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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.

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:
- legit side money ideas
- Financial Independence (FIRE)
- extra cash
- money making online
- bitcoin
- cryptocurrency
- stocks
- NFTs
- options
- entrepreneurship
- legit side hustle
- money making ideas
- money making from home
- bier money
- make money from web scraping
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:
- Programmers can make money by developing new apps and selling them on app stores like Apple’s App Store or Google Play.
- Developers can create websites or online courses teaching others how to code or use specific software programs.
- Software engineers can offer consulting services to companies who need help designing or improving their systems.
- Geeks can start a blog about their favorite topic (technology, science fiction, gaming, etc.) and make money through advertising or affiliate sales.
- 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….
- Affiliate Marketing.
- Selling on Amazon, eBay, Etsy, and Craigslist.
- Blogging.
- Niche E-commerce.
- Your Own YouTube Channel.
- Selling E-books.
- Develop Apps.
- 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
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- How To Make $1000 Per Month From Bloggingby Levente (Passive Income on Medium) on May 29, 2023 at 8:58 pm
The Potential of Blogging as a Source of IncomeContinue reading on The Side Hustle Club »
- Reselling is a Scam — Better ways to make moneyby Konstaleyn (Money Making Ideas on Medium) on May 29, 2023 at 5:03 pm
tired of those whack rep reselling scams and the ridiculously high prices on TikTok accounts claiming you can hustle fake stuff for major…Continue reading on Medium »
- Work From Home With AI: Passive Income Range Of $1000-$2300by Ungureanu Madalin Marin (Passive Income on Medium) on May 29, 2023 at 4:51 pm
In the era of remote work and technological advancements, working from home has become increasingly popular. Many individuals are now…Continue reading on Generative AI »
- Passive income with Aimedis Globalby J. Amann (Passive Income on Medium) on May 29, 2023 at 4:38 pm
A great way to earn some great passive income with the aimedis dApp by staking the native project token AIMxContinue reading on Medium »
- 10 Easiest Ways to Generate Passive Income Onlineby Satyam Darmwal (Passive Income on Medium) on May 29, 2023 at 4:24 pm
In today’s digital age, the internet provides countless opportunities to generate passive income. Whether you’re a student, stay-at-home…Continue reading on Medium »
- Discover Secret KDP Niches FAST With The Amazon Search Barby DannyOnDemand (Passive Income on Medium) on May 29, 2023 at 4:22 pm
In the vast marketplace that is Amazon, the secret to discovering profitable niches often lies in the search bar. The search bar is more…Continue reading on ILLUMINATION »
- Unlocking Your Earning Potential: How to Make Money on Medium in 2023by Khodges (Passive Income on Medium) on May 29, 2023 at 3:58 pm
Medium, the popular online publishing platform, offers writers a unique opportunity to monetize their content and turn their passion for…Continue reading on Medium »
- The Power of Passive Income: Building a Sustainable Passive Income Systemby Bima Purnawan (Passive Income on Medium) on May 29, 2023 at 2:36 pm
Introduction: In an era where financial independence and freedom are highly sought after, the concept of passive income has gained…Continue reading on Medium »
- Unleashing the Power of Your Faceless YouTube Channel: A Guide to Effective Promotionby Online Earnings Elite (Passive Income on Medium) on May 29, 2023 at 2:27 pm
IntroductionContinue reading on Medium »
- "20 Lucrative Ways to Generate Passive Income in 2023"by Fozia Niazi (Passive Income on Medium) on May 29, 2023 at 2:10 pm
Continue reading on Medium »
- Unlocking Financial Freedom: Top 10 Passive Income Ideas for Wealth Creationby Earn and manage money (Passive Income on Medium) on May 29, 2023 at 2:06 pm
In today’s fast-paced world, traditional employment alone may not be sufficient to secure the financial freedom we all desire. The concept…Continue reading on Medium »
- How to start an online business and make money: Tips and Tricksby Matthewsnicholus (Money Making Ideas on Medium) on May 29, 2023 at 1:45 pm
I. IntroductionContinue reading on Medium »
- Daily FI discussion thread - Monday, May 29, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 29, 2023 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]
- Exploring the Vast Realm of Online Earning: Diverse Ways to Make Money on the Internetby Aakif Usman (Money Making Ideas on Medium) on May 29, 2023 at 5:28 am
There are numerous ways to earn money online, and the number of methods continues to expand as technology advances. Here are some common…Continue reading on Medium »
- Get $4,715+ Free Money-Making Bonuses Today With Rapid Profit Machine!by Software Advice (Money Making Ideas on Medium) on May 29, 2023 at 2:54 am
Hey! Never Worry About Wasting Your Valuable Time Again.Continue reading on Medium »
- Get $4,715+ Free Money-Making Bonuses Today With Rapid Profit Machine!by Software Advice (Money Making Ideas on Medium) on May 29, 2023 at 2:53 am
