Financial Independence and Legit Side Money Ideas For Techies and Geeks

Legit Side Money Ideas for Techies and Geeks

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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:

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  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!

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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.

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Legit Side Money Ideas on Quora

  • AARP and SmartAsset retirement calculators break at the extremes
    by /u/Paperback_Chef (Financial Independence / Retire Early) on April 12, 2024 at 10:53 pm

    For anyone using these retirement calculators, I noticed the following - please correct me if you know otherwise (I pinged Smartasset and we'll see if I get a reply): Both calculators are inaccurate for early retirement users as they compare apples to oranges when it comes to retirement savings vs. total spending. In the calculators, one would assume the balances shown under “You will need savings of $XXXX” (Smartasset terminology) and “You will have $XXX” should be comparable, to illustrate a shortfall in retirement savings. However, the amount shown as “You will need…” appears to be the undiscounted sum of all future annual spending throughout retirement minus SS or pension income. Over a long retirement time horizon, say 40 years at 2.5% inflation, the effect of this lack of present valuing results in the user being shown a dramatically overstated savings need (in other words, they appear to be undersaving for retirement). The amount under “You will have,” for an early retiree who will only work a couple more years, is essentially in today’s dollars and not comparable to the undiscounted future value described above. To make this calculator more useful, you can take the “You will need” number that results and present value it in Excel, then compare the resulting PV to the “You will have” number (which would also need to be present valued if your retirement date is many years in the future). Maybe this calculator works given “normal” retirement ages and periods, but appears to break for long retirement periods with a near-term retirement date. This was a nice reminder to me to make sure all my inputs and outputs are in PV or FV, in real dollars or nominal, etc. for comparability. Happy to hear anything I have incorrect, cheers. submitted by /u/Paperback_Chef [link] [comments]

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  • Understanding the weaknesses of your passive income stream
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  • am i missing anything (from any angle) in moving towards independence?
    by /u/No_Measurement_4176 (Financial Independence / Retire Early) on April 12, 2024 at 3:55 pm

    so i wasn't even aware of "fire" or "financial independence" until a few years ago. this basically means we weren't trying to save aggressively for this goal however, based on the saving habits we have, it almost played right into this if you get what i mean? for context/"stats": wife(35)/myself (40) net worth of $1.4MM - this would be all our retirement(roth/ira/401k)/individual brokerage accounts. $80k in immediate cash in money market (excludes 6 month emergency cash) own a home (about 330k left on mortgage) that we bought in 2017. rate was like 3.5xx%? live in los angeles. no other debt besides mortgage remote workers, combined gross income is $260k, could be slightly more w/bonus, but i don't "count" on it if it makes sense? that figure is $10-$15k if you're wondering no kids now or never we plan on moving to the PNW (seattle - suburb) because: we've always eyed that area. have close friends there and also (besides ethnic food) don't take advantage of CA's "pros". ..WA state will be the place where we end up retiring too. no income tax (we're remote and also for retirement) no more mortgage (have about 23 years left w/o adding more principal payments) while we are greatful for our current jobs/pay, its not going to last forever and it might be our last "real" job...meaning if we lost it and can't find remote work again, might just find something completely different that would cover the bills/have health insurance until retirement. we plan on selling our home here, and buying a smaller place (townhouse) outright up there. based on loose calculations, monthly "savings" CA - $3,600/Month PITI and main utilities (Elec, water, gas, trash) WA - $2,000/Month. assumed same costs for utilities, and probably overestimated for property tax and HOA (ugh) the plan - with a lot of assumptions ​ sell home here, move proceeds into money market, find a short term rental in PNW while we look for a place. the interest earned can help offset the rental. i think it'll be challenging to time it where we sell/close here and buy up there. would still love to do it seamlessly but the above will be fallback buy home up there via cash. based on conservative estimates we would only net roughly $525k. this means we'd still need to come up with at least $100k - $150k in cash. while we have $80k in immediate cash, i do have some individual stocks (long) that i can sell to make up the difference. i won't be touching and retirement accounts. there will be tax implications (selling securities and home), but because of the $500k capital gains "exception/shelter" on home sales, we can avoid most of it. dont think we'd get pushed into the next tax bracket how much we can get for our home here is also another factor. the "ideal" result live in an area we like save couple thousand a month by not having a mortgage and no income tax (we'd make sure to budget to avoid lifestyle creep with "additional" money, and also to help recoup the cash we used) be in a better situation for retirement because of the above ​ so theres a lot of assumptions here, welcome any feedback....poke holes at this. there's no urgency - CA isn't bad at all....if we need to wait longer, save more cash then we'll do it... ​ ​ submitted by /u/No_Measurement_4176 [link] [comments]

  • If you have multiple sources of debt, check out the passive system that helps me pay all my debt.
    by Emmanuel Kwame Ansah . (Money Making Ideas on Medium) on April 12, 2024 at 3:40 pm

    Have you ever considered how many sources of debt you have? This is the kind of question I ask many people all the time.Continue reading on Medium »

  • Issue 4— Finance Fridays — Investing in Yourself, Fundamental Stocks Analysis 101
    by Rare Loot (Passive Income on Medium) on April 12, 2024 at 3:32 pm

    Finance Fridays will cover investment that’s better the S&P 500, Fundamental Stock Analysis and Online Courses Growing Your WealthContinue reading on Reality Cheque »

  • How I Create Passive Income With No Money
    by RABIYA (Passive Income on Medium) on April 12, 2024 at 2:23 pm

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  • Reached 100k NW today!
    by /u/paopu_boy (Financial Independence / Retire Early) on April 12, 2024 at 1:33 pm

    Been following this sub since I was 22, I'm now 29 and just this month reached a NW > $100k (105k specifically). I've invested pretty aggressively during this time and had substantial increases in income from switching jobs once, and was lucky enough to buy a condo during the interest rate lows and the cost of living has been pretty steady. I live near a big city in the midwest. Here's a rundown of how I got here: Graduated college in 2018 at 23 w/ $7500 debt, got a job right out of school making $52k while living with mom and dad. I put everything I could into the debt and wiped it out before summer was over (1/3 of it was from graduation money from relatives and friends). Was lucky enough to get my dad's 2015 Camry after he got himself a new car which I still drive and is fully paid off. Fall 2019 on my 25th birthday I open my first Roth IRA and max it out each year. All in on VTI + SCHD (60/40 split), and an individual brokerage for stocks. Other than this I've just been saving where I can and spending money on fun and vacations here and there. March 2020 I move out into a studio apartment paying $1000/month in rent + $250 in other bills. Covid hits which helped me prevent spending on weekends, my biggest expenses were food and gas since I was still commuting. December 2020 with interest rates being low I find a condo for sale for $170,000 and put $40k down, took a $129k loan with a 2.875% IR (fixed). For the first 3 years my monthly payment + bills was around $1100. Taxes have gone up and now paying closer to $1400. February 2021 I get a new job and my income goes from $54k to $85k. Spent the next few months getting things for my new place so savings/investing rate was pretty low. Plus things were opening up again and I started going out and traveling more so I was spending much more than the previous years. February 2022 I get a raise from $85k to $110k, crossing the six figure mark! August 2022 I get a new job offer for $140k, but get a matching counter offer from my current employer at the time, so I stay. Lifestyle creep definitely happened during this year with the big jumps, and with the market crashing from 2021 highs I was hesitant to invest as much as before (which ended up being my biggest regret given where we are now). August 2023 I get promoted and a raise to $154k. 2023 was also where I started contributing to my company's 401k and maxed it out for 2023, and looking to do the same going forward. Doing this with my HSA as well. Still had a god bit of lifestyle creep though which I'm not proud of. 2024 I'm making investing a priority again, and building my savings for emergencies and a down payment in the future. Being a lot more disciplined going forward. Today's numbers: Monthly income: $8,936 Bills: $1500 Individual Brokerage: $76,332 Roth IRA: $41,246 (was $18k before I did a conversion from a traditional) HSA: $4,926 401k: $37,369 Home equity: $48,367 Cash: $4,600 (working on this to have a proper emergency fund) Car trade-in: $11,000 Home loan: $119,000 So you can probably guess that the 3x increase in income plus not worrying about rent increases nationwide helped me get here. It's not lost on me that a lot of this comes from luck and privilege, but I've always enjoyed reading stories on here of people reaching milestones at all ages and am excited to share my first. For those wondering, the initial big income increase in job hopping came from switching from a lab job to software engineering in fintech, which tends to pay pretty well. The jump from $85k to $110k was supposed to actually be to $90k, but I made a strong case for myself and got the boost. TLDR: Graduated college with relatively little debt, job hopped once to a different field and tripled my income, and purchased a condo at really low interest rates and sale price, all while making investing and saving a priority where I could. Regret not investing more in 2022 when the market was crashing but hey that's life. My next milestone goal is $200k, which I hope I can get to by the end of 2025 if all goes well! May look for a new job in the near future to further increase income, but the tech market hasn't been great lately so that may take some time. submitted by /u/paopu_boy [link] [comments]

