Financial Independence and Legit Side Money Ideas For Techies and Geeks

Legit Side Money Ideas for Techies and Geeks

Financial Independence and Legit Side Money Ideas For Techies and Geeks

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

Financial Independence and Legit Side Money Ideas For Techies and Geeks

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

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

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


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

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

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

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


AI Unraveled: Demystifying Frequently Asked Questions on Artificial Intelligence (OpenAI, ChatGPT, Google Bard, Generative AI, Discriminative AI, xAI, LLMs, GPUs, Machine Learning, NLP, Promp Engineering)

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

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

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

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

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Legit Side Money Ideas on Quora

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  • Daily FI discussion thread - Monday, February 26, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 26, 2024 at 10:02 am

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

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  • How do change your mindset to be comfortable with Coast FIRE, and bigger risks?
    by /u/Future_Look6983 (Financial Independence / Retire Early) on February 26, 2024 at 5:56 am

    Myself (28M) and my wife (28F) just hit 500K NW. Big fans of FIRE philosophy. We abide by the vast majority of boglehead rules- max out 401K / IRAs, invest in low cost index funds (~100% stocks), high savings rate of 50%. The main place I deviate from this philosophy is my cash holdings are huge, about 200K out of the 500k. This is mostly because 1. Interests rates are high and 2. I’m particularly risk averse, to a fault. Which leads to my question- what is your strategy for being comfortable with taking big risks? How do you decide what you can afford? How to you make the mindset transition from saving a ton to coasting? We work in tech, and it’s good money, but the stress and life style are not for us. We are both ready for a big change but not exactly sure what we want it to be. Take a year or 2 sabbatical, move to Asia for some adventure, try out van life…something big before we have kids. Another reason for the large pile of cash since we aren’t exactly sure what we may need. I’ve recently come across Coast Fire which is such a helpful mindset, but I have a hard time convincing myself we are actually there. The numbers add up…. But it’s such a different attitude than having a 50% savings rate. And I get stressed that our cushion isn’t big enough, but also not sure how big I need it to be. Looking for some strategies to help get more comfortable with change, or some key calculations folks use to feel comfortable. Thanks for the help. submitted by /u/Future_Look6983 [link] [comments]

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  • Little baby milestone today.
    by /u/whereisyourtowel42 (Financial Independence / Retire Early) on February 25, 2024 at 9:26 pm

    Tallied up the accounts, $102k across retirement accounts. It's exciting! I am not including personal, emergency or house savings I also have since those accounts are reserved for things outside of retirement but after working hard the last 9 years (when I started my first real job after grad school) to pay off all debts (small credit card debt, student loans, and car loan), it feels really good to be completely debt free and have six figures in retirement today. Sometimes it feels like i am behind reading some people's posts, but I know i shouldn't and i feel proud today as someone who grow up poor with no personal finance taught to me until college when an amazing professor made it a point to offer a saturday personal finance 101 to his students...he put me on a path i may have not found for quite some time and i am thankful every day for that great man! Here's to staying focused and I look forward to lookback in another 9 years! submitted by /u/whereisyourtowel42 [link] [comments]

  • Ancient “song” helps 18,000+ find money effortlessly
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  • For the youngsters that won't be doing FIRE for another 20 to 30 years... what happens when we have to back away from Capitalism?
    by /u/IHadTacosYesterday (Financial Independence / Retire Early) on February 25, 2024 at 7:56 pm

    Ok, this is more of a hypothetical post of looking 20 to 30 years into the future. First off, we should all know by now that Artificial Intelligence is barreling toward us like a runaway freight train. It's only a matter of time before A.G.I. happens. Many experts in the field believe that AGI will happen in the next 5 to 15 years. Let's just assume that legitimate AGI happens 10 years from today. I'm not sure that people understand the actual ramifications of this. The exponential nature of AGI. Actually, it's probably impossible for the human mind to comprehend. I'm talking about the exponential nature of AGI. Sam Harris was talking about how a legitimate AGI could potentially do 20 years worth of normal human intellectual labor in the span of two days. It's really hard to wrap your mind around these things. Of course, it's only natural to expect that AGI will be able to solve the vast majority of our civilizational problems. The first will be free energy. If we don't have our own free energy in the next 5 to 15 years, well.... we'll certainly have it within a year after AGI. Then, consider robotics. Consider the race that's currently on to build humanoid robots for factory purposes. Tesla has their Optimus bot. Boston Dynamics has atlas. A company that Amazon owns has their own humanoid robot. Now, just imagine a legitimate AGI designing a humanoid robot to be unbelievably efficient, requiring very little power. Add on top of that, basically free energy. It's not hard to imagine an AGI developing a robot factory that has raw materials coming in on one side, with fully-functioning humanoid robots walking out the other side. (not a single human being involved in this process). What this would mean for humanity is the end of labor as we know it. AI and AGI is already guaranteed to end cognitive labor. But the Robotics/AGI/Free Energy revolution will also eliminate physical labor. It doesn't take a rocket scientist to figure out that Capitalism isn't long for such a world. You can't have 90 percent of humans doing basically nothing, and still have Capitalism as a concept actually working. So, we're headed for a post-Capitalism society. I don't personally think I will need to worry about this in my lifetime (currently 53). But, I know there's tons of 20 year olds and 30 year olds, planning on doing FIRE when they're 50. What happens to all physical assets and stores of wealth when we are forced to back away from Capitalism entirely? What I mean is, let's say that the year 2068 is when the USA decides to completely back away from Capitalism. Think of the person that was grinding hard to save a ton of money and build up their wealth a mere five years before that. Imagine how screwed this person will be? I've thought about this extensively and the only way I see out of it is some sort of "grandfather clause" for ownership of land/wealth. Even though, the wealthiest people on planet Earth won't be super interested in backing away from Capitalism, they're smart enough to see the writing on the wall. They have to know that the end game is nigh. It's like Blockbuster Video executives in the last couple of years. They have to know the game is over. Still, I think the wealthy elite will concoct some sort of grandfathering in of stores of property/wealth for a 200 year amnesty period. If this was happening today, if we were backing away from Capitalism today, then Jeff Bezos, Mark Zuckerberg and other billionaires would know that their wealth will be grandfathered for 200 years, but that once 201 years has gone by, all their property/wealth/etc, will become property of the Earth Alliance. They will agree to this, because they know that their children and their grandchildren will still have tremendous wealth to live off of. They will know that way in advance, that their great grandchildren, or great-great grandchildren, will simply just be a normal citizen of the Earth Alliance, and they will be issued a standard flying car and underground earth domicile, like the rest of the 13 billion people living on Earth and Mars at the time. Ok, I'm kind of bullshitting at the end here, but you should get the jist of the concept at this point. Is anybody thinking about this? submitted by /u/IHadTacosYesterday [link] [comments]