Hey! Never Worry About Wasting Your Valuable Time Again.Continue reading on Medium »
- 101 Passive Income Ideas To Start Nowby Geetha (Money Making Ideas on Medium) on May 29, 2023 at 2:37 am
If you are someone who wants to make money online 24x7, but seriously lacks knowledge about passive income ideas floating around the…Continue reading on Medium »
- Does it make sense to utilize a 529 prior to maxing all retirement accounts?by /u/Jr712 (Financial Independence / Retire Early) on May 28, 2023 at 10:01 pm
I have a 2 year old and am considering opening a 529 account. Currently my spouse and I max out one 401k and 2 backdoor roths. We have enough additional income to partially fund the other 401k or a 529 but not both. The other 401k is a solo 401k for my spouses business so we would be making Roth contributions due to the QBI tax deduction. I'm wondering if we are best off sticking the funds in the other 401k and then using a combination of cash flow and Roth IRA contribution withdrawals to fund our child's future college rather than utilizing a 529. FYI we live in a state with no state income tax so no benefit to the 529 there. Reasons: 401k has slightly better long term spend flexibility 401k won't affect our child's financial aid eligibility, although if we haven't retired early by that time then our income will probably disqualify any aid anyway. Thoughts? Editing to state what I've already said to multiple commenters. I'm on track to FIRE well before 50 regardless of what I do with these funds so it's not really a question of "should I rob my 401k to fund my child's college expenses" and more a question of "where am I best off parking these extra savings which will be used to help with college either way". submitted by /u/Jr712 [link] [comments]
- Lack of motivation after FIRE. Is this common?by /u/livelyyyyboat (Financial Independence / Retire Early) on May 28, 2023 at 7:04 pm
I'm 40 and have enough to FIRE. Got 2 young kids and still in a job. However these days I don't feel like doing anything. Making any more money has become meaningless. After spending 20 years of hard work trying to get here, I suddenly feel no purpose or motivation to do anything. Has this happened to others? How did you overcome it? submitted by /u/livelyyyyboat [link] [comments]
- How am I doingby /u/SwingComfortable7180 (Financial Independence / Retire Early) on May 28, 2023 at 3:27 pm
This is a throwaway account. I have been reading the FI subreddit for some time but first time posting 38 years old, married with 2 kids, single income Current expenditure after tax is between 90-100k p.a. of which 29k is housing related. split 50:50 between interest payment and amortisation on our house which we bought for 1.6m and we have 1.14m in mortgage on it. We fixed the mortgage is 1.3pct p.a. for 10 year which has 5 years remaining. In retirement savings we have 128k, in cash we have 417k (i dont buy just indexes and hope to be fully invested within end of the year). In stocks we have 2.7m all in all a net-worth of 3.7m what concerns me is I will likely pay twice as much as i currently pay in mortgage payments in 5 years time, although i plan to put some cash aside between now and then to pay the principle down or alternatively stop working and move else where and I have two young kids who also in about 5 years will likely got to a private school which is and additional 25k a year Given a likely further increase in my living expenses in 5 years time, does RE make sense this year? thanks submitted by /u/SwingComfortable7180 [link] [comments]
- Unveiling the Future: Cryptocurrency’s Rise and Evolutionby Dharmesh (Money Making Ideas on Medium) on May 28, 2023 at 3:24 pm
Introduction:Continue reading on Medium »
- Anyone else planning for more control over how and when their life ends?by /u/GotTheC0nch (Financial Independence / Retire Early) on May 28, 2023 at 2:36 pm
After watching several 85+ year olds close to me die slowly (at extreme expense), I began reading about ways to improve my chances of ending life on my own terms. I don't judge others for how they navigate their end of life decisions. These decisions are tough, and their decisions are none of my business. But I'll be damned if I'm going to spend my last $X00,000 prolonging an increasingly uncomfortable life that I've concluded is no longer worthwhile. I obviously can't guarantee myself full control over how and when I die, but I'm taking comfort in having several plans that greatly reduce the chance that I painfully dwindle toward death more slowly than I'd like. For some loved ones, I've watched this painful dwindling take years. submitted by /u/GotTheC0nch [link] [comments]
- Money making with basketball — the best ways to make a lot of money by being an basketball fan (if…by Konstaleyn (Money Making Ideas on Medium) on May 28, 2023 at 1:11 pm
Yo, basketball lovers! Want to turn your passion into some serious cash? Get ready to learn how to stack cash with your hoop skills. It’s…Continue reading on Medium »
- Just a reminder that the 4% has been revised to 4.7%, by it's creatorby /u/supremelummox (Financial Independence / Retire Early) on May 28, 2023 at 10:50 am
