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
- Sinking fund vs callable bonds/CDsby /u/fastgriz (Financial Independence / Retire Early) on November 29, 2023 at 9:19 pm
I intend to retire next year and have built up 3 years of expenses in a "bond tent"... except it is just sitting in a money market fund. I've never had any interest in bonds (and never kept this much cash on hand), but expect interest rates to drop and would like to ladder CDs and/or bonds to lock in ~5% on my cash... Anyway, I am trying to understand how these instruments work but I don't get the difference between a sinking fund CD and a callable CD... they seem to be effectively the same to me (i.e. if rates drop, they will be withdrawn). Can anyone share some insight? submitted by /u/fastgriz [link] [comments]
- The Top 12 Passive Income Ideas Worth Your Time and Effortby Levente (Passive Income on Medium) on November 29, 2023 at 6:58 pm
Who doesn’t dream of making money with minimal effort?Continue reading on Medium »
- The Step-By-Step Guide to Making $1000 Per Month With Affiliate Marketingby Levente (Passive Income on Medium) on November 29, 2023 at 6:35 pm
Affiliate marketing presents an attractive income stream for those looking to monetize their skills and expertise online. Continue reading on Crypto and Money »
- The Art and Science of Getting Filthy Richby Mental (Passive Income on Medium) on November 29, 2023 at 6:26 pm
Ahh, the seductive charm of planning the path of your empire while drinking champagne on a yacht or swimming in money-filled pools like…Continue reading on Medium »
- This Etsy Listing Got me 900+ Visits without Paid Ads & 11 GBP from a Single Buyerby Sweta Sharma (Passive Income on Medium) on November 29, 2023 at 6:23 pm
(You can also try this niche, it’s still not that much saturated!)Continue reading on Medium »
- CH-8. How To Market My Book.by Don Martin, real-life writer (Passive Income on Medium) on November 29, 2023 at 5:23 pm
There are quite a few ways.Continue reading on Content Creation and Passive Income »
- Rough Start to Investmentsby /u/GoodAdviceSeeker (Financial Independence / Retire Early) on November 29, 2023 at 5:04 pm
Hello! I (26M) am almost 3 years into my dream Military job and will get my regular military retirement+ any disability I may get as early as age 44! I'm seeking retirement and savings advice for my personal side of life. I'm doing ok for my age and time in career but I sill made some miss-steps that don't feel good to think back on. Basically, I was grandfathered into UBS bank by family and the fees there have KILLED my already nominal gains. I haven't lost a ton but for the past 2 years have accumulated into $7000 gone between fees and selling at a loss to move to safer investments. I know it will grow back but in the meantime I wna t I put most my extra money into investments because the way I look at it is if I can't touch it I can't spend it. But now with everything becoming super expensive I just wish I blew the $7000 on a used car or hobby. I want to catch up, So here's my situation: Monthly take-home: about $6200/m Here's the estimated amounts breakdown: Current Personal ROTH: $12000 (Maxing every year) Personal IRA: $55,000 Military ROTH: $14000 (Maxing every year) Military IRA: $3000 Taxable brokerage: $8500 Current savings: About $8000 (Note, yes Military members can double dip a personal and Govt ROTH/IRA for as long as I serve in the military/reserves. It does help keep my tax bracket down by $12000 a year.) Rough breakdown of Monthly Payments: Food $480/m Rental/insurance: $2300/m Utilities/internet: $200/m Personal Loan payment: $610/m of what is now about $20,000 (1.75% Annual interest, not monthly) Gas: $200/m Subscriptions/gym membership: $135/m MISC unforeseen expenditures I try to budget(eat out, activities, shopping, movies, plane flights, oil change): $700/m Save for a ring + wedding for next 2 years or so: $700/m (Throw it in a high yielding savings while it sits) Other things already do to save more: moving from CA to FL soon so my residence is definitely changing too, part time bar tender for as spending cash instead of blowing through all my MISC expenditures budget, I cook / eat military base food 80% of the time, I drive a 40mpg used car that I take good care of, I plan on getting a roommate in January to save 50% on the rent in another 2 months. So I think I have a lot of questions, but my biggest question is should I get out of the bank UBS with crazy fees even if it's a really good/high profile bank? Does it matter? Should I look more into dissolving my super low interest rate debt if I'm loosing in the stock market? Should I double down all my red investments? Should I get a little more cash rich before I invest more because I'm not very life-flexible at the moment? If anyone has some good tricks or guidance with what direction I should go to grow back my loss at a little quicker rate? I know making back $7000 to get back to if I just saved my baseline income won't happen overnight but since everything is just so expensive right now it makes me feel behind/broke. submitted by /u/GoodAdviceSeeker [link] [comments]
