Financial Independence and Legit Side Money Ideas For Techies and Geeks

Legit Side Money Ideas for Techies and Geeks

Financial Independence and Legit Side Money Ideas For Techies and Geeks

Programmers, developers, software engineers, and other tech-savvy geeks are often some of the most financially independent people out there. That’s because they often have the skills to turn their side hustles into legit businesses that can generate significant income. In fact, many of the most successful tech entrepreneurs got their start by developing apps and selling them on popular app stores.

Financial Independence and Legit Side Money Ideas For Techies and Geeks

But you don’t need to be a whiz kid to make good money from your technical skills. Even if you’re not interested in starting your own company, there are plenty of opportunities to freelance or consult on projects that can pay well. And with the global economy increasingly reliant on technology, those skills are in high demand. So if you’re looking to boost your income, consider using your geeky talents to earn some extra cash. Who knows, you might just find yourself becoming a millionaire in the process.

This blog is about Clever Questions, Answers, Posts, discussions, links about:

If you’re a programmer, developer, software engineer, geek, or computer scientist, then you know that financial independence is important. After all, who wants to be tied down to a job they hate just because they need the money? The good news is that there are plenty of legitimate side money ideas out there for techies and geeks. Here are just a few:

  1. Programmers can make money by developing new apps and selling them on app stores like Apple’s App Store or Google Play.
  2. Developers can create websites or online courses teaching others how to code or use specific software programs.
  3. Software engineers can offer consulting services to companies who need help designing or improving their systems.
  4. Geeks can start a blog about their favorite topic (technology, science fiction, gaming, etc.) and make money through advertising or affiliate sales.
  5. Computer scientists can develop new algorithms or sell their existing ones to companies willing to pay for them.

So if you’re looking for ways to make some extra cash on the side, don’t despair – there are plenty of options out there for you. Do some research and see which one might be the best fit for your skills and interests. With a little effort, you could be well on your way to financial independence in no time!

Making money isn’t that big of a deal especially if a person is determined, The primary cause of poverty is ignorance and nothing else.

It stars with a burning desire to learn and your willingness to practice all you’ve learned and make the mistakes needed in other to get the a greater height, “that is how financial progression is achieved and sustained.”

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in the aspect of making money online with a laptop, you can try out the following listed below….

  1. Affiliate Marketing.
  2. Selling on Amazon, eBay, Etsy, and Craigslist.
  3. Blogging.
  4. Niche E-commerce.
  5. Your Own YouTube Channel.
  6. Selling E-books.
  7. Develop Apps.
  8. Invest/trade cryptocurrency.

To be a master and be really successful in any of the listed, one has to first learn them before anything else goes.

And if you’re interested in cryptocurrency but too Busy and don’t have to time to learn, you can contact me I’ll teach you how a newbie trader can make profit in crypto quickly.

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Legit Side Money Ideas on Quora

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  • Daily FI discussion thread - Tuesday, February 20, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 20, 2024 at 10:02 am

    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]

  • Finally crossed 100K at 22yrs old
    by /u/Ok_Truck9884 (Financial Independence / Retire Early) on February 20, 2024 at 5:26 am

    I discovered the FI community back in 2021 shorty after dropping out of college. I began working various jobs whilst living at home, investing everything I made. I spent time at work listening to various podcasts & YouTube videos increasing my financial literacy. ​ Fast forward to now I'm enlisted in the Military earning approximately 2k per month after taxes, & save 1k monthly. ​ NW Breakdown: ROTH IRA: $37,893 Taxable: $14,991 ROTH TSP: $2,408 Crypto: $46,224 HYSA: $1,016 Total: $102,746 ​ While I'm proud of myself I understand that this is only the beginning and I'm far from my goal of being Financially Independent by 35. I also acknowledge the fact that a large portion of my NW is in crypto. I was able to buy in at great prices and am willing to take the added risk due to my tolerance for risk/reward. ​ I plan on transitioning from the military in 18 months & am looking for some advice. I'm going to use my education benefits to pursue a degree or high paying skills in order to increase my income & allow me to invest towards achieving my goals. ​ A few questions: How did you find a partner with similar financial goals, financial disciplines? What career path allowed you to achieve FI or make exponential progress? What can I do now to get an idea of what career path to choose? submitted by /u/Ok_Truck9884 [link] [comments]

