Financial Independence Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - September 13, 2021 |
- Weekly “Help Me FIRE!” thread. Post your detailed information for highly specific advice - September 13, 2021
- Daily FI discussion thread - Monday, September 13, 2021
- Bill to eliminate MBDR
- 34 and burnt out. High NW + high paying job. The usual time vs money question for you
- Weekly FI Monday Milestone thread - September 13, 2021
| Posted: 13 Sep 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, September 13, 2021 Posted: 13 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: 13 Sep 2021 10:59 AM PDT Killing MBDR for those that could utilize it definitely is going to change some peoples FIRE plans. [link] [comments]  |
| 34 and burnt out. High NW + high paying job. The usual time vs money question for you Posted: 12 Sep 2021 08:48 PM PDT Hi all, I'm sure this is a regular sort of 'time vs money' question though wanted to reach out to the community and get your take on my position and what you might do if you were in a similar situation. My current net worth is $4.65m (AUD). I work full time in self-employed business with other business partners. We have the opportunity to extend our government contract by 5 years (in the hospitality industry - cafe & catering) of which I can expect yearly income of around $150,000, so all up the contract would be worth roughly $750k profit to each business partner over 5 years. We currently have similar contract in another location where income is much higher at roughly $350k per person per year, with 18 months left on that contract. Operating the business with the 5 year extension would not be overly time consuming for myself, though would add stress and a time commitment to my life (e.g. I wouldn't be able to travel as much, or very rarely, which I love). Some of the added stress points would be: dealing with staffing issues, staffing insurance issues, complaints, contract management and actually finding the right staff to do the job. I would be doing most of the work (out of my partners) to set it up with the right staff and right processes, with one particularly difficult partner to work with. Importantly to note it would tie me into the contract for 5 years - it's not something that can be sold, nor would my business partners purchase my share, I'd have to give it up if I were to leave sooner. I'm in an awkward position where I'm having to do most of this work in the business though have to split the income equally among partners - it's a tricky situation too hard to explain here. So, I've started to think, 'what's the point?'. Is $750k over 5 years going to make a substantial difference to my life post retirement, or am I being ridiculous to give up such an opportunity? With my 4% SWR it means the possibility of giving up an additional $30k/year to spend in retirement in exchange for 5 years of my life now. I'm currently 34 so would be 39 by the time the contract finishes. My partner is 31. Our SWR more than covers our current living expenses of around $80k per year. Once retired, in either 18 months or 5 years with this new contract, we'd like to travel overseas regularly (business class, nice hotels etc.) and I'm unsure how much this would cost really and if we could afford it with our current NW. I've never travelled long term for more than 4-5 weeks at a time. This is not an industry which I can retire from and come back to years later - once you're out, you're out. It would take years of work to get anywhere near this position of earning potential again. I'm unable to sell my share of the business or the entire business itself - it's a specific type of contract not able to be sold. TL/DR: I'll have $5m NW in 18 months, a possible retirement date. Alternatively, I have the option to extend a business contract for 5 years which will roughly provide an additional $150k/year, or $750k total after tax, to my NW before retirement. What would you do? [link] [comments]  |
| Weekly FI Monday Milestone thread - September 13, 2021 Posted: 13 Sep 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]  |
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