Financial Independence Daily FI discussion thread - Thursday, April 01, 2021 |
- Daily FI discussion thread - Thursday, April 01, 2021
- Any experience stepping down to coast on out?
- 35 yo, How do I get out of the rat race?
- 36M - FIRE health check - Am I on my way?
- I don’t like 401Ks, Thinking to stop contributing to it. Change my mind
- With mortgage interest rates so low and housing inventories so low, one of my biggest FIRE fears is locking into a spend rate that would be blown out of the water if ever had to move
| Daily FI discussion thread - Thursday, April 01, 2021 Posted: 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]  |
| Any experience stepping down to coast on out? Posted: We're around FI & we have the lifestyle we want. Could RE but I want more cushion, I like being forced to take my mind off my hobbies and I'm waiting for wife to RE I'm currently in IT management. I'm thinking about returning to an old software developer role at the government for at least 2 years. Here are my reasons: 1) increase my previous gov pension from $300k to $1M+. 2) stay remote. I love having more energy & time for my side interests which I've been actively pursuing during COVID. I didn't realize how wasteful the office is until I was forced remote for a year. 3) if we ever move outside U.S., I'm assuming remote development is more marketable than remote mgmt...? I guess I'm scared to "step down", making wrong decision, etc. Looking for others with a similar experience. (Maybe this scenario has been beaten to death? Maybe should be r/coastFire?) Edit: added point for 2+ years at gov position [link] [comments]  |
| 35 yo, How do I get out of the rat race? Posted: Current situation: Currently married with no kids Salary - 150k + super and partners salary is 60k +super We have bought 4 houses for the past 12 years. OO - evaluation 860k, loan balance -$374000, offset $300,000 Investment properties - evaluation 760k, loan balance 314k - evaluation 480k, loan balance 326k - evaluation 420k, loan balance 285k After expenses and rent, I pay about 4.5k out of pocket. Shares - 100k Me and my wife would like to work less as we have been working really hard during our younger years. Interested on how everyone works less. [link] [comments]  |
| 36M - FIRE health check - Am I on my way? Posted: I'm M36 single living in a HCOL city. No plans for kids. I was raised by a single mother but got into technology at an early age and have found a very lucrative career in IT sales. I've always been a lurker here and think I have my finances in order but would love some input or suggestions (or tell me I'm wrong!) Assets: $1.6M - Primary House - Recent appraisal after major remodel. It's in a great area and worth a fair amount more then I paid for it. $275K - Brokerage Account 1- Tech Stocks $85K - Brokerage Account 2 VSTAX $480K - 401K - Total Market and Target Date Funds $35K - Emergency Fund - High Interest Savings Account $16K - Crypto $25K - Bank - Move to brokerage or crypto? Debt: -$301K - 30-year Mortgage at 3.2% -$290K - HELOC - Needs to be converted now that the remodel is over -=-=-=--=-=-=--=-=-=--=-=-=--=-=-=- I had another $400K in tech stocks that I spend on the remodel so most of my money is in home equity now. -=-=-=--=-=-=--=-=-=--=-=-=--=-=-=--=-=-=--=-=-=- Overall my expenses are minimal (Mortgage + 2K a month) but I'd like to target a FAT FIRE of 100K annual income. -=-=-=--=-=-=--=-=-=--=-=-=--=-=-=--=-=-=--=-=-=- Earning $250-$400K a year the last 5 years but in sales you never know. I am doing well this year so could do 400K again. -=-=-=--=-=-=--=-=-=--=-=-=--=-=-=- Would like to retire from sales by 40, move to LCOL area and try out something else with the knowledge I'm fully taken care of financially. Any all suggestions are welcome. [link] [comments]  |
| I don’t like 401Ks, Thinking to stop contributing to it. Change my mind Posted: Why do I need 401k if I plan to retire early? I have a Roth IRA in which I will contribute maximum till I can because this I understand has its Benefits at the time of retirement, I run wheel on Roth IRA as well I also have a active trading account in which I do well. I don't day trade etc but I run a wheel on blue chip stocks. I just buy and hold quality stocks for growth and run a wheel on them. Yes I know 401(k) is technically getting free money from your employer but I really don't or can't use that money till later till retirement and. I don't have the ability to choose my underlying which I hate What benefit is of 401(k) when one is planning to retire early? P.s I am in my 20s and have been contributing to 401(k) for less than five years. [link] [comments]  |
| Posted: I live in a HCOL area, but have the luck of having bought my home a few years ago when home prices were moderately reasonable - certainly not insanely high like they've been getting. On top of that, I have a really low mortgage interest rate. So great, right? I have my spending planned out, locked into very low monthly expenses for housing (relatively speaking for a HCOL area), so I'm set for my FIRE target in 5 years or so, right? My only concern is that if we ever had to move (me spouse 2 young kids) to another HCOL area - even a comparable HCOL area - we'd have to pay a vastly higher monthly mortgage rate to account for both the skyrocketing listing prices of homes (even of nearly exact same size that we already live in now), and what will surely be rising interest rates. Right now my projected annual spend in retirement is calculated based on our current relatively low monthly housing costs - I worry I'm locking myself into never being able to move unless I go hard LCOL. Why would we ever have to move? I can't rule out that kids are still very small so may need to size up the house, and grandparents are older, so can't rule out possibility of moving closer to them (no specific reason to right now). Why wouldn't I just move to a LCOL area? Because between grandparents not living in a LCOL area, and wanting to keep kids in high performing (but not pressure cooker) public school districts, that's almost always going to be a HCOL area. Hell, even if I bought a slightly larger house in my own TOWN right now, I'd probably nearly double my monthly housing costs. How do other early retirees plan for being locked out of moving to even a similar sized home with skyrocketing housing costs? [link] [comments]  |
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