  • How to Earn Money with Instagram Reels
    by Blogger Pratham (Money Making Ideas on Medium) on April 12, 2024 at 11:34 am

    Instagram Reels have exploded in popularity, becoming a powerhouse for short-form video content.Continue reading on Medium »

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  • Daily FI discussion thread - Friday, April 12, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 12, 2024 at 9:02 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]

  • Money-Making Mastery: Elevate Your Virtual Assistant Business with these 5 Strategies
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  • "Barista" Fire to retire as early as possible with my partner (age-gap relationship)? What to do and where to begin? Help!!!!!
    by /u/Proper_Jellyfish_444 (Financial Independence / Retire Early) on April 12, 2024 at 2:40 am

    Hi! I'm 30 and my partner is 48. I want to be able to retire as early as possible to enjoy as much life with him as possible. That being said, I never considered retiring early before meeting my partner. I'd like to "retire" in 12-15 years and ideally only a couple of years after my partner. He can retire as early as 55 but as of now plans to retire closer to 60. I'm aiming to "barista fire" where I have a comfortable part-time job. I am adjunct faculty at a university in the area and so I plan to continue adjunct instruction in retirement. I say this recognizing I have absolutely nothing started as of now in terms of funds to retire and so I feel a part-time job will be absolutely necessary for me. And I have no clue where to begin and what I should be doing to try and make this a reality!!!!! Here is my current financial situation: I make $130,000 per year and live in a HCOL area. I am a state employee with a pension. I contribute 6% of my salary into my pension system. After taxes and health insurance, and after rent car groceries etc. I have approximately $2000 remaining to save/invest per month. I currently do not contribute into a 403b (which is available to me through my employer and I can begin at any time). I have $75,000 in a traditional savings account. Aside from that, I have nothing in any Roth/403/invest accounts nor do I own any assets (ie real estate). On the bright side, I have absolutely no debt. I am not really counting my pension because I will only have 12-17 years in the system with the retirement window I am looking at, and therefore I will only receive partial benefits. I'm thinking of it really being a source of beer money/fun money/travel money. My partner is also a state employee and will retire with full benefits including health insurance (which I will be able to receive)--but the benefits will pass with him. And sadly due to our age difference I cannot consider this as a factor for my finances anticipating that I outlive him (but with life, we never really know and I am grateful for every day I get to love him). So I know I will need to consider health insurance in my later years. For the purposes of making sure I am prepared for this barista fire life, I rather plan on truly being financially independent with no significant other/additional income involved in the finances. Just a reality of the age differences, and if anything I feel it will help me be more prepared for life on my own with this mindset. Aside from saving for retirement, I also need to plan to save for a home. My partner and I are hoping to purchase a home next year, so I am looking to consider having funds available for this as well. I'm not sure what, if any, of my current savings of $75,000 should remain towards house funds vs. retirement. Also--no children. Any and all advice is so greatly appreciated! submitted by /u/Proper_Jellyfish_444 [link] [comments]

  • 5 Proven Ways to Work Less and Make More Money
    by Fundit Finance (Money Making Ideas on Medium) on April 11, 2024 at 11:43 pm

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  • Choices once you reach FI
    by /u/Agreeable-Math-9517 (Financial Independence / Retire Early) on April 11, 2024 at 9:35 pm

    Good perspective from James Clear’s 321 email today. Once you have reached FI, this is a good way to think of your future. "If you already live a comfortable life, then choosing to make more money but live a worse daily life is a bad trade. And yet, we talk ourselves into it all the time. We take promotions that pay more, but swallow our free time. We already have a successful business, but we break ourselves trying to make it even more successful. Too much focus on wealth, not enough focus on lifestyle." submitted by /u/Agreeable-Math-9517 [link] [comments]

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  • As a lifelong renter, we stumbled onto our dream home. Should we buy or continue renting?
    by /u/matrilr (Financial Independence / Retire Early) on April 11, 2024 at 3:25 pm

    I'm thinking emotionally right now and just want to get some outside opinions who'd be far more rational than me right now. My husband and I (in our mid-30s) recently stumbled onto a fully renovated 2BR 2BA co-op in our neighborhood, where the owner, who's allegedly a developer and have procured the required permits, has redone the electrical wiring and plumbing of the entire place and fully renovated everything so every appliance, flooring, and countertop is brand new. Man, is it spacious and gorgeous. It looks luxurious, and honestly seems over the top at times with 2 fridges AND 2 bathrooms. A real estate agent who's also our friend has worked with us to put in an offer for $700k with a plan to negotiate, and the owner countered with $790k and apparently it's his hard limit. According to the seller's agent (who talked to our agent), they've also gotten a few offers around $700k - $730k but it sounds like no one wants to pay what the owner is asking for but it is possible if the owner waits long enough, someone would swoop in with that high number. My dilemma is... whether we should cave and pay for what the owner is asking for, because I'm not sure we'll ever find something quite like it again, without doing the extensive renovations ourselves. (The owner apparently spent close to $300k in renovation costs, but who knows if that's true.) In addition, the maintenance fees are also quite low for the area, at around $820/month. We're currently renting in NYC in a rent-stabilized 2BR apartment for $2,900, where I expect rent will go up 2%-3% every year depending on the whims of the Rent Guidelines Board. This apartment we're living in now is fairly mediocre but livable, and nowhere near as spacious as the co-op we just saw. (There's also no way to install a bidet because our toilet is tankless, which is my dream toilet lol.) And since this is rent-stabilized, we basically thought this will be where we will stay forever, until we saw the dream co-op. Some household numbers: * Net worth: $1.1m * Cash (in Wealthfront accruing 5% currently): $52k (credit card balances $10k; we pay off the statement balances every month and don't accrue interest) * Retirement accounts: $929k * Brokerage account: $115k (I've been using this account—invested in VTSAX—to save for a downpayment, but if we end up not buying, this will be our pot of retirement money) * 0 debt * Income: $238k (pre-tax) Combined monthly take home pay (we max out our 401ks): $11k * Monthly mortgage assuming the co-op we're buying is $790k (including maintenance fees): $4.9k * Compared to our current rent of $2.9k If we do end up buying, we'll liquidate our brokerage account ($115k), take out maybe $23k from our savings account, and then take out $20k from our Roth IRAs (which I read can be taken out tax free for buying a home) all for our downpayment ($158k). Right now, with our plan to rent for life, there's that financial security mentally because I think we live fairly comfortably. So much so, we can coast by and pay for travel and activities—truly enjoying life—without worrying our occasional frivolous expense will dent our bank account one bit. The highest total monthly expenses we've had per month is $9k (especially when we're traveling, and we do travel every few months) and lowest is around $6k. Since hitting the $1m mark, it truly felt we could perhaps retire early in 10 years and continue to enjoy life as-is. It does seem like our retirement accounts are continuing to compound at a rapid pace that we could perhaps even stop contributing to our brokerage account post-tax ($1.6k/month). All of this long text boils down to one question that I'm sure have been asked to death around here: could we afford this $790k dream home? Our ideal max would've been $700k which we could perhaps even stretch to $750k. In typing all this, I feel like the rational answer is no, we shouldn't buy. I know ultimately we're the ones who will have to decide, but I'd definitely appreciate some thoughts/opinions since I know next to nothing about homeownership since we've been renting all our lives. Thank you! submitted by /u/matrilr [link] [comments]

