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.”

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.

Legit Side Money Ideas on Quora

  • Vanguard Accounts Wiped Out?
    by /u/elizabethefor (Financial Independence / Retire Early) on July 20, 2024 at 12:31 pm

    Anyone’s Vanguard accounts at zero this morning showing complete withdrawal yesterday? Several hundred thousand. Wondering if related to IT problems yesterday. Customer service doesn’t answer phone til Monday. Feeling alarmed submitted by /u/elizabethefor [link] [comments]

  • Daily FI discussion thread - Saturday, July 20, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 20, 2024 at 9:03 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]

  • Best way to pay off mortgage
    by /u/Party-Sail1069 (Financial Independence / Retire Early) on July 20, 2024 at 6:03 am

    I am currently moving and going to lose my 2.75% mortgage :-(. As you all the new rate is going to be in the 7 range. I have been investing in the retirement accounts and brokerage accounts instead of paying down my current mortgage because of the rate. I personally believe with my new rate I should be paying it off ASAP. I have a few options. Here is my scenario: Loan amount will be 540k I have 400k in equity in my current home which I will be selling I have brokerage accounts with ~600k. Selling them will result in significant capital gains tax and NII due to my income. I currently contribute 69k a year (max) to retirement. This include maxing traditional IRA and my company has a backdoor roth. My current thoughts on what to do: I will take the extra money that I normally put in the brokerage account every month and pay down the mortgage. When my current home closes use the proceed to pay down the mortgage that will get it down to ~140k. This is where I am unsure, I can either: Sell stocks and take the cap gains and NII hit. My plan was to sell when I retired as was in the 0% bracket and no NII (I know tax laws can change) Temporarily stop contribute to the backdoor and which will free up 40k a year to pay down the mortgage I'm going to keep maxing out my traditional due to my marginal tax rate. Neither and just let my monthly payments plus monthly income surplus pay it down much slower. Thoughts? submitted by /u/Party-Sail1069 [link] [comments]

  • Make money with ChatGPT and Google Drive (for Free)
    by Online Wealth Playbook (Passive Income on Medium) on July 20, 2024 at 4:39 am

    The saying “selling shovels during a gold rush” means that instead of trying to get rich by searching for gold, it’s often smarter and…Continue reading on Medium »

  • Does anyone else just not... want to own a home?
    by /u/Immediate-Wear5630 (Financial Independence / Retire Early) on July 20, 2024 at 4:09 am

    28M and I am well on my path to financial independence but I have no desire to own a home yet or in the forseeable future. I live in VHCOL and I really like the city and would like to set roots here but I just have no desire to own a home: leaving aside the astronomical housing costs, maintenance costs and being shackled to one location within the city sounds a bit asphyxiating to me. From the financial perspective, running the numbers, it also makes sense to rent forever and invest the difference on the market. Would like to hear if anyone has been in a similar situation before. Has anyone else rented long-term? How has this affected your path to financial independence? submitted by /u/Immediate-Wear5630 [link] [comments]

  • Passive Income Ideas for Retirees to Enjoy Their Golden Years
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  • What to do if you lose a passive income stream
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  • You NEED to start making $10,000 a month NOW!
    by Joe Burrow (Passive Income on Medium) on July 20, 2024 at 1:00 am

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  • Ethena Labs Initiates 750M ENA Token Airdrop Claim Instant
    by The Bitcoin Express (Passive Income on Medium) on July 20, 2024 at 12:13 am

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  • How to Make Profits on Etsy with a Successful Online Store
    by COUNSELLOR IMANO (Passive Income on Medium) on July 19, 2024 at 11:57 pm

    Building a successful Etsy store that consistently generates profits requires a combination of strategic planning, effective marketing…Continue reading on Medium »

  • Unlock Your Financial Freedom with Affiliate Marketing!
    by Luke (Money Making Ideas on Medium) on July 19, 2024 at 11:55 pm

    Hey hustlers! 💪 Ready to break free from the 9-to-5 grind and live life on your own terms? 🌴 Imagine making money while you sleep…Continue reading on Medium »

  • How to Recover Money Lost to online Scam with help of Linux Cyber Security.
    by Brianfherrera (Money Making Ideas on Medium) on July 19, 2024 at 11:49 pm

    https://www.youtube.com/watch?v=cgdTSm8kmGE&t=51sContinue reading on Medium »

  • Why Honeygain Might Not Be Worth Your Time
    by That Techy Guy (Passive Income on Medium) on July 19, 2024 at 11:18 pm

    In the ever-evolving landscape of passive income opportunities, Honeygain has emerged as a popular option.Continue reading on Medium »

  • How to Make $2.000 Writing Articles with A.I.
    by Mr. X (Money Making Ideas on Medium) on July 19, 2024 at 11:08 pm

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  • Amazon and Apple Make Self-Publishing Incredibly Easy
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  • 11 Passive Income Ideas That Earn $1000+ Per Month: A Detailed Guide
    by Samanta Writes (Passive Income on Medium) on July 19, 2024 at 10:01 pm

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  • This is the best way to make easy money — $3 Bonus
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  • The Ultimate Guide to Making Money Online as a Beginner
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  • The Ultimate Guide to Making Money Online (Even With No Experience)
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  • Analysis Paralysis -- Ideal 3/2 funds for my situation
    by /u/Pixel-Pioneer3 (Financial Independence / Retire Early) on July 19, 2024 at 5:24 pm

    I am 40, spouse is 39. Have been diligently saving over the years. Have about $2.3m invested across retirement and brokerage accounts, $250k saved in money market account for 1 year expense. Income was increasing steadily from 2008 to 2022, but had a 2x increase in income starting 2023. Current HHI is at $700k and household expenses are $200k + $15k for kids 529. Aiming to retire at 53. Will be adding roughly $250k/year towards retirement till age 50. Age 50-53 I plan to coastfire and direct all savings to a separate brokerage account for kids education+down payment for their first house if there is any left over money. Considering we want to keep the same expenses in retirement, we need roughly $250k/yr factoring in taxes and health insurance. The rough mental math is that the stock market roughly doubles every 10 years. Retirement is 13 years away, so the current investment of $2.3 should be roughly $4.5m then. Plus the $250k x 10 years added to the $4.5m gives us $7m at age 53. 4% SWR gives us $280k/yr, 3.5% SWR gives us $245k. If the market tanks, I can work till 55, but will draw a line in the sand and take what I get at 55 and live life based on the 4% SWR. Any flaws in my assumption/math so far? I am currently 100% VTI for the most part. The assumption is that I am 13 years from retirement and have years to recover from a significant downturn + I am contributing $250k/yr so I can buy on the cheap if there is a downturn, so when the market does go up, it will have a compounding effect. TLDR; High current savings + high savings rate for the next 10 years + moderate expenses in retirement. Does 100% VTI bode well to this situation, or should I be diversifying given my risk appetite? submitted by /u/Pixel-Pioneer3 [link] [comments]

