Financial Independence Daily FI discussion thread - Sunday, December 26, 2021

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• Daily FI discussion thread - Sunday, December 26, 2021
• What are some of your financial wins for 2021? What are your goals for 2022?
• How did COVID change your FIRE views, actions, behaviors, etc?
• Retirees: how much did you retire with and @ what age?
• If taxes wasn't an issue, would there be anything different you would do to speed up the fire process?
• Max out Roth 401k or Traditional 401k?
• I'm 35 and have $300K in cash - how do I become financially independent?
• Cash out refi. How much?
• Daily FI discussion thread - Saturday, December 25, 2021

Daily FI discussion thread - Sunday, December 26, 2021 Posted: 26 Dec 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. submitted by /u/AutoModerator [link] [comments]

What are some of your financial wins for 2021? What are your goals for 2022? Posted: 26 Dec 2021 07:41 PM PST As the year comes to a close, I thought it would be nice to take a moment to think about the positive financial moves each of us have made this year. What steps have you taken (big or small) to move you and/or your family one step closer toward financial independence? I'll start with a few of mine: Funded my Roth IRA Husband opened and funded a Roth IRA Set up $100/mo. auto investment into daughter's UTMA account. Opened a taxable brokerage account Got our mortgage balance below $50K Paid off husband's student loans!!! Continued using YNAB to budget. :) What are my goals for 2022? Get a full-time job. I've been a SAHM since our daughter was born, but I've dabbled with various projects (currently doing a little trading). I'm looking forward to having a steady paycheck while continuing to trade a little here and there. :) Increase my husband's 401k contributions to 15%. He's been doing 6% which is what the company will match. If I get a job, we'll be able to funnel more toward retirement. Continue to streamline our budget and be more intentional with our spending. I'd like to add more to the "family fun" budget line and decrease spending in categories like dining out. submitted by /u/greenteamochi8 [link] [comments]

How did COVID change your FIRE views, actions, behaviors, etc? Posted: 26 Dec 2021 11:13 AM PST We have been living in interesting times for nearly two years now, and it isn't all quite over just yet. For better or for worse, how has it changed you in regards to FIRE? submitted by /u/Willing_Amoeba_4885 [link] [comments]

Retirees: how much did you retire with and @ what age? Posted: 26 Dec 2021 10:15 PM PST How's life going so far? What's your withdrawal strategy? submitted by /u/bornsinner617 [link] [comments]

If taxes wasn't an issue, would there be anything different you would do to speed up the fire process? Posted: 26 Dec 2021 10:42 PM PST I'm not American and pay minimal capital appreciation tax from selling stocks (30% dividend withholding taxes though). After seeing the thousandth post on taxes and loss harvesting, I wondered what is something you would do differently if taxes were a non-issue? submitted by /u/1YoloAYear_AllFOMO [link] [comments]

Max out Roth 401k or Traditional 401k? Posted: 26 Dec 2021 09:09 PM PST I've read a couple of times that maxing out the pre-tax accounts is the way to go when starting on one's FIRE journey, but wouldn't it be better (if both accounts can hold the same amount) to max out the Roth so that you can withdraw principals penalty-free once you retire early? I guess the benefit of the traditional is that with the Roth if you withdraw earnings early you pay both income tax now, income tax when withdrawn, and penalty, whereas the 401k you only pay income tax when withdrawn and penalty. submitted by /u/20TequilaNoQuestions [link] [comments]

I'm 35 and have $300K in cash - how do I become financially independent? Posted: 26 Dec 2021 10:43 PM PST No debt, no property, no dependent - earn enough to pay all of my monthly expenses comfortably. Eventually I'd like to buy a house and have kids, but it's not happening anytime soon. submitted by /u/craigies_list [link] [comments]

Cash out refi. How much? Posted: 26 Dec 2021 08:49 PM PST I have a new house worth $950k. I owe $190k on a HELOC I used to build it. I'm planning on doing a cash out refi to both pay off my HELOC as well as my truck and excavator. I really only need $300k. That leaves me with $650k in home equity with no other debt. Making $130k-ish a year. $6k is passive income. My question is, is this a good plan at all? What can I be doing with the home equity? Should I be getting a larger refi and investing that money? Thanks. submitted by /u/Tccrdj [link] [comments]

Daily FI discussion thread - Saturday, December 25, 2021 Posted: 25 Dec 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. submitted by /u/AutoModerator [link] [comments]

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