Financial Independence Daily FI discussion thread - Sunday, September 19, 2021 |
- Daily FI discussion thread - Sunday, September 19, 2021
- A Net Worth of $1 million USD puts you in the top 1% of adults worldwide
- I want to begin my journey. But where do I start?
- What to do with Retirement Savings/401k in the US after moving to NZ
- Need explanation for the 4% rule
- 2 YEAR PROGRESS 25 F @ 150K NW
| Daily FI discussion thread - Sunday, September 19, 2021 Posted: 19 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]  |
| A Net Worth of $1 million USD puts you in the top 1% of adults worldwide Posted: 18 Sep 2021 05:28 PM PDT Lots of people in this sub are in the $1 million - $3 million USD range; but still don't feel rich at all because they live in Silicon Valley or New York City. Well, you're still in the top 1% of adults worldwide and can literally move to any country in the world; or even lower cost of living areas of America to "feel" rich. $1.5 million is $60,000 at 4% SWR and literally allows you to live anywhere on the planet if you are a single childless man/woman (except maybe in Monaco). Millionaires are actually quite rare outside of North America. FIRE is truly a luxury that 99% of people in the world do not get to experience. [link] [comments]  |
| I want to begin my journey. But where do I start? Posted: 19 Sep 2021 03:09 PM PDT Hello all. I found this sub about 2 years ago while I was in the military and never considered it. But now that I have a decent job I want to begin this long interesting journey. Im 24 with a average salary of about 90-100K. I work in DC so a low cost of living is somewhat out of the quesiton. I just want to know where did you start your journey and what helped you? God bless. [link] [comments]  |
| What to do with Retirement Savings/401k in the US after moving to NZ Posted: 19 Sep 2021 03:07 PM PDT I worked in the US for 8 years and contributed to 401k through my employer, now I have moved to New Zealand indefinitely. While I'm planning to buy a house in NZ, I'm not sure what to do with 401k balance with Empower. I did get some offer from AMEX to open a Roth or Traditional IRA account with them. However I'm thinking of moving that balance eventually to New Zealand where I'm planning to stay at least 6/7 years. Perhaps that would also ease my tax liabilities in either countries. Any advice on what's the best way to get the money out without heavy tax penalties? Or as a first time home buyer( home being overseas) will there be any exemptions to take the money out of 401k. [link] [comments]  |
| Need explanation for the 4% rule Posted: 19 Sep 2021 03:12 PM PDT Can someone explain the 4% rule? It sounds incredibly conservative. The market averages 10% returns a year. Does everyone just plan to move 100% of their money to bonds the day they retire? Or die with tons of leftover money? [link] [comments]  |
| 2 YEAR PROGRESS 25 F @ 150K NW Posted: 19 Sep 2021 06:39 AM PDT Hello everyone, Just wanted to talk about my personal progress from being in debt, depressed and unemployed in 2018/2019 to having a 150k networth in 2021. Hopefully if you are feeling like you are stuck in life or in a bad place this will motivate you to see that you can get a better place. Back in 2015 when I was 19 I got into a bad relationship with a guy who drained me financially. It was toxic relationship and was abusive. I luckily came to my senses in 2018 and ended it but by then I was in thousands of pounds of debt and confused and had graduated with a very bad grade in my undergraduate. I had no hope of doing my masters. I was defeated and devastated and I moved back home with my parents with £20 in my purse and £40 in my bank account. I was in thousands of pounds of debt and unemployed and miserable. The only job I could find was either temp work at an agency which was either never enough hours or back breaking work at FedEx at amazon which only made my body hurt and ill. Sometimes I would quietly cry during my shifts. I tried my hand at anything. I would clean hotels and jump the fences to get inside because I couldnt afford a taxi straight to work as buses were unreliable. I remember feeling so desperate I considered having sex for money old school style. In 2019 I managed to get a job in retail and it was the most distressing experience. Working with 16 year olds and 40 year old getting paid the same minimum wage made me feel so deflated, many of the older employees were treated like trash by the managers and treated like garbage by customers. I started to question where my life was going. I had come from stable home with loving parents and had even attended boarding school, but here I was not even making enough money to pay my debts and living off Universal Credit. Some days I didn't even have enough money for the bus. I became heavily depressed and did not get out of bed most days. End of 2019 I met my current partner who was like a breath of fresh air. 11 years older than me, with a very good job, nice car, stable, loving and kind. Early 2020 I started getting really serious about my future. After attending therapy for a few months to address my issues. I was able to score an office job for the first time. I immediately started saving. Moved out of my parents house into my own studio apartment and paid off all my personal loan, overdraft and credit card debt before the year ended. I was now debt free which took a lot of the mental stress off me. I then decided I needed to have a career plan as the current office job was exhausting and it wasn't what I wanted to do. I I getting into the FIRE movement and with the support of my parents I started planning my way back to University. I took a graduate certificate programme, studied hard and nailed it with 95% pass rate then and got into my masters course in International Business which I am currently on now. My parents paid for my masters course deposit and I currently excelling in all my courses. I then looked for a remote job. I was tired of painful manual labour jobs like amazon and fed ex. I was fortunate enough to land a remote, permanent part time position at a startup company in london. I got on very well with the CEO and my manager and was given a ton of benefits. Including a Macbook Air that my CEO bought me and a free gym membership. Last month I was offered a graduate position at the company when I graduate next year, which will be somewhere in the £35-45k range. Then four months ago after saving diligently for some time. I was able to buy a vacation house abroad with a 30% deposit down for a 125k 2 bedroom property. This was a huge move for me because only 3 years ago I couldn't even pay for the overdraft on my account. I decided not to take out a mortgage and just fund the property myself and due to the expensive city I bought it in the property has risen in value. Asset Breakdown- Vacation home Abroad- 125k House is personally funded so no bank loan or mortgage. I put 30% down so I have about 87.5k left to pay. Three Chanel bags gifted by my partner- which are worth £13k They have been appraised so the value has risen Cash- I keep £1000- £1500 in my account at all times. Pension- £1500 in that. I only started contributing middle of last year. Debt Breakdown- Car/ I work from home and have a bike- £0 £500 in credit card debt- helps boost my credit. Personal loan- £0 Overdraft- £0 Now I am not wealthy yet by any means and I still take anxiety meds due to stress but overall my mental state has drastically improved compared to 2018 and 2019 I feel I am in an incredible position. I exercise regularly and have more energy. I am in a loving relationship with a man that adores me. I feel my parents efforts in my life are finally paying off and I am close to my family but best of all I feel I actually know what I want to do with my life and where I want to go now. For anyone currently struggling please don't give up it really does get better even if at the time it feels like it never will. It does. Edit: So the NW calculation were incorrect and the actual networth at 25 is 50-53K or so give or take. The actual 150k will be once the remaining 87.5 been paid and or I could also increase my pension and account amount. [link] [comments]  |
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