- LEGACY App Review: Automated Amazon Prime Commission campaignsby Tanver Iqbal (Passive Income on Medium) on November 29, 2023 at 4:25 pm
Leap into the future of automated eCommerce with our candid LEGACY App Review. We delve into its remarkable features for unlimited traffic…Continue reading on Medium »
- Happy Early Christmas to Medium Writersby WriterKat (Passive Income on Medium) on November 29, 2023 at 4:03 pm
From Your Friend of MediumContinue reading on Medium »
- How to Make $2000 Fast |12 Easy Tipsby Insight Hub (Passive Income on Medium) on November 29, 2023 at 3:51 pm
Looking to give your bank balance a quick boost? Whether it’s unexpected bills or a desire for extra spending money, here are four savvy…Continue reading on Medium »
- “Unlocking Opportunities: A Guide to Making Money Online”by Elevate Associations (Money Making Ideas on Medium) on November 29, 2023 at 3:23 pm
In today’s digital age, the internet offers numerous opportunities for individuals to earn money from the comfort of their homes. Whether…Continue reading on Medium »
- 12 Simple Ways to Make $2000 Fastby David Miller (Passive Income on Medium) on November 29, 2023 at 3:13 pm
If you’re in need of some fast cash, you’ve landed on the right page. We’ve got five smart ways to help you pocket $2000 in no time. But…Continue reading on Medium »
- What's the biggest sacrifice you've made for FI?by /u/TurtleDick22 (Financial Independence / Retire Early) on November 29, 2023 at 2:21 pm
Maybe scuttling your kids college accounts or just buying the cheapest TP. My answer is staying at a job that is bad for my mental/emotional health. submitted by /u/TurtleDick22 [link] [comments]
- What would you do?by /u/TheSilverStacking (Financial Independence / Retire Early) on November 29, 2023 at 1:49 pm
Hello strangers. Looking for some input from people that are close to or have reached FI. Wife and I are in our early 30s. We grew our NW from negative in 2017 to $750k now, of which $500k is invested assets (remainder being home equity, car etc). Our annual spend is around $55k. Only debt is $300k left on mortgage at 2.95%. Based just outside of NYC. Wife and I just had our first kid. I’ve been grinding away on WallStreet just hit 10 years. Started at $40k and now make around 220k depending on bonus season. Though I feel very blessed to have built wealth, have a home and so on, the job is absolutely grinding me down. Dealing with nasty, greedy people. The company culture has changed a lot. Can never truly take vacation, even cut my parental leave in half to get back to work. I’m gone from 6:30am to 6:30-7:00pm most days. I’m starting to feel we’ve built up enough nest egg where we just don’t have to work as hard and can do something we’re more passionate about. When I run FV calcs it looks like we can coast with saving very little and hit our FI # by 40. I struggle though as I feel I’m blessed to have the opportunities I have now as a first generation to go to college I don’t want to spoil it. I’m thinking: Suck it up for 2 more years and really pad savings then transition to something else. That will give me 2 more years of bonus and stock vesting which would add around $100-150k to our NW. Or Remain in the industry at a smaller firm closer to home and bang it out 2 years to again pad savings and if the company is crap, well you can do almost anything for 1-2 years (I’ve only been at 1 company). Or Collect my bonus in Q1, take my vacation time that I maxed out, and exit the industry for something I’m more passionate about and save the minimum to coast to FI by 40 (7-8 years). Again I struggle just realizing how fortunate we are and how most of the world lives, that they would kill to have the opportunities I have so suck it up. But the job is mentally killing me and I just don’t feel great about the work. Thanks submitted by /u/TheSilverStacking [link] [comments]
- 8 Passive Income Ideas (HOW I MAKE $58K/MONTH)by Sarah Wilson (Passive Income on Medium) on November 29, 2023 at 1:25 pm
Unleashing Financial Freedom: A Comprehensive Guide to 8 Lucrative Passive Income StreamsContinue reading on Medium »
- Weekly Self-Promotion Thread - Wednesday, November 29, 2023by /u/AutoModerator (Financial Independence / Retire Early) on November 29, 2023 at 10:03 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, November 29, 2023by /u/AutoModerator (Financial Independence / Retire Early) on November 29, 2023 at 10:02 am
Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]
- Captivate, Convert, Succeed: A Guide to Elevating Your YouTube Channelby Ankit Giri (Money Making Ideas on Medium) on November 29, 2023 at 5:52 am
Hey there, aspiring content creators! Ever find yourself gazing at your YouTube analytics, wondering why your subscriber count isn’t…Continue reading on Medium »
- Making a Bit of Cash From Surveysby Dejan Marinkov (Money Making Ideas on Medium) on November 29, 2023 at 2:36 am
While Enjoying Your Morning CoffeeContinue reading on Boundless Bytes »
- How Websites Help Businesses Generate Revenueby E-comWorkspace (Money Making Ideas on Medium) on November 29, 2023 at 2:18 am
The Struggle of Finding ClientsContinue reading on Medium »
- Embrace the Freedom: Unlock Your Income Potential with Lucrative Writing Jobs from Homeby Aundia Robin (Money Making Ideas on Medium) on November 29, 2023 at 2:09 am
In the era of remote work, the dream of earning a substantial income from the comfort of your home has evolved from an aspiration to a…Continue reading on Medium »
- Advice for early retirement to take care of sick partnerby /u/Remote_Rise_5466 (Financial Independence / Retire Early) on November 29, 2023 at 12:17 am
Hi All, I am a newbie here looking for financial advice to retire early and take care of my partner, who is sick. I believe this is the right place to ask this question, but if not, I would appreciate it if you could point me in the right direction. Let me provide a bit of background first. I am 41 years old, long-term committed to a partner with no kids. My partner was diagnosed with Serious Mental Illness (SMI) with chronic schizophrenia, depression, and other mental health issues. She has been diagnosed for several years, and given this, she needs full-time care. She is currently staying with her parents, who are taking care of her while I have a job to pay the bills and try to save as much as I can. My partner’s parents are getting older, and I want to quit my job in the next 1-3 years so that my partner can stay with me. I want to take care of her full-time. I realize it might be difficult for me to retire this early in the next couple of years, but I am trying to save for the future as much as I can, and I am open to any advice you can offer, whether it is investing in different stocks, reducing expenses, or anything at all. Here is my financial info: Emergency funds: $15k in bank, cover 3-6 months expense Debt: Mortgage, $65k (outstanding balance). 2.75% fixed interest rate. Minimal credit card debt. Tax Filing Status: Single (partner’s parents have legal guardianship for her and they are filing on their behalf) Tax Rate: 24% Federal, 2.5% State Age:41 Asset allocation: 100% stocks (I realize this might be aggressive but thought this might be needed in the short-term and then can allocate more to non-stocks once I retire) Portfolio size: $860,000 Taxable investment: 34% Carnival Corp (CCL) 11% Apple Inc (AAPL) 6% T. Rowe Price Growth Stock Fund (PRGFX) (0.67%) 401k: 29.5% Vanguard Total Stock Market Index Fund Institutional Shares (VITSX) (0.030%) Rollover IRA: 18% Tesla Inc (TSLA) 0.6% T. Rowe Price Growth Stock Fund (PRGFX) (0.67%) Roth IRA: 0.9% Microsoft (MSFT) Annual Contributions $10,000 employer match for 401k at Vanguard Key Points My partner does not have any income. She is disabled full-time. She receives about $500 in Social Security disability monthly and about $300 in food stamp to pay for her own expenses. My annual income right now is about $110,000 and expense is about $36,000 and I expect to reduce expense to about $24,000 after I retire (assuming mortgage is paid off and having to purchase my own medical insurance. I think I covered key points but feel free to ask if you need more information. Question: Based on my situation, is it possible for me to retire in the next 1-3 years? If so, could you provide guidance on how I can do so? I am thinking to have stable income of at least 25,000 annually (maybe a little more for emergency) after retirement to pay for the bills and I plan to live minimalist as much as possible. To do this, I am wondering if I should invest in CD or money market account to have 4-5% interest rate in retirement. Right now, I have about $430,000 in taxable investment so do I have to grow this to at least $800,000 and invest this in CD or money market account to have steady retirement interest income with about $25,000 annually? I don’t know if I can double my investment in the next couple of years so this is kind of a long shot and main reason I am investing everything in stocks with couple of maybe risky equities. Any adjustment I should make to my portfolio or any other suggestions? I am open to any feedback that can help me to retire early and to be with my partner and take care of her. Achieving financial freedom is important for me and well-being of my partner and any advice you can provide is greatly appreciated. Thank you for your time to read about my situation. Tony submitted by /u/Remote_Rise_5466 [link] [comments]