  • Daily FI discussion thread - Thursday, April 11, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 11, 2024 at 9:02 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]

  • Just reached 200k as a freelancer
    by /u/zxyzyxz (Financial Independence / Retire Early) on April 11, 2024 at 8:16 am

    I thought this might be interesting as I don't see many stories about freelancing in the FIRE community, at least that I've searched for on reddit at least. I'm 27 living in a VHCoL area (just due to having friends here) and I work in software but not at any long term job, I do more contracts, 6 months at a time or so. Most of my capital accumulation has actually been through my solo 401k which has the benefit of fully maximizing both the employer and employee contribution, as well as allowing mega backdoor Roth (it depends on the provider, I use MySolo401k which allows this rather than something like Fidelity or traditional solo 401k providers). Even though I started a while ago, I have not actually consistently made over 100k every year simply due to the nature of the boom and bust cycles of freelancing, and some years it's been half of that. I could have saved much more but every year I spend 1 to 3 months traveling (except 2020) which more than makes up for not saving as much as my peers in the software world making 1 or 200k a year at FAANG. I am also not a digital nomad so it's not like I can work and travel. This is by choice as I've found that I can't get work done consistently when traveling and it also feels like I'm wasting my time if I'm sat at a desk for 8 hours a day, just in some foreign country. This summer I'll be spending 3 months in Europe and it'll likely cost 10 to 15k total for the trip but that's worth it over needing to wait until I'm 45 to then go travel for longer terms. I believe I could coastFIRE from my current amount, based on calculators showing that 200k equals 1 million at age 60 with no additional contributions. submitted by /u/zxyzyxz [link] [comments]

  • Hey all, meet Bob and Alice. We're new to this but trying to plan for FIRE and could use some feedback - thanks in advance!
    by /u/fire_fightin (Financial Independence / Retire Early) on April 10, 2024 at 11:44 pm

    EDIT: Fixed some dumb mistakes - thanks for pointing them out! Throwaway account - tried to summarize situation as succinctly as possible below and included thoughts/questions at the end. Eager to hear any/all feedback - thank you! ---- Age + Background I'm 28 and my fiancée is 30 - we'll call me Bob and my fiancée Alice. We both work in finance, myself at a fintech startup and my fiancée at a small hedge fund. We met at our first finance job where we worked for a large mutual fund investment management company, and we've been together for 5+ years. We bought our current house together in late 2022. We live in the US. Fixed rate 30y mortgage. Alice dislikes job and has been wanting to move on but feels trapped, whereas I'm okay with mine as I'm passionate about my industry. No kids, 1 puppy ---- Annual Income Combined Total: $285,000 Bob: $125k base + $15k bonus Alice: $110k base + $35k bonus Annual Expenses Combined Total: $130,627 General: $72,000 Living Expenses: $60,000 Health Care: $6,000 Travel: $6,000 House Related: $30,601 Mortgage: $26,375 Mortgage Insurance: $1,000 Flood Insurance: $1,090 HOA Fees: $2,135 Taxes: $28,026* (doesn’t include income tax) School Taxes: $11,000 Property Taxes: $10,000 Special ASMT Area Fee: $3,000 City Taxes: $3,000 County Taxes: $1,026 Annual Savings Combined Total: $154,373 --> ($285,000 income - $130,627 expense) ---- Assets Combined Total: $1,186,668 SECTION (1) - Unrestricted/Vested Assets: $671,668 Cash Equivalents: $47,182 Equities: $510,311 Post-Tax: $432,376 Alice - Taxable Accounts: $95,930 Alice - Roth 401ks: $70,703 Alice - Roth IRA: $71,071 Bob - Roth 401ks: $192,059 Bob - Roth IRA: $103,969 Pre-Tax: $77,935 Alice - Trad 401ks: $34,694 Bob - Trad 401ks: $43,241 Digital Assets: $114,175 Bob - Bitcoin: $102,531 Alice - Bitcoin: $10,585 Alice - Ethereum: $1,059 SECTION (2) Illiquid Assets: $515,000 Real Estate (Our House): $515,000 Liabilities Combined Total: $417,851 Mortgage Outstanding Principal: $417,851 Equity Combined Total: $768,934 --> ($1,186,785 Assets - $417,851 Liabilities) ---- Thoughts/Questions We have a lot of after-tax investments relative to pre-tax investments. I personally have always felt a certain peace of mind in knowing my roth contributions can be withdrawn tax free if needed, and I also worry about future tax regimes so I'm a little averse to deferring taxes now in the hopes that I won't be taxed out the wazoo at bonkers rates later. It's hard for me to gauge appropriate inflation expectations for everything (income, expenses, assets). What's a reasonable/conservative way to forecast these things over multiple decades? Each year, retirement account contribution limits will probably get adjusted upward for inflation (but fail to fully capture its impact), tax rates may change, and certain types of expenses may inflate more than others. What are some good ways to handle these nuances when forecasting? And last but not least - I'm hoping it's reasonable for us to retire sometime in our 40s if we can continue increasing our income and our investments perform reasonably well. Does this seem doable for us? Thank you in advance for your help! submitted by /u/fire_fightin [link] [comments]

  • Retired but now need to provide proof of income?
    by /u/kjkjkj2 (Financial Independence / Retire Early) on April 10, 2024 at 5:13 pm

    I retired so I have no income now, but some places are asking me for proof of income, such as apartment rental agreement. I also am considering moving abroad and getting a permanent residency Visa in another country. I am being told I will have to provide proof of income to get the Visa. Any suggestions? I was thinking about getting a job as an English or math teacher online for a couple months and then hoping they provide some form of proof of income such as deposits in my account or a pay stub. I don't think they will accept a document showing my assets. Edit: what about dividend income or capital gains income from my investments? submitted by /u/kjkjkj2 [link] [comments]

  • Which should I do? Roth IRA vs. HYS for property?
    by /u/Trilobitememes1515 (Financial Independence / Retire Early) on April 10, 2024 at 1:44 pm

    Hello all! First time poster and long time lurker in this sub. I was about to text my dad this question but figured I’d get more feedback from this community. I’m early in my non-aggressive FIRE journey (28F), with a goal retirement age of 55. I’m simultaneously saving for retirement and a house for myself and my partner right now, which we plan to contribute 50/50 on. We want to begin shopping for a house in 2025 so we’re as prepared as possible for the market, and keep our currently low rent through the end of our lease. We hope to begin investing in more variable stocks once we transition from renters to property owners. We both had student loans to pay off, no option for family help, and live in a LCOL area, but are comparatively high earners for our area. My numbers may seem a little behind. They are currently separate from my partner’s numbers because they works in a different field and, honestly, I don’t know how their retirement accounts work (pension, public stuff). Current numbers: $16k in Roth IRA, intend to max out for the first time in 2024 $40k in Trad IRA, don’t contribute to this, just transfers from old 401ks from old jobs $9k in 401k, contributing 13% pre-tax and 2% post-tax. I’ve been at this company for less than a year and finally got the employer match, 4%, at the 6-month mark. $32k in HYS, split between two accounts: emergency ($7k) and house ($25k). Now, my question is this: Would I get better returns within the year if I pull from my house HYS to max out my Roth IRA earlier in the year? I’ve currently been adding $500/month to my Roth, expecting to max it out at the end of the year when bonuses come out. I’ve been adding $200/month to the house HYS and focusing on bulking the emergency HYS with my usual contribution ($500/month) and any extra liquid funds. Where we live, a “good” house is $250k, and each of us has enough to buy already. We’re still waiting until next year because our rent is locked in so low. So, I could pull from the house HYS today, max out my remaining Roth IRA for the year, and contribute enough throughout the year to return my house HYS by the time I need the money. I’d lose total HYS returns, but gain Roth IRA returns. I’m not very market savvy so I’m not sure what the best approach is. Thank you all for your help! I’ve learned so much from this sub already. submitted by /u/Trilobitememes1515 [link] [comments]

