Financial Independence and Legit Side Money Ideas For Techies and Geeks

Legit Side Money Ideas for Techies and Geeks

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Financial Independence and Legit Side Money Ideas For Techies and Geeks

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

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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!


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

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

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

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

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

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

Legit Side Money Ideas on Quora

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  • Year 4 FIRE Update - Say Yes to (Almost) Anything
    by /u/hungn3 (Financial Independence / Retire Early) on February 1, 2023 at 2:30 pm

    With 2 years of life "on hold" during the pandemic, I decided to embrace a personal mantra of “Say Yes to (Almost) Anything” in 2022. I would let myself try new things regardless of cost or hesitation. I discovered a lot of new things that I love and also found a few I'll never do again. Overall, still loving the freedom and flexibility of FIRE life and trying to enjoy as much of it as possible. TLDR below, but encourage you to also read the body of the post for more details! TL;DR: 39/M SINK renting in the SF Bay Area, formerly in IT Consulting and FIRE'd in January 2019 with $1.1M Net worth decreased in 2022 from $1.90M to $1.50M as of January 1st Spent $39,000 out of $33,600 budget Did lots of “revenge travel”, spending 243 nights in 2022 away from home For further background, check out my original post and 3 updates: FIRE Post, Year 1 Update, Year 2 Update, Year 3 Update I’ve organized the rest of the post into the following sections: Say Yes to (Almost) Anything 2022 Highlights FIRE’d Life Finances 2023 Plans Say Yes to (Almost) Anything After two years of pandemic, I decided to adopt a mantra of “Say Yes to (Almost) Anything” (SYT(A)A). The (Almost) part is there to rule out things that are illegal and/or dangerous. I was partiailly inspired by u/MrLlamaSC with this post and decided the following: Instead of finding reasons to say no, I would look for reasons to say yes I did a LOT of new things in 2022, but the examples below focus on experiences I might have found excuses to say no to in the past. Burning Man This had been on my bucket list but had been hesitating to go because I didn’t think it would be a good experience for someone who doesn’t drink, much less do any drugs. I joined a camp and they had limited tickets. Initially I didn't get a ticket, but thanks to flexiblity being FIRE, I was able to secure a ticket just 3 weeks before the event . It isn’t hyperbole to say that it was one of the most impactful/meaningful experiences of my life and can’t wait to go back in 2023. The art, the community, and overall atmosphere is intoxicating and such a breath of fresh air compared to the "default world". Don't get me wrong, I don't think that this can be replicated outside of BM, and BM is far from a perfect experience with the environmental hazards and people who (IMHO) aren't embracing the 10 Burning Man Principles. But the event is so big that you can avoid those that you don't want to be around. I could probably write a novel on all of my Burning Man experiences but this isn't the time/place :-). If you have any specific questions about BM, lemme know and I’ll gladly answer them. Gay Ski Week I went snowboarding two times when I was in HS/College but had a miserable time, constantly falling and feeling like I made no progress. I thought that skiing would be the same and so I never picked it up. An acquaintance wanted to take a road trip and check out Gay Ski Week, so I said yes! This was double SYT(A)A event because I usually don't do "gay party" type of events. I was absolutely wrong about skiing. It was so much more fun than snowboarding, I picked it up quickly, and started doing some blue routes on the second day. I definitely would ski again, but would NOT do it in the context of gay ski week (there way too many vapid WeHo twinks, and the party scene is not my cup of tea). Also I would try mid-week to avoid crowds and cut down costs. As part of SYT(A)A, I decided to go take a 3 week trip with someone who I had only known for a few days (in person). Lesson