  • Ways To Make Money In Canada.
    by Reytsapp (Money Making Ideas on Medium) on July 19, 2024 at 2:44 pm

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  • Cultivate this 3 habits of rich people in your life to become one of them.
    by Munachi Girls Guide (Money Making Ideas on Medium) on July 19, 2024 at 1:35 pm

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  • Age 40: Should I scale back 401k and focus on taxable? What would you do?
    by /u/thowed-away (Financial Independence / Retire Early) on July 19, 2024 at 1:10 pm

    Spouse and I are currently 40 and would like to be FI by 50 and able to RE if needed. Goal is 3M total, currently invested total is 1.2M (low fee index funds). However, <100k of that is in taxable, due to several years of maxing our tax-advantaged accounts. Vast majority is pre-tax. I am worried that even at 50 we would not have enough taxable to have a Roth ladder scenario. It has been several years since I have researched it, but that was my previous RE plan a decade ago. What would you do, if you were me? submitted by /u/thowed-away [link] [comments]

  • Manifest Money Joe Dispenza
    by Jean (Money Making Ideas on Medium) on July 19, 2024 at 9:09 am

    Here is a brief overview of Joe Dispenza’s concepts on manifesting money:Continue reading on Medium »

  • Daily FI discussion thread - Friday, July 19, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 19, 2024 at 9:03 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]

  • Do you consider startup stock when assessing your net worth?
    by /u/ClassyInBoston (Financial Independence / Retire Early) on July 18, 2024 at 10:34 pm

    I'm just curious how everyone else feels. Startup stock is just paper money and will be worth something only after some sort of an exit. Having been one of the very early employees, I have about $800K worth of stock in two Series C companies. That's more than twice my other assets (Home, 401K, savings, IRA). The startup stocks do make me "feel" the FI 😛 submitted by /u/ClassyInBoston [link] [comments]

  • Ready to have mental breakdown at 2.3 million invested — looking for both financial advice and perspective.
    by /u/Practical_Amount_550 (Financial Independence / Retire Early) on July 18, 2024 at 7:46 pm

    Male, early 40’s, married (early 30’sF); one two-year-old baby girl and another little girl on the way. Around 2.3m invested in index funds. Around 1.6 is available now, the rest in Roth/SEP. Have approximately 2 years of living expenses as cash. Salary the last couple of years has been approximately $300k at the expense of my sanity. I’ve posted on Reddit in the past and it’s the same old story: I’m having a mental breakdown, I can’t do it anymore; then I pick myself up and I keep doing it. I’m a small business owner and I own a small gym in a LCOL mid-west area. I exclusively do personal training and the majority of the business is me. I have had several near mental breakdowns over the past ten years for a couple of reasons: Owning your own business is scary and hard. I am always afraid it’s going to fold. I was always so scared of this that it drove me to aggressively save for the day that it does. I am resentful of my wife. We weren’t together when I started the business but after we got married, she wanted to quit her job and work with me. After she started working with me, she abandoned me. She would come in to work as she pleased and she did not hold up her end of the bargain. So, we essentially went down to one pay check while I worked my ass off 50+ hours and she enjoyed “early retirement”. I tried my hardest to express this to her at the time. For about a year, she started contributing at work but since our daughter was born and another is on the way, she hasn’t been back. This has weighed heavily on me because it was all on me for so long; I felt alone and scared. Since then my wife has apologized; she told me that when we got married she thought that I would just “take care of her” because that’s how she grew up. She expressed that she was young (she’s 7 years younger), immature, and she didn’t understand what a marriage was and how to contribute. Since our daughter has been born, my wife has transformed into an amazing mother but I still harbor a grudge. To be fair, the one year she did contribute at work, we absolutely crushed it and I’ve been striving to maintain that by myself. I enjoy earning a lot of money. I come from a scarcity mindset. I don’t flaunt money or purchase extravagant things. We live well below our means. Money is security to me. The more I earn, the more I can save; the more I save, the more secure I can feel. This year has not been a great year at work. We are on track to make less than last year (maybe $225-250k). This stresses me out tremendously. I always strive to make more each year. The reality is, I do not have the energy and motivation to go above and beyond and do the things I need to do to attract new clients right now. I’m passionate about what I do for a living and I truly enjoy the actual work. Getting new clientele and beating last year’s numbers are the hardest parts. Plus, I have much too large of a clientele for one person to handle. My OCD tendencies allowed me to build it this big but it’s too big to manage for one person and I know that. However, whenever I have an almost mental breakdown, I’m always able to snap out of it and build it bigger. I’ve tried hiring people and it just doesn’t ever work out. I dread going into work and seeing it being less successful than the previous year. It eats away at me every day. My only escape is spending time with my daughter, but even then, I’m not fully present. I could be spending time with her now but I’m on Reddit. I feel so alone because I am so resentful toward my wife that even though she has transformed into a great mother now, I just think of all the years of struggle I went through alone. I love my work schedule right now. I work about 30hours per week although I work 24/7 in my head. But 30 hours for $300k that took over a decade to build, I feel very grateful and I don’t want to lose it. I was hoping to FIRE by 50. Realistically, with 2 kids, $100k after taxes would make me comfortable. Being able to retire with 4+ million would make me feel more safe though. So I have to get through 8 years but I’m finally having the real mental breakdown NOW. I’m having physical symptoms now. I can barely get out of bed and I can barely get through the day. I’m shaking constantly and I can’t take it anymore. My wife and I are in therapy together but it doesn’t feel helpful to me. Can anyone relate to this situation or provide some perspective? I wish I could just let go and not care about work; just let work dwindle down and make living expenses but something within me can’t stop caring. Any advice is greatly appreciated. ps. I realize my thoughts are scattered; I’m not feeling my best. submitted by /u/Practical_Amount_550 [link] [comments]

  • Daily FI discussion thread - Thursday, July 18, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 18, 2024 at 9:03 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]

  • Involuntarily FIRED, what next?
    by /u/anonymous_1983 (Financial Independence / Retire Early) on July 18, 2024 at 3:03 am

    Ever since last year, when my Big Tech employer started laying off people, I've been considering FIREing. The work environment had become much more stressful and political, and I dreaded coming into work every day. What gave me second thoughts about quitting was that I had a golden handcuff of about $500k worth of unvested RSUs. Today, I was given 60 days notice that I'm being laid off. They are giving me a generous severance package of about 28 weeks' worth of pay. I've been working towards FIRE for the past 8 years, and have a net worth of about $5.5M, including: $1.4M paid-off house in a HCOL area $120K in cash and CDs $47K in HSA $1M in pre-tax 401(k) $450K in Roth IRA $2.3M in taxable investments (mostly in VTI, and including $500K of vested RSUs). I'm single, in my early 40s. I estimate that my expenses are about $100K/year so I think I should already have enough to FIRE. Here are what I'm planning to do for the next couple of months: Travel (~3K) Renovate my kitchen - I've been putting it off for a while and didn't have time to do it (~40K) Buy health insurance ($??) - my income this year will not qualify me for subsized insurance but I should be able to qualify next year For next year, my plan is to: Slowly convert my pre-tax retirement account to Roth Increase my bond allocation Sell some of my appreciated stocks to convert to spending money and to take advantage of the low LTCG rates. I probably should sell my RSUs and buy VTI. Anything else I should be doing? Thanks submitted by /u/anonymous_1983 [link] [comments]

