Financial Independence Daily FI discussion thread - Friday, November 26, 2021 |
- Daily FI discussion thread - Friday, November 26, 2021
- Knowing what you know now, how would you do it all over again (SERIOUS; not invest in bitcoin at $1)
- Weekly FI Frugal Friday thread - November 26, 2021
- Parents Died in Covid and now I am stuck with big problems.
- How to convince my wife to retire also ... at 55 to enjoy life without (mandatory) work making more than we do now by busting our asses at our current jobs!
- Daily FI discussion thread - Thursday, November 25, 2021
- Anyone here became FI thanks to crypto?
| Daily FI discussion thread - Friday, November 26, 2021 Posted: 26 Nov 2021 02:02 AM PST 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] |
| Knowing what you know now, how would you do it all over again (SERIOUS; not invest in bitcoin at $1) Posted: 25 Nov 2021 08:59 PM PST How would you improve your own success path if you could do it all over again? What were some good things you would have done sooner and what are some bad things you'd avoid altogether? [link] [comments] |
| Weekly FI Frugal Friday thread - November 26, 2021 Posted: 26 Nov 2021 02:00 AM PST Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed 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] |
| Parents Died in Covid and now I am stuck with big problems. Posted: 25 Nov 2021 01:28 AM PST Location India I lost my Dad in first wave of Covid and My Mom in second wave of Covid. My Dad was is Government Job and he passed away after 6 months of his retirement and My mother (housewife) followed him after 6 months. Now I love my Parents but they are still humans and they made mistakes which now I have to deal with. I have three young siblings 2 brothers and little sister (One bro is on job WFH) and other two are in college. Thing is my whole life(I am 30 and Single btw) I have like lived in small apartments even though my parents moved from one place to another ..I was happy with my little home sweet home… Things started to get out of hand when my parents took out a loan to build a big fucking house and to be honest it was a good feeling living in a big house but after 2 -3 years reality hit and we were in debt…Idk what happened since my parents didn't share anything with me but my mom slowly sold her jewellery and stuff ....It took me 1-2 years just to figure out WTF went wrong… Conclusion-My Parents we're really bad at making financial decisions. It wasn't untill 2017 when I decided that my parents are taking bad decisions. I took the financial authority in my hands and believe me it was not easy ..I had failed in academic my whole life and had OCD,MDD and ADHD… I went to a psychiatrist and meds help me become more independent..I was transformed.. Now whatever my parents said about me not doing a job or anything did affect me.. In two years I changed the flow of money and used every strategy to get out of this debt hole… My parents were impressed and they started accepting me and my way ..I thought one day they would say"I am proud of you my son"….But I never got to hear those words. Now the thing is I have a Big as house which will require a lot of expenditure and cleaning …It's just so exhausting. Yet my siblings are so attached to this house say that "Mom and Dad built this house" and this is why I can't start the topic of selling this house and buying a small one or going on own way.. Believe me when I tell you ..If I leave this house this my siblings won't be able to handle this…They freak out about financial matters. They take this for granted and think that financial conditions have improved was just a coincidence or some kinda reward from universe. The only thing I care about is having money in my pocket ..I don't want fancy cars and big houses… Sometimes I think of packing my bag and leave this house ..and it will be only a Matter of time when my sibling realise and come to their rational sense. I just wanna be free that's all. Tell me am I a monster for thinking like this….I can't focus on my well-being…I remember my mom being in constant stress and even she used to say that she wants to run away (freedom)…Big house is a stress… [link] [comments] |