learned, is that for travel, I need to make sure that I am more compatible with. After the first three days, I offered to pay to fly him home and cancel the rest of the trip because of how terribly it had started. We decided to continue and there were good parts, but there were some pretty awful parts of the trip and during the ski portion, I avoided him completely. Cruise to Alaska My mom had been asking me to go on a cruise with her for at least 15 years and I've been extremely hesitant. I hate the idea of a “catered” experience and also loathe the super restrictive schedules and super-touristy nature of cruise ships. But given this year's Mantra of SYT(A)A, the absolute worst case is that I get to spend 10 days with my mom. Turns out I didn't need to go on the cruise to know it wasn't for me. I’m glad to spend the time with my mom, but I don’t think I’ll ever take a cruise ever again in my life. Bedroom Adventures I won't go into specific details here, but I've been exploring a lot of new things in the bedroom (kinks, fetishes, people with different gender identities/sexual orientations). I've had a range of experiences from “so-so” to “amazing” and has overall been a very positive experience. I feel like without the SYT(A)A mentality, I would never have discovered things that I now really enjoy. As a side benefit, I am in high demand for a particular niche that I also happen to enjoy a lot, which is a major plus for my sex life 🙂 Given all of the positive experiences that went well, I want to keep the SYT(A)A mantra going forward and continue find reasons to say yes. What are some things you want to find say yes to, but haven't quite made the leap? 2022 Highlights Spelunked to the end of Catacombs Cave (and back 😀 ) at Lava Bed National Monument. There were some belly crawls with less than one foot tall ceilings with about 1-2" of wiggle room between your back and the ceiling. In some parts, I had to turn my head/helmet sideways to squeeze through 5 day trek in Pati Valley in Chapada Diamantina Climbed Via Dos Italianos (700ft) and K2 on Corcovado (400 ft) in Rio De Janeiro. I only had to hang once on the first pitch of Via Dos Italianos Led my first 5.10a, also led a 5.10b/c (both sport, and the 10b/c were very soft IMHO) and led my first multi-pitch route Did my first packraft trip (3 days). Unfortunately I forgot my hiking shoes, so ended up doing the trip in crocs… Ate at D.O.M. in Sao Paulo and Canvas in Bangkok Ate at countless amazing places in Thailand and Taiwan Visited the Channeled Scablands and learned about all the amazing geology/history of it Watched Everything Everywhere All At Once multiple times 🥯👀 Saw Six the Musical in NYC Read tons of great sci-fi - The Expanse 7-9, Three Body Problem Trilogy, and Memory of an Empire 1 and 2 Played 49 unique board games, 23 which were new to me, over 195 plays (Spirit Island, The Crew: Deep Sea Mission, and So Clover making up 57,29, and 22 plays respectively) Additionally, I have a small photo album of some of my favorite pictures I took this year: FIRE’d Life Revenge Travel Being cooped up so much for the past two years, I was very much itching to get some of that pent up travel energy out of my system and ended up doing a lot of travel! I spent 243 days away from home to be exact. All of this was with different friends/family with the exception of spending ~3 weeks solo in Brazil. Here’s the travel that I did last year: 3 week road trip to Vegas, Red Rocks, Death Valley, and Mammoth 6 week trip to Brazil 2 week road trip from SF to Seattle 4 day road trip around the Olympic Peninsula 10 days Alaska cruise and Denali Land Tour 9 days Visting friends in AK and Vancouver 10 day NYC and DC trip 30 days of outdoor climbing in various places 7 day road trip around Utah national parks 5 day board game convention 3 weeks in Thailand and Taiwan I tracked how many days I spent away from home, and categorized them by the type of accommodation that I had: Hotel/AirBnb 71 Family 69 Camp/Hipcamp 56 Friends 39 Vehicle (bus/plane) 6 Volunteer 2 Family/Friends I stayed at for free (mostly my sister in Brazil and my mom in Washington) and I treated people out to dinner and other things for letting me stay with them. Camping was a mix of state/federal/BLM/Hipcamp. Most of these are like $15-$25/campsite split usually among 2 or more people. Lastly the remainder is for Hotels/AirBnB’s. I used Marriott points for the expensive destinations like NYC and DC, but most of my