  • Bond tent vs 3 years of expenses in "cash cushion" in retirement
    by /u/mh330 (Financial Independence / Retire Early) on July 17, 2024 at 5:33 pm

    Relatively new to the idea of the bond tent so i may be misunderstanding its nuance, but Kitces 10 year ramp up and 15 year draw down sound crazy long to me. How can the danger zone be 25% of a lifetime? I had always planned on keeping a "cash cushion" (CDs, bonds, cash, pick a flavor) of X number of years of withdrawals to ride out market corrections. From what i can see, most corrections including 2008 saw the market return to previous levels within 3 years, so my plan would be to hold 3 years of "cash". If the market is doing well, i'd take 4% from stocks. If the market crashed, i'd pull from the cash cushion instead, which would be replenished from stocks once the market recovered. But holding an extra 30% bond allocation in your portfolio (up to 70% bonds as Kitces outlines) just in case sounds over the top conservative to me. My idea of holding 3 years in cash is more like a 10% swing into bonds, not 30%. What are the holes in my strategy that i'm not seeing? Or am i simply wrong that most corrections recover in a 3 year timeframe? submitted by /u/mh330 [link] [comments]

  • Unexpectedly Inherited 3.1m
    by /u/Capital_Leader_1726 (Financial Independence / Retire Early) on July 17, 2024 at 5:05 pm

    In March, I discovered that I've inherited $3.1 million through a trust from a distant relative. This money is currently invested in index funds, managed by a financial advisor who charges a 0.5% fee. We are allowed a maximum annual distribution of $15,000 until we turn 50, except in cases of emergency. We've decided not to tell anyone about this inheritance for obvious reasons and prefer to let it grow untouched. My husband has been talking about the FIRE movement's 4% rule since our first date, but our focus has been on paying off student and business loans. We paid off student loans last December and business loans in June. Our financial advisor, estate attorney, and CPA are all thoroughly vetted and reputable. We are both 36 years old and financially conservative, with a 3-year-old daughter. For the past two years, we've maxed out our HSA and 401ks, but before that, we didn't invest much due to loans. I work from home in a commission-based job, averaging $60,000 pretax since 2020, with a prior average of $44,000. My husband started a business in 2021 and has averaged 110,000 2021-2023. 2024 is on pace for $180,000 and $200,000, along with an additional $50,000 to $100,000 in distributions. We expect for both salaries to plateau. Before 2021, his earnings ranged from $40,000 to $60,000. We have no business loans, car loans, or student debt, having paid off everything in the past five years. Our remaining debt consists of $383,000 in mortgages, detailed below: A rental property with $66,000 left on the mortgage at a 4% rate, purchased for $163,000 and currently valued at $325,000. The tenant is a family friend escaping an abusive relationship, paying $1,300 per month (market value is $2,800). The rental breaks even after insurance and taxes. In 18 months, we'll raise the rent to market value. This gives the tennant two years to get on her feet. Our primary residence has an outstanding mortgage of $230,000 at a 4.5% rate, valued at $725,000. We have no plans to move or undertake major renovations. We also have $120,000 in a high-yield savings account, $30,000 in a brokerage account, and $100,000 combined in our 401ks. Additionally, we own two 10-year-old Hondas that are have no issues. We both enjoy our jobs. I've discussed with my husband the possibility of retiring at 40 or 45, but I'm unsure how to plan for 5-10 years of retirement with a child. Any advice or insights would be greatly appreciated! EDIT: We will likely spend $85,000 in 2024 and potentially 100,000 if we go on a vacation we've talked about. submitted by /u/Capital_Leader_1726 [link] [comments]

  • Way to many haters. This is for those who ACTUALLY want encouragement and not for those who want a pity party
    by /u/SPXJUICYPUMPZ (Financial Independence / Retire Early) on July 17, 2024 at 3:07 pm

    Here's something I'm trying to understand about this forum. The forum is called financial independence and it's goals are trying to find ways to become financially free, encourage others, help people along their journey, and seek encouragement from people who are successfully achieving short-term and long-term goals. Why is it than anyone who is successfully navigating the financial space and finding clever ways to save, invest and achieve freedom are being downvoted. It's like you all want to be free and save and invest but don't believe in the power of compounding or just straight-up saving and living below your means. People post looking for tips and tricks and encouragement. I will offer tips that have worked for me, also show people exactly what 8 years of consistency can do for a portfolio and I get downvoted, told not to be fake, told not to lie, told that my life must "fuckign suck." If you don't think that you can expect any market returns on a portfolio you're consistently dollar cost averaging into week after week, month after month, year after year, then why are you investing? Honest question. Because it seems like a lot of you are shitting on people's hard work and discrediting things that are actually achievable if you stay consistent. My own financial picture has changed dramatically over the past 10 years and I am proof it can be done. I am married, have 4 children, own a home, have no debt except for a mortgage balance of $149,000. When we first started looking for houses the bank approved us for ~$400,000 dollars but we knew we didn't want to be a slave to debt for 30 years and have huge chunks of our paychecks eaten up by a mortgage so we bought a small house well below our means for $205,000. This was a year before COVID fucked the market, so there is some luck in that. That said if we look hard enough everyone has some degree of luck in their lives at some point that if recognized can change the course of their life substantially. People inherit sums of money or properties, people have connections that shoe them in the door for higher paying jobs, people have higher degrees of inate intelligence and athletic abilities, people win money, people have their college education covered by grandparents, parents or financial aide, people inherit vehicles, people invest at the bottom of a market cycle and see growth for years. Luck happens. It doesn't negate work. Before we bought our house we knew we didn't want to have debt so we moved into a cheap RV and paid 300 dollars to live in it a month. During the course of a couple years we paid off alll our debt, and saved a 20% down payment and $10,000 dollar emergency fund. We found a house at a steal, pulled the trigger, moved in, accepted it needed lots of work that we would slowly cash flow over the years and got married at our home with 185 friend and family in attendance. Our wedding was backyard and BBQ style and cost a total of 5k. We went into our marriage debt free. We immediately started having kids. Our household income through all.of this has been between 68k-90k we consistently lived off of ~$30,000 dollars a year and invested the difference. Maxing out 2 Roth IRAs, an HSA, Putting $1320 a year into each of our children's 529s to at least help them with college, everything else went to our brokerage and maintaining our Efund. 2-3 percent of our investments went to speculative stuff namely BTC and a bit of ETH. 8 years later we are both 33 years old, wenare still debt free except our mortgage. yesterday we hit $401,500 saved and invested. With home equity we have a networth pushing $700,000. This is a breakdown of how it looks today with the market being a bit down from yesterday: •Roth #1: $50,742.15 •Roth #2: $39,009.59 •Trad: $10,942.19 •Health Savings Account: $48,466.53 •Brokerage#1: $120,424.18 •Brokerage #2: $66,116.06 •529 #1: $7996.33 •529 #2: $5999.92 •529 #3: $3589.98 •529 #4: $1709.82 •Bitcoin: $20,674.96 •Ethereum: $3463.67 •Cash Savings: $20,070.83 •Other: $2362.17 Total: $401,677.51 All of this achieved over 8 years of consistently investing. Living off of ~$30,000 and dollar cost averaging the difference. Our investments are essentially 60/40 split between VTI and VXUS in all our accounts. This post ist to prove to those who want to know if it's possible to save on not a high income and to give people the faith that eventually compounding helps you reach your goals faster...i.t just takes some time and commitment. If you need tips or tricks let me know. And to all you haters who are constantly down voting success stories and commenting negative shit, enjoy your lonely life. Stop making people who are trying to succeed at something feel like shit and that they may as well give up. Sorry you spent to much money on Pokemon cards and they never appreciated as much as you wanted. submitted by /u/SPXJUICYPUMPZ [link] [comments]