  • Weekly Self-Promotion Thread - Wednesday, April 10, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 10, 2024 at 9:03 am

    Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. submitted by /u/AutoModerator [link] [comments]

  • Daily FI discussion thread - Wednesday, April 10, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 10, 2024 at 9:02 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]

  • 💰 My Batch Group Expense Sharing Solution with Categories for Accurate YNAB Tracking
    by /u/khotte (Financial Independence / Retire Early) on April 9, 2024 at 8:16 pm

    💰 My Batch Group Expense Sharing Solution with Categories for Accurate YNAB Tracking Hello, wonderful community of r/financialindependence! I've embarked on a journey to create something tailored specifically to my needs as a meticulous budgeter and finance enthusiast. Let me tell you a bit about why and how. 👀 Take a peek: at what it looks like here: 📋 Make a copy here:\_vsow\_o6X7Poj\_jybWc4GPLmAvI/edit?usp=sharing 🌱 The Genesis of My Project For years, I've been a loyal user of Splitwise, especially valuing its 'Simplify Debts' feature and the convenience of web-based entry. However, with their new limitation to three transactions (unless you pay for Pro), my patience waned. My quest for an alternative began, only to find myself entangled in a web of apps that were either too clunky, too restrictive, or too ad-heavy. From Splid only being available via an app, to Tricount retiring its web app, and Settle Up hiding essential features behind a paywall, none met my criteria. I just wanted a simple & efficient way to split expenses while being able to categorize them for accurate spending in YNAB, especially as a dedicated YNAB user since 2012. is close and I love that its open source, but it still doesn't have everything I need. Also, having to click so many times to enter transactions one by one keeps me from using it. 💼 My Edge Case: YNAB Split Transaction Category Reconciliation As someone who meticulously categorizes every penny in YNAB (and has since 2012), I found no service that allowed me to accurately reflect my spending or owed amounts BY category in split transactions and/or allow me to quickly enter lots of transactions at once as I often do. The existing options either required far too many clicks, required me to register for an account, were behind a paywall, or lacked the necessary detail for me to categorize my spending correctly. 🔨 So, I Built My Own Solution Frustrated but motivated, I turned to Google Sheets and Google App Script to craft my ideal expense-splitting tool. Here's what sets it apart: 🌟 Differentiating Features: 💻 Web-based via Google Sheets: Accessible on any device, anytime, without the need for a specific app. 🚀 Batch Entry: Enter all your transactions in one go, without a myriad of clicks for each. 📊 Detailed Category by Person: Perfect for YNAB users, allowing for accurate tracking with category-specific spending and owed amounts. 🎉 And, All the Favorites: 🔄 Uneven Splits by Transaction: Flexibility to divide expenses in just the right way. 💡 Simplified Debts: A beloved feature from Splitwise, ensuring the least amount of payments needed. 💸 Suggested Reimbursements: Smart suggestions for who owes what to whom. 🤝 Share with Friends: Easily invite friends to add their transactions, making group expense tracking a breeze. 🌍 Multiple Currencies: Enter transactions in multiple currencies and select your preferred settlement currency for seamless global expense management. 🔢 Total Balances by Person: Keep track of each person’s financial involvement at a glance. 🚫 No Ads: Enjoy an uninterrupted experience. 📝 No Registration Required: (Google Authentication) - Start using it right away with your Google account. 📘 Comprehensive Guide Navigating through this tool is designed to be intuitive, with several tabs and functionalities to make expense tracking and splitting effortless. Here’s a quick rundown of what each section does and how to use it: 1. Sheets Overview Transactions Tab Expenses: Enter up to 100 transactions here, including details like store name, category, amount, who paid, and whether it was split evenly. Names: Add names across the top row. Use checkboxes to indicate who was involved in each transaction. A checker column ensures that someone must be involved in the transaction if an amount paid by is filled out. Additionally conditional formatting to highlight if a box is checked but no name is filled in at the top. Amounts Owed: Calculates what each person owes per transaction. If a transaction wasn’t split evenly, you can manually adjust amounts here. A checker column ensures the total matches the sum of all people involved. Balances: Displays the total amount each participant paid, how much they owe, and any gap created for each person. Transactions: Auto-calculates up to 8 transactions but allows for manual adjustments for reconciliation. Suggested Reimbursements: After clicking the green run button in the top right, this section suggests optimized reimbursements between participants. It shows who owes who and how much, with a checkbox to mark payments as received. Debts by Category Tab For those who are like me and have never been able to accurately input a YNAB split transaction with an entire group spending portfolio, this tab is for you! It allows you to see how much each person paid, owed, and their net spending per category. You can use this table as a guide for your YNAB transaction to show what you owe and are owed by category. This detail ensures that even if multiple payments are made or received, your YNAB split transactions accurately reflect your spending. 2. How to Use This Tool: Make a Copy: This ensures you get both the spreadsheet and the attached Google Apps Script functionality. Enter Your Information: I find viewing at 90% zoom comfortable, but adjust as you see fit! Share With Friends: Allow them to enter their expenses for collaborative use. Authorize the Script: Click the green button with exchange arrows to the right. A pop-up will ask for authorization to run the script. You might encounter a warning since the script is custom; follow the prompts to proceed and authorize. Run the Script: Once authorized, click the green button again to run the script and watch the magic happen! Navigation & Expander Buttons: Find buttons in the top right to toggle between the Expenses tab and the YNAB tab. A dedicated button also exists to run the script, auto-populating transactions and suggested reimbursements. Also, you can find expanders to enter more names (up to 10!) 3. Initial Setup and Authorization: For first-time users or those unfamiliar with Google Apps Script, there's a simple authorization process to allow the script to run. This process is a one-time setup to ensure your data's security and privacy. After making your copy and when you're ready, click the green button to initiate the script. Follow the on-screen instructions to authorize, ensuring you’re comfortable with the permissions requested. Once authorized, you’re all set to use the full functionalities of the sheet! 🏁 Conclusion This tool is designed to make expense splitting not just easy, but transparent and fair for everyone involved. Whether it's a group trip, shared living expenses, or any scenario involving multiple payers, this tool aims to simplify the process. I eagerly await your feedback, suggestions, or any features you think could enhance this tool further. Let's make expense management a breeze together! 💌 My Promise and Invitation This tool was born out of personal need and a desire to fill a gap that existing solutions couldn't. I have no intention to monetize it – sharing it is simply my way of giving back to the community. I'd be thrilled to hear your thoughts, feedback, or any features you feel are missing. Your insights will be invaluable in refining and enhancing this tool for all of us. This was just a little side project for me which helped me start to use Google Apps Script and Java for the first time. It helped to solve a pain I had with expense management and I figured since I had a use case for it, maybe others would too. Thanks for reading, and I can't wait to hear from you! submitted by /u/khotte [link] [comments]

  • Daily FI discussion thread - Tuesday, April 09, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 9, 2024 at 9:02 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]

  • Retired early 9 months ago. Reflections so far.
    by /u/firechoice85 (Financial Independence / Retire Early) on April 8, 2024 at 8:49 pm

    I retired about 9 months ago at the age of 41. Spouse was/is a sahm, and now I am stay-at-home-dad, or sahd. Am not sad however, FIRE is pretty great. My experience is pretty similar to what has been reported. I don't miss the work or my professional identity. I do miss the people. My friends are in the most intense decade of their careers, climbing corporate ladders and achieving new heights. Before retiring, I really worried about envy getting the better of me. I'm downshifting at the exact moment that a lot of people in our circle our shifting to bigger houses, newer cars, more important sounding job responsibilities. It has taken me some time to come to terms with that. Now I'm just happy for my friends, and anyone who is working towards more. I'm working on random ideas. Initially I was drawn to starting some entrepreneurial venture. The momentum of a 20+ year career and intense work ethic just drew me to "do something". 9 months in, I'm finally beginning to not feel the monetary tug. Now I'm just dabbling in my interests. And totally OK with them changing every week. I'm super grateful for the opportunity to have FIRE'd. I love the time with my little kids. So precious and they grow so damn fast. Love every second with them. My relationship with my spouse has never been better. Somehow, she doesn't seem to ever get sick of me. In terms of numbers, we are spending a bit less than 2% of NW. I know that is extra conservative. We have a large nest egg and we spend freely on stuff and services that we value. I'm setting up a philanthropic organization where a good chunk of the accumulated wealth will go. Thanks for reading, and I'll report back again at the 1 year mark! submitted by /u/firechoice85 [link] [comments]

