Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - August 30, 2021 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - August 30, 2021
- Daily FI discussion thread - Monday, August 30, 2021
- Update after 4 years: What would you do at 30 with a “high” net worth, high income but burnt out.
- 40yo SWF just hit 1M Net Worth on path to FIRE
- Weekly FI Monday Milestone thread - August 30, 2021
- Financial independence for my child
- FI Tracking Spreadsheets
- How to get started with an already conscious money mindset and two children?
- FIRE failure
| Posted: 30 Aug 2021 02:01 AM PDT 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]  |
| Daily FI discussion thread - Monday, August 30, 2021 Posted: 30 Aug 2021 02:02 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]  |
| Update after 4 years: What would you do at 30 with a “high” net worth, high income but burnt out. Posted: 30 Aug 2021 03:41 AM PDT TL;DR: I sold my shit, moved around the world, discovered a passion for learning languages, last week decided I would move to Czech Republic to learn Czech. I truly feel like I'm living my dream! Years ago I was sitting in my condo in California contemplating a big move of some kind (likely trying the nomad life) after growing restless for some years in my freelance job. As a summary of the previous post, I was making 200-400k, had a NW of 2.5M+ and was burnt out. A fairly familiar story I have seen here over the last few years as the posts like that tend to get pushed to the top. I only worked 6-7 months sporadically throughout the year so, looking back, I was more bored than burnt out. But with projects coming up at a moments notice, I could never sink my teeth into a community, hobby, group class etc as I would have to fly somewhere else to film. For those curious, my job is/was in the film industry. I direct commercials for a living. Though in the last 3-4 years I've only done two projects compared to maybe a dozen per year. So? What did I do? I sold my condo, and sold all my stuff, decided I would take a year off, told my bosses and bounced. Literally just left and went traveling. I never did it in my adult life, though I moved a ton growing up. It started with a trip to Japan with a buddy, then I kept going to Taiwan, Thailand (where I set down a base), Cambodia, Vietnam, Lao, Malaysia, Indonesia & China. I rented a place in Bangkok for a year and used that as a base for travel and as well I enrolled in Thai Language school 3 hours a day 5 days a week for 9 months (giving me 3 months of down time to see the above places). While I was in school I discovered I have a knack for learning new languages (I can now speak, read, write a very difficult language for native English speakers) and decided I want to have this same experience again many times. Last year, after a fun shoot in Mexico City (trying to get back to work), I got "stuck" down there while still homeless when covid hit and I decided to stay in a smaller city 3 hours outside on the recommendation of a very awesome and interesting gal I met on this very forum. It was an awesome year and an amazing place to live and actually miss it quite a lot. This year I was experimenting with living back in the states for a bit, but felt restless again and wanted to try out this new "passion" for learning cultures and languages now that countries started re-opening. So, last week I decided to move to Prague and today, I'm sitting at a café on Sázaská street, sipping coffee and eating breakfast as I type this. I just enrolled in another intensive language program 3 hours per day, 5 days per week for another language that will bend my mind and likely frustrate me. But I've found that accomplishing hard things, to the advice of someone in my original post, truly does make me happy. Wish me luck getting through this winter! It's not always roses of course. Moving around all the time, you do suffer from continual community loss. Making and losing friends is hard. Goodbyes always feel the same. Never easy. But, I really did grow up this way. My dad's job took us all around and I have learned that, while it's hard to say bye, I have experienced immense growth every time I move. It's almost like every time I have to start over, I learn something new about myself. Maybe, some day, the idea of settling down in one spot will sound sweeter than experiencing new lives but until then I will keep doing this. Next up are: Japan, Taiwan or Korea in no particular order. They sound like a challenge and particularly Mandarin feels like it will be useful. As for work, I've told my company I'm available for work again, and truly if the project interests me, I will take it. But, after being away so long, I sense they feel I'm not a great long term investment and I honestly can't argue with them. I still want creativity in my life and I will find a way to foster this again when the motivation for making comes back. I'm excited for that. Anyway, that was already longer than I wanted it to be so I'll end it here. I just wanted to share a positive "post-FI" story and hope it helps you make some decisions of your own. [link] [comments]  |
| 40yo SWF just hit 1M Net Worth on path to FIRE Posted: 30 Aug 2021 10:45 AM PDT Was doing some number crunching and knew I was close to a 1M net worth but didn't realize I'd actually made it: Assets: $450,000 Equity in House $250,000 Roth IRA $150,000 Rollover IRA $25,000 401K $150,000 Non-retirement Debt: $110,000 remaining on mortgage (equity above reflects this) How did I get there? No kids helps! My first job out of college paid $25,000 and I currently make $120,000. I dump a full contribution into my Roth IRA every January and max out my 401k contribution (5% match). The small amount in the 401k is due to being in a new plan. I purchased my home a decade ago for $200,000 in a not great area of HCOL city that has since blown up in popularity and is highly likely to continue on that trajectory thanks to local incentives and infrastructure upgrades. My equity in that is pure luck. Most of my retirement funds are in a diversified mix of Vanguard and Fidelity index funds. In 2014, for fun, I purchased $2,000 worth of TSLA. Another bit of helpful luck that makes things a little rosier. Lifestyle: As I mentioned, no kids. I have no internet/wifi at home and don't own a TV. I live pretty simply and have zero-waste and plastic-free approach (not all the way there on either) that helps reduce consumption costs as does owning a capsule wardrobe that I repair and partially make. Food shopping primarily at farmers markets and a vegetarian diet. I don't turn down free money (health insurance reimburses up