  • Weekly Self-Promotion Thread - Wednesday, July 17, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 17, 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, July 17, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 17, 2024 at 9:03 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]

  • Definitely NOT FI - or Young, or working -
    by /u/galfridaygal (Financial Independence / Retire Early) on July 17, 2024 at 4:26 am

    New here, would appreciate thoughts: 60 year old single no kids Completely started over from scratch financially 22 years ago at 37 with no assets, no debt and starting a new consulting business. Worked for roughly 18 years as a 1099/consultant. Lost my consulting gig three years ago - very few paid gigs in three years since. My gross in 2002 was around $25k; grew steadily year by year to roughly 400k gross as of 2021. I obviously had a solid tax burden on the 1099 earnings so this would not be equivalent to the same earnings on a W-2 nor did I receive any benefits. I had some significant perks that offset expenses such as phone, Internet, cable, subscriptions, travel but I also carried more in taxes plus all health insurance. Fast-forward here's my situation now: Assets: $1.8M IRA which was self funded from 2008ish through 2022 $300,000 - cash, funds and IRAs (drawing down on this to cover expenses monthly) Equity in home $450k to $600k and for now climbing daily in my market Investment condo purchased with cash for $250k in 2017; current value $425k. Rental income of $3200 per month;after HOA fees etc. cashflowing max $25k annually. Had some massive assessments that threw a loss on this in two or three years since I've had it. Debt: $20k at half a point on automobile Mortgage on primary residence - $402k principle (see above appraised value is currently 900 to $1m) My Social Security if I earned nothing else would be roughly 3150 a month if I start taking at 67. So - do I even belong here in this group? I don't want to work anymore, but I know I have to and am pursuing that. At this stage, I would feel incredibly fortunate to retire at 65 which would mean getting income flowing between now and then. My current home is a big downgrade from what I had previously but I'm comfortable here. However it's a little too isolating and property upkeep is $$ so I do anticipate selling within a year or so; I have wanted to focus on reigniting my career first. While absolutely not where I thought I would end up, my condo would be a place I could live if I needed to. I will be on my own, taking care of myself as I age further and do have some health issues. I am currently burning through approximately 125,000 a year. Do I have a snowballs chance in hell? submitted by /u/galfridaygal [link] [comments]

  • Early Retirement Execution
    by /u/heylookltsme (Financial Independence / Retire Early) on July 16, 2024 at 9:55 pm

    Hello friends! I'm looking for resources (books, websites, podcasts, etc) that focus on the execution of early retirement. Searching for early retirement resources yields nothing but content on the journey to financial independence, but very luckily for me, I have been there and done that. I'm interested in the other side of that journey - the details of withdrawal strategies, taxes, etc etc. I know it can be quite complicated, so I may well end up partnering with a financial advisor to construct and execute a plan, but I'd like to start getting informed on my own at the very least before going down that road. A little about my situation in case it's helpful: my wife and I are both 40. We're currently expecting our second child in November. She's a social worker who works for our state and has incredible health insurance. I'm a software engineer. We have $1.3 million across our retirement accounts and $500k in a taxable brokerage. We live in a low cost of living area and own our house and two cars outright. Our annual spending is about $80k. My wife grosses $72k. I gross $235k plus a target 20% bonus, plus some shitty company equity. I'm going out on parental leave from November to March and I'm strongly considering not going back and being a stay at home mom for a spell. My wife's salary alone won't totally make ends meet, so we'd need to figure out something. But I feel like we could totally do it. Any recommendations greatly appreciated, thanks! submitted by /u/heylookltsme [link] [comments]

  • Target date retirement funds
    by /u/One-Squirrel-4563 (Financial Independence / Retire Early) on July 16, 2024 at 1:17 pm

    How do you all feel about target date retirement funds? I have multiple accounts (current retirement accounts and past ones that were never rolled over, as well as HSAs) that are invested in various target date retirement funds. I chose it as a quick easy choice when first setting up the accounts and never got to change it. I’m 30 and my spouse is 31, so we definitely have a long time for retirement. In that case, is it a mistake investing in these funds? Should we try to manage our own investments? I imagine the fees for these funds are higher than other options we could use, but maybe it’s worth the peace of mind? Although maybe with our long investment timeline, we could still choose other index funds and forget about the money for years to come anyway? Would love to hear everybody’s thoughts on these! Thanks! submitted by /u/One-Squirrel-4563 [link] [comments]

  • Daily FI discussion thread - Tuesday, July 16, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 16, 2024 at 9:03 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'd at 46 holding average "Joe" job...
    by /u/crazyhiit (Financial Independence / Retire Early) on July 16, 2024 at 4:37 am