- How to Make Money with Intellifluenceby J.M. Troppello (Money Making Ideas on Medium) on November 28, 2023 at 10:46 pm
A Legitimate Influencer Marketing PlatformContinue reading on Bella Vita Tesoro »
- No motivation at work/Want to be done with jobby /u/Mre1905 (Financial Independence / Retire Early) on November 28, 2023 at 9:59 pm
We are doing fine financially and probably will hit 25X annual spending within the next 5-7 years depending on how the market performs. Wife and I are both in our early 40s with 2 elementary age kids. Lately I am at a point where I have 0 motivation towards work. Every day feels like a grind. The job itself is extremely low effort, pays very well, I am fairly autonomous with zero oversight and work remote but there is also no room for growth(not even sure I want to get promoted to get more responsibility), 0 measurable goals and no reason to really try to work harder. I think about changing jobs but don't want to give up the flexibility with little kids. Also I feel like there is no reason to really rattle the cages for a 20% pay increase especially if it comes with significantly more work. Even if we were able to retire today not much would change in terms of our daily lives since we can't move or travel extensively with school aged kids. I have outside of work hobbies, especially during the summer that keep me busy but winters are also very tough and isolating. Those that have been/are in similar situations, how to do you deal with it? I feel like I am just waiting for the accounts to hit the magic number and wasting the days with pointless activities. submitted by /u/Mre1905 [link] [comments]
- Boost Your Income: 3 Easy Ways to Make an Extra $100 from the Comfort of Your Homeby Books and stuff (Money Making Ideas on Medium) on November 28, 2023 at 7:01 pm
In a world where side hustles are becoming more popular than ever, the comfort of your home can be the perfect launchpad for some extra…Continue reading on Medium »
- The Best Investment You Can Make Before 2024by Life Beyond Broke (Money Making Ideas on Medium) on November 28, 2023 at 6:49 pm
Don’t sleep on something that can make you money while you sleep..Continue reading on Medium »
- Invest 100% of bring home in 2024?by /u/reactivefuzz (Financial Independence / Retire Early) on November 28, 2023 at 6:38 pm
I've been sitting in SPAXX with my cash savings of barely in 6 figures while it's near 5% and quite liquid. I have around 20k in my separate cash emergency fund at 2.5%. I'm maxing out roth ira, roth 401k, hsa and will continue to do so in 2024 as well. If I was to live off of my emergency and SPAXX savings in 2024, would this community highlight any inherent downside (outside of unforseen personal financial struggles) to investing my remaining <50k bring home on a weekly basis equally in taxable FSKAX & FXAIX for long term? 35, single, 375k total in brokerage and retirement accounts, no debt. submitted by /u/reactivefuzz [link] [comments]
- What are some FI-related tasks we should plan to do before Dec 31st?by /u/CelebrationSquare (Financial Independence / Retire Early) on November 28, 2023 at 6:29 pm
I'm still in the boring middle, not planning to retire on Jan 1. submitted by /u/CelebrationSquare [link] [comments]
- Get Paid Money Using Secret Email Systemby Ai Creative (Money Making Ideas on Medium) on November 28, 2023 at 5:40 pm
In the ever-evolving landscape of digital marketing, Matt Bacak’s Secret Email System has emerged as a groundbreaking tool, promising to…Continue reading on Medium »
- Fliki AI: Your Path to Prosperity of wealthby Ai Creative (Money Making Ideas on Medium) on November 28, 2023 at 5:01 pm
In the quest for online prosperity, Fliki AI stands as a beacon, offering more than just artificial intelligence — it’s a gateway to…Continue reading on Medium »
- If you overshot your FI number and had extra money, how would you spend it?by /u/freetirement (Financial Independence / Retire Early) on November 28, 2023 at 3:50 pm
Let's say you reach a very comfortable FI status. You enjoy your work so you decide to keep working for the time being, knowing you could leave at any time. You now have enough income at a 3% SWR to cover your expenses plus say another $5k-$10k extra per month of work income to spend. You could obviously just continue saving but that would only push the problem into the future and lets say you would rather enjoy the extra spending now. How do you spend it? submitted by /u/freetirement [link] [comments]
