Financial Independence Daily FI discussion thread - Tuesday, May 11, 2021 |
- Daily FI discussion thread - Tuesday, May 11, 2021
- Lost a lot. Have so much to be grateful for.
- How to deal with crypto FOMO?
- Taking a step back from work for 3 months
- Leaving FAANG and Moving to Michigan - What's Next?
- Expat FI/RE and Taxes
| Daily FI discussion thread - Tuesday, May 11, 2021 Posted: 11 May 2021 02:00 AM PDT 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]  |
| Lost a lot. Have so much to be grateful for. Posted: 10 May 2021 06:54 PM PDT Today because I'm not yet divested of my company stock I lost a significant amount of my net worth when the stock lost significant value. Thankfully I have been following the guidance about risk avoidance while pursuing FIRE and have been moving my company stock to Index funds as quickly as I qualified for long term gains. Today I also went to the doctor for an annual physical. As part of the exam she listened to my lungs and asked me to take deep breaths. Through my N95 mask I breathed deeply. Fully vaccinated and healthy I took a series of nice clean breaths. When I got home my wife, fully knowing what had happened to our net worth, and our kids, totally oblivious, greeted me with joy. My timeline for retirement has increased significantly today. But I am still the same person I was when I woke up. Same blessings. Same life. I wish you all a smooth road to FIRE, but the road to true love never did run smooth. When you hit a bump, take a deep breath and remember, you are not your net worth. Stay true to yourself my brothers and sisters. [link] [comments]  |
| Posted: 10 May 2021 06:24 PM PDT Just looking to start an open discussion with all of the craziness going on within the markets. Im 23, and I have a group of friends that have been buying ETH since $200 and I thought they were all making a stupid decision tbh, I just stuck with VTI. Well they're all pretty damn rich for our age now and I've essentially been left in the dust with my little index fund gains compared to their 20x gains. I consider myself a pretty centered person, but I'm not gonna lie the jealousy is killer. I'm laying in bed at night thinking about how what they made in 12+ months could take me 12+ years. Anyone in a similar boat? Any advice? [link] [comments]  |
| Taking a step back from work for 3 months Posted: 11 May 2021 04:25 AM PDT Hi all, I'm quitting a job I took only after 4 months of starting. I won't go into the detail as I've already made up my mind and it's not worth the toll on my mental health. For reference I'm a mechanical engineer. I really admire this sub and want to be financially independent some day but for now I need a break. I own my house (ie cheap mortgage), live a frugal lifestyle, no kids and I have over 1.5 years expenses in cash. The job market is really hot right now where I live so I'm not worried about finding work and want to take a 3 month break. My experience level and education is solid. I don't plan on doing nothing during this time. I have plans to test and launch an online business I've been working on for over a year. I know nothing is guaranteed to work out but I want to give myself a chance of doing something I love for a while. My worry comes from what others may think. I'm a fairly laid back person but I HATE people knowing my business as I live in a closed minded small town. I've already gotten the confused stares and Laughs when I even elude to leaving my new job. I get it. My biggest obstacle is people not understanding how I can just take 3 months off from a 9-5. Most people don't save or live below their means like me tho. It's a privileged position I'm in I know that, but I'm wondering if I will just lie and say I work for a different company fully remote so as to keep the attention off me. I don't like the idea of lying, especially to my family, but I know I will get hit with a wave of negativity and shame once I quit what looks like "without a plan" to people outside. I have a plan, there is risk I know, I've capped the risk as much as I can. I just want people to let me live my life the way I choose to live it. For someone who hates explaining themselves and wants to take a risk to pursue a dream, what do you think is the best way of dealing with judgemental people? [link] [comments]  |
| Leaving FAANG and Moving to Michigan - What's Next? Posted: 11 May 2021 02:31 PM PDT Hi Everyone, my wife starts medical school in Michigan soon and we're starting to pack our bags for The Mitten. I am a lead Mechanical Engineer at a FAANG in the Bay Area. I have been approved for remote work through December, but after that I need to find something else for work. I make $145k base + $65k annual RSU refresh + $15k annual bonus (TC: $225k). We have been living frugally in the Bay Area, saving for medical school and working towards FI. I'm starting to think about what comes next and what I might do while in Michigan. I'd like to keep income high to avoid taking on medical school debt, save towards FI, and start a family soon, but all indications online point towards a 40-60% pay cut from CA - MI. My questions for the FI community are: - I imagine a lot of people in this community have moved out of the Bay Area in the past year. What has your experience been like? - For all the Michiganders here, any advice on keeping income high in SE MI? I'm not tied to working as an engineer. As long as there are interesting problems to solve and I can comfortably work towards FI, I'm interested! - Have any Mechanical Engineers (or hardware people in general) in FAANG companies successfully gone remote full time? If you have, please comment or DM me - I'd love to chat. - Is making $150-200k in Michigan as a 20-something Mechanical Engineer hopeless? Put me in my place if it is. [link] [comments]  |
| Posted: 11 May 2021 12:26 PM PDT Hiya. This question is especially directed at nomads who have retired early. As far as I can tell, many countries exempt you from paying taxes on dividends, interest, and capital gains if you reside fewer than 6 months there. (The USA is, of course, the exception.) For those who have a residence permit in a foreign country (Country A), but spend fewer than 6 months per year there, how do you communicate to Country A's tax authorities that you are not liable to Country A's taxes per the 6-month rule? Thanks in advance! [link] [comments]  |
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