  • New to FIRE but really trying to make a plan, can I get critiques?
    by /u/Mentalcouscous (Financial Independence / Retire Early) on April 8, 2024 at 1:16 pm

    I have been lurking this sub for a while now, and have learned a lot but still feel like I have a long way to go. I started late in life – really feel like I JUST started taking this seriously and would love some outside opinions on my projections. I am 35F. I make a high income, but am quite miserable in my field. I am the sole income for my family of 3 (married to 45M with an 8yo son). Our goal is to save aggressively for another 6-8 years, which will hopefully allow me the cushion to leave my field and pursue something totally different, with likely a much lower income. Finances Income – 285k/yr 401k – 242k IRA (80% roth, 20% traditional) – 60k Emergency fund (HYSA) – 49k Stocks – 9k 529 – 6k Debts 168k on our home worth 650k (482k equity) @ 4.7% 6.5k left on vehicle @ 3% Currently the goal is aggressively paying off the mortgage. This isn’t the wisest financial decision but the mortgage is the baddie looming over my head. If that burden is gone, I will feel much less anxiety in the unlikely event I have a meltdown and quit my job. I sacrificed a lot of investment growth in order to pay off my 160k student loan debt years ago, but the weight off my shoulders has been priceless. I need to be debt free and I can accomplish this in 2 years. Budget Currently $8500/month including mortgage, bills, food, entertainment, home/car maintenance, 529 Does not include health insurance, 401k After mortgage is done in 2 years $5600/month living expenses Does not include healthcare Once the mortgage and truck are finished, I want to aggressively save for retirement in the next 6-8 years with the goal of reaching > 1M in the 401k. I am planning to put 9-10k/month into retirement savings until I reach that point. If all goes to plan I would be 43 at that point, and want to change to a lower stress and lower income job that I enjoy until age 57ish when I could fully retire with a rough annual budget of 85k. We will continue to fund the 529 and expect 160k in it by the time kiddo is 18. What I am not sure about are costs as our son gets older – at some point he will need a car, etc. Healthcare is also a huge question mark if I am no longer employed full time w/benefits. I know how much it costs me now, but no idea how much it would cost me in the future scenario. I am sure I am missing some things. I do not understand how to account for inflation and differing tax brackets. We are planning to hire a financial advisor once the mortgage is finished but hoped I could get general impressions from people who know what they’re doing here. Are we on roughly the right track? submitted by /u/Mentalcouscous [link] [comments]

  • What bond data should I use for FIRE simulations?
    by /u/Xander0928 (Financial Independence / Retire Early) on April 8, 2024 at 10:19 am

    I am building a FIRE calculator, and I want to include bonds to have the ability to diversify your portfolio. The problem I have is, how should it be implemented? Let’s say I want to implement data of 10-Year US treasury bonds. Would it be unreliable to take historical coupon rates, and have them pay out the coupon for 10 years, then select a new one? It would get complicated if you want to sell the bond before maturity. Or should I use the bond yield? As far as I understand, this also takes both the coupon rate and price changes in account. The problem is, I want to use monthly data, and I just can’t find it online. I would also like to include government bonds from other countries than the US, so data availability is important. I am able to find monthly historical price data of most government bonds, but not the yield. I just want to know how I can implement bonds in my simulations in a reliable way. Sorry if this post doesn’t belong here. I tried searching Google for the answers, but can’t find much. submitted by /u/Xander0928 [link] [comments]

  • Daily FI discussion thread - Monday, April 08, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 8, 2024 at 9:02 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]

  • How close am I to retirement? Here are my numbers
    by /u/sjtl (Financial Independence / Retire Early) on April 7, 2024 at 3:50 pm

    I am turning 38 this summer and live in a HCOL area on the West Coast of the U.S. I pretty much worked non-stop at large tech corporations since I got my bachelor's in my early 20's. I'm still at a big corporation, and I honestly can't wait to FIRE. Credit Karma says my net worth is 2.84M. My plan is to FIRE in May 2025 based on some spreadsheet calculations and a talk with a financial adviser. I would like to get a second, third, etc. opinion on how realistic that is. I understand it is a calculation but it is major milestone and wanted to get some additional thoughts on what my financial adviser's recommendations were. My adviser said: "The goal is to have your brokerage sustain you until age 60 when you can start drawing down from your retirement accounts. You have $483k [at the time, now $559k] in retirement accounts. If we can assume a 7% return until age 60, that would give you $2.3M in retirement and give you $91k/year in income. Right now you need to replace $65k/year in income so if we add inflation of 3%, you would need $128k/year in income. So, your retirement balance will get you to $91k/year and your income need will be $128k/year leaving you a gap of $37k/year to cover you income needs in retirement. This is where your rental property comes in to fill the gap. Right now your rental provides $3,300/month and in 14 years the mortgage will be paid off. If we factor in inflation for rental prices, the average inflation rate for rentals over the last 100 years has been 2.7%. If we go with an even more conservative number of 2%, this would have your rental property generating $62k/year in income." Basically the adviser said I need to have at least 1.3M in brokerage accounts that will hold me over to when I'm done paying off my mortgage, when I will generate more income. Current Total Comp with my Employer: Base Salary + Bonus: 205K Estimated value of stock vesting in next 12 months: 100k Assets Cash: 100K in checking/savings accounts, which includes 85K in a HYSA (going to deposit some of that into my brokerage account soon). Brokerage/Investments: 1.06M in Betterment (100% equities/0% bonds) US Large Cap (SPLG: 515 shares, ITOT: 2689 shares, VTV: 300 shares, VTI: 193 shares, SPYV: 925 shares) US Small Cap (VBR: 315 shares, IWN: 21 shares) US Mid Cap (VOE: 437 shares, IWS: 70 shares) INTL Emerging (VWO: 1451 shares, IEMG: 1630 shares) INTL Developed (VEA: 4491 shares, SCHF: 913 shares, IEFA: 562 shares) 103K in company stock (Tech, not sharing for anonymity) HSA: 3K (I know, this is super low, starting to invest into this) Robinhood: 1.7K (mostly for fun, some FAANG stocks) Crypto: 800 (again, mostly for fun) Retirement Accounts: 492K in Fidelity VANG INST 500 IDX (73.72%), VANG IS EXT MKT IDX (9.25%), CSCRX 14.13%), PEQSX (2.9%) ROTH IRA VTI (51.8K), VXUS (5.5K) Property: Currently living rent-free with fiance (who owns the property), we just split utilities I own a condo (built in 2013) with an annoying 430/month HOA 1.068M on Zillow 281K Principal Balance, Interest Rate: 2.375%, Maturity Date: 5/1/2036 Currently renting it out, which pretty much breaks even when you factor property management costs, property tax of around 9k a year (broken up into two installments) I plan on not selling this house for as long as possible so I can get "passive" income Estimated Yearly Expenses is 65K when I FIRE if you include: Insurance: Car, Health, Umbrella, Disability Mortgage (done paying in 2037): 2231.27/month + property tax + HOA Note: I break even from my rental income (rent - management fees - property tax). Various subscriptions and memberships, utilities, leisure Other factors: My fiance and I do not plan on having children. My fiance (2.5 years younger than I am) and I are getting married later this year (yes we have a pre-nup), and they plan on working at their corporate job for at least another 3 years, possibly longer before also FIRE'ing. I figure that I could be on their health insurance plan for at least a year, and then do covered California for health insurance when both of us are unemployed. I'm aware that I could be paying over 1000 for monthly premiums depending on the plan I choose. In terms of health issues, except for anxiety, which I think my work makes worse. I am doing therapy, exercising and meditating more, etc. I don't actually know what I'm going to do when I FIRE, I don't really have any career interests that can be translated into any second careers. All I know is that I don't want to deal with the grind of working in Tech, but perhaps there's a side hustle I can do. I'll need to do more research. I have no debts, no car payments, student loans, credit debt, etc. I paid off my car in full (2022 Electric Vehicle) If it's not obvious already my numbers are in USD. If I could help it I don't want to move to another area at least for another 15-20 years. I'm very happy where I am. There are just my numbers (not including my fiance's). My fiance is in a somewhat similar position as me financially, except that due to a recent promotion they make almost twice as much money as I do. Thank you! submitted by /u/sjtl [link] [comments]