  • Some thoughts on optimizing realized income for reduced healthcare costs
    by /u/GoatOfUnflappability (Financial Independence / Retire Early) on February 20, 2024 at 4:44 am

    tl;dr: In the drawdown phase, you may not want to fully utilize the 0% federal tax brackets (especially for LTCG), in order to pay lower healthcare premiums on the marketplace, but it's complicated. Chart of ACA subsidies per MAGI level This chart shows annual premiums for a silver reference plan, given Modified Adjusted Gross Income, in a specific zip code in California in 2023, for a married-filing-jointly couple with no dependents. Using the rules for 2026 and beyond, the subsidy would drop to 0 at $78800, and so the cost would shoot way up. You can save a bunch of money in taxes by structuring your retirement withdrawals carefully. You can also save a bunch of money on healthcare costs that way, but your most tax-advantageous strategy will often not be your most advantageous option overall when you account for both taxes and healthcare costs. The Affordable Care Act (ACA, or Obamacare) is a big help to those who retire before the Medicare eligibility age of 65. Obamacare subsidies can, in some plausible cases, reach $10,000 per year and beyond. In addition to the subsidies, below certain income thresholds, you may qualify for cost-sharing reductions, which give you better healthcare coverage at no additional costs. (I'll try to cover those in another post). Calculating the subsidy is somewhat complicated, and it is already described fairly well here, so I won't go into detail, but I'll highlight that it counts capital gains the same way it counts ordinary income. You can see the impacts of the subsidy formula in the graph above. The more you make, the lower your subsidy, and the more you pay. Because of that, for planning purposes, I think of Obamacare subsidy loss as another sort of tax - let's call it the "effective subsidy tax" or EST. For example, using the chart above, for every dollar of MAGI you realize above $78880, you lose 8.5 cents of premium subsidy, which is an 8.5% EST. It gets a little weirder at lower income levels, though. If you look closely at the chart above, you can see that there are piecewise curves in the income levels below $78880. That's because as your MAGI increases through those ranges, the percentage of your MAGI you're expected to pay goes up, too, making for a quadratic increase in cost. It's a fairly gentle curve, mind you, but it does bend upwards. The result is that your subsidy "tax bracket" is actually higher for most income levels below $78800 than above it. For example, in comparing a MAGI of $78880 to a MAGI of $59160, your expected premium cost for the reference silver plan is $3155.20 higher, for a 16% EST. Let's work some of this into an example scenario, with two options: Option A: tax-optimized, without optimizing for premium subsidies You can take full advantage of the standard deduction and 0% long-term capital gains tax bracket to reduce future taxes. You'd realize $27700 of ordinary income and another $89250 of long-term capital gains, for a MAGI of $116950, if you had no other adjustments to your MAGI (all numbers assuming 2023 tax year, married filing jointly, no dependents). You'll pay $0 in federal income taxes and $9940.75 for the reference silver marketplace plan. Option B: Lower MAGI to save on premiums Same as Option A, but only realize only $31300 of LTCG, for a MAGI of $59000. You'll pay $0 in federal income taxes and $3520.85 for the reference silver marketplace plan, a savings of $6419.90. So you should go with Option B, right? Well, maybe! You were paying an 11% EST on that extra $57950 of capital gains in Option A, but you also saved yourself from having to realize those gains (i.e. pay taxes on them) in future years. If you think you can keep yourself in the 0% LTCG tax bracket for the rest of your life, you probably should go ahead with option B now, and realize those gains after 65 when you're on medicare. But if you think this will force you to realize those gains in the 15% bracket in the future, you may be better off with option A (Then again, maybe not, if e.g. you plan to live in a lower-LTCG-tax state in the future). This is further complicated by the fact that more capital gains in your later years may increase how much of your social security benefits are taxable. That is to say, it depends on several difficult-to-predict factors of your specific situation (and I haven't covered them all here). As a rule of thumb, once I've done all the math I can handle, if it's still uncertain whether I should take savings now or savings in the future, I'll take savings now. I never know when laws will change - or when I'll die! This does potentially get a little simpler in 2026 and beyond, assuming ACA reverts to a complete loss of subsidy at 4x the federal poverty level. At that point, it'll probably make sense for most people (approximately - those who aren't fatfire) to at least keep their MAGI below that cliff so that they get a big chunk of subsidy rather than none at all. Part of why I write these post is so others may point out flaws - please let me know what you see wrong. submitted by /u/GoatOfUnflappability [link] [comments]

  • Pay off mortgage + student loans with investment money to lower FIRE #
    by /u/ibidyouadewclaw (Financial Independence / Retire Early) on February 20, 2024 at 4:43 am

    I’m curious if folks here have thoughts on using a certain amount investments to pay off a house and student loans. My mortgage and student loans expenses annually = $1m when using N * 25. But if I pay them off in 1 swoop can I just save the loan balances of my debts and pay them off to reach my new annual expense FIRE #. For example, if my FIRE number was $2m after my debts are paid off. Can I just save up the extra I need to pay off and tack it on to the $2m? And then when I hit that number, I pay off my debts and start living on the $2m? Or am I oversimplifying 🙂 This way I can get rid of the annual expense and lower the perceived risk of FIRE by being out of debt. Thoughts? submitted by /u/ibidyouadewclaw [link] [comments]