  • Am I too dumb with my all Target Date Fund investment strategy? If so, is there a way to illustrate that dumbness so I can understand?
    by /u/TenseBird (Financial Independence / Retire Early) on February 25, 2024 at 4:42 pm

    Young person here. Not sure if I even make enough for FIRE, but I'm at least trying. A few years ago, I learned about investing. People definitely emphasize investing heavily, but in what exactly? Too complicated I say! My thoughts were that I'll simply pick 1 safe thing for each investment account and call it a day. Hence, these were my investments: VLXVX in 401k, FFIJX in IRA, TRSJX in my HSA. That's everything. Well, it's been a few years of this, but as I read posts on Reddit, I think most people don't actually do this. So I was wondering how much money I'm really missing out on, compound interest wise and all that. But I don't really speak the stock market language, stuff like "you should have more stocks less bonds" doesn't really mean anything to me. Obviously I know what stocks and bonds are, and I know how much I have allocated into each, but I don't know how my actual number tied to my net worth gets affected by all of this. I willl attempt to present a very simple hypothetical scenario that maybe you can give your insights on: Let's say that there are two people, named John and Jane. They save $10,000 per year. Their goal is to (safely) get $1,000,000 as soon as possible by investing. John uses exactly my strategy, with 100% of his money dumped into some target date fund. Let's say VLXVX for simplicity. Jane uses...some other strategy. I don't know. Maybe the one people on this sub typically use. The question: Roughly, how many years will Jane reach the $1,000,000 goal before John does? Though maybe, there's no way to get an answer for this scenario, because it might be a coin flip on whether John or Jane reaches the goal first, simply because Jane went for a riskier strategy...or is that wrong? Hopefully I got my point across. To summarize, maybe going all-in on Target Date Funds aren't that good of an idea, but...by how much? I'm not really looking for "what do I invest in", I just wish to deepen my understanding by looking at how the raw number projections end up looking, which is what I don't get. Or maybe nobody knows, and we're all just winging it. Thanks for reading, if you did. Edit: Thanks for the answers! I guess the gist of it is that what I'm doing is mostly fine, though I could do with some small optimizations especially on TRSJX with its high ER. What would matter more is optimizing my expenses and working on climbing the corporate ladder to focus on pumping even more money into these accounts. To learn more I'll look into more resources using hints that everyone here gave me. submitted by /u/TenseBird [link] [comments]

  • Thinking about it but not really planning?
    by /u/theBacillus (Financial Independence / Retire Early) on February 25, 2024 at 3:42 pm

    Just turned 50M, wife and 2 teenagers. I'm trying to figure out how my financial future is going to look like. I like saving, for the wife it's harder, but working on it. 401k maxed for both, currently about 1.5Mill combined. 90% in tech fund, I highly believe in tech and willing to risk it. About 150K in crypto, i don't plan on touching it for a long time maybe even just leave it to the kids as generational wealth if it turns out to be that. 280K in self managed IRA. Cars paid off, house paid off (about 650K) Bought recreational land in 2021, worth about 800K-1Mill, owe 450K on it at 5%. I'm building a cabin on it this year, about 150k, using company stock. That will increase the property value and might* be lightly used for vacation rental. Not sure I want strangers wreaking it. Wife company stock 200k, half vested My company stock 150k vesting. I get about 70k new rsu every year. Paycheck about 350k combined including bonuses but not the stock. Most gets spent after ira, taxes, mortgage, vacation, etc. 1k goes into crypto, 2k into vacation funds monthly. I started all this in 2012 that was twelve years ago. I had 30k in the IrRA at that point and no other savings. 401k and the market did well for me can't complain. I'm thinking if in the next 12 years I have until 62, if I can grow the holdings by another 1.5Mill they we should be okay. Take out 100k every year that will last 30 years. Probably switch to dividends at that point. I have no idea what I'm doing just kind of trying squirelling away. Your advice is appreciated. Thanks! submitted by /u/theBacillus [link] [comments]