    Yes, I'm an average "Joe" in all respects. 46/M currently happily retired abroad since last 1 year Here's my story... Worked uninteresting jobs in tech for 20 years. No FAANG's... no top tech companies. Even though I had a relevant academic CS background, I wasn't good enough to get into any top place. Grudgingly accepted my averageness and worked on normal maintenance projects in boring companies Lived a frugal life - spend less, save more. Did not tour the world... heck, did not even tour the US. I was mostly content with small trips in and around where I lived. Growing up in a lower middle class family, I continued living that way after I found myself a job. Drove the same car (Honda Civic) for 20 years and gave it away to charity after we moved abroad. Started my career in a low salary ($60K) and managed to get like a 2% or 3% increment every once in a while. Changed companies 3 times during that span. My average salary over 2 decades is a glorious $100K pre-tax. Total 4 promotions over 20 years. Married late at the age of 34...two kids followed...now 12/F, 6/M. Spouse stay-at-home Without further ado, here's my net worth picture:- Equity investments - $1.3M Fully paid home - $600K (rented out since FIRE'd abroad) 401K balance - $1.3M (all in broad market ETF) FIRE expenses:- We budgeted a lump sum of $35K per year for living expense abroad This includes schooling for kids, monthly home rent/living expense and some discretionary spending like annual family trips. How do we plan to stay FIRE'd? Rent from US home covers ~$25K Equity investments yields another ~$25K annually - mostly selling covered calls at a 5% yield Plan to keep 401K invested in equity ETF and hope to withdraw them at the age of 60 Plan to draw SS as soon as eligible Please poke holes in our FIRE plan? What am I missing? ---------------------------------------- EDIT --------------------------------------- Lessons for the avg Joe to FIRE. This is not for the FAANG types. Thing LONG TERM. If you want to FIRE on avg jobs paying avg money, time and patience is your first dearest friend. Prepare for 15-20 years. I averaged $100K pre-tax salary annually over 20 years Find a job early and stay employed no matter how unsexy it is. It pays bills. Sock away regularly to 401K. I put away exactly $1000 every month to pre-tax 401K. That's roughly quarter of a million invested over 20 years! Read, re-read, and re-read "The Little Book of Common Sense Investing". Press #4 above For the avg Joe, market is your next dearest friend. There is no one else who will diligently work for you. Invest your 401K in any of the broad market/index ETF. VTSAX, QQQ, VTI, VOO are all your best bets Aim for high savings on your post tax money. 40% is decent. 60% pays your bills, rent and discretionary expenses Invest your savings. Take a few moonshot bets - no more than 10% of your savings, but 90% goes to ETF's. Read #4 above Live below your means. I bought a new car when I could afford one. Common sense says buy a used one, but think long term. I drove my Honda Civic for 20 years with nothing more than regular maintenance Invest in a starter home as soon as you can. Real estate is your third best friend. Real estate has always paid back over the long term. Do not take out a massive loan just because you are qualified ---------------------------------------- 2nd EDIT --------------------------------------- For some of you curious about index investing and wondering how an avg Joe just needs 2 friends in his life... Read EDIT above - time/patience is your first friend and equity market is your next best friend. I wrote a small program to calculate what every $1 invested in QQQ over the years would be worth today. This assumes the money stays invested including dividends. YEAR What your $1 invested in QQQ is worth today? 2004 $15.24 2005 $13.73 2006 $13.46 2007 $12.58 2008 $10.57 2009 $18.23 2010 $11.76 2011 $9.80 2012 $9.51 2013 $8.06 2014 $5.88 2015 $4.94 2016 $4.53 2017 $4.23 2018 $3.18 2019 $3.18 2020 $2.29 2021 $1.54 2022 $1.21 2023 $1.81 2024 $1.22 A modest $10K invested 20 years ago, is worth $152400 today! Stay invested y'all! submitted by /u/crazyhiit [link] [comments]

  • Hit 400k net worth today!
    by /u/darkyacht (Financial Independence / Retire Early) on July 15, 2024 at 7:53 pm

    23 and just crossed 400k net worth today! Hope this post isn't taken as a brag, but I've really got no one in real life to celebrate it with. The only person in my life who knows specifics about my finances is my dad, and we haven't talked about money in while. Financial independence has been a big goal for me from the time I graduated high school, and I've worked really hard these last few years to get here. Every dollar I have today is money I made from working full time. I hope this post serves as inspiration to others to keep going and smash through your goals! Here's the breakdown: Taxable brokerage: $258,243 Traditional 401(k): $83,244 Roth 401(k): $47,744 HSA: $13,451 Debts/Obligations: $0 Total net worth: $402,682 My full time job is $110k/year (base) and a side gig brings in $1-2k/month. I am still living with my parents, but actively looking to move out (MCOL area - I plan to start out in my area but unsure if I'll stay here long term or not). I have lived with them since graduating high school and we've gotten along mostly well, but lately I've been wanting more freedom which is introducing unsustainable friction between us. 95% of my taxable brokerage is in VOO. The other 5% I have chosen to leave in company stock this year (so far it's outperformed VOO by a few percentage points). If the market stays at current levels, I'm projecting $470k net worth end of year. Best plausible case is $500k, and the worst, well... worst case is lower than my current net worth lol. But at least I'll be buying the dips. I made a lot of mistakes in the markets along the way, most of them when I was starting out. I rode the GME wave and lost 10k, which felt like a lot of money at the time. I also had several other failed "get rich quick" attempts, which cost me a few thousands here and there. Even though these were painful experiences, I'm glad I went through them. I wouldn't be the investor I am today without them. One of the bigger mistakes I made was missing out on last year's rally. At one point, I had over $150k parked in VUSXX paying only 5% (I live in a high tax state, so the real return was more like 3%) while the market rallied 15%. I posted about it in this sub at the time, and boy am I glad I did. Most of the advice I got was to get back in the market, so I ended up lump summing the whole $150k, and I haven't looked back. The idea of dropping in such an amount was mortifying to me at the time, but the research said that lump sum comes ahead ahead most of the time, so I just closed my eyes and took the plunge. Since then, I've worked to shift my perspective on risk and overcome my fear of losing money, and I feel like a more mature investor now. At a young age, money's natural habitat is in the market, not sitting in a conservative bond fund. I'm cautiously optimistic for the future, but I realize I've got more work to do to reach my goals. I don't have a set number, but I want to have the freedom to work a part time job if I choose to and not have to stress about money. I've simultaneously also realized that money isn't the end-all-be-all, and my next goal is to decrease the dominating role that money currently plays in my life. That will also take some time and introspection; but - just like investing - it's a marathon, not a sprint. submitted by /u/darkyacht [link] [comments]

  • $5 million NW after 24 long years
    by /u/Sea-Investigator1558 (Financial Independence / Retire Early) on July 15, 2024 at 2:54 pm

    Just broke the $5 million net worth milestone after working 24 long years after college. Currently 47M. Dual income with two kids in college. Felt Financially Independent since 2019. The first $2 million was really hard (took ~18 years). The remaining $3 million was pretty easy and quick (~6 years). The breakdown: $4.0 million in retirement accounts -- mostly Pretax. $600k brokerage $100k HSA $300k home value *Ignoring other material stuff and the kids 529 funds. Our annual income is $240k. Annual living expenses about $35k. Oklahoma is very low cost. Debt free since age 31. My main career before was Software Engineering and wife is a Physician Assistant. Both of us have 4 years of college and was raised pretty poor. Edit: The plan for me is probably work another year or two. 2020 I got 100% remote job making $65k today. Easy job, hands off manager. No meetings. Zero chance of me going in the office ever. I have a pretty sweet Gig if I am being honest --I only really work ~25 hours a week and my manager lives my performance). I would describe myself as: House Husband with two older teenagers and a wife...oh, and a 40 hour a week Job at home. Wife works with Cancer patients and feels a purpose for her career at the moment. My focus for months has been trying to convince wife we can take a "Gap Year" away from work. Son is a Junior in College and daughter an upcoming Freshman in college. (Both studying our same careers for some reason). They both live 30 mins away and come back every weekend. Wife wants to work til daughter is done with college (Me: Sigh...) After quitting I plan doing a 12-24 month road trip across the USA hitting the National Pars -- think glorified Van life in a Minivan with 2-3 nights in hotels to recharge--Yes, CRAZY is what my wife tells me. I hate flying and got my first SEVERE jet lag coming back from Hawaii of this year. We both reached a minimalist lifestyle in our 40s. Even if we DOUBLED our expenses, it really wouldn't bring us that much more joy. We were just as happy and comfortable at $2 million versus $5 million. My initial goal was not to get rich, but avoid taxes every legal possibile way. Oh and 100% of our retirement funds is in S&P500. And since we have such a low living expentit will remain at 100% for awhile. I made A LOT of POOR individual stock investments thus only $600k in the Brokerage account(Stay in S&P500 kids!!!). We took advantage of 401k, 403b, 457, HSA, Roth IRA. So each year since 2013 we were putting $60-$80k into retirement/HSA accounts all into S&P500. $35k a year is just for Basic living expenses. Think food, utilities, home/car insurance. Life is cheap when debt free and no payments/interest. I can buy A LOT of food to cook with a $1,000 a month budget!! submitted by /u/Sea-Investigator1558 [link] [comments]