  • Finally FI and struggling to determine the next steps to RE, and if it is even possible
    by /u/onlyidiotslivehere (Financial Independence / Retire Early) on February 20, 2024 at 1:06 am

    I have been following for a year to learn the FIRE ropes and am finally feeling ready for your sage advice and critique. I am 41 and good at budgeting but a well intentioned novice when it comes to investing. My husband (40) is overwhelmed by all things related to money so I am looking for advice on retirement savings and hopefully getting to RE. We have never used a financial advisor and I’m feeling out of my league. I opened Roth accounts thanks to this group’s resource page but do not have a long term strategy. I think my ask is for a review of our current status, suggestions for where to put our excess income, and advice on how to set a target retirement number with young kids. We would love to FIRE by 60, earlier if dreams are possible! Financial background: I learned how to budget using Mint at 30 when we got married with a lot of debt. Until recently, we only focused on investments via work 401ks. We bought a house, had 3 kids, paid credit cards off, and aggressively saved each month. I just made the last payment on $210k in combined student loans that I have worked to pay down over the past 10 years. Money was set aside in HYSA during c*vid forbearance to make a final lump sum payment before resuming in January. Those were huge milestones to save for and accomplish but now we both hit 40 and are feeling like we need to catch up on retirement. Key numbers for consideration: -Gross combined income $500k as of 2023. I changed jobs and nearly doubled my income in the last year so will stay around $200k for a while. He will hopefully have a bump from $300 to 350k in the next year but then we anticipate that to be steady for a while. -3 kids, ranging 4-11 with hopes to give them college support but no 529s set up yet. Couldn’t mentally justify it until my student loans (6.8%) were paid off -We really want to enjoy family time and our jobs require travel so are not ready for an active side hustle at this time -Monthly expenses average $18k. Includes $6k mortgage payment (owe $700 at 4.5% and appraises for $1.1M), two car payments (at 0.9 and 1.9%), childcare, bills, food, and a very fortunate lifestyle. Trying to keep $18k as a monthly spending max even if income changes. -We both max 401k contributions + match and have 30k emergency savings in HYSA -$500/month split to each Roth account but made large contributions last year once student loan savings goal was met Retirement accounts: 1) Profit sharing 401k at $275k (vanguard 2050) and Roth $35k (Schwab) 2) Company 401k $30k (vanguard 2050, Rollover IRA $93k (Schwab 2050), Roth, $37k (Schwab). Former work pension will pay $4k/yr Now that the burden of student loan payments is gone I’m excited to save for a more fun goal but know it can’t be as simple as put it all in the back door Roth account and wait. I will edit if I forgot any key details or you have questions. Thank you in advance for any advice and guidance! Edit to add: Planning basic retirement in MCOL city. College and support for adult kids probably could be added but not sure if we should focus on a certain number for us before saving for them in a 529 or just get that started now? submitted by /u/onlyidiotslivehere [link] [comments]

  • How can I improve my situation?
    by /u/KaleidoscopeOk2677 (Financial Independence / Retire Early) on February 20, 2024 at 1:03 am

    Hello. First time poster. I am 46yo, live in the US and retired from the service drawing a military pension and retirement check. We don't have any retirement plans/accounts as my military pension and disability income is for life. The wife will receive $2K per month from my military service for her life upon my death. I have $500K life insurance and her $250K. We do not plan on leaving any money on the table when after we both pass. I am unable to find any meaningful employment at this time. Some Questions: Is it beneficial to carry debt and if so, how much and why? Other than paying off my CC debt and home improvement loan, is there anything I can do to improve my situation? Are there any financial blind spots I'm missing? Is there any further information I can provide that would help you help me? Income: Military Pension and Disability Income = $6500 per month Spouse Income = $3000 per month Rental Gross Income = $3800 per month Savings: 95K Debts: Rental 1 = Owe 93K and Taxable Fair Cash Value (TFCV) = 120K Rental 2 = Owe 108K and TFCV = 123K Rental 3 = Owe 134K and TFCV = 215K Rental 4 = Owe $0 and TFCV = 245K Primary Residence = Owe 251K and TFCV = 435K Credit Card = 10K Home Remodel Loan = 40K submitted by /u/KaleidoscopeOk2677 [link] [comments]

  • Recommendation for fire location (large cities in Asia)
    by /u/bavoso (Financial Independence / Retire Early) on February 19, 2024 at 10:45 pm

    I am looking to find a place to live when I am Fire'd. Currently, I plan to go to Seoul. I know it's not that cheap but I currently live in NYC, so I am expecting around a 30% cut on expenses. I spend around 50k a year in NYC. Does anyone have good comparable recommendations to live in? I prefer a large city in Asia (mostly due to food) I speak English and Korean and a little of Madrain (elementary level). submitted by /u/bavoso [link] [comments]