| Posted: 24 Nov 2021 09:10 PM PST As a state biologist, I haven't made much money in my career (20 yrs), but I have no doubt that I have made a difference in this world ... and I still enjoy it! In 10 years (after 30 yrs of service), I would be working for free, so I have no choice but to retire. I have battled through devastating debt while bringing myself to the top side of personal finances on minimal wages. I am now debt free with 10 yrs to maximize that benefit. In the end, I can retire in 10 years with a pension of 69% salary, plus income from investments that are estimated to be about .5M at time of retirement. The wife is in the health care industry with no retirement pension, but I have had her investing 17% of her income plus the 6% match from the company (17 yrs in). She will have about 1.2M in her account by that time (10 yrs from now). At that point, we will have the house paid off and make more retired than we now make working based on my pension/deferred comp/investments and her 403b account. Total would be about 2M principal together plus my pension of 3,350/month for both of our lives. In the end, we could retire with ~$140,000 annual income without debt or mortgages. Seems pretty solid to me, but she wants to work longer. Its 10 years away, but I want to enjoy non-working life with my wife. She sees potential for having more $$ in the bank if she keeps working ... which mean nothing if we already have all we need. Help me see my wife's side on this one. In whatever scenario, to two boys are set for a mid-life boost unless they don't deserve it and it goes to a cause of choice. I started from zero and would like to build generational wealth, but they need to put in the effort too. [link] [comments] |
| Daily FI discussion thread - Thursday, November 25, 2021 Posted: 25 Nov 2021 02:02 AM PST 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] |
| Anyone here became FI thanks to crypto? Posted: 24 Nov 2021 09:37 AM PST I have left my job about 2 years ago to become full time trader - big mistake. Turned out I'm horrible at trading, but when it comes to crypto I learned that one of the best things to do is simply getting early into something. The obvious big names come to mind and if you bought at any time year ago you are at a big +, but this year I've seen what I haven't seen before - rise of so called "dog" tokens. Some of those things outperformed bitcoin big time and if you got early on those you probably are now sitting on pile of cash. To be honest it was baffling to me to see people turn small, 100$ investments into six or even seven figures in the matter of months untill recently when I myself got into some early token. I won't mention the name to not break any rules, but it's one of those meme dog coins that pop out out of nowhere and suddenly get huge following behind them. Crypto is very risky and volatile and definitely not for everybody, but I think anyone in this sub should keep an eye on it and for those who do - how are you now? When did you got into it and how are you doing? Currently when it comes to getting out of the "rat race" as fast as possible there's no better way than crypto, it's a wild west and really, fundamentals in this market don't matter much. I unironically pulled a 20x early in the year simply because I threw 100$ into coin that I liked the logo of. I thought I was being stupid, but turns out that the more dumb or funny the token is, the better it performs in the bull market. So again I ask - any personal experiences with crypto and it helping on you on your road to FI? EDIT: I'm honestly surprised at the hostility towards crypto in this sub. You want to achieve FI as fast as possible, yet you ignore or even vilify new ways to achieve that. Yes, it's unregulated marked(yet), yes it's a bit of wild west and that's exactly why it's a good idea to diversify a portion of your investment funds into it. Even in crypto itself there are more "safe" and established investemnts than others, but obviously they might not give as big of return. It's surprising to see so many of you talking about Fiat money in good light in a year where inflation started to soar, where US printed so much dollars(which is de facto world currency) and debt that they then used to buy assets(one of them being crypto), while your purchasing power goes down. It's like you're laughing and throwing stones at a wave that is crypto while you're on your leaking boat made of cash. To ignore things like Bitcoin being the best pefrorming asset for 10 years is weird for people seeking FI. I also thought I was smart in 2013 when I laughed at it - turns out I was the dumb one. I thought that I was the smart one by not investing in memecoins this year - turns out I was the dumb one. I'm not gonna fight the wave anymore, if people are buying a crypto because it has logo of a dog with a baseball bat and funny memes then goddamnit - I'm gonna by a crypto with logo of a dog with a baseball bat. Don't let them play you, yes it's risky investment - EVERY INVESTMENT IS. Right now even holding cash is risky. But if you try to " achieve FI and have the freedom to RE as fast as possible" then you shouldn't ignore it. No, don't throw your life savings in it, but don't dismiss it. In todays economy buying a dog token isn't a "gamble" - it's a hedge. [link] [comments] |
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