nights were in cheaper locations like pousadas in Brazil, and inexpensive hotels in Thailand and Taiwan. Volunteering - Summer Camp Blues So I did not get accepted to join one summer camp despite previously getting the “MVP award” and praise from a variety of people. Initially I was devastated and was thinking about what I could do differently to get back. When I asked for feedback from one of the directors on how to be a better candidate for the next year, they gave me feedback that is factually incorrect. When I ran this by my co-counselor from the previous year to get a second opinion, they agreed and thought it was unfortunate that they were single-ing me out. The director citied "issues with my cabin" as a main reason for not being allowed back, but my co-counselor (in the same cabin) noted that they never received any feedback and were also invited back to volunteer. The root cause of this is that I provided them direct, but professional feedback on things that I think they should change. However, it is now apparent that it was not received well and they have twisted the series of events to fit their own narrative. After talking to others, it seems like the people in this organization are just looking for “Yes-people" and can’t take any form of constructive feedback. I haven’t been this disappointed in a long time, and because my other summer camp still not running in-person camp, it meant that I now had a big 2 month gap in my summer, and a hole in my heart that I needed to fill. I still haven't quite found a way to find a way to replace this, but what I do know, is that I need to go somewhere where my talents and skills are appreciated and I'm not gas-lit to think that I did something wrong. Finances Net Worth: Decreased from $1.90M to $1.50M (as of January 1st 2023) Asset Allocation of Net Worth 2022 Income Dividends from Taxable Accounts: $16.7K Long Term Capital Gains: -$4.9K. I tax lost harvested a few times (VTSAX to VFIAX) and withdrew some for additional cash on hand. Rollover 401K/IRA to Roth IRA conversion: $16K. I converted an extra $3K above the standard deduction, using $3K of capital losses, and will carry over $2K in losses for next year. Total AGI of: $29.7K Projected 2022 Taxes Federal: $100 State: $250 Expenses Overall, costs were $39K which is 16% above my planned expenses of $33,600 and represents a 2.6% withdrawal rate at my current NW. I hadn't changed my budget of $33,600 since I FIRE'ed in 2019 because I spent so little during pandemic. I have now increased my budget to $38K for 2023, which actually aligns with inflation adjustments. Table of planned and actual expenses Notable high ticket items: Gay Ski Week: $1000 (Doesn't include the AirBnB, just entry to the non-VIP events, lift tickets, and one day of ski lessons) Burning Man Outfits: $800. I plan to reuse outfits and hope to make some of my own in the future. You can certainly go without spending this much money, but I thought YOLO and just got a few pieces of clothing that I absolutely LOVED. Burning Man Costs: ~$1000 total - $500 for the ticket and ~$400-$500 for 8 days of camp costs (includes, food, water, transportation, and common camp supplies). Taiwan/Thailand Trip - Don't have an exact amount since we did lots of cash and points, but it was a decent portion of my travel budget 🙂 Health Insurance People always have questions and confusion about ACA and health insurance so I'll put this info out there again. I aim for hitting a AGI of $30K and that will get me a Silver 73 HMO with CSR ($30 drug deductible, $4750 non-drug deductible, and $7250 max OOP). In 2022 I paid $77/month and will be paying $28/month in 2023 because inflation significantly increased the FPL, but my AGI remained the same. 2023 Plans Learn to Trad and Aid climb with a longer term goal in 2024 is to swap leads on the South Face of Washington Column or something of similar scale/difficulty Get back into biking and do one bike touring trip. More road, camping, backpacking, and climbing trips Take an Amtrak train over a long distance - Empire Builder to Glacier, or California Zephyr Start (and finish?) Frosthaven campaign Attend the World Boardgaming Championship - I don’t expect to win any championship or even get any laurels, but just want to have some quality gameplay of some classic games Thanks to everyone who read through this and feel free to ask any questions in a comment and I'l try to answer as many as I can! 🙂 submitted by /u/hungn3 [link] [comments]