- Advice for newly married coupleby /u/Mindless-Art-9537 (Financial Independence / Retire Early) on November 28, 2023 at 2:57 pm
My wife (33F) and I (35M) just got a married a few months ago and I was looking for some advice as we combine our finances and work towards shared goals. Household Income: $265K (split between $185K me and $80K my wife) After taxes and deductions we bring home about $13.5K a month. Note this doesn't include bonuses that I get each year which total ~$30K. Household Budget: We average about $9K/month in expenditures. We live in a VHCOL area and most goes to rent ($3600) with the balance split between student loan payments ($1700), Groceries/Restaurants ($1400), Vacations ($1000), Car Ins/Gas ($500), Clothes/Gifts/Subscriptions ($700) Assets: Total: $537K Checking/Savings: $147K My 401K: $237K My RothIRA: $36K My HSA: $12K Wife's 401K: 28K Wife's misc retirement: $10K My taxable brokerage: $37K I-Bonds: $30K Liabilities: Total: $79K My Student Loans: $9.5K (~3.5% interest rate) * Wife's Student Loans: $69K ($60K is ~6% interest and $9K is ~4% interest) * Work Tuition Reimbursement: $69K (note, I don't owe anything on this if I stay with my employer for 3 years, but wanted to include this because its one of the reasons we are holding extra cash) We currently do not have kids, but are considering 1-2 kids in the near future. We would like to own a home in the future, but house prices in our current area are >$800K and cannot commit to this area for more than 4-5 years. This may change in the future but right now it is a little uncertain as we've typically moved every ~3 years for my job. I would like to retire by 55-60 and my wife would likely continue work into her 60s. That all being said a few of the things that I am trying to get a better understanding of are: How much should we prioritize paying off my Wife's student loans? Right now if we keep our current payment schedule we will have them paid off in ~3 years and spend ~$5K in interest How much should we prioritize student loans in lieu of funding my Wife's retirement accounts? I am contributing the max on all fronts but she is just contributing the minimum to get the employer match How should I hold funds for my work tuition reimbursement? My job has been relatively stable and I am a good performer, but I'm always cognizant that a situation can change quickly. Since we don't have any major financial purchases planned in the near future should we be contributing more to a taxable brokerage account? Overall I feel like we are in a great position and are very fortunate. Our current net worth is ~$450K with a healthy amount split in our retirement accounts. While I have been a pretty aggressive saver, my wife has mostly focused on paying down her student loan debt. I just want to make sure that we are well on track to hit our retirement goals while enjoying life. submitted by /u/Mindless-Art-9537 [link] [comments]
- Daily FI discussion thread - Tuesday, November 28, 2023by /u/AutoModerator (Financial Independence / Retire Early) on November 28, 2023 at 10:02 am
Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]
- What else should we do/save/invest?by /u/AggravatingGrass6191 (Financial Independence / Retire Early) on November 27, 2023 at 9:33 pm
Just wondering if there is anything we are missing in terms of allocations, investments, etc. We - Mid to late 40's - 2 kids (12 and 10) - got a late start to our careers and savings. Currently in M to HCOL area. Hoping to move into a slightly less demanding line of work in my late 50s (e.g. teaching college - which is possible due to my education), but that will also be a significant blow to our cash flow. Currently I am saving max retirement contribution through employer ($66K this year, including employer contributions; everything beyond pre-tax limit - $22.5K this year - gets switched automatically to roth contributions within my employer 401k). My wife has a state gov job and will get some kind of pension (~50% of her last 3 years pay bc she will only have ~20 year in this job when she plans to retire). She likes her job, so she isn't in a rush to retire - but is also only making around $70K gross. Total IRAs (including 401K) is about $750K Another $200K in individual investment accounts and HYS. Currently only have about $20K per kid in 529s, but hoping to juice those a little in the next few years. Home value is about $1m. Have another 12 years on mortgage (principal is about $400K right now). It's a 15 year loan at 2.375%, so no point in paying off early. Income is currently about $14K net per month (after all pre and post 401K deductions) and I get