  • Do you have to pay estimate and quarterly taxes once you fire on Capital Gains/Bond/ROTH Conversions?
    by /u/gerd50501 (Financial Independence / Retire Early) on February 19, 2024 at 9:51 pm

    If so how do you estimate it and how do you pay? I never see this discussed in any of the forums. When I google it I get a bunch of maybes. Lets say I have an AGI of $75,000 in retirement from capital Gains.Bonds, Dividends, and Roth Conversions. submitted by /u/gerd50501 [link] [comments]

  • Financial Advisor Plan - Feedback Wanted
    by /u/loblollyhills (Financial Independence / Retire Early) on February 19, 2024 at 7:50 pm

    I recently received a promotion with a perk for $1000 towards a financial advisor every two years, so I went ahead with it. This is what I was told: Quick About Me: Age: 31, Single Will be married next year, so that'll throw some wrenches into everything. Luckily, they are on board with FIRE and have assets to add into these calcs. FI Number: $1.5 Million Yearly Spending: $45K Target Retirement: 55 years old or earlier Investment Assets: $125K (95K Trad IRA, 16K current work 401K, 10K Roth IRA, 600 brokerage, 3K crypto) - most investments are in VTI and VXUS at a 50/50 split. Current work 401K is in aggressive target date fund. Primary Mortgage: Owe $180K @ 3.75% (forever home) Real Estate Asset (not including primary home): $82,639 Worth: 150K, Owe $67K @ 5% Annual Income: $185K Primary Job: $157K Rental Income: $28K Advisor's Advice that I am definitely doing: Change 401K contribution from 10% to 15% to max out 401K starting this year Getting rid of Vanguard's Portfolio management fees and doing it myself Consolidating a few accounts to Vanguard for Trad IRA, Roth IRA, and Brokerage Start using Backdoor Roth IRA this year Advisor's Advice I am not sure about: Switch from paying off rental property (5% interest) early and pay minimum - invest instead I understand this is right on the line of interest rate, but emotionally I think I want it paid off. Switch all of my holdings to these recommendations (Most right now are 50/50 VTI/VXUS): Work 401K: 44% VINIX, 10% VIEIX, 36% VTIAX, 10% VBTLX Trad IRA: 54% VTI, 27% VEA, 9% VWO, 10% BND Roth IRA: 54% VTI, 27% VEA, 9% VWO, 10% VTEB Max out Backdoor Roth and add 12K to taxable account every year to retire by 55 The Fin Adv has me at 3.5million for retirement (!!)- this seems like overkill, but they did include travel every 2 years, a new car every 15 years, 10K in home improvements every 5 years, and then heavy levels of end of life care for 3 years. The ending portfolio value would be like 10.5 million! Anyways, I am interested to hear everyone's thoughts. submitted by /u/loblollyhills [link] [comments]

  • Books/ videos on FIRE for children?
    by /u/Deathspiral222 (Financial Independence / Retire Early) on February 19, 2024 at 7:26 pm

    I'm looking for FIRE resources that would be suitable for a bright 12 year old (and 10 and 9). Ideally something that talks about things like compound interest, saving, taxes, 401k/IRAs, mortgages etc. My son has his own investing account (that is doing far better than mine - he went all-in on Nvidia pre-AI hype...) in RobinHood and we talk about how stocks and options work but I'd like something to cover most of the basics of investing and saving to cover anything that I have missed. submitted by /u/Deathspiral222 [link] [comments]

  • Hit my first million at 29!
    by /u/compdude420 (Financial Independence / Retire Early) on February 19, 2024 at 5:04 pm