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  • ACA Subsidies: FIRE Considerations
    by /u/beerion (Financial Independence / Retire Early) on February 1, 2023 at 12:39 pm

    TL;DR If we treat the loss of ACA subsidies as a 'tax', then our Effective Marginal Tax Rates may significantly impact how we do pre-retirement tax planning. Here is an example that might be more concise than this post. So I came across an interesting conundrum when running simulations for my current FIRE status. I figured I'd share, and see if I'm missing anything. Please note that all numbers in this post are for 2023, single filer. I've included a link to my Python script at the bottom if anyone wants to look it over (it's messy, but shouldn't be too hard to follow). Current Consensus We all know the general implications of ACA subsidies: if you're shooting for a withdrawal strategy that's less than 400% of the federal poverty level (FPL = $13,590 for single filer), then it's wise to attempt to suppress your MAGI in an effort to maximize the subsidy. The question is how should we alter our tax planning strategies, before retirement, to optimize the impact of the 'new' structure of healthcare subsidies. One way to look at it is similar to how we look at the federal tax rates. The common wisdom, of course, is that if you're in a higher tax bracket now than you project to be in retirement (i.e. 24% bracket now vs 10% bracket in retirement), then it's prudent to place those funds in a pretax account (IRA or 401(k)) to save that net 14%. I think the same exercise can be done for ACA subsidies: if we assume that the max possible subsidy is the baseline, then every dollar paid for ACA health insurance is effectively a 'tax'. But first, we need to understand how the subsidies are calculated. How are the ACA subsidies calculated Here is a great resource. About a quarter of the way down is this excerpt: For coverage effective anytime from 2021 through 2025, under the modified rules implemented by the American Rescue Plan and extended by the Inflation Reduction Act, subsidy-eligible enrollees who buy a plan in the exchange have to pay the following percentages of their income, after the subsidy is applied, for the benchmark plan: Income up to 150% of poverty = 0% (ie, the subsidy is enough to make the benchmark plan premium-free) 150% to 200% of poverty = 0% to 2% 200% to 250% of poverty = 2% to 4% 250% to 300% of poverty = 4% to 6% 300% to 400% of poverty = 6% to 8.5% 400% of poverty or higher = 8.5% ​ You can run through the example for Bob from the reference if you want to see exactly how we calculate the ACA cost if you land in between these income thresholds, but the important thing to take away is that this structure does not behave like the federal income tax bracket - for the ACA, every dollar you earn increases the percentage taken from all previous dollars. Here's an example: If you make 2x the FPL ($27,180), you'll be charged $543 for ACA insurance. If you increase your income to 2.5x FPL ($33,975), you'll be charged $1,359. What this means is that the last $6,795 of income cost you $816 in additional insurance premiums, or 12% on a marginal basis ($816 / $6,795). If you can't already tell, this can be quite impactful when you add this on top of the federal income tax. So while the ACA is not treated like a marginal tax, we can still solve for the effective marginal tax rate by income level - basically, how much does one more dollar of income increase our amount paid for ACA? Effective Marginal Tax Rates For reference, here is a graph of what the Federal Income Tax brackets look like if you charted them out. Note that this includes the standard deduction. Federal Income Tax Brackets Now, here are the effective marginal tax rates for the ACA, considering the effects of the subsidy by essentially performing the math exercise from above. ACA Marginal Tax Rates Notice that the lines are sloping. This is because the subsidy is a moving percentage of your income. Like the federal income tax, you should be able to find the area under the curve to calculate your total tax liability. To find our combined effective marginal tax rates, we just add these two curves together: Combined Marginal Tax Rates (Fed + ACA) And finally, here is the graph of the combined Fed and ACA payments in actual dollar amounts: Combined Gross Payments (Fed + ACA) The big takeaway for me is that beyond $25,000 of post retirement income, our marginal tax rate will increase beyond 20%, which, for many of us, will be pretty close to what our highest marginal tax rate is while we are working. This is equivalent to $625k in a 401(k) doing 4% Roth conversions (assuming you have no other sources of income). And for those that are shooting for a million dollar 401(k), that last dollar of a 4% withdrawal is taxed at a whopping 30%. What counts as income for the ACA? The ACA is based off of Modified Adjusted Gross Income (MAGI). MAGI will include virtually all sources of income. This includes Roth conversions, capital gains, rental include, etc. And there is no tax break for the standard deduction - all income is counted for the ACA. The only source of 'income' not included are plain Roth withdrawals. Implications for FIRE Planning This is certainly something to seriously consider if you are planning to do BaristaFI (or CoastFI) with income supplemented partially by both Roth conversions & a part time job. From what I can gather, this really levels the bar for the Roth vs Traditional debate once you hit a certain threshold in pretax accounts. Here is the link to the Python script I've also included the ability to account for capital gains tax. As you can probably gather, if capital gains are your sole source of income, the first $40k is free for federal income tax so the marginal rates equal the ACA marginal rate chart until capital gains tax kick in. So I didn't include it here. I imagine there is an optimization exercise one could run to figure out the perfect mix of pretax (with planned future roth conversions) plus capital gains. But I suspect, beyond the minimum federal poverty level income, it becomes increasingly advantageous to switch to Roth-only contributions while working. Anyway, let me know what you think. I'm sure I've made a pivotal error somewhere that makes this entire exercise a big nothing burger. I'd love to hear it. Also, I realize that the thresholds set for the ACA maximum premiums may not fully reflect the prices you see on the marketplace, and that we may be able to find cheaper deals. I haven't had to get coverage on the Marketplace yet, so I'd love to hear people's experience if the above doesn't line up with reality. submitted by /u/beerion [link] [comments]