  • Daily FI discussion thread - Monday, July 15, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on July 15, 2024 at 9:03 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]

  • Fill the gap to actual Retirement
    by /u/FIprincess (Financial Independence / Retire Early) on July 15, 2024 at 12:52 am

    My husband and I are teachers (43 and 41 respectively) and have savings invested totaling 1.2M. I (we) want the option to retire early. Right now we max out the HSA family, Roth IRAs (14K), employer match with 403b (3K w/match), fund kids' 529 (6K/year), and contribute 12K/year to 457b. These contributions total $42,000/year in savings. Our house has 70K and six or so years left at 2.5%. We have another property at $130,000 with painful 8.5% patiently waiting for interest rates to drop some to unlock that. So here's my question: I'm trying to fill the gap between (soonish) retirement and 59.5). I just realized that we will have PLENTY of money at 59.5 with the Roth IRA, 401K from previous employer, and 403b. Should we start prioritizing funding our 457b(s) since it's the only account we can access (and the HSA) before technical retirement age? For reference we have 800K in Roth, 403b, and 401K. We currently have 263K in our 457b accounts. Also, we both are relatively happy at work so not in a particular rush to retire. But also want the flexibility to pull the plug when necessary. *Edit, we have teacher pensions in Minnesota. They won't be full pensions though. We also have Social Security. submitted by /u/FIprincess [link] [comments]

  • A Decade To FIRE, 0 -> $4M: On mental health, mini retirements, and staying flexible
    by /u/FirstFireThenSlay (Financial Independence / Retire Early) on July 14, 2024 at 9:16 pm