    Hey everyone, I just reached my first million and I'm excited to share my journey with you all! I graduated with a math degree at 23, feeling unsure about my career path. It wasn't until a fantastic professor introduced me to data science that I found my calling. I pursued a master's in computer science, funding it myself through internships I secured along the way. Initially, I felt stuck in my first software internship, envisioning a long career of complex bug-fixing in a corporate cubicle. That's when I stumbled upon the r/personalfinance subreddit, which led me here and introduced me to the concept of FIRE (focusing on the FI part). Podcasts like Bigger Pockets, Dave Ramsey, and the Money Guy show further solidified my goal of financial freedom. Landing my first software engineer job at 25 in October 2019 with a comfortable salary for my city ($105k) spurred me to save aggressively. I got roommates to cut costs and invested the rest in the S&P. Fast forward to marriage and the COVID era, I stumbled upon the subreddit r/overemployed, juggling two remote software jobs, and doubling my income to $320k. My wife (now 28F), even more brilliant, landed a gig at a Faang, and we relocated to Silicon Valley in 2022, where our combined household income soared to around $480k pretax annually. Despite market downturns of 2022, we've stayed the course, maxing out 401ks, Roth IRAs, investing $12k monthly in a brokerage account, and funneling bonuses into our Mega Backdoor Roth. Finally, on February 12th, 2024, we hit a net worth of over $1 million across all accounts, and it feels surreal. I don't feel like we have denied ourselves anything that we truly want. We always discuss budgets for big expenses like our honeymoon in Alaska and our week-long overseas trips to Portugal and Japan. My wife has also treated herself to some designer bags she's been eyeing by budgeting for those expenses and saving up over time. We still enjoy dining out, but we prefer Chick-fil-A and In-N-Out over expensive sit-down restaurants where the cost doesn't justify the quality. We drive a 10-year-old Elantra still in perfect condition with 80k miles on it; we don't see the value in new cars, so it's a cost we've kept very low. No one knows we've come this far in our journey, but it brings me great relief to know that we can slow down a bit and let compounding interest take over. ​ Net Worth Table Year End of year Net Worth Income (Combined Mine + Wife) 2018 $5,345 $20k + $0k (still students) 2019 $34,566 $105k + $50k (graduated late 2019) 2020 $160,782 $135k + $55k (we got married and combined our income!) 2021 $294,779 $140k + $75k 2022 $410,589 $320k + $160k 2023 $919,991 $325k + $160k 2024 (Feb) $1,007,547 $325k + $160k ​ Net Worth Breakdown and Investments Account Value Investments 401ks $267,308 VTSAX, FZROX ROTHS $106,807 VTI, VTSAX 529 $12,118 VTSAX Brokerage $529,317 VTSAX, VTI, VMFXX HSAs $26,944 S&P500 Stock Options (bought) $10,850 Series D and F startups Employer Stock (RSUs) $8,850 FAANG Cash (+Emergency Funds) $45,353 Ally / Schwab ​ The funny thing is, I now actually enjoy my jobs. I'm still overemployed and I deliver on time and keep myself busy at my desk from 9-5. I've learned so much more by doing this that I feel like a much better engineer exposed to different techniques and architectures. If I were to go down to one job, I'm afraid I might get bored. We've shifted our goal to FAT Fire now. We don't have kids yet, but we plan to soon, and from what I've read online, kids cost money, which is fine. I'll work a few more years to give them a good life. But I'm happy to know we've frontloaded our retirements and reached where we are now. Monarch Money yearly graph of our network Networth by year Graph Our next move? Returning to Texas, working remotely, buying our first home with a hefty 50% cash down payment to combat high-interest rates and pay off the mortgage ASAP, then start investing in real estate. This journey has had its moments of self-doubt and stress, but reading others' financial stories here has been a source of inspiration and guidance. submitted by /u/compdude420 [link] [comments]

  • Just Hit 150k NW - Questions & Thoughts
    by /u/Many_Dimension683 (Financial Independence / Retire Early) on February 19, 2024 at 3:08 pm

    I posted on here saying I expected to hit $100k, but I didn’t think $150k would come nearly this fast. I still have anxiety about financial insecurity, so it’s not even close to over yet. I guess this will go away once I’m closer to $500k? My goal for this year is $200k, and I HAVE to celebrate it somehow this time because I didn’t celebrate at all for $100k. I was going to celebrate $150k too, but it feels like an artificial milestone to truly warrant celebration. I’m not sure how to see that. Does anyone else have trouble with actually being happy instead of just looking to the next milestone on the journey? I also moved into a more expensive apartment which sucks in the sense that my rent went up $1k per month but also has been good for my mental health as prior to this I lived in a building infested with rodents. On some level, that makes me more conservative with my spending because I worry that if I ever get laid off I’ll end up losing my progress towards retirement if the job market still sucks (software engineering). Anyways, I guess this post is meaningless and probably isn’t going to get too much traction, but that’s my update. Kind of at a middling point right now, but I feel so grateful to be in this position before 22. I just hope to be consistent and keep making my goals. submitted by /u/Many_Dimension683 [link] [comments]

  • Daily FI discussion thread - Monday, February 19, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 19, 2024 at 10:02 am

    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 success rate are you comfortable with in your simulations?
    by /u/Budget-Tone-8684 (Financial Independence / Retire Early) on February 19, 2024 at 6:50 am

    When I run retirement calculators and do Monte Carlo simulations, I feel like I would be comfortable with a 75% success rate. My reasoning is in down years, I would be tighter and much leaner with my discretionary spending on things like travel and eating out. I'm 57 and do simulations to year 90, and I throw in different numbers to see what I can afford to do in retirement. I don't have kids and would not need to leave money for anyone. If a catastrophic event happened to me and would require me to spend significantly more for health care, I figure I wouldn't make it close to 90 anyway so I'd have less years to support myself. A retirement advisor told me he's comfortable telling people they can retire when it's a 92% success rate. But then there's articles like this that suggest the number can be lower than that: 80% is OK What success rate are you comfortable with and why that number? Please feel free to explain to me why I'm a fool for thinking 75% is a reasonable number. Thanks. submitted by /u/Budget-Tone-8684 [link] [comments]