https://www.thinkadvisor.com/2022/05/09/bill-bengen-revises-4-rule-says-to-cut-stock-and-bond-holdings/ The active subscribers probably know this, but it's specified as the 4% rule in most of the wikis, so it was a big surprise to a new subscriber like me. And it does make a big difference to the time I'll need to be working. Update: One more article for the nay sayers https://www.kitces.com/blog/how-has-the-4-rule-held-up-since-the-tech-bubble-and-the-2008-financial-crisis/ submitted by /u/supremelummox [link] [comments]
- Bond ETF=roller coaster ride....by /u/Master-Entrepreneur7 (Financial Independence / Retire Early) on May 28, 2023 at 10:33 am
Put 40% of portfolio in well rated ZAG canadian govt bond ETF in March to use for stable retirement income/capital preservation. Value has dropped 3.4% in 2 months (correction from original post). Interest rates have been stable so I'm surprised. I know April CPI was higher than target so is this an anticipatory drawback? If so, then bond etfs are much less stable and prone to market swings/sentiment than I expected. Doesn't this volatile bond ETF model defeat the whole purpose of bonds in portfolio? Would holding on to recoup initial investment value, selling ZAG, then purchasing laddered bonds directly be a better plan for stability? If I wanted this kind of volatility, I would have gone all in on equities... *Thanks for the insights. I mistook total value drop for percentage. It is actually 3.4% not 10%. Not as bad as I thought but still seems a big swing in a short time. I am a new investor so maybe overreacting. submitted by /u/Master-Entrepreneur7 [link] [comments]
- HoneyGain: Earn Free Cash While You’re Online!by Poldtp (Money Making Ideas on Medium) on May 28, 2023 at 10:14 am
Are you interested in learning how to earn extra money with ease? Then you should definitely give HoneyGain a try! HoneyGain is an…Continue reading on Medium »
- Daily FI discussion thread - Sunday, May 28, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 28, 2023 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]
- What is Drop Servicing || How can you make Money through it in 2023by Lovekaran Singh (Money Making Ideas on Medium) on May 28, 2023 at 8:58 am
Drop Servicing: The Best Way To Make Money Online In 2023Continue reading on Medium »
- What are your recommendations for our financial plan moving forward? We are just starting outby /u/ExtentImpossible4416 (Financial Independence / Retire Early) on May 28, 2023 at 5:27 am
Long post. My wife and I both grew up poor and have next to zero financial knowledge. I’ll give a little background about where we’re at, what we have planned for the next few years, and I would really appreciate advice and suggestions about where we should go from here. Background of where we are at now: My wife and I are both 26 and have no kids yet but plan to within the next few years. I’m military (E-4, ~3k with my special pays after tax) and my wife is about to start a GS-6 with a locality pay that brings her a little below 50k/annually. We have 25k student debt in the government loans for my Bachelor’s and my wife’s nursing program, however, it would all go away if student loan forgiveness is upheld this Summer. Not really counting on that, though. We are about to start a $140-160k mortgage (still deciding down payment) on a property and home of about $250k in value. We got a big family discount and intend to hold on to this home as our family home once we get back full-time in 6-10ish years. Both of our cars were paid in full with cash and are good for the foreseeable future. We presently live in base housing so our housing and utilities are a set amount each month and removed from my check. The home that we are in the process of inheriting/buying will have a house payment around $1,300-$1,500 for 15 years depending on the home insurance we’re able to find and if we’re able to get the property tax discount. It will have a mid 5% APR. We would like to pay this down quickly and we estimate we could probably do so in 7-10 years. In addition to my wife living in the home while I’m on deployments and such(she will take a leave of absence from her main job, will likely do short term contracting for a higher wage during this period) a sibling of mine will be staying in the house full-time as a caretaker until we return in a few year and they will be paying around half of total payment plus utilities. Raising the rent any higher for them is not something we will consider. I’ve recently started receiving TSP match for my military retirement account and only recently began contributing meaningful amounts for my portion. I’ve got it going with 5% Roth and the government matches 5% (which goes into traditional I believe) so I have 10% (~$300) of my pay going into TSP each month. To date it’s about $2.5k. My wife is beginning her federal job soon and will also have access to starting a TSP. We will have around 15k left in a MMSA account that has 1.1% APY after our down payment for the home. After taxes, my Roth contributions(wife hasn’t started her TSP yet), and all of our bills are paid we’ll have between $6,000-$6,500 extra each month. That doesn’t include home owning costs which will start in late Summer. After including my sibling’s rent ours will be ~$750 per month at the highest. Where we see the next few years: I have a little less than 3 years on my current contract but I’m considering a 3 year re-enlistment if the proper conditions are met. I’ll be promoted to E-5 in less