  • 23M just hit $100k NW milestone
    by /u/squid-squad-pod (Financial Independence / Retire Early) on February 25, 2024 at 2:56 pm

    Wanted to share with someone other than my wife so thought I would do it here. I had set out to achieve this goal before my 24th birthday (a few months from now) and just hit it yesterday. I say NW but I really mean total financial assets since I’m only counting what’s in my accounts (not including my car value or some other investments I have in physical items). Some context: wife and I both grew up on the poorer side in the SF bay area. We paid our own ways through college and graduated summer of 2022 (first in my family to go to college) with no debt and a few thousand dollars saved. We were able to achieve the 100k NW milestone on my compensation alone while supporting my wife (a SAHM) and our 1 year old. I’m very proud of how far we have come from where we began and look forward to seeing how far we can make it. Side note: we are still in the bay area and have been living pretty comfortably (subjective I know). Just saying it’s not as impossible as some people make it seem. submitted by /u/squid-squad-pod [link] [comments]

  • Daily FI discussion thread - Sunday, February 25, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 25, 2024 at 10:02 am

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

  • What are ways you have invested in your home that have yielded the highest annual ROI?
    by /u/DPSnacks (Financial Independence / Retire Early) on February 25, 2024 at 12:50 am

    Stole this from /r/investing. OP over there had some great suggestions; I'm a newish homeowner and would like to see what this crowd has in mind since I think the more specific focus of this community may provide different answers. Thanks! edit: someone recommend that I clarify I'm not talking about new flooring or anything like that to increase the sale/rental value of my home in X years - I'm looking for annual return on investments in my primary home that my family lives in with no tenants. Edit 2: the word annual hid from a lot of people overnight 🙁 submitted by /u/DPSnacks [link] [comments]

  • What is a good gift for someone who just crossed a financial milestone?
    by /u/QuestioningYoungling (Financial Independence / Retire Early) on February 24, 2024 at 11:27 pm

    I got a call from my younger brother this morning that he officially crossed 100k in total investments yesterday. I am very proud that he is seeing the benefits of investing and that he is so excited to share this milestone with me. Admittedly, he has been pretty on the ball financially since he was a teenager and he had a fullride scholarship to college, so there is no epic comeback story here. That said, I believe it still takes work ethic, responsible decision-making, and dedication from a young age to get to 100k before 25, which makes it an achievement worth celebrating. It also is a great first step on the FI Journey. I'm trying to figure out a good gift to give him to commemorate this achievement and am wondering if you all have any ideas. submitted by /u/QuestioningYoungling [link] [comments]

  • Need an Outside Opinion
    by /u/Secure-Zucchini342 (Financial Independence / Retire Early) on February 24, 2024 at 6:34 pm

