Financial Independence Daily FI discussion thread - Wednesday, September 15, 2021 |
- Daily FI discussion thread - Wednesday, September 15, 2021
- 4 Year Update @ 27 $200k NW
- What books do you recommend on learning how to build wealth?
- 19 in college for free with 70 k net-worth
- Weekly Self-Promotion Thread - September 15, 2021
- 500k net worth at 27, what do I need to do to get to the next level?
- Financial journey to a million currently @450k 25yrs
| Daily FI discussion thread - Wednesday, September 15, 2021 Posted: 15 Sep 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]  |
| Posted: 15 Sep 2021 05:51 AM PDT I'm going to keep my tradition going and do a quick yearly update. 2021 Short Recap: This has by far been my most exciting year. I got married this year and my wife and I combined finances (This definitely helped my NW for this year). We now enjoy the simplicity of joint accounts and not having to worry about splitting every bill. My wife feels bad since she is a student and has low income but before we got married she was literally saving HALF of her student income of $26k. I think that is super impressive. She is still working on her Ph.D. and will hopefully have it within the next year. Also, market returns have been a major driver of our progress. It really feels too good to be true but that won't change our strategy. We are not market timers, we just invest everything we can as soon as possible. This year I also splurged on a new car (~$31k) and I am so glad I did. Driving it makes every commute so much more enjoyable. I bought the car in January and it is already half paid off. I know it's not ideal to pay off low interest debt (car is 1.9%) but honestly I am checking all the other boxes (maxing retirement accounts) so I don't mind paying a little extra on it. My wife and I also took a short trip to Manhattan a few weeks ago. Normally we would say "let's save money instead" but we decided to go outside of our comfort zone. It was a nice trip and also made us appreciate home more. I guess the takeaway here is we are slowly learning to spend our money a little instead of saving every penny. It can be terrifying since we are so savings-oriented lol. I think it's a healthy change. Net Worth Progression: May 2017: -$74k (student loans) 2018: -$50k 2019: $0 2020: $42k 2021: $107k Today: $201k Chart: https://imgur.com/a/lfjmytV Balance Sheet: Assets ($220k): Investments: $148k Cash: $44k Car Value: $28k Liabilities ($19k): Car: $15k Credit Cards: $4k There really is no secret. It's just time and consistency. In 2017 I was making about $58k plus a bonus. Today my salary is about $80k base. We live in a LCOL area (our rent is $1k, all utilities included!). Exciting News: Yesterday I put my two weeks in. I accepted a position at a startup company much closer to home. My commute will go from 25 minutes to 10 minutes. My PTO has increased from 3 to 4 weeks (I was able to negotiate that). My base salary went up from $80k to $94k. They are also giving me $3.5k in stock options and work from home is now an option. I am excited for the new challenge and greater responsibility. At my current job I have felt very stagnant and unmotivated (just hit my 4 year anniversary). I think this move will light the fire under me to start working hard again. If you made it this far, thanks for reading! Cheers. [link] [comments]  |
| What books do you recommend on learning how to build wealth? Posted: 15 Sep 2021 03:50 PM PDT I am a 21 year old college student and I don't want to keep working hard when I get to my 40s and beyond. I want to take advantage of my youth and my 30s to work hard and build wealth so that I won't have to work hard once I get into my 40s and beyond. Of course I will probably still work in my 40s but I don't want to feel stressed about the rent or family members. Long story short, what books would you recommend to start learning about ways to have multiple strings of income? Thanks and I hope you take care. [link] [comments]  |
| 19 in college for free with 70 k net-worth Posted: 15 Sep 2021 04:18 PM PDT Hi everyone so i have 50k in the bank and around 20+ k in investments. So my question is there any advice you can give to me? I plan on putting a downpayment for a duplex or tri in a couple years once the house market goes down but still any tips? [link] [comments]  |
| Weekly Self-Promotion Thread - September 15, 2021 Posted: 15 Sep 2021 02:00 AM PDT Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments]  |
| 500k net worth at 27, what do I need to do to get to the next level? Posted: 15 Sep 2021 03:50 PM PDT I'm in the tech industry and want to set myself well for retirement (early hopefully) and wondering what other things I need to be doing to accelerate that. I make around 240k a year and my monthly income after buying company stock through espp and also 401k contribution is probably is like 6k a month [link] [comments]  |
| Financial journey to a million currently @450k 25yrs Posted: 15 Sep 2021 10:00 AM PDT Hello, Just wanted to share my journey to help me with my own motivation. My goal is to hopefully become a millionaire before the age of 30 without my primary residence equity. Currently I'm 25 my journey started when I was 18. 18 I barely graduated high school wasn't able to go to college not due to not having the funds and not being particularly book smart. I got a great job at 18 due to trade school being offered at my high school. I started on my 18th birthday making 15hr and worked there for 6 years after realizing that I had capped out making about 20hr. 19 Went by pretty smoothly worked went to community college and had little expenses only 500 in rent and 200 car payment. And 100 dollars a month I would send to my grandma in Mexico. 20 On my 20th birthday I closed on my first home bought it for about 110k at the time payment was roughly 700 a month not much more than my rent. However I grossly underestimated the cost associated with homeownership. And this is where the messy middle started. 21 After underestimating the cost of homeownership I was pretty close to being house broke barley had any money left over every month about 100-200 of my income. ( never looked into investing that money really regret it). Then stuff started to pile up and I was completely unprepared for it that forced me to take on a roommate. I crashed my car got a replacement but I upgraded instead of downgrading or at least staying the same (really regret this granted it was only a 5k upgrade and the new car was only like 15k.) among other things like home upkeep and a speeding ticket lol 22 Was much of the same. However my car insurance was now much higher. So I stop contributing to my 401k to get that sweet extra 80 dollars a paycheck to spend lol. 23 I crashed the new car ( I know stupid) however this time I wasn't as lucky as before. I decided not to do a claim to my insurance because I didn't want my problems to affect my parents insurance premium so I absorbed the blow kept the totaled car and bought a car for 5k cash. And continued to pay for the totaled car. Throughout my 21-23 I slowly accumulate credit card debt that Totaled about 15k-20k. No real savings only thing I had was the equity of my then primary residence. 24 This was a crazy year I quit my trade job of 6 years. Was lucky to get a job that 7x my income moved l, turned my primary residence into a rental that home appreciated to about 245k was able to contribute heavily to my 401k and saved and invested majority of my income. 25 I closed on my new build on my birthday yet again bought it for 370k and now their selling for over 520k. Only a few months into year 25 but I have positive outlook. ( crazy market which is why I want to reach a million without equity in this home) Now I sit here with zero debt paying of the totaled car this month and I've restored it so that's my daily driver. I'm not the most frugal person I do spend on stuff I want. But I know how to live way below my means saving about 80% of my net income after maxing out my 401k contributions but I have bought a few toys and stuff I liked nothing major and travel to a few international locations I always wanted to visit. Financials at the moment 110k invested in personal brokerage 10k in crypto 20k in 401k 15k in cash 10k in cars and personal property Investment property owe 100k valued at about 245k Primary Residence owe 350k valued at about 520k [link] [comments]  |
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