than 2 years and then E-6 if re-enlist. I then intend to switch over to the reserves as an E-5/very close to E-6 or commission if the timing allows. It would depend upon unit location, school start, and healthcare costs. It will be hard to give up Tricare with a family, plus I’m content staying in the military until reserve retirement or until I get my professional career up and running. Once I get out I intend to go to medical school (I’ve been accepted to one in a low COL area, will immediately commission into the reserves in a program specific to medicine with this option) or law school (will only consider the top few schools and they are mostly in high COL, will most likely stay reserves until around graduation). We intend to buy a home in whatever city I do one of these programs in. The GI bill has a good housing allowance(E-5 BAH at school zip code) and the entirety of tuition for all of the schools that I’m considering. I plan for us to have a significant amount of savings by this point and my wife plans to work at least part-time (if we have kids by then) while I’m in school and she might be around a GS 7 or 8 by this point, or she might switch back to contracting. She wants to take off a few years after I finish professional school to stay home with the kids when they are young. I absolutely support this and it’s possible that she never returns to work. I’d like to switch down to part time work in my late 40’s/50’s. We plan to see a financial advisor on base within the month for a short term plan but I’m interested in a variety of recommendations and outlooks for our long term plan. Where to we go from here? What are some benchmarks for savings that you recommend for our situation? What do you recommend for our TSP contributions? What timeframe do you recommend for paying off the house? What extra investments do you recommend? What are your recommended financial literacy resources? Basically, where do we go from here? submitted by /u/ExtentImpossible4416 [link] [comments]
- Lonely millionaire in Alaska - advice neededby /u/Critical-Flounder-78 (Financial Independence / Retire Early) on May 28, 2023 at 4:10 am
Hi there, I’m a family doctor who decided to move to a remote oil town in Alaska about 8 years ago. The bonuses for working here are insane (and the taxes are low). In a typical year I gross $800,000 in earnings which compares to an average ~$200,000 income of a family doc in New York State. Once you consider professional overhead expenditures, taxes, and living expenses, I end up with about 15 times more “retained wealth” at the end of the year by living in this community than I would in New York. The problem is that I’m pretty damn lonely here. My life is work, 7 days a week. I miss my family (parents, siblings, nephews and nieces) in New York. No luck with meeting people or starting a family of my own here (so far). I am 35 this year. I’m further tied down by the fact that I decided a few years ago to pour about $2 million into developing a big 5000 sq. foot Medical Center here. I do love managing it and I love my employees. It’s become a profitable venture. Most of the other health professionals in town have set up shop at my center and I take a percentage of their overhead income. I also lease out space (at a premium rate) to a pharmacy and physio clinic. In addition to having this medical center as an asset, I’ve also saved up about $1.5 million and have it invested all in low cost index funds. Technically, I could get the best of both worlds by visiting my family in New York, but it’s an exhausting trip that I can’t do more than a couple of times a year. How much longer should I stay here? The money is so damn good, I love my job, I love running a medical center. But I feel desperately lonely. (NOTE- my future financial goal is to build a similar medical centre in New York near where my family lives The problem is that Property is crazy expensive in that place. To buy a decent quality 5000 ft.² facility, it would be about $3 million at least). submitted by /u/Critical-Flounder-78 [link] [comments]
- Daily FI discussion thread - Saturday, May 27, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 27, 2023 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]
- Pensions, WEP/GPO, and Social Securityby /u/ChillyCheese (Financial Independence / Retire Early) on May 26, 2023 at 10:40 pm
My spouse has around $100k in refundable contributions to a state pension, for a job that did not pay into social security (California Teachers' Pension). This was about 16 years of service into this pension, and she has left the state and will never contribute to it again. We plan to retire in about 5 years, and she'll have maybe a few years of total contributions to social security from other jobs. Due to Windfall Elimination Provision law, if she attempted to collect half of my social security at retirement age, her pension would reduce the amount to nearly $0. If I die before her, the Government Pension Offset would likewise reduce her ability to collect my social security significantly. Her pension has around a $25k/year annuity value now, and will not get inflation adjustments until she starts collecting it at age 60. At that point it gets a 2% p/a inflation adjustment but only on the original benefit amount, not compounded. So 20 years from