  • Rethinking Roth IRA Investment
    by /u/DarkTyphlosion1 (Financial Independence / Retire Early) on February 19, 2024 at 3:22 am

    34, turning 35 in June. Total investments are around 46K, so I know I am behind. I am ignoring my pension until 5 years before retirement, and am going off of Fidelity's retirement guidelines (1xsalary by 30, 3x by 40, etc). I have a Roth IRA with a Fidelity Freedom 2055 TDF , currently around 24K. I pay into a state pension (teacher, CA) and I've been thinking of using my pension to be the bond portion of my portfolio. I contribute to a Vanguard index fund (80/10/10: US, Developed, Emerging, no bonds) and a brokerage through fidelity (FSKAX). I am wondering if I should be more aggressive with my Roth, and maybe go FSKAX in there too instead of the TDF? Should i stay the course? I am fine with the volatility of all stocks since I am another 25-27 years from retirement. submitted by /u/DarkTyphlosion1 [link] [comments]

  • How long did it take you to go from 1mil to 2mil?
    by /u/Substantial_Match268 (Financial Independence / Retire Early) on February 19, 2024 at 2:22 am

    My portfolio in tdf has been oscilating up and down around 1 mil for a lonnnng time, I've heard that the second mil comes really quickly but this is not experience at all, for those with 2 + how long did it take you? What was your portfolio like? submitted by /u/Substantial_Match268 [link] [comments]

  • ACA plans with nationwide networks
    by /u/knocking_wood (Financial Independence / Retire Early) on February 18, 2024 at 9:22 pm

    Hello fellow FIRE folks, I am approaching my number and am starting to look into how to cover health insurance between RE and medicare age. Obviously, I will need to enroll in an ACA plan unless I can qualify for medicaid. I have a list of places that would be ideal for retirement and have started to dig into the details, like housing costs, taxes, and ACA plans. Many of the places on my list, when I check, offer only HMOs and/or local doctor networks, with no options to get non-emergency coverage outside the immediate area. As I am hoping to travel a lot in retirement, making months-long visits to family, etc., a national doctor network like the Blue Card one I have now would be preferable. Are any of you on ACA plans, or know of states/cities that have ACA plans which have national networks? Or am I limited to one small area of the country in retirement unless I want to change my address and get a new plan every time I pull up and go elsewhere? Also, what about Medicaid? Is that a national network or are they all state/county run plans with local networks as well? I have a good chance of qualifying for medicaid in the first few years of RE, especially if markets drop and I need to tap cash reserves to minimize SOR risk. Thanks in advance! submitted by /u/knocking_wood [link] [comments]

  • Too much house?
    by /u/RednBlackEagle (Financial Independence / Retire Early) on February 18, 2024 at 9:18 pm

    Hi there Planning to buy a dream house, but second guessing if it‘s too much… here are some info. * current net worth of around 950k, most of it in liquid equity ETFs (made it by a few lucky punches in crypto and rebalanced accordingly) * sole income of 160k a year (wife is a SAHM at the moment) the house we want to buy costs 1.7m we‘d be putting down roughly 600k because we can‘t get a mortgage higher than 1.1m the interest payment and maintenance costs would be slightly cheaper than the current rent we pay (around 2300.- per month as home owners for a 10yr fixed mortgage, 2400.- as renters) edit: additional info, in Switzerland where I live you can get 10yr fixed mortgage rates for roughly 2%. no amortization needed where we live So basially we‘d tie up around two thirds of or net worth with that (dream) house. I‘m very sure that home prices in that particular area are not going to fall over the next two decades during which we‘d want to live there (children finishing schools). It‘s illiquid. It saves us a little in lower monthly expenses. My wife wants to start working again when the children start going to kindergarten so she‘ll be able to contribute also financially. But we‘d still have over 300k in liquid investments available so basically a good nest egg. What is your opinion? Is this too much house for us? Would you do it? submitted by /u/RednBlackEagle [link] [comments]

  • Reached 1 mil net worth at 33
    by /u/Fair-Blackberry5963 (Financial Independence / Retire Early) on February 18, 2024 at 6:23 pm