  • The Ultimate Guide To Make Money Online: 45+ Best Ways To Achieve Financial Freedom From Home
    by Blake R. (Money Making Ideas on Medium) on February 1, 2023 at 12:32 pm

    Given that the majority of people have their own personal computer (laptop or desktop) as well as access to the internet, discovering that…Continue reading on Medium »

  • End of January Event and the Early February Community Rules
    by /u/CripzyChiken (Financial Independence / Retire Early) on February 1, 2023 at 12:19 pm

    Hello everyone and Happy February! After an interesting and enlightening January event, we wanted to touch base real quick on what is going on here on the sub. The Mod team is currently talking about results from the last month, focusing a lot on the Feedback Survey, as well as our general feelings and thoughts on how things went. We didn't want to rush out with a rule change without ensuring that it is discussed at depth internally. Additionally, we didn't want to go back fully to what the rules were back in December. To help give some clarity for the next few days until we can get to a better long term solution, we wanted to update everyone on what is going to be the rules/enforcement for the near term future: "3 Reports to remove post and send to mod queue for human review" will be turned back on (note that once a mod takes an action on a post, the 3reports can no longer activate for that post). The karma filter will stay in place as is (a low amount of subreddit karma is required to post a new topic, no karma requirement for comments) The light/nonexistent enforcement of rules 5 and 6 will continue. Low effort and "better fit for a different sub" type posts will once again be removed (rules 1 and 4) and redirected to as is appropriate (daily discussion, FAQ/wiki, better sub, etc). We do want to clarify that these are NOT the long term rules. We are working on rewriting and rewording the rules based on feedback, but wanted to ensure the community knows what is expected until we can finish that, with an ECD of sometime this month. Thanks r/FI Mod Team submitted by /u/CripzyChiken [link] [comments]

  • Top 10 side hustles for teens to make money online
    by Hrithik Patel (Money Making Ideas on Medium) on February 1, 2023 at 11:38 am

    Top 10 Online Side HustlesContinue reading on Medium »

  • How to Make $100 a Day by Watching AI Videos on YouTube
    by Passive Income Ideas (Money Making Ideas on Medium) on February 1, 2023 at 11:37 am

    Hey guys, I’m going to show you how to make money on YouTube by using AI.Continue reading on Medium »

  • Weekly Self-Promotion Thread - Wednesday, February 01, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on February 1, 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, February 01, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on February 1, 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]

  • For me, the most frustrating thing about losing my job is losing the ability to stick to the plan.
    by /u/Artificial_Squab (Financial Independence / Retire Early) on February 1, 2023 at 9:46 am

    I was recently laid off from big tech. I'm finding most of my sorrow/anger/frustration is coming from being knocked off the FI journey. Luckily, the FI journey has made it so I have a large cushion, but like so many of you the goal was never to use that cushion (so soon). Any words of encouragement for a down and out FI'er? Have you been here before? I recognize I'm lucky but it annoys me to no longer be able to drive towards the goal in the short term. submitted by /u/Artificial_Squab [link] [comments]