now I expect the real value to be about $15k/year, with decreasing value every year. From my understanding, if she requests a full refund of all pension contributions it will be like she never had pension. She can then roll those funds into her 403b and invest as normal, maintaining the tax-deferred status. At retirement age she should then be able to fully claim half of my SS, and not be affected by WEP/GPO. Between 4% withdrawal of the future value of $100k, and the pension amount, I think it's about break-even. Add on getting half my social security, and it seems like a no-brainer to refund the pension. There have been some hints of bills that would get rid of WEP and/or GPO, but they seem to have died a few years ago. Who knows if they'll come to pass in the next 20 years. Anyone who is more knowledgeable in this space that can double-check my plans? submitted by /u/ChillyCheese [link] [comments]
- Madfientist: The Problem with the 4% Rule (and Why You Could Retire Even Sooner)by /u/bonafide_bonsai (Financial Independence / Retire Early) on May 26, 2023 at 1:18 pm
https://www.madfientist.com/discretionary-withdrawal-strategy/ This challenges much of the thinking that a sub-4% withdrawal rate is necessary for early retirement. Main points: Early retirees can still find work if needed if things go south The 4% rule is actually 4.8% for a 30-year retirement, so likely about 4% for a 40-year+ retirement Discretionary spending further revises this calculation upward. As an example, if 20% of your withdrawal is discretionary, you are likely closer to a 4.25% withdrawal rate submitted by /u/bonafide_bonsai [link] [comments]
- Daily FI discussion thread - Friday, May 26, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 26, 2023 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 much of your net income do you save?by /u/Strang3r_Online (Financial Independence / Retire Early) on May 26, 2023 at 1:32 am
I’m curious how much of net income others put into savings account. I’d like to get an idea of how much others put into it. Currently cash I have excluding my liabilities and investments is about a years worth my monthly expenses. Majority of it is in checking, got about three months worth in a high yield savings account. A few CD’s. I was thinking of putting more of my money into the high yield savings account. Say roughly half of my cash. Or do I keep majority if it in my checking? It’ll hedge a bit against inflation, if taxes don’t go crazy on the interest I make. submitted by /u/Strang3r_Online [link] [comments]
- Simplifying Rent vs Buy using the SWRby /u/vora9122 (Financial Independence / Retire Early) on May 25, 2023 at 7:34 pm
If one believes in the workings of a SWR, can we simplify the rent vs buy equation this way (at-least financially) with the assumptions I mention below. If Rent < (SWR+Property Tax+Maintenance+HOA)*Purchase amount, then you should rent otherwise buy? or am I missing something here? For example: if your SWR is 3.75%, Property Tax is 1.25% and Maintenance is 1% and HOA is 0; if your rent is < 6% of the purchase price it makes more sense to rent. Assumptions: You magically acquired the money to purchase the house (i.e no financing, no opportunity cost for the downpayment, no benefits of leverage etc.) Forever home Ignore closing costs Rent and property value keeps pace with inflation If you rent you would invest the money in an ~ 70/30 portfolio submitted by /u/vora9122 [link] [comments]
- Any good calculators for defined benefits retirement plan (aka "traditional" pensions)?by /u/TheAmericanIrishman (Financial Independence / Retire Early) on May 25, 2023 at 6:51 pm
So my situation is a little bit unique. When I was hired by my company 12 years ago, they were in the middle of a transition from a traditional pension plan to a more normal (by today's standards) 401(k) plan with company match. There was a narrow band of people who were hired in the middle of the transition who were grandfathered into the old plan while also being eligible to participate in the 401(k) matching, and I was one of those lucky people. Unfortunately, I have a hard time thinking through how I should value my pension in my overall progress-towards-retirement portfolio. I can run a simulator in the tool that says "if I keep working X years and get an average raise of Y% every year and retire at age Z, my monthly pension payment will be P" but I'd prefer to automate the process with some kind of calculator using the company's pension formula that I can update in real time. Then I'd be able to run Net Present Value calculations on the future cash flows to calculate my progress towards FIRE. Open to suggestions. submitted by /u/TheAmericanIrishman [link] [comments]
- freelancer in live entertainment industry - need more tax advantaged accounts! & general freelance discussion...by /u/throwawayFI_ (Financial Independence / Retire Early) on May 25, 2023 at 6:36 pm