    EDIT: I've ruffled a lot of feathers, so I'm putting a TL;DR at the top. FIRE is about maximizing income and minimizing expenses, and I did both. My income started at $65k 15 years ago and grew very quickly, even topping $1M for one of these years. It was not easy getting to that point, but I did it with a mix of privilege, hard work, and fortune. If you don't want to read another post about high tech incomes, you can stop here! My initial intention for the post was to offer perspective on my mindset about FIRE. The issues of mental health, anxiety, frugality, hedonic treadmills, and mistakes are hopefully relatable and relevant to FI journeys whatever your income level. But it is totally fine to skip! This is not a median-income success story. Hey everyone! Long-time lurker, first-time poster, with a new alt account. I’m writing this reflection partly to celebrate my progress, which has exceeded even my best-case early expectations, and partly to contribute a few grains of perspective back to the community I’ve followed all these years. This is long, so treat it more like an article than a quick scroll. The content I love most in the FIRE community is content that shares the inner workings of someone’s mindset as they gradually seize greater control over their life and their happiness. I like to see if I can find myself in your stories and cheer for you. This is my version. 10 years ago I had a net worth of 0, with grad school debt offset by early 401k holdings. Today, I’m a 37-year-old single man who just reached $4M net worth last week. Getting here wasn’t easy, but neither was it particularly tricky. I landed and managed to sustain a high-paying tech career in data science. Although neither of my degrees was related to data science, I had enough analytical intuition and passion to self-teach and find my voice in the field. When I think of how far I've come, I'm filled with an awkward mix of pride, disbelief, gratitude, and relief. Through much of this journey I've felt like I am clinging to the pole of a merry-go-round that is spinning entirely too quickly, fighting centrifugal forces to stay in the air. Family support helped to get me started. My parents weren’t rich but they both had good heads and modeled prudent financial behavior. Whatever talents I was born with were encouraged and invested in. My undergraduate education was paid for 60% by need-based grants and 40% by my parents, with meager support from my own summer jobs. So I graduated debt-free. Persistence helped at a critical inflection point. I was initially rejected by the company that would eventually pay me all this money, but I followed up a couple months after that rejection and tried again. I don’t even think they were wrong to reject me since I lacked some key skills. But someone took a bet on my potential the second time, and I repaid it by working very hard to prove they were right to do so. Income & Expenses The ensuing run-up in compensation blew my mind. My first job out of college had paid $65k, a number that was already so large as to fill my tiny 22 year old brain with relief and gratitude. I wouldn’t become a starving artist who made ends meet by SAT tutoring and go-go dancing! After grad school I earned $110k-$140k for a bit, but the leap into my current company more than doubled my annual income to $300k. From there, it more than tripled over several years, until I peaked over $1M, burned out from the stress, and switched to a relatively lower-stress and lower-paying role. I did work hard and strategize to obtain such large compensation increases, but I was also carried along by a booming market that, frankly, needed what I had to offer. Until 2021 I kept my annual expenses between $40k-$60k in the Bay Area. This was done in a hundred little and big ways, from sharing expenses with roommates and significant others, to opting for cheap-ish hobbies like hiking and gaming, to buying Goodfellow t-shirts from Target, to getting flu shots at the CVS attached to the Target in order to get $5 off the Goodfellow t-shirts, to becoming a competent home cook, to exchanging bathroom haircuts with my ex, to opting for shared-room hostels when traveling, to relentlessly compare-shopping flights, to sticking with the 9.99/month gym that played reruns of Charmed every day, to lightly dipping my toes into credit card churning, to always scanning Chipotle rewards, and to buying a used car that I’m still driving even though it creaks and is missing a hubcap. None of these things felt difficult at the time. They were the natural byproduct of a deep-seated frugality, which was itself born of a deep-seated fear of not having enough to protect myself from disaster. Frugality made me feel safe. It gave me control. Even in video games I still prefer to Scrooge McDuck with my crystals, gold, skill points, vespene gas, or whatever, which often leads to death by under-investment. But it would be wrong to say that my quality of life was poor. I’m always tickled to remember that "sometimes, things that are expensive, are worse" (wish I could share this youtube video without getting shadowbanned). And let’s be honest, Charmed still slaps. In 2021 I made an intentional decision to significantly expand my lifestyle, with the goal of increasing joy and decreasing friction. I purchased a home jointly with my best friend. I bought a grand piano, one of my lifelong dreams. I spent less time considering each purchase. I set up 529s for my niece and nephew. I have a generous party-hosting budget, from which every last cent is alchemically transformed into laughter. I eat at upper-mid restaurants regularly. I am now living a fairly luxurious life on $120k annual expenses. It’s taken a while to get comfortable with the increased spending, but my life is undeniably better now and my expenses are still dwarfed by my income. Asset Strategy My net worth consists of the following: $650k net home value $1.3M taxable brokerage, in a variety of stock index funds, the largest of which is VTSAX $850k retirement accounts, in 401k’s and IRAs, both Roth and Pre-Tax $825k company securities $300k cash, mostly in a 5.05% HYSA $75k individual stocks, crypto, etc. By far the riskiest part of this portfolio is the chunk linked to one company’s stock price. I’ve already begun de-risking here and will continue, but I think I’ve had good reasons for not doing it sooner (DM me if this is bothering you!). Beyond that, my preferred strategy has been index funds and chill. I have no desire to own lots of properties and become a landlord. I’m keeping 2.5 years of expenses as cash because I'm contemplating a career break in the near-term (see below). Why FIRE: The Ultimate Mental Health Escape Hatch I don’t hate my career. Sometimes, I even love it. Data science has exploded over the last decade and will keep evolving in weird, crazy directions over the next one. At my best moments, I authentically enjoy thinking, writing, debating, and presenting about tough analysis problems. In my position I can choose what I want to work on (mostly) and I have near-total flexibility in my calendar. It certainly isn’t always this good. In even the best companies, corporate life carries an overhead of soul-leeching that I’m eager to leave behind. I don’t want to “learn into”, “action on”, or “leverage synergy” ever again. The dark side is anxiety. Like me on this subreddit, it’s always lurking, creeping. A lifetime of harsh self-criticism and doubt leaves me with persistent fear that I’ll displease others at work, that my lackluster abilities will be exposed, that I’ll make unforgivable mistakes, that I won’t be able to sustain high performance, that I lack mathematics chops, that I can’t keep up with newcomers, and that I will ultimately prove to be some sort of charlatan. Anyone who’s dealt with anxiety understands that these fears are divorced from reality, or at least reduced into unhelpful straw-men. Yet it’s maddeningly difficult to change a brain that has been trained to think it’s in danger. I’m an insecure overachiever, corporate America’s favorite breed of worker bee. Insecure overachievers never think they’re good enough, so they push themselves to at-times unreasonable lengths to fix it. All managers have to do is set them loose and pat them on the back! Anxious people burn out twice as fast, because a great deal of the energy that should be going into the work is instead subsumed by harmful mental spirals and insomnia. SSRIs and multiple therapists have helped me to manage, but neither is a panacea. This anxiety, countless dozens of times throughout my career, has caused panic. People who are in panic go into fight or flight mode, which can lead to seemingly insane conclusions. Remember the 911 jumpers? Victims were faced with an impossible choice in the face of real danger: wait inside for certain horrible death, or jump. So they quit in their own way by jumping out a skyscraper window, a choice that might seem insane if you weren’t aware of the option they considered worse. When people face extreme mental health struggles that lead to suicide, it might feel to them like the same choice, even though it's a response to internal catastrophe rather than external. My anxiety is categorically neither of those extreme cases. But when panic took hold at work, my internal looped monologue always ended in the same place: “I can’t keep living like this. I have to escape. I need to quit as soon as I can.” You can imagine, then, how I felt when I learned about FIRE. I latched on like FIRE was Obi-Wan and therefore my only hope. Now that I’ve told you why I got obsessed with FIRE, I can also tell you that it’s a terrible motivation! Far better to address mental health problems at their root than to yeet out of a great career in order to sidestep triggers. Retiring from work would relieve a lot of distress in the short term, but it won’t fix me. Generalized anxiety doesn’t just roll over and die because the cross-functional alignment meetings dried up. Yet, the financial freedom I’ve attained in the last couple years has allowed me to blossom. Think Julie Andrews in the opening scene of Sound of Music. Because I’ve lived so far below my means, I was able to trade 40% of my income for a lower stress job without a second thought. My nest egg pays me a dividend in the form of optimism, which inspires me at random to draft ideas for the rest of my life. And my god, there are so many possibilities on that list. What’s Next Earlier in my career, when I felt boxed in, I used to obsess over the Retire Early part. Escape, get out. That’s all that matters. But my 30 year old self would be horrified to know that I’m no longer convinced about permanently retiring ASAP. Looking at the numbers today, I realize that if I made a few adjustments, even to my current lifestyle, I’d probably never have to work again. But over the years I’ve also discovered an unexpected richness in my work. A blessing of being an insecure overachiever is that I have a lot of talents and skills. I’m goal oriented. I like to be useful. All my accumulated experience can be drawn upon and extended to others at minimal cost to me. I want that to continue to be part of my life somehow, because it feels great. I also don’t want to cut off future possibilities by decreeing “I’m done forever!” and tattooing my budget on my ass cheeks. I’m probably not living in my forever house. I might meet someone and/or want to have kids, both of which would completely change the budget game. Still, after going hard in my career for 15 years with anxiety in either the passenger seat or the driver seat, my brain has addled. To borrow from Bilbo Baggins, I feel thin, like butter scraped over too much bread. My focus is shot. I thrash between tasks. Glimpses of motivation are more often hallucinations than the real thing. So I’ve decided that, within the next year or so, I want to take a 1-2 year break from my career in the form of a mini retirement. Afterward, I’d intend to return to my career in some form, hopefully with a revitalized sense of purpose, which means skill maintenance is baked into the plan. In the long term, my definitions of “career” and “employment” are going to evolve. I don’t need to have this kind of job with this high of a salary. I can write sassy opinion pieces, become a career mentor, take on contract or part-time roles doing data work I enjoy, write music, or develop hobbies with routines that feel like the best parts of work. All the while working on being at peace with myself. But I don’t feel quite… done… yet, with this career. Almost like I need to prove that I can conquer my anxiety about it and in so doing discover my final form. Perspective: Mini Retirements As annoyed as I was by some of Bill Perkins’ attitudes in Die With Zero, I continue to be moved by the core premise of memory dividends. We think a lot about compounding interest in financial terms, but life experiences also compound in value. The earlier you have great experiences in your life, the longer you get to enjoy their memory and the relationships or skills you fortified because of them. Doubly so because your energy level to take on experiences at 37 is far greater than 57 or 67. I can do a lot more now than I could later. Given my current financial position, I believe taking a mini retirement is the correct thing to do if I’m optimizing for overall life satisfaction. I’ll be able to start crunching through a huge list of wants while I have the energy of youth. Some concerned parties have wondered: “what if you, like, kept your job but, like, also had experiences?” It’s not an unreasonable admonishment. I have three thoughts in response though. 1) Big bucket-list experiences take time and deserve top billing, 2) It’s hard to fuel your dreams with the sludge remaining in your gas tank after work, and 3) It’s okay to prioritize ample rest and a true mental reset. Burnout can take a very long time to heal. A mini retirement costs a lot of money. There’s both expenses and foregone wages. On the other hand, not taking the mini retirement costs potentially irreplaceable life experiences and their dividends over decades. I’m extra convinced about this because I’ve already taken a mini retirement. A while back I quit a job to travel around the world on a shoestring budget, and I cannot overstate the disproportionate memory footprint that has had on my subsequent life. For anyone who’s pursuing FIRE, I’d strongly recommend carving out a mini retirement if you are able. The empiricist in me believes there’s no better way to understand how you will be during retirement than to simply try it out. In 2024 I think fears about 1-year resume gaps are a bit overblown, at least in my industry. Interviewers seemed genuinely interested to hear about what I did while I was unemployed, because I did cool stuff. Perspective: The Frugality Muscle I like to think of frugality not as a personality trait, but as a muscle. If you exercise that muscle a lot, frugality doesn’t feel hard. It becomes a routine. It’s just how you live. I’m a goal oriented person, so I’ve at times made a game out of spending less too. In 2021 I made a choice to double my expenses. But I’m determined to keep my frugality muscle in shape. I’m never planning to stop optimizing flight prices. I want to keep furniture shopping on eBay or Facebook marketplace to find deals. Target is still my bitch. I do all my laundry and cleaning even though I could afford a housekeeper. Keeping up my frugality muscle is what gives me confidence that I can adjust downward if times get hard. Perspective: Safe Withdrawal Rates Given what I’ve said above about mini retirements and the frugality muscle, I’m not too preoccupied with picking exact or static SWRs. I am anticipating change, and flexibility makes FIRE plans much more resilient. I like the Rich, Broke, or Dead calculator to help evaluate. 27-30x expenses is a very strong launch point for any FIRE plan, and I’m just starting to touch that range. If the market takes a serious turn soon, I have recourse. One, I can return to work. Two, I can reduce expenses. Like maybe that year I won’t spend $300 on a totally rad “bear market” costume for Halloween. I have other tailwinds to help. One is that a huge portion of my expenses are housing payments, which are inflation-resistant. Another is that I’ll eventually get something out of Social Security, and may get a bump from inheritance (though I hope my parents spend as much of it as they want). Perspective: Mistakes While it’s hard to argue with my current result, my FIRE mechanics have been far from optimal. If you’re anxious like me you might snort awake in the middle of the night thinking “why didn’t I put $100,000 into the stonk that 10x’ed, before it 10x’ed?? I’m so stupid!” and then take a tiny little Xanax to forget, and then whisper a prayer to our Lord Mogul John Bogle before sweet oblivion’s embrace. I’ve made my share of mistakes: Not knowing much about investing early on, I sent all my 401k contributions into Target Date funds and left them there for a very long time. I also chose a set of taxable index funds that were off the beaten path, thinking it wouldn’t really make much of a difference. These have all meaningfully underperformed the S&P 500. It took me too long to wisen up and critically evaluate my rate of return. I got caught making some impulsive crypto decisions at the peak of hype, which cost me $15k within a matter of months. I paid off a large chunk of low-rate student loans in a lump sum payment because I couldn’t wait to be done with them. It wasn’t optimal, but I forgive myself! I left my accounts alone for a couple quarters only to realize that I still had lots of cash in settlement funds and not investments. I didn’t fully understand how property taxes worked when I bought a house, and I ended up missing a payment and getting fined. Perspective: The Hedonic Treadmill Years ago I got into a long discussion with a best friend about the hedonic treadmill. The literature indicated that big lifestyle changes lead to temporary increases in happiness, but that happiness eventually reverts to a baseline level more to do with the person's temperament than their circumstances. If that’s true, it implies that being born very wealthy leaves you almost no opportunity to get joy from an improved lifestyle, unless the frontiers of technology and services themselves extend. Your expectations started high. It also suggests that one way to help maximize happiness and memory creation is to start low-ish and periodically, selectively, upgrade your life, or splurge. Don’t do it all at once. Don’t do it until you can afford it sustainably. But do it in measured increments, little stairs to heaven. Here my thinking may diverge from the classic FIRE mantra of set-and-forget your lifestyle. Within the context of FIRE, it might mean you’d want to start with a lower withdrawal rate, and gradually bump it up as you get older. In all likelihood, your asset base will grow to support it. Conclusion… For Now I love this community. It’s like they took all the children who waited for 2 marshmallows in the Stanford Marshmallow Experiment and sent them to summer camp to come up with a practical philosophy of living and happiness. At the scale of decades, delay of gratification takes an enormous amount of willpower and discipline. The rewards on the other side can be incredibly sweet, and all the more so for the effort it took to achieve them. If you're on this path, in any shape or form, you're already doing great. Once, an acquaintance took a critical eye towards my path in conversation. Paraphrasing: “You’ve worked so hard and you’re making so much money. Isn't it a little masochistic to not let yourself enjoy what you worked for? Why put up with the stress if you’re not going to buy things with your money?” Although I didn’t say it at the time, I can now conclude reflectively that I did in fact buy something. I bought the biggest thing I could buy. I bought the rest of my life. submitted by /u/FirstFireThenSlay [link] [comments]