  • Strategies to hit FIRE number 5 years out from retirement with high savings rate and desire to RE on time at expense of growth
    by /u/SizzlerWA (Financial Independence / Retire Early) on February 1, 2023 at 5:12 am

    Here’s my current situation: Early 50s 5 years out from RE At 67% of my FIRE number in liquid investments Saving 8-10% of my FIRE number each year Planning for 35 year retirement At my FIRE number I can live very comfortably on 3.5% SWR (1.75% essentials, 1.75% fancy travel) Due to parents’ early death, my #1 goal is to RE at all costs I need to retire on time, I don’t care about missing out on gains. I realize I can’t time the market but I want to be more conservative the next 5 years then follow a rising equity glide path after retirement. I’m currently heavily into equities and the possibility of a major market drop in 2023 is making me sweat. My advisor can’t seem to suggest much more than some vague notion of “fixed income” and I’m considering dropping them. I can hit my target at 0% returns the next 5 years with just savings alone, so why chase higher returns when I don’t need them? I could just lock in a bunch of 4-5 year CDs at 4.5% but what are other strategies given that bonds are doing poorly? How can I maximize the chance of not missing my RE date while retaining some upside? Thanks! submitted by /u/SizzlerWA [link] [comments]

  • Should I drain my investment to pay off half of my debt?
    by /u/waxing-mystic (Financial Independence / Retire Early) on February 1, 2023 at 3:52 am

    Hey all, I’ve got 25k in debt and 25k in student loans. I landed a job that pays well so I’ve made a budget, but I’ve got to do it again since it makes no sense, but I think I can roughly pay off 1k/month to the debt (give or take when student loans come out and if I’m actually budgeting correctly) I’ve got about 20k in investments and about 2k emergency fund. Should I drain my investment to pay off my debt? submitted by /u/waxing-mystic [link] [comments]

  • Is this a real Roth IRA? And other investing uncertainties
    by /u/grassland-seas (Financial Independence / Retire Early) on January 31, 2023 at 11:17 pm

    Hi! This may be rather basic but I’m a bit new to FIRE concepts. I’ve been steadily investing 15% of each paycheck into my employer 401K, 7% to pre-tax and 8% to Roth. My employer matches up to 4% as well, so this amounts to about a $600 contribution a month. I also automatically invest $150 per month into an individual investment account. My main question is, is my employer Roth IRA the same as an actual Roth IRA, or should I open up a separate one and contribute more to that? I see a lot of posts about the benefits of Roth IRAs on this sub and I’m not sure what I’m doing is basically the same thing. Also, is there anything I can do differently to better optimize FIRE? For example, should I invest that extra $150 a month straight into my 401k instead of a separate account? Thanks I’m advance! Let me know if more info is needed to answer this. Edit: This has been very helpful! I’ve decided to open up a Roth IRA, roll the maximum from my individual investment account into it, and continue investing from there. Thank you! Edit 2: just realized I meant to say $600 biweekly contributions, so that’ll actually be $1200 per month to the 401k submitted by /u/grassland-seas [link] [comments]

  • What about healthcare?
    by /u/physical_kid (Financial Independence / Retire Early) on January 31, 2023 at 7:36 pm

    I'm probably going to get laid off from my current job this summer, and am wondering what to do. Work part time? New career all together? Retire? If I really wanted to, I think I have enough money saved to retire. No debt, and I own my house. The one gotcha is healthcare? I've always been covered by my employer, so not sure what to do about that. I'm assuming any decent policy would eat up a lot of my monthly income. BTW, I'm 43. submitted by /u/physical_kid [link] [comments]

  • Passive income Strategies
    by /u/Sensitive-Custard-37 (Financial Independence / Retire Early) on January 31, 2023 at 6:51 pm

    Hey everyone, I’m married and in my twenties. My wife and I earned a lil over 100k a year together and I was wondering what are some way to generate passive income without hindering our current jobs. I am currently in sales and she is a teacher. I appreciate everyone’s feedback! submitted by /u/Sensitive-Custard-37 [link] [comments]