hello! throwaway account! I've been reading the FI sub for years and have been trying to apply it to my own situation. Looking for some help and insight from the sub! Basic about me: 30F living in VHCOL city working in entertainment- concerts, theater, events, etc. Income/Employers: Every year my income is spread amongst 20-30 employers, some as an employee (W-2) and some as an sole proprietor (1099). Some employers will stay the same, some will be 1-single year only. Total income range is between 100-140k a year, mixed between W2 income and 1099. None of my W-2 employers provide 401ks or healthcare plans. I always max my Roth IRA and I have an individual 401k setup for my self-employed income. However, in a typical year my income is usually 85% W2 and 15% 1099, so the amount I can contribute to the i401k is not a lot. I self pay for a healthcare plan that is unfortunately not HSA compatible, despite a very high deductible... There is some opportunity for employer matched annuity via the union- but I am not typically in control of when I am on a union contract, and when I am not. I have looked into creating an LLC and trying to convert my W2 income to 1099 so I can contribute more to the 401k- but it would require me to carry insurance and I think I would end up paying more in self-employment tax. As a result, I've been doing all my investing in my non-tax sheltered brokerage account. Any tips or ideas for ways to grow wealth in a better way? Thank you!! ---- As a side note, I haven't seen many posts here from fellow freelancers (though I know I have some colleagues who share a similar mindset!) I think it is a path that is very aligned with the principles of FI - though without the safety of a regular paycheck. As a result, I tend to keep more in my emergency fund than normally suggested by the sub (~30% cash & 8% fixed interest CDs/Bonds). I know that the cash is actively losing money, but because I can't predict exactly how much I will make each year (and COVID completely stopped work for 1-2 years) it feels important to keep at least a year's worth of expenses in fluid cash. While there is less security, I really enjoy the freedom over my schedule. I'm able to do some work remotely and if I want to take time off, I just don't take any work in that period. There has been a big journey of self-valuation and self-growth in realizing what my time is worth. I've had to learn how to advocate for myself. thank you for reading! curious if there are others in the sub with similar experience submitted by /u/throwawayFI_ [link] [comments]
- [25m] Have I been investing too much of my money? Need advice.by /u/ridlehprime (Financial Independence / Retire Early) on May 25, 2023 at 5:50 pm
I graduated college and started working in 2020 making 65k. Not knowing what to do with all of this money, I did some research. I followed the personal finance flowchart and discovered FIRE. Since then I every paycheck I've put a portion into savings, some into checking and the rest into investments. When I told my parents this back in 2020, they were fine with it. Though they warned me not to "put all of my eggs into one basket" and invest in real estate as well. I did not, and still not, want to get into real estate since in my mind putting money into an index fund every 2 weeks is significantly easier than dealing with real estate. Fast forward to today and I have close to 100k total across all investment accounts (roth ira, individual stocks, and taxable brokerage. Job does not offer a 401k) and 12k in my savings account. I told my parents about this, as this was a great milestone to hit, but they were more shocked than happy. They told me that i've put too much into my investment accounts and that by this point I should've had easily more than 50k in my savings account, because if/when an emergency happens the money in my investments won't save me. I told them I have 12k in savings, and that's more than enough to cover living expenses and emergencies but they wont budge. They see investing as gambling your money more than anything else. I think there's value in their advice, given that they have more years of experience paying bills and dealing with money than I've been alive, but at the same time I believe this is the best thing I can do right now in terms of helping future me financially. I recognize that I will (probably) never get this opportunity again to save so much of my money once I move out and have to deal with rent and bills, so it makes sense to try and save/invest as much as I can. Its not like I've been forcing myself to live off of 100/week, I very often splurge on uber eats, video games, clothes etc. because everything left over after I save and invest can go towards whatever I want. So sorry if this was too long, I just wanted to reach out to the FIRE community to get different perspectives/opinions on my situation, and what I can be doing better moving forward. submitted by /u/ridlehprime [link] [comments]
- Can someone educate me on a back door Roth IRA?by /u/Nudol (Financial Independence / Retire Early) on May 25, 2023 at 3:48 pm
So I understand that a Roth IRA has a income limit and once you pass that, you are not allowed to contribute. A back door Roth IRA is just converting a Traditional IRA to a Roth IRA. So you would open a Tradition IRA then put the money in that then converted to a Roth right away. So what I am confused on is; would this be a one and done type of thing? Such as, once you do this conversion, are you able to freely invest in the Roth? OR would you need to do this process every year? This leads me to my next question, What if you already have an existing Roth IRA? Would you just transfer the money from the backdoor Roth to your primary Roth account? Lastly, if you do just transfer money each time. Then what happen to the conversion account? Would you open a traditional, convert, transfer, then re-convert the "back door Roth" account back to a traditional then wait until the following year to repeat the process? Thank you for any explanation!! submitted by /u/Nudol [link] [comments]