    Hey Redditors Throwaway account cuz I'm paranoid, I guess. I read so many posts in various FI and Personal Finance threads that I start to question where I'm at. Sometimes I think we're doing pretty well, and then I see so many posts by others much younger with such inflated incomes and so much more net worth that I start to question my position on this journey. I realize that the subsets of our population that are interested in finance and investing skews the numbers, and this becomes most evident especially when you read where the average American family is, but still. Ok, here goes... Me (51M), and wife (50F) 2 kids, 16 & 14. Soon to be 17 & 15 Zero debt Live in a MCOL area in the US Home is completely paid off and is worth about $425,000 Vehicles are newer and paid off. Always buy 1-2 years old and pay cash My 401k is at $1.133M. It's about 80% total market and 20% international. Expenses are extremely low. It's split about 70% traditional and 30% Roth. I currently have 20% (about $400) per week going into traditional. Company contributes another $15k or so annually. Wife has a 403b that's at $150K. Expenses are higher and I don't love the options, but it's split among the 4 best funds that were available. She's contributing $250 per paycheck which is $6500 annually. We both have about $25k each in Roth IRAs. Maxing these out currently. $250K in taxable brokerage account. Of that, $110k is in a money market fund as our high yield savings for emergency funds, savings, etc.. The rest is in VTSAX. Have $50k in 529 accounts set aside for kids' education, however they may not ever need this. Don't want to go into details here, but college expenses are completely covered from other sources. It's an amazing gift, and I'm thankful for that. Takeaway is that I stopped contributing to the 529s. Kids are good students and will definitely attend good universities. Have approximately $20k cash in other various bank savings/checking accounts Our combined AGI last year was $177k. It varies a little each year based on my pay fluctuations with bonuses, etc. but that's about normal My wife will receive a pension when she retires. The final calculation will depend on her highest paid 3 years, which will end up being her last 3 years. While it could end up being slightly more, I estimate it to be around $40k per year from the pension. She's eligible to collect it now, but plans to keep working at least for 3 more years before retiring and collecting on that. Even then, she can collect the pension and change jobs to something else if she doesn't want to completely stop working, but she's burned out from her current career. Healthcare - everyone's (in the US anyway) ire. We're fortunate that we will have very affordable healthcare coverage from wife's retirement. This will bridge the gap until medicare. Our household expenses have grown over the last few years with inflation and the kids getting older and having more expensive interests and needs. We're spending on average around $75k annually.I have auto contributions setup on several accounts, but we have been trying to stock pile cash for home repair projects. It varies by the month, but we usually save $2k into a general misc fund, $1k for future vehicle purchase, and some other misc. savings funds. A little more background. I grew up with very little and from a broken home. Wife came from middle class family. The older I get the more stressed out about money I am, I suppose because it feels like I have more to lose now than when younger. Spending money really stresses me out. We're on the cusp of a home remodel project that's going to end up costing us around $40k total. We've saved and ear-marked money for it, but that doesn't make it any less stressful for me. I'm burned out at work and just want my freedom at this point. My short term goal is to stay at my current job for 3 more years until I hit 55 and can retire early using the rule of 55. Some days I'm not sure I can do 3 more years, but I'd really like that safety net. My wife is also targeting her retirement for the same year, although she may find a completely different type of work while collecting her pension. Not sure yet. With a planned 3.5% SWR, I know the math works out okay when added to her pension, but it still feels tight or that I'm overlooking something. I'm no tax expert and I've mostly just focused on the savings and earning side of things until now. I never factor Soc Security into my calculations or any inheritance, but the reality is that there will probably be some form of soc security income for us down the road, even if reduced from today. And, while I've never counted on it or included it, there will very likely be some amount of inheritance income as her parents have multi millions and have a trust setup to provide monthly disbursements after their death. I view that as a bonus if it happens, but it could 20+ years in the future, too. I may not live to ever see any of that. One of the things that worries me is that other than liquid cash on hand in the bank, the money in investments just doesn't seem real or tangible. I've watched it rise and fall on a whim over the years with huge swings, and I just fear that it could be wiped out at the drop of a hat with market volatility. It feels like the US is at a crossroads with so much political unrest, AI uncertainty, workforce and labor shortages, funding global wars, etc.. Maybe all generations feel this way at any point in time, but it just seems like the future may be uncertain and unstable. And yet, I try to remain optimistic that the markets will charge ahead and produce income for us. If they don't, I certainly won't be the only one who's screwed. Thoughts? Am I on target to be able to walk away from my job in 3 years or am I dreaming? submitted by /u/Secure-Zucchini342 [link] [comments]

  • Daily FI discussion thread - Saturday, February 24, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 24, 2024 at 10:02 am

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

  • Anyone pay for New Retirement website?
    by /u/gerd50501 (Financial Independence / Retire Early) on February 24, 2024 at 1:10 am

    They manage your retirement. I used the free piece. I did not get the free trial yet cause i dont know hard it would be to cancel. I saw some youtube videos that says its good. Supposedly it does tax optimization strategies on the pay part and will price out roth IRA rollovers. I just tried the free piece. Anyone use it? Do you recommend it? Its $120/year. https://www.newretirement.com/retirement/pricing/ submitted by /u/gerd50501 [link] [comments]

  • Hey, another million! $0 to $4M in 31 years
    by /u/EquativeFib (Financial Independence / Retire Early) on February 23, 2024 at 8:47 pm

    I know y'all like status updates (I do, too!). My first post was six years ago when I passed $2M in savings. Now at $4M. Still in the Coasting phase, but pretty much can go fuck myself whenever I want. Short version of FiRe journey: worker bee got fed up with bullshit, started my own company 25 years ago. It was really hard, but worked out in the end. Long version is in a comment from six years ago. Savings growth: $1M took twenty years from $0 net worth. $2M took five years $3M took three years $4M took three years - just hit it last week! The post-Covid recession was a punch in the stomach. Savings (vast majority is Index Funds) dropped from $3.8M to $2.6M very quickly -- losing over a million dollars had me in knots. I'd been through recessions before, but never at this level. Fortunately, I kept my wits, did not sell, and continued to contribute every month to our 401k plans. 'Twas but a blip! Some key points - because FiRe can be more of a journey than a destination: Spouse and I have both been working part time since 2011. Coast-fire has been the best financial decision and certainly good for our mental health. In my last update ($3M), we still had kids in college. Our youngest is just finishing up his last semester in 2024. The 529 plans that we started when they were babies did not quite cover all 8 years of tuition, but it was pretty close. The 529 was amazing to have when we needed it. The growth was tax-free and our investments almost tripled our money by then time we needed to spend it. It was like getting a 60-70% discount on college tuition. Highly recommend. Our earned income is now under $100k/year - as planned, my consulting business continues to decline due to attrition. I very seldom will take a new client -- it has to be a perfect fit or I pass. Mortgage was paid off last year. We take the standard deduction now on our income taxes, which feels weird but makes tax season pretty straightforward. Net worth is technically over $5M because of home equity. Even though earned income is now low, I still continue to contribute to my business Solo 401K plan and max out our Roth IRA every year. The tax advantages are too good to pass up. Annual spend is still close to $100k/yr. That means I now take money out of our taxable investment account for some expenses and to fund the Roth IRAs. A 1% SWR is sustainable, yes? Health care coverage is a weird one. My wife's part-time job fortunately covers us for now with an excellent benefit. And she likes the job. But if she leaves or retires we're going to have to figure out what to do in the years before Medicare can kick in. What do we spend it on? We take awesome vacations. And we still live well beneath our means (in that spending is below earned income -- the 1% SWR is just a way to shift money from taxable to advantaged accounts while we're still working). Staying in the same house for 25+ years has made living expenses low, even in a HCOL city. We have hobbies. We have some small volunteer gigs. Anyway, just another example of FiRe working in the long run despite recessions and other hurdles. Living beneath your means and investing the difference in index funds really does work. Yes, the first million is the hardest! And really, I'd say it's just the first $100k that's the hardest. By then you've got the process down and it's just a matter of staying the course. See you at $5M -- I predict < 2 years if the market doesn't crash again. submitted by /u/EquativeFib [link] [comments]