  • Invest HSA funds or wait to rollover?
    by /u/Hotsummers15 (Financial Independence / Retire Early) on January 31, 2023 at 6:40 pm

    My employer switched HSA providers this year. My old HSA had ~3600 in it. I opened a fidelity account and rolled over the old account into it and invested it in index funds. I am now contributing to my new employer HSA account, enough to max it out by the end of the year. Should I invest those funds monthly or wait until the end of 2023 to roll the cash into my fidelity account and invest then. If I invest the funds now, I’m worried about having to sell them in the future. submitted by /u/Hotsummers15 [link] [comments]

  • Taboo Topic- 401(k) withdrawal for real estate investing
    by /u/Starrving4More (Financial Independence / Retire Early) on January 31, 2023 at 6:12 pm

    We've all seen the models and read the thousands of articles that say not to touch your 401(k) until you need to in retirement. However, we also don't have a lot of control of how that money is invested and the accounts gets hit with management fees each quarter regardless of how it performs. I am considering cashing out my 401(k) most of which is a ROTH 401(k) to purchase more real estate. I own a duplex (live in one side and rent the other) and I almost live rent free. I've seen much more advantages and bigger returns from my $17K down payment on my duplex than I ever have in my 401(k). Between cash flow and tax advantages, I am seriously considering getting more aggressive with real estate. Cashing out my 401(k) is something I would've never considered, even a year ago. But looking at projections of what my balance will be in 30 years versus cash flow and equity of real estate 30 years from now and I'll say I'm starting to believe that all the hype of the 401(k) is just so the financial institutions can hold on to your cash and leverage it instead of you doing it for yourself. It is so ingrained in us to not touch our 401(k)s that I get sick when I think of it, until I look at what that money could do in real estate. Even with taking the 10% fee and paying taxes. So, has anyone here done this?! submitted by /u/Starrving4More [link] [comments]

  • Anyone provide on-going or one-time financial help to family that is not a spouse or child?
    by /u/bingbangbio (Financial Independence / Retire Early) on January 31, 2023 at 5:02 pm

    TLDR: Just wondering how much support and in what forms and to what ends y’all provide to siblings or parents, if any. Thinking about shifting some of the burden of my siblings education, living, and retirement (for a time while they get started) costs from my parents to myself. My sibling not getting this support is a deal breaker for them. And my parents would never ask me while they could do it on their own, which they can. But they’re also coming up on nearly 45 years of mostly manual labor and they deserve a break. The goal would be to set my sibling off on good start and help my parents sure up a more comfortable retirement. Just mulling over some ideas to get the best life for the four of us and figured I’d ask. submitted by /u/bingbangbio [link] [comments]

  • Will using tools to track my FI journey help me get there sooner
    by /u/mariya198888 (Financial Independence / Retire Early) on January 31, 2023 at 12:01 pm

    The way I currently keep an eye on my FI journey is pretty open ended to say the least. I know more or less what my FI number is, I keep a general eye on my savings rate each month and I know my net worth. So I would say I have a very rough idea of when I might hit my FI goal and that's about it. I definitely don't track my journey or progress on a granular level. I saw a post on here the other month about a FI setup or stack someone used to keep a very close eye on their journey which semi inspired me to ramp up my tracking in the hope this could help me optimize and understand what changes I can make in my life to reach my FI goal sooner. and generally being able to see my progress will also probably motivate me more too. Do people 1) agree with the premise that ramping up the tracking will have a positive impact on my time to FI. 2) what tools do people recommend to start tracking? Topia was mentioned as a tracking tool in the post I read re someone's FI setup but I don't see it as a recommended tool in the sidebar which concerned me a little submitted by /u/mariya198888 [link] [comments]

  • Daily FI discussion thread - Tuesday, January 31, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on January 31, 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]

  • A person who maxes their Roth IRA for 10 years then stops will most likely have more money than someone who waits ten years then invests for 30 years straight in most 40-year historical return/inflation windows between 1926 and 2022
    by /u/spydormunkay (Financial Independence / Retire Early) on January 31, 2023 at 4:03 am

