Financial Independence Daily FI discussion thread - Sunday, May 02, 2021 |
- Daily FI discussion thread - Sunday, May 02, 2021
- TikTok has opened my eyes to how many “personal finance gurus” are out there providing awful long term advice
- Personal FIRE story, might be doing something different?
- I feel like I missed the forest while focusing on the trees. I am stuck narrowly focusing on FIRE because reducing my expenses and saving money gives me purpose. But my life is effectively on fire. How do I become a healthier person?
- Investing my cash?
- Advice on Property Investments?
- Have y’all ever had the difficult conversation of not having kids because of FIRE, with your parents? If so, how did it go/how did you approach it tactfully?
| Daily FI discussion thread - Sunday, May 02, 2021 Posted: 02 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]  |
| Posted: 02 May 2021 08:21 AM PDT I may be preaching to the choir with this post... but recently my TikTok FYP has started showing me an overwhelming amount of personal finance accounts advocating against the 401K/Roth IRA/Traditional IRA model. Has anyone else seen a sudden rise in these types of videos? Most of these videos either end up advocating for their personal finance course, or recommend throwing all excess cash into real estate/a small business. In the process of making these recommendations, many of these accounts make sure to mention that investing steadily into a 401K/Roth IRA is structured to "keep you poor" and won't "set you up for the life you want" Maybe it's because I'm young and that I haven't fully been exposed to how much misinformation is out there in terms of personal finance, but I was pretty disappointed when going down the rabbit hole of these accounts (especially knowing the target audience of TikTok is a young demographic) The entire process made me grateful for this sub to at least provide some sound perspective when listening to anyone talk about how to handle your money! [link] [comments]  |
| Personal FIRE story, might be doing something different? Posted: 02 May 2021 02:02 PM PDT Tldr: was fairly hardcore saving. Recent experiences and dreams might have us do coastFU instead on our path to full FI (or something else?) after. Hey all, I've lurked this sub for years. My wife and I found FIRE about a year into our careers going from r/pf to here and consuming most of MMM pretty quickly. The perspective switch was pretty crazy at the time. Moreso for her who grew up a little bit spendy, but she came around quick after we spoke a lot about the freedom it offers, especially for raising kids down the line. She can be more hardcore than me sometimes now! We're about 6 or 7 years into our careers now. Managed to save almost .5 m thanks to fortunate career choices. And about 7 months ago I got REALLY sick. I've had a chronic disease all my life, just got out of surgery and was recovering well when my medicines got out of whack. Long story short, about 4 months of that I quit my high paying job to just recover. 3 months into a mini retirement now and my health is finally turning around. Got some therapy while I was at it because I had been very stressed, and I'm doing pretty good. It's crazy how, I was so stressed to quit because of money, but I actually had a decent amount of fairly liquid cash that I hardly have to think about it for now. Going back, taking a less stressful job will be a priority over pure money. And we're starting to think about kids! So the plan might look something like work 2 more years and then switch to part time. I used to think I'd never stop until I could be "free" at something decently over 1m. But we're still young, and it's fun to explore how we might fit in more life now. Cheaply of course! We relish the little things anyway. I don't regret the grinding years to get us to this place of security we're in. Simply an observation that it's crazy how priorities change. So there you go, hope this inspires someone to explore their own path, whatever it is. I'd be interested in hearing people's experience with part time work, as it's a fairly new thought to me. Wish you all well, and enjoy a safe and hopefully covid free spring! Edit: formatting [link] [comments]  |