  • Daily FI discussion thread - Sunday, April 07, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 7, 2024 at 9:02 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]

  • FIRE numbers outside of the US
    by /u/TwelfieSpecial (Financial Independence / Retire Early) on April 7, 2024 at 3:22 am

    Hi - 2.2m (50% equity investments / 50% home equity across two properties) NW. 40y/o DINK + dog. Currently living in Vancouver, which is insanely expensive. I’d love to know of anyone who has FIREd outside of the US, and what the FIRE number and cost of living looks like. submitted by /u/TwelfieSpecial [link] [comments]

  • FIRE with Disability?
    by /u/MathFIRE27 (Financial Independence / Retire Early) on April 6, 2024 at 4:20 pm

    I am new to Reddit but have been on the FIRE journey since my mid-20s, when I realized employment may not always be a given for me (level 2 autism) and switched fields into something more autism-friendly (math). For anyone else like me with a disability who is still working, how has employment instability and future needs factored into your FIRE planning and number/date? I am around the suggested FIRE number on blog posts I've found but am trying to reach chubbyFIRE, given that I'll need substantial medical/social support after my parents pass (hopefully a long time from now)and to be on private health insurance (not US) to access some care. My plan also involves potential cuts to government financial support when I am no longer able to work as a safeguard and a small amount from a special needs trust that my parents set up (active at the point where I can no longer work enough to cover my bills). Any insight into that plan or things I may be forgetting would be helpful--particularly from those who also have disability planning in their RE date and FI number. submitted by /u/MathFIRE27 [link] [comments]

  • Negative impacts of FIRE
    by /u/bearposters (Financial Independence / Retire Early) on April 6, 2024 at 12:01 pm

    I (55M married, 1 adult child, HCOL) could technically FIRE in 9 months with $2.5M NW ($2M cash and investable assets) + $70K/yr pension (company stocks vesting in October). What are the negative impacts of retiring at 56? Like on Social Security calculations or say if we wanted to sell and buy a house, buy a rental property, etc.? I feel like the United States economy demands you have a job to participate. Thanks! submitted by /u/bearposters [link] [comments]

  • Daily FI discussion thread - Saturday, April 06, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on April 6, 2024 at 9:02 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]

  • The Official 2023 FI Survey is Here
    by /u/Melonbalon (Financial Independence / Retire Early) on March 30, 2024 at 10:27 pm

    THE RESULTS AREN’T IN YET…DON’T ASK… Ok, now that that’s done…again…..go ahead Mike, ask anyway…the official 2023 FI survey is now accepting responses. ALL data will be released in a spreadsheet to the sub. If you’re not comfortable with that, don’t take the survey. Whenever possible, identifying information (such as age) is obscured in ranges. The survey does not ask for location, username, email, or other unique information, so your privacy is reasonably protected. Because there are several numbers involved, here is a preparation spreadsheet you can use to organize your information before opening the survey itself. For previous results, go here. Survey Instructions These instructions are also available on the first screen of the survey, but you may want to keep this post open in a separate tab to refer back to them. Throughout the survey each section includes instructions at the top of the page as well. The survey will take approximately 20 minutes to complete, depending on how prepared you are with your numbers. Enter all annual information for calendar year 2023 (January 1 – December 31, 2023). Enter all point in time data (like account balances) as of December 31, 2023 (or as close thereto as you can get). Enter all amounts in current dollars (or your native currency). The survey asks how many people contribute to your household finances, and thereafter your responses should include all assets, debt, etc. belonging to those people. You determine the number of people who contribute to your finances. Demographic questions include demographics for "contributor 2" and "contributor 3", if you have more than one person contributing to your household income, you can include their demographic information there. Remember that personal finance is personal. Enter your numbers as you interpret them, personally. If you really get stuck, I will be watching this thread and answering interpretation questions as able. Because personal finance is personal, some buckets may not be precisely consistent with your personal buckets. You are able to return to the survey and edit your answers later if needed; just skip to the end and submit to get your return link. The survey will be available for the entire month of April. Enter dollar amounts as a whole number, appropriately rounded. E.G. $32,594.56 is entered as 32595. Enter percentages as a number, not a decimal. For example, 4% is entered as 4 (not .04), 20.5% is entered as 20.5 (not .205), etc. Do not use symbols for dollars ($) or percentages (%). At the end of the survey, you will be asked for any comments on the survey. If you had any confusion or issues with a question, please refer to it in your comments by the question number plus a brief description of the question (question numbers change depending on your circumstances). Because the survey does not ask for identifying information, I will not be able to follow up with you, so please be as specific as you can about the issue or difficulty you encountered. Almost all questions are skippable; if a question does not apply to you or you haven't yet determined the answer, skip it. The survey will ask for an approximation of the cost of living for your area, use this Cost of Living Index and get as close as you can. If you are on mobile, find this number before you open the survey so you don't lose your survey progress. Now that you’ve read all that… you can go take the survey! submitted by /u/Melonbalon [link] [comments]

How crypto could change the world and Why Cryptocurrency was invented in the first place.

How crypto could change the world and Why Cryptocurrency was invented in the first place.

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How crypto could change the world and Why Cryptocurrency was invented in the first place.

People used to pay each other in gold and silver. Difficult to transport. Difficult to divide.

Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide.

Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank.

Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme.

Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them.

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All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create.

From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make.

This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%.

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This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation.

What remains is an inflation rate in the 2% range.

Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.

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Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.

Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.

The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.

When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.

What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.

So, if you find yourself religiously checking some cryptocurrency’s price, or bogged down in discussions about the “one true bitcoin”, or constantly asking what currency to buy, please at least remember that we have bigger fish to fry.

We are here to fix the financial system.

Given how early in the Rogers Adoption Curve for Crypto we are, I would like to take a moment so we can just imagine what this technological revolution, which I consider is the next huge step for human kind, could bring. I will emphasize some socioeconomic implications of descentralization, but I`m mostly interested in listening to, and debating your inputs.

Blockchain and Crypto Currency are here to change the world forever.

The implications of decentralization

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As you may know one of the core proposals of blockchain is decentralization, and with it we can optimize so many processes that this alone could be the revolution we are talking about. By eliminating intermediaries, we can save on the cost they add to the supply chain ensuring those that create the value, keep it. Or we can simply save on fees.

To quote the man himself:

Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. – Vitalik Buterin.

To put it simply, imagine that you replace Binance (a centralized company) with a robot. A robot that you have programed so well, whose code you publicly audit, and that is so safe you can trust it with billions of dollars in liquidity pools, so it proceeds to host and operate the trading platform by itself. In case you didn’t know, this is already a reality! Many people here trade on those platforms on a daily basis.

But this goes beyond replacing Centralized Exchanges with Automated Market Makers, Airbnb with a blockchain DApp that connects landlords and costumers, or even banks with complex smart contracts that allow you to borrow, save, tokenize physical assets, and so on. This goes way beyond.

Here is where I start to fantasize of the future. Think about replacing capital itself, think about getting rid of corporations. Lets dream of a world with DAOs massive adoption.