another $90K or so after tax bonus per year (~130 gross). I started working in a job with an smallish income that allowed us to safe something about 12 years ago (before that was academia with pretty minimal pay) and my wife has been having odd jobs here and there while we moved around for my career and taking care of kids and has only been with a steady job since 2021. My career is finally at a point where I saw significant increases in wages in the last 5 years or so and I am enough of an expert in my field that I feel relatively secure in my position. The size of the bonus is new, so I was planning to basically only keep about $10K and split the rest between kids 529s ($20K each, each year in addition to the $4.8K we are regularly adding to it over the year) and an extra $40K into our individual investment account each year. All this should will probably grow roughly at the rate of inflation with pay increases, maybe a bit faster, but I don't expect there to be any large positive (and hopefully neither negative) shocks to our income as we have seen in the last 5 years. I estimated that once the kids are through college and house is paid off our expenses will be around $11K/month including taxes, health insurance, travel, and a little cushion, which is a bit more than what we are spending now (currently mortgage is about $3k principal and interest and we have about $1k-$2K /m expenses for kids that would mostly fall away). Our families are poor (on my side) or already told us that we will not receive any inheritance (my wife's side), so there isn't going to be any additional windfall in that area at some point. With the 4% rule that means we would need about $3.3m. Which we should be able to do in the next 12 years. I used 4% and not 3% since my wife will have the pension, there will initially be some income from my "pre-retirement" job, and I expect to receive SS (whatever that will be at that time, but I expect it to be something rather than zero) when I file at 70. Does my math roughly check out? Anything I am missing? Is there anything to do with the extra savings (outside my employers 401K) except put them in general funds (I was thinking 80% VTSAX and 20% VTIAX which is most of the current allocation)? I thought maybe buy another house and rent out our current one (rent would cover mortgage, insurance, and property tax)? Anything else I am missing? Thanks submitted by /u/AggravatingGrass6191 [link] [comments]
- Dual citizens FIRE in Canada?by /u/unimpressedpig (Financial Independence / Retire Early) on November 27, 2023 at 3:56 pm
Any American/canadian dual citizens who have retired early and moved to Canada? What are some watch outs you have had? I plan on speaking with a cross-border tax advisor soon but any experienced folks who know what to watch out for or ask about with my advisor would be super helpful. Thanks! submitted by /u/unimpressedpig [link] [comments]
- The EndGame, preparation for the start of FIREby /u/Lazy_Arrival8960 (Financial Independence / Retire Early) on November 27, 2023 at 3:42 pm
Discussion: We all know about the boring middle phase, what about the the phase just before you retire? When you are at the tail end of the journey (~5 years), you'll notice the market will have a greater impact on your investment growth more than your usual yearly savings. For example, if you have $1.5M with a 10% annual growth, your account grows by $150k vs a max $23k in a 401k. Because your yearly savings have diminishing returns on the speed to which you obtain your FIRE #, it is better to use that money elsewhere rather than maximizing savings. You can use that money to prepare more for retirement in other aspects such as: Paying off mortgage Paying off any long term debt like car loans Mitigate future expenses on housing like buying a new roof, water heater, and A/C If you plan to travel, buy an the RV and truck now. Build up on bonds and cash to mitigate a potential market crash right after retirement. Just some thoughts I had, if you have any advice or suggestions feel free to add to the list! If you think this is dumb, destroy my argument. submitted by /u/Lazy_Arrival8960 [link] [comments]
- Daily FI discussion thread - Monday, November 27, 2023by /u/AutoModerator (Financial Independence / Retire Early) on November 27, 2023 at 10:02 am
Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]
- Dating tips for people using the freedom from FI to build a better world? FI/RE dating site ain't it.by Financial Independence / Retire Early on November 26, 2023 at 4:52 pm
