent. This would be nice to not have any debt, our credit scores would go up, and we might be able to get approved for a VA loan to purchase a home. We would rent in the meantime. The problem with this is that we'd still be living almost paycheck to paycheck, and getting into MORE debt with a mortgage after paying it off seems counter intuitive. But renting will mean we will never be able to save up to buy a house. Or land. Or 2) We can buy either a mobile home inside a mobile home park (would still have to pay lot rent) or an RV trailer and park it at a campground or RV park. We'd still have debt but we would OWN something. We'd save a lot of money and be able to save. I calculate with the money we'd save on rent and utilities that in one year we'd have all the debt paid off by making rolling payments. And we'd own a home. The plan here would be to live in it for two years, first year paying off debt, second year saving for land. Then we'd live on the land while we build an off grid home. We will likely never have this much money ever again. Which would be best long term for our family of five? [link] [comments]  |
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