- Daily FI discussion thread - Thursday, May 25, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 25, 2023 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]
- Need guidance towards financial independence.by /u/Fun-Event3474 (Financial Independence / Retire Early) on May 24, 2023 at 10:23 pm
I would love to get some insights and advice from the folks at FI on my current situation and how to put myself on the path to a stronger financial footing. I am currently making 130,000 USD a year (and I expect that to go up to 170,000+ USD sometime during the summer). I am single, 39 years old and here is what I have thus far (I finished grad school in 2019, so haven't much savings, having worked only for 3 years and 8 months to this point): Debt: Two personal, family loans (7250 USD and 2750 USD) @ 0% being returned to bit by bit on a monthly basis (500 USD per loan every month) Amex personal loan of 8750 USD @ 6.98% for 3 years. 20000 USD personal loan @ 7.44% taken out for family that is being repaid at 620 USD per month (13765 USD principal remains, and although I am paying this, this is money I will get back in its entirety in the next 1-2 years). Accounts: I have a 403(b) from a previous employer that has around 19000 USD in stable, not very risky funds parked at TIAA. I have a Roth IRA that I had rolled over from an employer's 401K back in 2014, which was essentially dormant while I finished grad school, but I am contributing to again. I maxed it out for my AGI last year and will continue to do so going forward. Current balance is around 11000 USD. I have access to an HSA only from October of last year, which has been promptly maxed out and will again be this year and going forward. Current balance is 5200 USD. My current employer's 401K is matched up to 4%. I am currently contributing 5% (which I have changed to 7% as of yesterday) and the current balance is 5850 USD. It is parked in a 1980 target-date fund for now, but I intend to change the asset allocation as soon as I get some advice. I lucked into some crypto investments in 2020 when there was a boom, so there is approximately 10000 USD there. Have since not invested anything in crypto. I have 1600 USD put away in emergency funds and add to that on a monthly basis as much as I can. I have around 25000 USD invested back in my home country and is being managed by a knowledgeable person whom I trust implicitly. That is something that is not going to be touched and will continue to be re-invested. Lifestyle: I live well below my means, don't have any extravagant spending (and the debt was due to a divorce, before which I was 100% debt free), and will continue this lifestyle for the foreseeable future. My expenses come to 3000 USD per month, give or take a few hundred here and there (without taking into account the debt payments). I don't have credit card debt, and whatever expenses go on there are paid off in full every month. Questions: I know I am not maxing out my retirement vehicles and would like to do better. I am struggling to find a balance between paying off the debt versus putting the same money into investments, especially since the personal loans are 0%. While I don't have any intentions of retiring early entirely (considering my personality and how I would get bored, and also I love the work I do, so no issues there), what other steps can I take to make myself financially secure? I would like to purchase land and build a house (or just buy a house) a few years from now and I estimate that I will not be spending anything more than 500,000 USD (which is going to be my absolute maximum). I would definitely appreciate some advice in saving towards a downpayment, how much, any investments etc. So, to round this off, I would love any financial tips and advice you folks can give me. If you have questions about what funds are in the HSA, 401K, 403(b) etc., do let me know and I will provide that information. Thanks in advance for reading and taking the time out. submitted by /u/Fun-Event3474 [link] [comments]
- psychological more than anythingby /u/Personal-Selection47 (Financial Independence / Retire Early) on May 24, 2023 at 6:54 pm
This is a throwaway account and username. Have a been a long time follower of this forum and have been following MMM for some time, amongst many others. I'm in a predicament that may be more psychological than anything, but find myself just constantly thinking about our situation and the "what if" scenario. Long story short: Most recently my wife and I have been trying to reach FIRE before the age of 50. We are both approaching 40 this year and have been working the past 10 years. We are both in the healthcare field and our take home is ~ 300 k/year, although this has been the 3-4 years. We started off around $180 K/year. Student debt has also been paid off in the first couple of years. Currently we have roughly around $1.2 million , which encompasses around $600,00 as retained earnings in my