I'm looking for dating tips. The FI/RE dating site has turned out to be a poor ideological fit for me. My reason for working to achieve FI was so that I could feel secure to take some intense career risks for a real chance to build a better world. I did it, I'm doing it, and I'm looking for ways to connect with others who value FI for the freedom to contribute to society in meaningful ways, rather than the freedom to tap out. Are there communities for people like this? I feel like I've met a few in tech investing circles, but I'm moving across the country and losing my network. Thanks in advance! [link] [comments]
- Weighing Short-term Happiness VS Long-term FIby /u/papapazuzu (Financial Independence / Retire Early) on November 26, 2023 at 3:53 pm
Net worth: ~900k Assets: 1.1 mil Liabilities: 195k Income: 175k I had an unexpected windfall and pay raise last week and am now readjusting my entire perspective on money and FI/RE. No financial background before this (just wasn’t an option previously), so I’m learning a lot very quickly. Within two years, my liability will be 0 and my monthly investment will be 5k - so long as I stay at my current, way too busy stressful job. If I work at this job for 175k for 10 years, I can retire super fast. Probably age 41. Currently I’m 31. I am not catastrophically unhappy in this job. It’s fine. It’s a job. But it is insane how busy I am. My mental health is on the floor sometimes. I know I could have a much more consistently good headspace if I took a lower (75k/year) job that is available to me, but a reasonable retirement age then would be something like 50. How do you all choose between happiness later and happiness now? I think I lean toward working as hard as I can for ten years and then slow-braking at age 40 with an easier job until 55 or something. But also what if I die in an unexpected way two years from now and my entire life was wasted at a job? submitted by /u/papapazuzu [link] [comments]
- Daily FI discussion thread - Sunday, November 26, 2023by /u/AutoModerator (Financial Independence / Retire Early) on November 26, 2023 at 10:02 am
Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]
- $400k Net Worth Milestone Achieved! And some observationsby /u/finance_mang (Financial Independence / Retire Early) on November 26, 2023 at 5:19 am
Sup FIRE gang! u/crazyfrog11 inspired me to make a post so here goes nothin'! In a similar fashion, this is a milestone post but also a cool, real life example of compound growth working it's magic. 7 months ago we (29 and 32) hit $300k: https://www.reddit.com/r/financialindependence/comments/12yr3jj/300k_net_worth_milestone_achieved_how_are_we/?utm_source=share&utm_medium=web2x&context=3 Here are today's numbers: Household Income: Somewhere >$200k Assets: $559k Investments: $255k Primary Residence: $223k Cash: $30k Car #1: $28k Car #2: $23k Liabilities: $150k Mortgage: $129k (6.63%) Car #2: $16k (4.4%) Credit Cards: $5k (0%) Net Worth: $409k It finally feels like things are... happening. Some observations: Our first $100k took about 3.5 years (42 months) Our fourth $100k took 7 months Our investments are almost equal to double our remaining mortgage balance. I initially did not like owing $200k on our house, but that stress is rather quickly melting away, as our nest egg is growing and our debt is shrinking. We'd love to have our house paid off in two more years, assuming rates don't come down significantly. I have been paying more attention to our asset allocation in our investment accounts and coming up with a better way to optimize things. It certainly isn't easy when you have five accounts! I think we are getting there. My dream of only having 3 or 4 different holdings across all our accounts is just not possible. I am also learning that it seems to be easier to keep each account "individually allocated" rather than complicating things with different weightings in different accounts (I don't know if I explained that well). I am also being mindful of not chasing performance. While Large Cap US Growth stocks have been crushing it, Value stocks or International stocks could certainly start outperforming. If you look at the history, it seems to swing both ways. Just as I shouldn't be too worried when the market drops, I shouldn't be too excited when it goes up. This rally could be a short burst of euphoria... or it could be another 10 year bull run. Who the hell knows. Well that's about it. Happy Holidays! submitted by /u/finance_mang [link] [comments]
- How to decide a savings goal for FIby /u/9islands (Financial Independence / Retire Early) on November 25, 2023 at 10:19 pm
