Financial Independence Daily FI discussion thread - Thursday, September 02, 2021

---

Daily FI discussion thread - Thursday, September 02, 2021 Posted: 02 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. submitted by /u/AutoModerator [link] [comments]

I just hit 400K Net worth + My investments cover my livings expenses and I need to tell someone lol Posted: 02 Sep 2021 10:10 AM PDT Long time reader first time writer. Here Is a picture of my financial independence journey. I must start with that I am not in tech or engineering. I am in lab technician at a Hospital in a rural community, about 80k /year at the time of writing this. Living in a rural community the cost of living is cheap and I have taken advantage of this by building up a small portfolio of rental properties. Assets: Asset Value Duplex (my current residence) 165 000 My car 19 000 Checking accounts 6 000 Emergency Fund (savings account) 21 000 Registered Investment accounts ( mostly mutual funds, a few individual stonks) 168 000 Taxable Investment account (100% mutual funds) 10 700 Rental Property 1 115 000 Rental Property 2 80 000 Rental Property 3 105 000 Total 689 700 ​ Liabilities: ​ Liability Value Home Mortgage 82 500 Rental Property Mortgages 174 600 Car Loan 11 700 Total 268 800 NET WORTH 420 900 ​ I know, i know........... I wish it was 420 069 too but hey these things happen ​ How did I get here: Simple answer: a lot of work fixing up terrible properties that no one would not look at during a time when real estate investing was basically considered the worst investment possible in my community. They're now all worth approximately double what I paid for them, the numbers in my assets calculations are very conservative. Savings rate of 30%+ of my work income , this is possible as I house hack to this very day. House hack from 2012 have an awesome wife that helped me with designing and renovating 3 crack houses ( I really believe you need the right spouse to even think of FI) ​ I believe I am technically FI : Current annual expense: 31 500 Current rental annual net income : 26 400 4% rule on investment : 7 120 Net at years end: 2 020$ This takes into account repairs on my car and house and also has a vey conservative safety on my rental properties. ​ I say I believe I am technically as I have not tried living of my investment /rental income as of yet I am saving 40 000+ a year. My goal before I go to part time at work is: 500 000 liquid assets ( Currently 205 700) My personal house and car paid off (Currently 94 200 left) I'm hoping to achieve this by 36 years old (6 years from now, hopefully faster but we will see how it goes) This wasn't meant to come off as a brag, I just have no one to share this with (except my lovely wife) and was supper excited to cross the 400K Net worth excited submitted by /u/the-man-1755090 [link] [comments]

You are subscribed to email updates from Financial Independence / Retire Early. To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States