Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - March 01, 2021 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - March 01, 2021
- Fire with teenagers, is it better to wait?
- Drawdown Strategy Advisor
- Daily FI discussion thread - Monday, March 01, 2021
- Is the FIRE movement more popular with people who work as employees?
- Weekly FI Monday Milestone thread - March 01, 2021
- What is Inflation? Economics Explained
- Daily FI discussion thread - Sunday, February 28, 2021
| Posted: 01 Mar 2021 02:00 AM PST Need help applying broader FIRE principles to your own situation? We're here for you! Post your detailed personal "case study" and ask as many questions as you like, or help others who've done the same. Not sure if your questions pertain? Post them anyway…you might be surprised. It'll be helpful to use our suggested format. Simply copy/paste/fill in/etc. But since everybody's situation is different, feel free to tailor your layout to your needs. -Introduce yourself -Age / Industry / Location -General goals -Target FIRE Age / Amount / Withdrawal Rate / Location -Educational background and plans -Career situation and plans -Current and future income breakdown, including one-time events -Budget breakdown -Asset breakdown, including home, cars, etc. -Debt breakdown -Health concerns -Family: current situation / future plans / special needs / elderly parents -Other info -Questions? [link] [comments]  |
| Fire with teenagers, is it better to wait? Posted: 01 Mar 2021 09:15 AM PST 35 M wife is 34 I have two daughters 8 & 5 and a son who is 1. We just hit 1 mil invested net worth this year with no debt and very comfortable expenses of around $70k not including taxes. We currently save & invest roughly 2x our expenses every year. By conservative math half of typical returns for the next 15 years we will be we more than safe to retire by 50 with well over 35x expenses saved not including my pension or our SSA benefits. (These by themselves would cover nearly our entire expenses starting at 62) Neither one of us hate our Jobs, my wife's is a more high pay high stress style job than mine but it's also one she can do from her home office. But, neither one of us "loves" our job. We prescribe to the idea you work to live not live to work. All that was just some background to let everyone know we will be "able" to retire at 50 very comfortably and probably could retire at 45 with out issues. The problem is that I keep running into is that in 10 years, our kids will be 18, 15, 11. And in 15 years our kids will be 23, 20 , and 16. Has anyone retired with teenagers that could give some advice? My kids are great 0 problems life wonderful. I would retire now with them if I could. But, once kids get into their highschool years they won't be little kids anymore that I could just pick up and spend months away on trips or would I imagine be thrilled having mom and dad home all the time. Likewise they won't quite be old enough to just have them housesit when we go on some grand long trips. Also, while we do talk financial stuff with our 8 year old how healthy is it for kids to see their parents retired before they even go to college? Right now I am thinking of waiting until I am 52 and my youngest is 18 before retirement, but even then I am torn. I will have been working nearly a decade longer than I needed to and at the same time my son still will not have even started college. I know it is a first world problem. But I figured there have got to be some people in my situation here. The other option would be to retire in my early 40's and get extra time with my kids as kids, but I certainly wouldn't have the retired on the beach life possible with working ±5 more years. Wife is not a fan of the risk of not having enough to help our kids later on in life if needed. What have the people here who have multiple kids done and what works and what doesn't? Edit: just to add My dad retired pretty early even though it was before FIRE was a thing. He retired at 55 and it was great. It has been what started motivating me to want to retire early. 55 was the original goal then 50. Now it is looking like 45 would be possible and I just don't know if retiring too young would make this change from an inspiration like it was to me. To a possible detriment of my teenagers not seeing their parents working and expecting life just to be easy. And not understanding the hard work and savings that we have done for the past 13 years. Edit part deux: We are not the typical FIRE couple who are working ourselves to the bone burning the candle at both ends. [link] [comments]  |
| Posted: 01 Mar 2021 08:09 AM PST Has anyone used a service for getting advice of tax-efficient drawdown strategies? I am in Canada, and accumulation is obviously easy enough, but when I FIRE there are so many strategies. Delaying CPP/OAS for increased benefits, benefits to early/late conversion of RRSP to RRIF; there are a ton of ways to go that often depend on specific dollar figures in all of your accounts. Has anyone done/heard of a CFP consultation service, i.e. pay a planner a fixed fee to construct a drawdown plan so that I can then execute in my own self-directed accounts? Obviously all planners would obviously rather have you on as a client, even if they're fee based. [link] [comments]  |
| Daily FI discussion thread - Monday, March 01, 2021 Posted: 01 Mar 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]  |
| Is the FIRE movement more popular with people who work as employees? Posted: 28 Feb 2021 10:33 AM PST It seems like most people who are focusing on and planning for an early retirement work as employees. I know some business owners and they don't talk about retirement. They seem to work until they die or until they are unable to work anymore. They don't complain about their work. I've never had a business, but I get the impression that there is a lot more satisfaction when you work for yourself. For me, personally, I've always hated having a boss. I can't stand having to wear a fake smile and saying "okay, that sounds good" in response to every idiotic thing that comes out of some boss's mouth or every idiotic decision that some boss makes. I don't like being under the thumb of someone else and have always detested authority figures. I also hate having to wear a fake smile and be fake friendly around coworkers and other people at work who I detest. I get the impression that is why most people hate their jobs and is a strong motivator for FIRE. I know it is for me . [link] [comments]  |
| Weekly FI Monday Milestone thread - March 01, 2021 Posted: 01 Mar 2021 02:00 AM PST Please use this thread to post your milestones, humblebrags and status updates 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! 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]  |
| What is Inflation? Economics Explained Posted: 01 Mar 2021 04:13 PM PST https://www.youtube.com/watch?v=Mi9yQzv84xk With the government pumping an additional $1.9 Trillion into the economy, some are beginning to express concern about inflation. Here is how to think about inflation and its causes. [link] [comments]  |
| Daily FI discussion thread - Sunday, February 28, 2021 Posted: 28 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]  |
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