I’m new to this sub and I already find it fascinating and so motivating ! I belong to a couple of private FI groups - and I’ve noticed something similar here to the other groups : People trying to determine “how much to save “ with no end reference point . Example : how much do I save for FI or early retirement ? But no talk of projected budget or lifestyle … Or do people think about it and just not talk about it ? My husband and I put together a projected budget for 30 years and that helped us determine how much we need to save in order to hit that monthly desire . If course we tweaked thru the years …. How do you do it ? ETA : by projected I mean when you retire … what will the budget and lifestyle look like THEN . submitted by /u/9islands [link] [comments]
- Do I count my pension in my net worth?by /u/FIprincess (Financial Independence / Retire Early) on November 25, 2023 at 8:05 pm
I've been working as a teacher in MN for just over a decade now. We are fortunate to still have a pension plan. I don't plan on sticking around more than ten more years and won't get a huge pension, but everything obviously helps. How do others count a pension towards net worth? When I look it says $50,000 if I were to cash it out. Would that be how others would calculate it? submitted by /u/FIprincess [link] [comments]
- Reasonable Savings Rate at Higher Incomeby /u/texmexindy (Financial Independence / Retire Early) on November 25, 2023 at 4:57 pm
Happy Saturday all, I'm looking for some advice on a savings/investments goal for next year. My wife and I both come from blue collar families with very little exposure to managing our finances. Through a series of career moves and promotions over the last 2 years, we've more than tripled our household income and are now at a point where I need to hire a CPA/CFP ask Reddit and determine a reasonable savings goal for 2024. At a glance: Early 30s, DIOK status, HCOL area (DC metro), $340k taxable income, $48k non-taxable income (military benefit). Retirement accounts (401ks, IRAs) ~$365k, brokerage account ~$55k (opened 2021), E-fund $30k, mortgage ~$490k @ 2.15% (~$250k equity, though I wouldn't consider that part of NW). Here's a snapshot of our budget from 2023 and what I'm planning for 2024: Category 2023 2024* Cost of Living (Groceries, Restaurants) $2,000 $1,750 Discretionary Expenses $7,750 $4,500 Non-Discretionary Expenses (Bills, Insurance, Daycare, Baby Items) $2,750 $3,000 Housing (P&I, Taxes, Utilities) $2,550 $2,600 Subscriptions $150 $150 Fitness & Medical $450 $450 Vehicles $950 $1,450 Pets $300 $300 Savings $4,500 $8,500 \Slight increase YoY from annual pay increases, no expected major changes* I'll be the first to admit we've had to work through retail therapy this year; we've never been above a 6-figure household income until late 2021, so we quickly learned that level of discretionary spending (on household projects, vacations, hobbies, wardrobe overhauls, etc.) is not sustainable with our retirement goals. No shit, right? With the $8,500/mo savings goal next year, I'm trying to figure out how to split funds between retirement accounts and other investments. Roughly a third would be pre-tax 401k contributions, another $1,150/mo in backdoor roth IRAs, $250/mo into a 529, and a forecasted $4,250/mo would go into our brokerage account, where I'm lazy and put everything into VTSAX. I realize this sub's spending flowchart prioritizes tax-advantaged accounts, but I'd need access to those funds well ahead of 59.5, hence the focus on a brokerage. I'm wondering if there's anything I might do differently (in terms of investment types/allocations) with our end goal being to retire in under 20 years. submitted by /u/texmexindy [link] [comments]
- 4% rule vs real estateby /u/Necessary-Safe-9405 (Financial Independence / Retire Early) on November 25, 2023 at 3:32 pm
The 4% rule is well known here for those who invest in equities/bonds, which is most of the sub. I'm fairly heavy in real estate. Right now, I have 8 units netting a little over 7k/month. This question is geared to those who have FIRE'd with rental income. Can I count my full net income towards retirement, or do you use a percentage of it in your income calculations? My net worth is really only 1.1 mil, but If I can use my full net income, then it seems like I'd be looking at the equivalent of 2.1 mil using the 4% rule with equities/bonds (i.e. 84k a year). Is that right? submitted by /u/Necessary-Safe-9405 [link] [comments]
- Can we retire in 5yrs?by /u/sacsfo (Financial Independence / Retire Early) on November 25, 2023 at 6:50 am
Married couple(42yr & 40yr) + 2 kids (10yr & 9mo) living in MCOL in California Monthly take-home Income (after taxes and maxing out both 401k): $8k Monthly Expense (all incl.) : $4k House: $700k (paid off) Total NW (minus house) = $ 1.1M - HYSA Savings: $40k - Roth IRAs: $130k - HSA: $75k - 401k: $570k - Brokerage taxable: $300k In next 5yrs expecting to add $250k in retirement + $250k in investment account + growth submitted by /u/sacsfo [link] [comments]
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