  • The personality of FIRE vs the math. A small case study.
    by /u/Confident_Ear4396 (Financial Independence / Retire Early) on February 23, 2024 at 6:13 pm

    I FIRED from a local public service at age 42 a couple years ago. I basically faded away starting with early COVID. Mostly through cash flowing real estate, but with a decent pension as a backstop. I climbed the ladder fast in my department so my peers were all Much much older. I watched a few retire and have seen a few retire after me. I ran into one today in the grocery store. He was pension qualified 20 years ago, before I even started and I asked how retirement was. He is going back to work this summer as a part time laborer. He will make what amounts to local fast food wages. 5 days a week, 6am-10:30am. He will water hanging flower baskets downtown with a special backpack rig. Another peer in a similar position comes back every summer to run a piece of equipment in a crew he uses to supervise. He works 6-2 5 days a week may-September. Most retirees from my department come back to work at least seasonally within a year. I can only think of one that fully severed and stayed there. None of these guys needs the money. I know their basic financial situation. They have medical, full pensions, SS and often side hustle. They houses are paid for, their cars are paid for. Their kids are long gone. We are in a low cost area and their hobbies include incredibly cheap things like trout fishing, watching basketball, going to college games and TV. I feel like most FIRE people are out there to stop working to do things they really want to do. Apparently the thing these guys want to do is to continue working at a lower level to avoid spending too much time with their wives. My schedule is absolutely packed. I’m gone at least one week per month and the summer is non stop activities. I cannot imagine getting up 5 days a week to go work, even if the job is easy. That obligation would hang over me when my daughter asked to go kayaking or my significant other wanted to head to the beach. They seem happy/happyish. I don’t mean to sound completely judgemental if they are happy. I just find it fascinating that after a 40 year career they are left so intertwined with work they can’t let it go. Full disclosure: I’m still on payroll too, sorta. I go in about six days a year to do technical work no one else is qualified for. The schedule is set a year in advance. I am currently training myself out of the role. I should be out by August. Me replacement likes to keep me on payroll because sometimes disasters happen and I don’t answer the phone for free. It is more of a consultant role to keep a pet project alive. So yeah, hypocrite I guess. submitted by /u/Confident_Ear4396 [link] [comments]

  • Does anyone do a fun job post FI that they actually like??
    by /u/FinancialParking1809 (Financial Independence / Retire Early) on February 23, 2024 at 5:22 pm

    I'm 5 years into my 10y plan, doing the basic 1M S+ P 500 index fund and 40k a year plan. My Husband and I(f) are both 27 about to be 28. We make 135k and save about 78k a year. We both plan to have some recreational careers to have a bit of extra income I want a little side gig 20-30 hours max. Preferably outside , or with a lot of creativity required. I would love some suggestions. I live in Columbus, Ohio right now but am willing to move later down the line Hubby is from FL. We speak spanish (im not perfect but actively learning) and english. Would love to hear any and all jobs that you guys do for fun! submitted by /u/FinancialParking1809 [link] [comments]

  • Reached $500K NW at 34yo
    by /u/Ferret_Wrangler (Financial Independence / Retire Early) on February 23, 2024 at 5:04 pm

    I just wanted to post because I don't really have anyone I feel comfortable sharing this with. My wife (33y) and I (34y) just reached $500K NW. We live in a medium cost of living city (suburb of Minneapolis). Neither of us are particularly high earners. My wife works in HR and makes about $80K and I work in insurance underwriting and make $75K. We went to a state college together but neither of us work in the fields that we studied (we chose kind of useless majors..). After we graduated around 2012we were barely making $14/hour each and were pretty discouraged. I think that making so little made us pretty frugal though so I think that was a good thing in the long run. We now have 2 kids under 3 years old and while money can feel a bit tight with $30K in daycare per year, we are more than comfortable. I mostly wanted to post this to encourage anyone struggling to start their careers that things do get better. Keep your expenses low, save what you can, and do your best at work and you'll get ahead eventually. Breakdown (numbers approximate): House: $410K (w/ $141K Mortgage 15y @ 2.75%) Retirement accounts: $193K Checking/Savings: $9400 HSA: $9500 CDs (varying terms 1-4 years): $20,000 submitted by /u/Ferret_Wrangler [link] [comments]