    Hi all, I've been part of this subreddit and other personal finance subreddits for several years and I finally hit 1 million USD net worth as of a few days ago. This has been a goal of mine since I can remember so I'm excited. Single, no kids, MCOL area. I have a girlfriend but she has her own money. I don't know how much she has but I'm thinking it's probably around 400k-500k. The breakdown is: 292k in vang brokerage. Mainly in vigax but some in S&P500 and international 170k 401k. All in S&P500 56k company stock 14k savings 21k HYSA 150k equity in condo 300k equity in house 10k value of car $1,010,000 total Some income info: I started working 10 years ago as a technician making 45k/year. I've progressed to engr making about 140k/year now. It's been a steady increase of salary over the years. Some years larger jumps and some small with only 3-5% raise. I also rent the house to family for an extra $600/month. I max 401k, max 15% ESPP, and add an additional 1k/month to vigax. The ESPP gets reinvested in VIGAX at the end of the 6 months, so it's really closer to 2k/month into VIGAX. That's pretty much it 🙂 It feels good and just wanted to share. I don't think I want to share this with anyone in real life. I saved a large portion of my paycheck. My % of income saved has varied but it's usually about 50-70% of income saved. I'm generally frugal but I still go on vacations 3-4 times a year with my girlfriend or to see my family. Last year my total net worth went up about 140k which was more than that year's income which was interesting. From here, I plan on loosening saving a little and spending less frugally. I'm 33 years old with 1 mill NW so I feel like I earned it. I enjoy my job and it's very stable. My boss is amazing and I have no plans of leaving or switching jobs. I haven't thought too much about the next finance goals. I think it would be reaching 1 mill in stocks alone, but I don't really want to think about it as much. I'm sure it will come soon enough if I keep doing what I'm doing. I'm hoping to be FIRE by 40 yo. Feel free to let me know if anyone has any questions. Thanks for reading and I'm open to any feedback. edit: Sorry for any confusion. Just to add, I also used to rent more rooms in my house and I rented my condo out for several years a few years ago so that increased my income too. submitted by /u/Fair-Blackberry5963 [link] [comments]

  • Coast + sabbatical FIRE?
    by /u/ibidyouadewclaw (Financial Independence / Retire Early) on February 18, 2024 at 6:22 pm

    I am curious about alternatives to the methods of save/wait and coast FIRE. I am familiar with Flamingo FIRE (where you save 1/2 your nest egg and coast until full FIRE) and like these creative approaches where you create a ramp to full FIRE. Curious about this type of scenario and have questions for this group.. Coast/sabbatical FIRE: Say I saved x% of my nest egg and continued to work to cover expenses (maybe save a little, but no sweat if not) and coast to full FIRE, but I took a 1 year sabbatical bank rolled by my nest egg every now and then. Could I theoretically withdraw more than 4% and still see it grow? I am probably oversimplifying the math, but using rough framing: I withdraw 6-8% in a sabbatical year and withdraw 0% for 3 years, how might this impact my nest egg? Is there a calculator for this? Or is there a formula I can apply to test this out? Thanks! submitted by /u/ibidyouadewclaw [link] [comments]

  • Daily FI discussion thread - Sunday, February 18, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 18, 2024 at 10:02 am

    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]

  • Is the "property ladder" real?
    by /u/Str8intothestorm (Financial Independence / Retire Early) on February 17, 2024 at 9:40 pm

    As a benefit of my job we have the option of highly discounted housing. (Functionally we rent at about a quarter of market rate with no utility costs.) We are early 40s with 2 kids. We don't live extravagantly, but treat ourselves well enough. We have enough savings (partly due to a generous windfall) to fully pay for a house in our vhcol area and still have a couple years expenses, in addition to maxing out our 401ks and HSA each year. Is there a cost to delaying buying a house? My partner is anxious to get on the property ladder and worries our current status as renters is putting us in a precarious position. For me, staying liquid means we have greater freedom. Is there such a thing as the property ladder? Is it worth climbing? My sense is that this concept is based on the notion that property values will outpace our vanilla investment portfolio, which is not a sure thing. How do you think about this? submitted by /u/Str8intothestorm [link] [comments]

  • Check my Math and Assumptions?
    by /u/guitartb (Financial Independence / Retire Early) on February 17, 2024 at 2:48 pm