corporation, and the rest in various retirement accounts, in addition to non-retirement brokerage. We were currently on the hunt for a home since we are currently renting, but we were finding ourselves financially out of the situation since it involved delaying our plans for a early retirement. My wife's father, a very wealthy and generous man, has offered to give his daughter $500,000 as a early inheritance. His thinking is that he would rather be alive to see us spend the money wisely instead of passing it on when he is no longer with us. We are truly grateful for this gift, however, the caveat for this money is that it must be used for a primary residence, in addition to no mortgage being taken out for the home (he never took one out for his family when younger and is all in the thought process of paying cash for a home) We have found a home that we love and are findings ourselves having to put in ~ $340,000 of our own money, in addition to the $500 K being given to us. Unfortunately the area we live in, in addition to the school district we want the kiddos to go to, this is where we wish to be long term and don't wish to look anywhere cheaper, plus it is closer to my parents home and childcare has been very helpful while we both work. We will be mortgage free, but why do I have this ridiculous feeling as though I have jeopardized our FIRE plan? I have read multiple posts and threads that say that it is foolish to pay down a mortgage since investing in the markets long term always wins out in the end. I had the same thought process too, until we had this pile of cash being given to us but with the attached caveat of it being used to buy a home without a mortgage.....I feel like it would have been a stupid idea to say no. Am i just foolish thinking this way. Should I have done things differently? submitted by /u/Personal-Selection47 [link] [comments]
- Weekly Self-Promotion Thread - Wednesday, May 24, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 24, 2023 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, May 24, 2023by /u/AutoModerator (Financial Independence / Retire Early) on May 24, 2023 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]
- At what point/number did you realize everything was going to be ok?by /u/jsc118 (Financial Independence / Retire Early) on May 23, 2023 at 11:16 am
I’ll start Mid 30s here. Own home with small mortgage considering the HCOL I have been grinding it out hard the last couple of years where no amount of money invested felt like enough but as of today, I am just shy of 600K invested and have a second property that conservatively has around 200K in equity I am far from done or where I want to be but something finally clicked - I don’t think I will ever have to worry about money - knowing I could basically sell my investments, pay my house off in full, and still have hundreds of thousands of dollars in the market When did you feel like you were finally “good”? submitted by /u/jsc118 [link] [comments]
- The Official 2022 FI Survey is Hereby /u/Melonbalon (Financial Independence / Retire Early) on May 5, 2023 at 2:11 am
THE RESULTS AREN’T IN YET…DON’T ASK… Ok, now that that’s done…the official 2022 FI survey is now available. For those that are new here, this is a quasi-annual tradition for this sub. For previous results, go here. This post will be a bit long, so buckle up. 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. 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 15-30 minutes to complete, depending on how prepared you are with your numbers. Enter all annual information for calendar year 2022 (January 1 – December 31, 2022). Enter all point in time data (like account balances) as of December 31, 2022 (or as close thereto as you can get). Enter all amounts in current dollars (or your native currency). Remember that personal finance is personal. Enter your numbers as you interpret them, personally. If you really get stuck, I will be watching the posting thread and answering interpretation questions as able. Because personal finance is personal, some buckets may not be precisely consistent with your personal buckets. The survey is long, and asks for a lot of information. You can skip to the end to submit, which will then provide you a custom link to come back to your answers and edit them. The survey will be available for the entire month of May. Enter dollar amounts as a whole number, appropriately rounded. E.G. $32,594.56 is entered as 32595, with no commas. Enter percentages as a number, not a decimal. For example, 4% is entered as 4 (not .04), 20.5% is entered as 20.5 (not .205), etc. Symbols for dollars ($) and percentages (%) are not needed. At the end of the survey, you will be asked for any comments on the survey. If you had issues with a question, please refer to it in your comments by the question number. 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. 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. Almost all questions are skippable; if a question does not apply to you or you haven't yet determined the answer, skip it. Now that you’ve read all that… you can go take the survey! IF YOU ARE ON MOBILE - OPEN THIS AND NOTE YOUR COST OF LIVING BEFORE STARTING THE SURVEY. submitted by /u/Melonbalon [link] [comments]
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