With DeFi, we may no longer need a company like Nestlé…

And specially not their investors. Of course, you will still need the people administrating, planning, monitoring, generating new ideas that adapt to their context, and creating innovative solutions for a complex world only humans can comprehend. But the figure of shareholders and CEOs that steal all the value that workers create and leave them with a tiny fraction of it, can disappear. This can be the basis of a once in a century transformation.

Just as an example: Nestlè’s coffee growers in Colombia keep less than 10% of the final sale price, and barely make a living on it, so are actually abandoning the rural areas.

With Blockchain, DeFi and Smart Contracts, people like you and me can collectively fund such an operation, and then agree upon specific terms like wages by direct democracy, voting with our crypto holdings. Then we would proceed to allocate funds, hire “developers” which would ultimately be regular office jobs that keep the organization functioning. Once in operation we would frequently vote on decisions and results, which would ultimately keep the highest level of accountability for people working in the organization. This is already happening by the way, this is how some blockchain projects work today. We just haven’t applied it to industrial and physical supply chains yet.

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Let’s go back to our project to replace Nestle. Imagine that an organization’s main goal is not to maximize profits for shareholders and bonuses for CEOs anymore. Instead, it’s the interest of regular people and the company’s collaborators that drive its actions.

Most likely, you and I will want to consolidate an efficient and effective supply chain, that is sustainable and keeps the dignity and wellbeing of its collaborators as a guiding principle. We are not longer at their mercy on issues like climate change, we can now take immediate action against it, or stop endangering and hoarding water supplies in classic Nestle fashion.

Also, we are making profits, so we are redistributing capital, and improving our quality of life, which will be most notorious in the most vulnerable communities, usually those that extract/harvest/mine raw materials.

This is what could happen with the blockchain descentralization of business. And you could apply it to pretty much anything, but maybe initially it could be for low labor and capital intensive businesses.

I’ll give you another example. I work for a solar power multinational company. If you don’t know it, solar energy is essentially a financial product, most people working in these companies don’t care about the world, its simply that solar is a very safe and lucrative hustle, and all investors care about is having a nice return of investment (ROI). As of now, my company works exclusively for large scale corporate clients or the state itself, given that’s where the nice ROIs are, since they give you the projects that allow you to place large capitals at once. This means, as of today, we blatantly ignore the regular people that seek for our help and funding to power their farms and/or houses with solar energy. They’re not that profitable my boss tells me. This is shitty, and I’ve thought of quitting several times.

But back to the point. Now, imagine once again, we get rid of the institutional investors. Now you and me create Reddit Solar Co, a DAO. Our only purpose is to facilitate access to electricity to those without it, and to advance in the urban implementation of renewable energy. We help the world, make dividends that are automatically distributed by the DAO, and also our own Crypto is rising in value.

And this is not the best.

Let’s not forget of synergies.

So, we just created a DAO that manufactures and distributes food globally right? Or maybe Reddit Solar Co. As an organization born on the blockchain, we won’t have to adapt to the state of the art innovations on the crypto world like an old steam locomotive attempting to adapt a warp drive on top of it. We were born in space.

From the beginning, our Ethereum based DAO could adopt VeChain’s solution for supply chains, Cardano will help us to give an integral solution to the unbanked communities that provide our raw material, they now have IDs, access to DeFi and education. The land deeds and legal documents that relate to our enterprise are certified by LTO Network, we move money internationally with XRP or Stellar, and don’t worry, we use Polkadot to ensure proper blockchain interoperability.

Too complex for you? Don’t worry, you don’t even have to know or care about this, leave that to others. You’re into finance. Maybe sales is your thing and there’s a little Michael Scott in you. Or you`re into social work and want to supervise our community engagement at the start of the supply chain. Just go do your thing! You don’t necessarily have to be involved in all of this.

All you know is you do your job and receive your crypto salary.

Just as computers and the internet changed the world forever, and not only had economic implications but also changed our culture, routines, work lives and ways to interact with each other, crypto will. We are just so early; that all we can do for now is dream.

You’re having too much hope in humanity dude…

Sure, I may be making some optimistic assumptions on the motivations of humans, I may be saying that we will use this technology for good, and that we care about each other, and that’s one way to look at it. But we could also argue in favor of this from a sceptic perspective: even if you don’t care about the collective wellbeing of your community, it’s in your interest to live in a safer environment right? Ergo you want to reduce poverty. Its also in your interest to stop global warming so organized human life can continue to exist, or to make sure you and your children will have water and food in 50 years, that’s why you will want to use technology for good even if you only care about yourself. Also lets not forget the powerful incentive of profits. Crypto has the clear potential to achieve all of this.

Most of the current generation of crypto projects will be ready and operating within the next 3 years, so all we will need by then is the will to use this technology for good, and the vision to change the world.

This is just the beginning, we will be killing industries but giving birth to others we could have never imagined before.

Cons of Crypto:
A coin called “Chia” is gobbling up 1,125,000 TB storage per day. Just to farm this token that no one seems to use. This takes resource wastage to a whole new level.

Chia is a coin that works on a proof of time space consensus. I.e. to farm this coin, one must allot dedicated hard drives and allot the space (known as plots), and get rewarded for it. Sounds good on paper, and one could even be tempted to think they may put that spare 500 GB space left and earn some passive income on it.

Except, this one already requires industrial grade storage space, just to farm a token that has almost zero adoption anywhere.

As you can see from this coin’s explorer, the storage is growing by almost 1000 PiB per day, in the last few days.

1 PiB = 1125.9 TB.

So a growth of 1000 PiB per day => almost 1125000 TB of storage per day is added onto this network, just to mine these coins. This equates to 1.1 million 1 TB drives added per day just to support farming on this network!

Pros of Crypto:
– People in Hong Kong Use The Crypto and Blockchain To Fight Against Media Censorship

Data indicates that 76% of Bitcoin investors are still in profit

Bitcoin Pro Arguments:

  • Network effect and staying power
    BTC is the first virtual currency to solve the double-spending issue. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991.
  • Bitcoin undoubtedly has a ‘brand’. It has perhaps the most substantial name recognition of any existing crypto asset and is basically synonymous with ‘cryptocurrency’ to the lay public.
  • Despite near constant proclamations of its demise, Bitcoin has not died. One could argue that – as the progenitor of cryptocurrencies – its longevity and continued profitability is itself an investment thesis.
  • As the number of public addresses, daily active users (DAU), and large holders/long term holders continue to trend upwards, it becomes harder and harder to ‘put the genie back in the bottle’:
  • Bitcoin’s valuation is well described by the most fundamental factor intrinsic to its network: the number of addresses that hold BTC. Applying Metcalfe’s law, the total value of Bitcoin’s network is well explained, with an R squared of 93.8%, simply by the square of its user base, n.
  • Store of value to hedge inflation
  • Over its lifetime, narratives of Bitcoin’s value have gone through several shifts, from the original cypherpunk vision in the white paper of p2p ‘e-cash’ to today’s ‘digital gold’ narrative.
  • One theme underlying both of these points, however, is a reaction to or distrust in the current financial system. This was true during the financial crisis of 2008 (see the genesis block message) and is still relevant today with unprecedented levels of monetary and fiscal stimulus being pursued by governments worldwide. Government deficits and central bank money printing may lead to inflation and thus drive investors towards assets like gold or Bitcoin to preserve their wealth.
  • This notion that BTC is a store of value to hedge inflation has certainly caught on in the last few years – not just from institutional or hedge fund investors, but from companies like MicroStrategy, Square and Tesla adding BTC to their balance sheets.
  • Like gold, BTC is scarce – only 21M will ever exist. It is estimated that 3M-3.7M BTC have been lost forever/will never enter circulating supply again.. One estimate is that 14.5M BTC are essentially illiquid.
  • To take one example, Grayscale’s BTC trust – which has no redemption process and thus effectively takes BTC out of circulation – alone holds over 600k BTC.
  • Like gold, BTC is also divisible, interchangeable and durable. Unlike gold, however, BTC is a digital asset and is thus easier to purchase, move and store.
  • If the store of value narrative endures, Bitcoin may have significant upside in supplanting a share of gold’s use case (estimated to be a $10T asset class).
  • Development
  • One of the common counterarguments for Bitcoin is that it is a ‘dinosaur’ with little technological improvement or development (as compared to its more innovative successors).
  • Schisms in the dev community notwithstanding, Bitcoin remains an open-source project with global development communities and activity
  • Developments of note include:
  • Segregated Witness (SegWit): a protocol upgrade proposal that went live in August 2017. This protocol upgrade effectively increased the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second (TPS)
  • Lightning Network: is a second-layer micropayment solution for scalability
  • Taproot: an anticipated upgrade to increase privacy and improve upon other factors related to complex transactions
  • While other blockchains boast enterprise development, some companies are indeed building on Bitcoin. For example, Microsoft recently launched a Decentralized Identifier (DID) network (ION) on the Bitcoin mainnet
  • Ideological foundation for a potentially new financial system, without the old, decrepit, and corrupt banks and middle men.
  • The Environmental Argument is almost pointless, as it is the most efficient way of transporting millions of dollars around the world in mere seconds. And I mean efficient in all ways, there us no other single asset in the world capable of transporting this amount of capital wealth with such a low environmental impact or financial cost. If not, try moving 4 millions dollars of gold. Also, as Btc increases in value, this gets more on more efficient.
  • Innovation of the technology and the first mover advantage in capturing this new market’s value/future value. Btc will always be at the top as mainstream adoption continues relating Crypto=Bitcoin.
  • Ability to be bankless, with proven liquidity (thanks to Tesla) and with the best performing asset creation-to-date.
  • Inability of third parties to do anything about your Btc holding without the seed phrase. Government’s can hardly tax it if, as Michael Saylor put it: “I had a boating accident and forgot my seedphrase, I don’t have acces to my crypto anymore so I can’t be taxed”. In a way, nobody but yourself can prove that you still have access to those funds, so, can they truly be taxable?
  • The S2F model and updated S2F XA model. So far they have been scarily precise. Otherwise, Metcalfe’s law assures anyone that bitcoin may never go to 0, as the network is already strong enough to provide a certain degree of value.