    We’re getting close to our FI/retirement number and wanted to get opinions to see if I’m missing anything before making plans to pull the trigger. Our plan is not a single tier deal where we’ll both retire at the same time, plus our annual draw drops once SS kicks in. We’re both 56, we need $130k of annual income. Includes taxes, healthcare ($28k a year for both of us), enough to replace our take home pay, plus a little pocket money for both of us. Sinking funds for cars, vacation, and house maintenance are included also. We have other assets outside of retirement investments that are earmarked for a couple winter months each year in the south-we’ve both had enough of the Midwest winters. So this is the plan and what we currently have: House is paid for. Invested assets for retirement today: $2,100,000 Breakout by account type: Taxable brokerage-$865k, IRA/401k-$850k, Roths-$385 We’re okay with 90-95% safety/certainty of not running out of money. We can adjust draws and spending by 10-15% if needed. Plus we’re fairly heavy in brokerage and roths, and the $28k a year for healthcare would like flex a lot. We’ll probably set aside that $28k a year earmarked for healthcare into another account to accumulate healthcare assets for higher costs later. Target allocations at retirement: 75% stocks, 20 % bonds, 5% cash SS should provide $48-50k per year. We intend to take it at 67.5. If the market is performing much better than expectations, we might consider pushing out to 70. My retirement date: Mid 2025 Wife’s retirement date: Late 2027 Withdrawal plan: $55k/yr only for two years while wife continues to work $130k annual draw starting in late 2027 when wife retires until SS kicks in $81k a year once ss starts at age 67.5 (ten years after I retire) Since this is not a simple 4% of the balance calculation kicks out a number we need every single year, the calculation is a little more complex. I guess everyone is like this to some degree, but it makes it harder to check the math and places greater importance on market performance dduring the ten year high withdrawal period. So are we there now and able to coast for the next 1.5 years? If the $2.1 is not enough, how much do you think we’ll need over and above that? submitted by /u/guitartb [link] [comments]

  • How did you find the mindset for FI when everything seems to be falling apart?
    by /u/937179 (Financial Independence / Retire Early) on February 17, 2024 at 2:24 pm

    I (32F) am looking for perspective on how people found the mindset to overcome significant financial blows. I have a degree from a decade ago (no student loans luckily), and ended up working in photography through out my twenties. I didn't make the best financial decisions as far as working toward FI at the time, so I don't own a home, but I do have a lot of travel and life experiences that I would do over again if given the chance. Got it out of my system I guess you can say. I also was married in college, and got pregnant while on the pill and ended up owing over a hundred thousand in medical bills, all of which I addressed on my own. The baby died of heart defect and I was divorced by age 22 (and medical bills paid off luckily). Fast forward years later to 2020, and the hustle of freelance and the unknown of where the world was headed, I decided to use some pre reqs that still qualified and got into a nursing program at a public school, that is 16 months and a BSN. I have taken out $28,800 for it, and will probably need at least another $10k to finish. I started this past summer, and in the middle of the semester someone broke into my home and stole all my photography gear. I finished the semester, took less classes, so I had time to find one of my cameras posted online that I got back, bought new gear and booked enough work to make up about half of what I lost. I finally had come to peace with it, but it still hurt. I am now in my second semester, and it's the most challenging thing i've ever done. Feel like i'm hanging in by a thread with clinicals but have been making it work. I've maxed the annual federal loans that are available, so i'll have to consider taking out private loans or ask my dad for help. Anyway I had a rough day going through my financials and wondering if nusing school was a poor decision. I went to the gym to clear my head. In the 40 mins I was there, someone stole my coat that had my keys in it, and took my car. It's an rx350 and it had my bike and wallet in it, because I had been to the mechanic that day where I got an estimate of $3000 to fix the water pump and replace the alternator. I was using my bike to ride around and was planning on taking it to a cheaper mechanic who quoted me a little less in the morning. I've read my gym has had a significant increase in theft, and wishing I had known that. I canceled all the cards right away, i've filed the police reports since they tried to use cards outside of the city they stole it in. I've done everything I can do on my end, but I feel so trapped in a loop of self blame. I have credit card debt that's adding up from being in school and from an injury with a long recovery last year, but is it at at 0% interest on it until after I graduate. I also went fully sober a couple of months ago so I can get through nursing school, which was going great until this point. I'm feeling so trapped financially and not seeing how I can possibly get ahead of this. I am hoping for stories of people who felt like they'd never reach FI after age 30, but figured it out. submitted by /u/937179 [link] [comments]

  • Daily FI discussion thread - Saturday, February 17, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 17, 2024 at 10:02 am

    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]

  • When to stop contributing to retirement
    by /u/temp123456789z (Financial Independence / Retire Early) on February 16, 2024 at 6:30 pm

    Was recently watch a video on youtube about retirement planning, the impact yearly contributions have and the question of 'when to stop contributing'. He looked at the yearly contributions (401/ira/hsa etc) and compared it to yearly growth of your investments noting that early on the contributions make up a large portion of your annual growth but as the years go by it makes up less and less. ie. someone with a smaller portfolio might contributed 20k and has a total growth for the year of 40k that contribution represents 50% of growth. Someone with a much larger portfolio sees 400k growth for the year that same 20k contribution represents 5% of their growth. The larger the portfolio the less your annual contributions matter. So at what point do you stop? Obviously this is different for everyone depending on situation and goals but when your contributions get into single digit % of total growth it seems valid to ask yourself if that 20k is better used elsewhere. Fun stuff to noodle on a friday afternoon in the universe... submitted by /u/temp123456789z [link] [comments]

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