to $200 for 50 gym visits in 6 months and I belong to a Planet Fitness so not difficult to do and get a full reimbursement compared to more expensive gyms). I take public transportation but rather than a monthly pass pay per ride and walk as much as possible. When I bought my home I sold all my books and now exclusively use the library. I do spend money on social outings - where most of my spending happens. Concerts, shows, good food, and comfortable travel because at 40 I am not sleeping in a hostel or park. Some of this is funded by selling things I make through my hobby (not as a business but there's only so much space to put the things I make...). Above I mentioned to bits of luck. I also lucked out in that my work provides lunch daily, pays my cell phone bill, pays the entirety of my health insurance premium and has a secondary service that reimburses my copays. As soon as I started out on my own I saved very hard for my dream of owning my own home and once I achieved that continued to save hard as by then I'd discovered FIRE. Obviously different parts of my adult life have been more difficult (making very little early on, losing two jobs due to the great recession and a failed start-up. Not my start up). I make approximately $5000 in charitably donation a year (including to the library since they so nicely entertain me for free). I still have a long way to go to be able to retire but I feel so much better knowing I'm on the path. The current plan is to move in about 5 years to an area where housing should equal about half my equity. Very recent changes at work are promising on the income front (although I do not put on blinders to the fact that things can always change). My current focus is 1M excluding the house. Working on some ideas for making that happen while still enjoying life. I'm probably leaving required information for these posts out, but I'm mostly on a high of realizing I am in a much better position that I thought I was. I am not a mathy person doing modeling and all sorts of tracking. I follow the advise of paying myself first and taking advantage of free money in whatever form it comes in. Edited for formatting [link] [comments]  |
| Weekly FI Monday Milestone thread - August 30, 2021 Posted: 30 Aug 2021 02:00 AM PDT 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]  |
| Financial independence for my child Posted: 30 Aug 2021 03:59 PM PDT So, one of my parents recently died and they left quite a bit of money to me and my child. I wanted to leave it all for her so when she's older she will have it all as a cushion so she can achieve financial independence herself. What would be the best way to do this? Should I invest it or put it in a savings account? Should it be under her name or mines? Any guidance welcomed! [link] [comments]  |
| Posted: 30 Aug 2021 12:22 PM PDT I track my FI journey as a once a month hobby and have been since about 2016. I know I'm no spreadsheet guru but was just curious what everyone else tracks if they track at all. I would imagine that there is a way to automate all of this as well. I typically update my spreadsheets at the end of the month and track NW mostly but recently added monthly change from previous months (over time to see if my monthly changes are in fact increasing) and % to Lean FIRE, FIRE, and Fat FIRE. I also have a trend line (polynomial) on projected NW that I like to compare my actual NW to as well. My home value is updated based on any realtor website. Things I would like to have would be gains from interest and dividends but at this point I think that would take a lot of work and backtracking. I think Mint does most of this for you? But I refuse to give all of my financials over to them. So what metrics are you tracking? [link] [comments]  |
| How to get started with an already conscious money mindset and two children? Posted: 30 Aug 2021 12:21 PM PDT Me and my wife live in the Netherlands, have two daughters (9 and 3), make about €100k per year in total and have always been financially conscious about our spending. We live in a decent house but much smaller than we could afford, don't own any cars, we do eat out sometimes, but that's about once every two weeks. We do afford ourselves some luxuries which we really enjoy: having a boat (± €750,- per year), a cleaner (€1.440,- per year), going on holidays (€5.000,- per year maybe), going to musea around the country with the kids (€1.000,- per year) and then some. Luxuries that we feel add value to how we want to raise our kids, how we want to spend our free time and such. We're now in the process of looking at what we can save to reach FIRE. We're cautiously concluding that we won't be able to cut our budget by a whopping 30-50% without sacrificing what we feel makes our current life enjoyable, and without having to cut hard on how we raise our kids in a way that reflects our values. So I have two main questions:
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| Posted: 29 Aug 2021 04:58 PM PDT 43F. Net worth $3.3M. $60K current annual spend, but would like $100K annual spend. Not married, no kids. Quit my job exactly one year ago. Thinking of looking for a full time job again, hence my title FIRE failure. Why? After looking at the things I've done to fill up my days this past year (traveling, reading, cooking, playing pickleball) , I decided I can still find a full time job with benefits, a job that is low stress and still be able to do all those things. I could simply change my perspective and be grateful that I'm good at my job and can probably just work 3-5 hours a day to get my tasks done, and make a very good wage. And if the job turns out to be stressful, I will just quit since financially I'm fine. Even if the job turns out to be not stressful at all, I will still quit after a year and take 4-6 months break to travel with my partner (he's retired), then look for another full time job again. At least that's my thinking right now. So, if I do find a job, I will be a FIRE failure...I am at peace with the fact that until I can find meaningful ways to fill up my time, I should find a decent paying job and save more money so I can reach my secret desire to have $5M . I also decided to be a renter and want to rent a nice new luxury apartment with nice facilities and not worry about things to fix. Which is why I wanted a higher nest egg. That's all, just wanted to put my thoughts out there to you folks. I've been in the FIRE path for 15 years. I finally took the courage to quit, only to find that I'm not ready yet, but I am grateful for having the freedom to choose. [link] [comments]  |
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