| Posted: 02 May 2021 08:23 AM PDT I don't really know why I live. I don't have a grand plan or higher purpose for meaning. I enjoy the process and get narrowly obsessed by the process. FIRE is my life but my life is on fire. Basically the main difference between my lifestyle and one of a NEET (not in employment, education, or training) is early retirement. I have no social relationships, no romantic relationships, no hobbies or goals (other than FIRE related ones), no pets or plants (mostly allergic though), no true responsibilities. And I am filled with huge soul-crashing regrets. Regrets about not living on campus during college. Regrets about never dating or having friends or having a romantic interests. Regrets that FIRE is just a distraction from my unhappiness but without obtaining FIRE then I would be narrowly focused on working a job. Sleep, work, sleep, work. That doesn't seem like a healthy response either. During schooling, I was just narrowly focused on doing well for the sake of doing well. No goals. Never applied for scholarships. Never had friends. Just wanted to perfect my study habits and get really good grades to brag about. Anyways, I feel like I am approaching the point of "no return." I basically regret my entire life. For those of you who felt similar, how did you break free? How did you get a healthier social life? [link] [comments]  |
| Posted: 02 May 2021 03:21 PM PDT I'm not necessarily into the RE part of FIRE as much as I'm into a degree of financial independence. I work in tech and love what I do. I will always seek and find opportunities in my industry or others and make a good income. But I'm also deeply ADHD and love pursuing many hobbies. Time off between paid gigs. Maybe start my own thing. Maybe travel the world for a year. Maybe do a 3 month expedition in Nepal. Who knows. So I want some semblance of financial stability without the "retire early" aspect. I'm 36yo male in a medium cost of living city and have just recently held a C-level executive job in tech. I'm not coming out of it with FU money. I have a few more months on this job before wanting to take a year off to decompress. I haven't always made the best financial decisions. I have let my standard of living creep up slowly, but i don't regret that. I'm flexible and can easily wind that back down (already started). Only recently started building my 401k which is now at just around $100k invested in a variety of low fee funds (will rollover after my employment ends). I own my home, 20% down and a manageable payment with significant and growing equity. From a variety of sources, from monthly savings to saved bonuses to some stock gambling to a real estate investment in my country of provenance (I'm not American - Here on permanent residence), to my company cash out, I have $500k in my savings account to keep me afloat for the next year until I seek/find new work. Yes, i should have been DCA'ing my savings into index funds for years. No, I didn't do it. I've always wanted the liquidity "just in case" I need to quit my job at any time. Anyway... Where / how should I invest my cash such that: - I protect against inflation - I can create a stream of income to live on for a year - I can grow my principal outside of the periods of time I don't work and need the income Tear me apart! Thank you all. [link] [comments]  |
| Advice on Property Investments? Posted: 02 May 2021 02:04 PM PDT Hello. I'm 21 and I've been able to make quite a bit of money from my stock investments. I've been very interesting in taking this money and buying a property. Way down the line, it would be nice to make an income from simply collecting rent or selling chunks of land. With this in mind, is buying land (within 40 minutes of a major city) as profitable as buying property with a house/townhome on it? Thank you :) need to look into this more [link] [comments]  |
| Posted: 02 May 2021 09:50 AM PDT So… I grew up in a pretty well-off household, and my parents gave me and my brother everything, and I'm incredibly grateful for what they've done. They've told us time and time again, "We do these things because we love you. We want to give you the best opportunities to succeed, and one day, you'll be able to pass on the same good fortunes to your kids." Oh right, kids… fuck. As we all know (or, hopefully know), kids are really fucking expensive. FIRE/other financial subreddits have really made me think about the cost of having kids — what that would mean for me and (hopefully) my future, hypothetical wife (I'm currently single lol). It's really got me thinking lately — having kids would easily put off my retirement goal until I'm in my 60s; if my hypothetical wife and I were to not have kids, I'm pretty sure we'd be able to retire in my 40s. My parents REALLY want grandchildren, and quite frankly, expect grandchildren. But, kids would get in the way of my FIRE goals. How do I approach them with the subject of possibly not having grandchildren, purely for financial reasons? I've never mentioned before that I may not want children — anytime the conversation comes up, I'm just like, "Hah, well, we'll see…". Have any of you gone through this before? Do they resent you for your decision? For context, I'm a 25-year-old single male. I finished up my BS + MS at the end of 2019, and started my first full-time job in January 2020. Thank you in advance. [link] [comments]  |
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