  • How do you stay motivated at work when NW can fluctuate by a couple paychecks in a single day?
    by /u/Extra-Metal-248 (Financial Independence / Retire Early) on February 23, 2024 at 3:39 pm

    On a day like yesterday. It sounds like humblebragging but I really want to know people's tips and tricks. submitted by /u/Extra-Metal-248 [link] [comments]

  • Have I been thinking of allocations the wrong way?
    by /u/ExoticPresentation75 (Financial Independence / Retire Early) on February 23, 2024 at 12:16 pm

    Say I am planning to retire at 49.5 years old, i.e., 10 years of early retirement. The way I've been thinking about it is that I will allocate the money that I expect to use during early retirement separately from the money that I will use during traditional retirement. For example, say I am 39.5 years old now: FIRE funds: 90/10 stocks/now, gradually decrease to 70/30 until I hit 49.5 years old. Traditional funds: 100/0 now, gradually decrease to 60/40 until I hit 59.5 years old. In this scenario, I'd basically be more aggressive with my traditional funds for longer, while ending up being more conservative since I'll have less leeway during traditional retirement. But I just had a realization that I might be thinking about this the wrong way. Should I just be viewing all of my funds the same way and use a single allocation based on my expected early retirement age? It has probably been easy to segment the allocations for me because I happen to have them distributed among various accounts but have I been thinking about this the wrong way? If I do use a single allocation, should it be more like the FIRE example or traditional example above? submitted by /u/ExoticPresentation75 [link] [comments]

  • Daily FI discussion thread - Friday, February 23, 2024
    by /u/AutoModerator (Financial Independence / Retire Early) on February 23, 2024 at 10:02 am

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

  • How do you think about inheritance?
    by /u/PowerfulComputer386 (Financial Independence / Retire Early) on February 22, 2024 at 11:35 pm

    I was thinking about the other day for the first time as both sides of parents are getting old. My approach is that although I don’t count it as my assets for FIRE, I like to think the inheritance will be only used on my children (so skip generation). This certainly brings some relief as I believe for many who have kids and want to RE, a big concern, if not the biggest, is the money needed on kids as they grow up, such as college, wedding, even house. Additionally, knowing their assets allocation, it helps me to plan differently too, e.g. if they are heavy on rentals, then I should be light on that. Well, curious about your thoughts and approaches. submitted by /u/PowerfulComputer386 [link] [comments]

  • FIRE without real estate investments
    by /u/stay_anon_here (Financial Independence / Retire Early) on February 22, 2024 at 8:56 pm

    Hi all, I have recently started seriously thinking about retiring early. I wanted to get a sense of what everyone's thoughts are in terms of real estate investments vs passive index fund investing, and which approach has faster trajectory towards FI. To begin with, here's some details. I'm 35M, with a wife and kid. We own a home in the SF bay area (equity around $425k). I have about $285k in my brokerage account (broad market index funds and RSUs), and $265k in retirement savings. I do have some significant RSU vests coming this year (as long as they don't lay me off), so I'm thinking about how I can use this as a jumpstart towards FIRE. My default approach is to just keep the money invested in index funds. But I'm wondering if I'm missing out on better growth avenues via real estate investments. Some folks at work talk about not just buying a second home or rental, but building a portfolio of real estate investments. I read about a few ex colleagues who did this and retired early. Here's some of my reasons for being hesitant to consider this approach: I'm not well versed with real estate and all the ins and outs of rental properties. But this seems like something that I can learn by talking to people, doing research online, working with a property management company etc. We probably don't have sufficient funds to buy a second property in the Bay area, but buying out of state seems feasible. This makes me pause though, because of my lack of familiarity with out of state locations that are good for buying rental properties. But this is also something that I can research online/talk to people. Having too much of our NW locked up in real estate properties. This is one of the biggest reasons why I'm hesitant. And this is what I'm trying to find out in this sub. What percentage of your NW are you comfortable with being locked up in real estate? Of course, this would be an individual choice rather than any recommended number. I'm just looking for a small sampling of what others are doing. This might just be me being lazy, but I feel buying real estate seems like a lot of work. I would rather spend time with family or learn new things that could help me advance at work than do all the things necessary to buy another home. But if it's something that could bring me closer to my RE date, then definitely I'm willing to put in the effort. Looking forward to hearing if others have had similar hesitation and then chose to go one way or the other. Thanks for all the informative posts over here, you folks are all inspirational. submitted by /u/stay_anon_here [link] [comments]

  • Now a Household Net Worth millionaire, age 35
    by /u/PincheVatoWey (Financial Independence / Retire Early) on February 22, 2024 at 5:56 pm