  • The Official 2023 Survey Results Are Here
    by /u/Melonbalon (Financial Independence / Retire Early) on May 5, 2024 at 8:53 pm

    Mike you can stop asking because… The data for the 2023 survey is now available. Woot woot. There are multiple tabs on the sheet: • Responses: The survey results after I did some minimal clean up work. • Summary Report – All: Summary that the survey software automatically kicks out (this is what folks were seeing after taking the survey). • Statistics – All: Statistics that the survey software automatically kicks out (this is what folks were seeing after taking the survey). • Removed: Responses that I removed as either suspected duplicates or because they were almost entirely blank. • Change Log: My notes on the clean-up work I did. And if you want some history, here are the prior results. I’m also linking the old Reddit posts when I released the data, you can see the old visualizations linked in those if you’re so inclined. 2022 Survey Results/ 2022 Response Post 2021 Survey Results/ 2021 Response Post 2020 Survey Results / 2020 Response Post 2018 Survey Results / 2017 Survey Results / 2017 Response Post 2016 Survey Results / 2016 Response Post Note: The 2016 - 2018 results are partial - all respondents were able to opt in or out of being in the spreadsheet, so only those who opted in are included. 2016 also suffered from a lack of clarity in the time period responses should cover, which was corrected in later versions. And if you really want to see a blast from the past… Here’s the very first survey that was ever posted And here’s how I wound up in charge of it… And here’s what we originally all wanted to get out of this thing. Reporters/Writers: Email redditfisurvey@gmail.com or send this account a private message (not a chat) with any inquiries. submitted by /u/Melonbalon [link] [comments]


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