Bitcoin CONS Arguments:

  • Bitcoin has been around way too long, and to the uneducated it is the face of the crypto world.
  • Bitcoin has no smart contracts.
  • Bitcoin is slow.
  • Bitcoin fees are expensive.
  • People see it as an investment, not a currency they can use and spend. In the end this is not defined as it’s supposed to be used, but only as store of value. It’s at the state of gold, not of a coin.
  • Bitcoin has become outdated, the only thing it’s useful for is investing, day to day transactions are useless.
  • Bitcoin’s largest advantage and in fact it’s greatest disadvantage is that it’s the oldest cryptocurrency. Since then technology has evolved so much to become more energy and time efficient.
  • Bitcoin is like the grandpa of crypto and we should look at it as such. Admire it for its wisdom because it has taught us so much, but also acknowledge that each of its children are trying to make their own marks on the world.
  • It’s huge environmental impact due to its proof-of-work concept. BTC has a carbon footprint like Singapore, uses as much electrical energy as the Netherlands, and produces as much electronic waste as Luxembourg. This is a huge problem and needs to be accepted more widely.
  • It’s slow. with an average transaction time of like 10 minutes, we are pretty far from instant transactions – this might not be a problem in all cases, but is one when one would like to use it like a currency, as it was planned originally
  • High transaction costs – not ETH-high, but too high
  • Bitcoin takes a lot of energy to mine and use. As of May 2021, a single Bitcoin transaction takes as much energy as 760,201 VISA credit card payments (source). To keep this in context, the world banking system uses about two times as much energy as the Bitcoin network (source)
  • Bitcoin is difficult to mine. GPUs and CPUs don’t have enough computing power to compete with other miners, meaning so-called Application-Specific Integrated Chips (ASICs) are required. These are expensive – generally in the range of $1000 to $6000, depending on how new the model is (source). This restricts Bitcoin’s mining pool to people and groups who have enough wealth to invest in ASICs, which threatens the goal of keeping cryptocurrency decentralized.
  • Bitcoin transactions can take a long time to be confirmed. The average time for a transaction to confirmed once is 10 minutes (source), but for a payment to be absolutely final, it needs to be included in multiple blocks to ensure consensus in the mining pool. This takes even longer, sometimes up to one hour (source, for 6 confirmations).
  • Bitcoin transactions require expensive mining fees. At the moment, the average fee for a single transaction is $14.35, making Bitcoin unsuitable for day to day use (source).
  • Bitcoin lacks many features available in other coins, including smart contracts (programs run on and enforced by the blockchain, see here), anonymity (source), and CPU mining (allowing anyone with a CPU to mine, thus making the network more democratic and less susceptible to being taken over by large groups).

Crypto is definitely a good way to make money. However, you might end up finding the tech interesting. I know that I sure did, and having a sound understanding of your investment will make a big difference in your ability to hodl. It doesn’t have to be much, just a few YouTube videos.

Strategies when it comes to cryptocurrencies
The HODL’er: you buy and basically you never sell. It’s kind of the holy grail of strategies when it comes to crypto according to this sub. Buy and forget and check back 10 years later. You’re a millionaire, Harry! No stress and no maintenance. You can even buy more over time and continue stacking your fat holdings. Do this if you believe in crypto long term

The Goal Setter: set a goal and sell when you reach that goal. Maybe it’s 3x and I’m out. Or maybe it’s make enough for student loans and I’m out. Or maybe it’s $1MM and sell half. Can be anything. Stress depends on your goal.

The Active Trader: Buy high and sell low

The Swing Trader: Some people are good at trading – they usually wait for those days where the whole market bleeds 20-30% in a day then they buy and wait for the bounce and they sell. Rinse and repeat. But they also risk missing out on the rocket jumps. But they also minimize the risk of being in the market when there’s a crash. In the end they might be able to increase their total holdings but for most beginners they lose rather than win. High stress and high maintenance.

The Cycle Trader: you DCA in during the bear market when everything has lost 80-90% of its ATH (alternatively, a year before the Bitcoin halving). Then you slowly sell off everything approximately a year after crypto starts trending up and enters a bull market. So this method has worked well for many people – they don’t necessarily time the top right but they continue to increase their holdings over several cycles. This might be the smart move if you have discipline. The risk is that history no longer repeats itself. It has worked the past 2 cycles but it’s not guaranteed it’ll work again. Medium stress, low maintenance

The Arbitrager: usually they have algos do the trading for them. They minimize risk and just arbitrage the price differences between exchanges. They might not care about crypto and just want to make money. They miss out on the bull run but also miss out on the bear market. Low stress, medium maintenance.

The Moon Chaser: 1000x or bust. Forget $10K eth or $100K btc, they want the next shiba or safe moon. They buy coins with market caps in the millions and hope for the pump to sell. This is like the lottery ticket buyers of crypto. High stress, high maintenance, smooth brain

The correct mentality for investing in the crypto market is thinking in YEARS not MONTHS.

Crypto: What to do in the bear market

HODL, dont sell with a loss if you believe in your Coin long term.

Stake, staking is really important! I cant tell you enough, if we are in a bear market and you can stake for a few years you can easily get 20-30% more coins then you have right now.

DCA, keep buying. The bear market is where you DCA, dont stop buying. Right now is where you can get coins cheap! Just dont stop DCAing cause you are scared! Pick projects you believe in long term and keep buying at low prices!

Get rid of coins you dont believe in long term, shitcoins. Many wont survive the bear market.

Research coins for the next bull run!

Crypto Currency Market Cap Visualized during the Pandemic

Top 100 Cryptocurrencies by Market Cap

How crypto could change the world and Why Cryptocurrency was invented in the first place.
Data Source from

Latest News on Crypto:


1- Reddit

2- Reddit


4- NYDIG Power of Bitcoins Network Effect

5- The original Cypherphunk vision

6- Unlike Gold, BTC is a digital asset that is easy to move around


NFT Crypto Blockchain Bitcoin Top Stories – Breaking News

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