    The recent stock market gains have pushed my household net worth into north of a million dollars. As you will see below, some mistakes were made along the way, but a plan is better than no plan, and learning from mistakes is even better. Background: I'm age 35. Both my parents are Mexican immigrants. My dad did not finish high school, and my mom went to school up to the 6th grade in rural Mexico. My mom was 19 when she had me. I come from a privileged background to the extent that I was raised by parents who are married. Beyond that, I grew up with very little cultural capital about saving and investing, and it's information that I had to find on my own through reading and research. I married someone with more of a middle-class background. My wife will likely inherit money later in her life as people in her family pass away, but for the time being, what we have we built from scratch. Here's the breakdown: Checking account: $12K Savings/Money Market: $41K Roth IRA accounts: $178K Brokerage accounts: $180K 529 accounts: $71K 403b account: $27K Cash value in two whole life insurance policies: $125K Home equity: roughly $380K My wife and I also pay into CalSTRS, but I don't know exactly how to factor that into our net worth. Nonetheless, the stuff outlines above adds up to over a million. Yes, I realized that the whole life insurance policies were not a great choice after about a year after I bought the policies in 2015, but I reduced the premiums that I paid on those and shifted money towards the IRA accounts. However, I still contribute a few hundred dollars per policy on a monthly basis because we have two kids. I was on this trajectory when I go married. Thankfully, my wife is also frugal and shares the same values about material processions, though I'm the one that put in the work to educate myself about investing. Looking back, I think the keys for me were the following: -minimized student debt as much as possible early on. I commuted 45 miles one way to the nearest Cal State to save money as an undergrad by living at home. I did not have money from my parents waiting for me when I turned 18, so I also worked quite a bit and paid for my tuition as an undergrad out of pocket. I took out $20K in loans for two teaching credentials after that, but I did so understanding that there would be a job waiting for me when I finished the program. I was able to pay that back very quickly. -I bought my first home at age 25 for $160K, in Palmdale, California of all places. I was able to build equity on that home that became the down payment for my current home. -Avoid lifestyle creep. We only own two cars, a 2013 Ford Fiesta, and a 2016 Honda CRV. -Index funds are your friend What now? Maintain the course. My wife and I have three months off per year, and I personally do not take on work beyond my basic duties because I enjoy the time off. I can start collecting a pension at age 55, though most people in my profession wait until age 61 to max out their benefits. I would consider tapping out at age 55 in order to get some traveling done before I'm too old. The idea of retiring in Baja California sounds lovely, and I would consider it if my non-Latina wife would green-light it, and if Mexico gets its organized crime under control. submitted by /u/PincheVatoWey [link] [comments]

  • Update at 43 yrs old
    by /u/amorousgent (Financial Independence / Retire Early) on February 22, 2024 at 5:08 pm

    Like I’ve said before I started late bc I partied my twenties away and didn’t hunker down till around 36 when I got married. Calculated NW is 750k and if I count my wife together we are over 1M. New promotion comes with a commuter car and free petrol. Should save a ton here but haven’t calculated yet. Finally got a tax refund over 4k. Mismanagement from spouse in recent years made us pay 💰 If bonus hits I’ll be able to fund ROTH in one shot instead of incremental through year. This is normally used for house projects, cc, student loans….but those are all gone. Overall the future is bright and hope to hit 1M NW by 45 yrs old. submitted by /u/amorousgent [link] [comments]

  • Five Year Update: 42 y/o FIREd
    by /u/Oracle_of_FIRE (Financial Independence / Retire Early) on February 22, 2024 at 4:32 pm

    February 22 2019 was the day I retired. Five year anniversary. Last year's post is here: https://old.reddit.com/r/financialindependence/comments/119alxn/four_year_update_41_yo_fired/ Expenses: Now that Mint is blown up I don't have those handy charts automatically generated for me. Fortunately, all of my spending is through either a single credit card or my checking account. I was able to get my Amazon order details sent to me too, so I have full granularity on everything. Total spending was $33,400, which is up about $5-$6k from previous years. My Overall Expenses Taxes: One might notice I don't have income taxes listed on that chart. My Federal Liability last year was around $1300 and State was around $1700. I paid estimated taxes that more than covered those amounts and got a refund this year. I didn't include those numbers in my expenses because (disagree if you want) I am really more interested in my "spending" and those taxes are more a function of specific income moving choices I make. It's important to know, but doesn't really fit with what I'm doing in the above chart. Food: The ballooning elephant in the room. Holy Christ did I spend a lot of money on food last year. In the first four years of retirement my annual food spending was around $8000 to $9000. This last year I must have discovered the fact that I can buy cases of Sugar Free Redbull (my choice beverage) off of Amazon. I was getting a 24-case of Redbull shipped to my house every week for $50 a pop. Between that and finding a beef jerky company I really like (0 carb, it's healthy!) that sells one-pound bags for $35 that I was also getting weekly, that blew up my Amazon spending. $6350 of the $7750 spend on Amazon was in these two items. Breaking down categories, I had $1620 in Fast Food, $1315 in Groceries, $1405 in Pizza, $1345 in Restaurants, $980 in Snacks (7/11, pretzels, cookies, popcorn, etc), $3000 in Beef Jerky, and $3350 in Redbull for a total of $13,015. I spent about the same as previous years in all categories except for the increased Redbull and Jerky. Health: $4466 for ACA health insurance premiums, though I did get a $400 credit for keeping my AGI down last year. I also did $350 for dental insurance, $720 in dental procedures (crown and filling, roughly half off because I do that insurance) and about $320 for OTC meds like Nyquil and Halls. Auto: $1375 for Car Insurance, $1015 for gas. My registration was around $200 too but that's not on the list for some reason. Housing: $99 per month HOA is $1880 with $515 in condo insurance and $1600 in property tax. Utilities: Electric bill of $1005, Gas bill of $493, and Internet of $780. This is approximately the same as last year. I have a phone bill I need to pay, which has a new phone (Samsung S23) payment on it too, but I'm not sure what it is at the moment. The phone total should be around $800 and the line bill around $275, but it's just an added line on a family plan and I haven't paid this year yet. Entertainment: $490 in subscriptions, but some of that was only a partial year. I got rid of Disney and Netflix, so I'm down to just Spotify and Amazon Prime for $27 per month total. $360 in video games and $60 at movie theaters. Vacation!!: I went on a Vegas Vacation with two friends back in November and it was the first real vacation I've taken since I retired. (And frankly, the first real actual vacation I've taken in decades I think.) Total cost for everything was about $2700 for the 3.5 day trip. We spent a ton of money eating at great restaurants, we had the best seats at the Sphere (not exaggerating, my seat was dead center side-side and vertical), and we all did a big $200 buy-in $40,000 payout poker tournament that we did not do well in. Other Purchases: I also spent $330 on clothing, $575 on electronics (new Roomba), $120 on gifts, $565 for assorted other home goods (a desk and power bar for a new modem/etc table, a Waterpik, cleaning supplies and brushes, etc). INVESTMENTS Lets keep the old table and just add to it: Type Retirement Day 1 Year 2 Years 3 Years 4 Years 5 Years Traditional IRA $299,000 $348,000 $380,170 $410,285 $360,715 $395,500 Roth IRA $14,500 $18,150 $70,236 $75,800 $91,469 $170,300 Brokerage $18,400 $22,900 $37,108 $179,110 $139,420 $205,575 Total Vanguard (3 Above) $331,800 $389,100 $487,515 $665,195 $591,600 $771,375 Other Holdings, Crypto/Bitcoin $145,000 $291,000 $1,315,000 $985,000 $595,000 $1,260,000 HSA Investment $6000 $7400 $8760 $9453 $9237 $11,700 Cash $20,000 $9000 $135,000 $9345 $11,785 $11,000 Total NW $502,900 $696,000 $1,946,000 $1,669,000 $1,207,000 $2,055,000 (Total NW not including house and car) The market has been pretty insane, I was up about $24% in my Vanguard accounts for 2023. All three accounts are still 100% VTAX, except for a small "cash" amount in the brokerage money market account that I can withdraw from when I need to replenish checking account cash. Bitcoin is also way up, I have sold a little already and moved that money into VTSAX in my brokerage. If (when) Bitcoin continues to go up this year through the halvening I'll continue to sell a bit and move into Vanguard. I've already done my Roth conversion for 2024 of $26,000, and my 2023 conversion of $25,000 was done in October, which explains the big jump in my Roth balance. Life Stuff: Life's been great. Still hanging out with friends on a weekly basis, still not bored yet. I feel like I'm seeing my parents more often this past year, at least once per month to go over for dinner. Now that they are 70 I think maybe the visits will become more and more frequent as the "time is short" enters the back of everyone's mind. They are still going surprisingly well though, they just got back from a 10 day cruise and visiting friends in Florida. I'm still looking into buying a new house or condo (I talked about it in the Year 3 update). All of my friends live within roughly a 10 miles circle, and I'm 10 miles east of that eastern edge. My current place is nice but pretty small and I'd like to move into a larger condo in a nicer neighborhood that's close to the middle of that friend circle. Driving 30 minutes to go play board games with my friend would be much less of an ordeal (and would become more frequent) if it was just a 5 mile drive down the road. A new condo will of course explode my housing costs. I'm expecting HOA, Insurance, and Property Tax to all about 4x with a move. My current place is worth around $100k and I'm looking in the $300k to $400k range. Not quite sure how I'll handle a "mortgage" or however I plan to pay for the new house. Break off another bitcoin or two I guess. I'm also itching to get a new car. I have a Cybertruck on order but I was not an early reservation holder so it will be probably next year at the earliest I get that. I really kinda want to get a 2 year lease on a Tesla (3 or Y) just to try it out for a while before Cybertruck final decision comes down. But I probably won't pull that trigger. (But... maybe? I've resisted so far.) Final Thoughts: That's about it. Everything is going great, still totally happy, never bored. Never going back to work. submitted by /u/Oracle_of_FIRE [link] [comments]

  • Reached 1M NW at 35
    by /u/TA019283746 (Financial Independence / Retire Early) on February 22, 2024 at 2:00 am

    Compound interest! Been putting away 40% towards retirement since I was 23 (never missed it cause I never saw it). Income ranged $40K–$120K through the years, same company. ​ 401(k) $575K (Managed by EFE, about half Roth) Roth IRA $225K (All FNILX) Brokerage, HSA, Cash $200K (All VOO in Brokerage) ​ Stuff that helped: Lived with parents rent-free until 26 Parents mostly paid for college (I left with $25K in student loans) Dad demonstrated great money habits, Mom demonstrated poor ones Cheap rent in Metro Detroit ​ Have mostly lurked but grateful for this little constellation of PF/FI subreddits. submitted by /u/TA019283746 [link] [comments]


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