    This is an expansion of my post from yesterday: https://www.reddit.com/r/financialindependence/comments/10ol1vx/a_person_who_saves_for_a_decade_in_their_roth_ira/ Edit: I know the Roth IRA didn't exist before 1997, people. This is for you a current person to simulate returns using historical returns and inflation data if you were to invest early then stop vs. wait to invest for a longer period of time. I realized my original hypothesis may not be possible due sequence of returns risk as many have mentioned. Just using returns of 97-year window between 1926 and 2022 it already showed Portfolio 2 beating Portfolio 1, but it took 42 years to do it. And most of you probably won't work for 42 years, I hope. So I decided to work on a smaller hypothesis on whether a person who maxes their Roth IRA for 10 years then stops will have more money than someone who waits 10 years to invest then invests for 30 years, which was the original inspiration of my previous post. Findings: Using historic S&P 500 returns and inflation data, I found that about 2/3 of the 40-year windows between 1926 and 1975 had Portfolio 1 (the one who invests first) beating Portfolio 2, particularly the windows starting in 1926 to 1952 and 1971 to 1983, which is about 40 of the 58 possible 40-year windows. Don't have exact numbers because I didn't do all 58 windows. I do this stuff by hand on Excel. The periods that didn't follow this pattern were the windows starting in 1953 to 1970, which experience the brunt of the Great Inflation, particularly when Portfolio 2 is starting to invest. Generally speaking, one-year abnormal returns and inflation periods don't affect numbers too much. It's the multi-year periods of bad returns or inflation that can really affect the results. Bottomline: Invest early. If you're in the middle of a Great Inflation / period of low returns, don't stop investing. Sources: S&P 500 Returns: https://www.slickcharts.com/sp500/returns Inflation Data: https://www.usinflationcalculator.com/inflation/historical-inflation-rates/ 1983-2022 Window: Years Portfolio 1 Annual Savings 1 Investment Returns Portfolio 2 Annual Savings 2 Investment Returns 2 Portfolio 2 Pct of Portfolio 1 Nominal Returns Inflation Year 1 6,500.00 6,500.00 1,466.40 0.00 0.00 0.00% 22.56% 3.2% Year 2 14,674.40 6,708.00 920.08 0.00 0.00 0.00% 6.27% 4.3% Year 3 22,590.93 6,996.44 7,168.10 0.00 0.00 0.00% 31.73% 3.6% Year 4 37,007.35 7,248.32 6,909.27 0.00 0.00 0.00% 18.67% 1.9% Year 5 51,302.65 7,386.03 2,693.39 0.00 0.00 0.00% 5.25% 3.6% Year 6 61,647.97 7,651.93 10,239.73 0.00 0.00 0.00% 16.61% 4.1% Year 7 79,853.36 7,965.66 25,305.53 0.00 0.00 0.00% 31.69% 4.8% Year 8 113,506.90 8,348.01 -3,518.71 0.00 0.00 0.00% -3.10% 5.4% Year 9 118,786.99 8,798.80 36,194.40 0.00 0.00 0.00% 30.47% 4.2% Year 10 164,149.75 9,168.35 12,508.21 0.00 0.00 0.00% 7.62% 3.0% Year 11 176,657.96 17,807.12 9,443.41 9,443.41 951.90 5.35% 10.08% 3.0% Year 12 194,465.08 2,566.94 20,122.01 9,726.71 265.61 10.35% 1.32% 2.6% Year 13 197,032.02 74,044.63 30,367.22 9,979.60 11,412.00 15.41% 37.58% 2.8% Year 14 271,076.65 62,239.20 52,038.25 10,259.03 11,947.98 19.20% 22.96% 3.0% Year 15 333,315.85 111,194.17 74,553.04 10,566.80 24,870.89 22.37% 33.36% 2.3% Year 16 444,510.02 127,040.96 110,233.77 10,809.84 31,504.81 24.80% 28.58% 1.6% Year 17 571,550.98 120,254.33 152,721.37 10,982.80 32,132.58 26.72% 21.04% 2.2% Year 18 691,805.30 -62,954.28 196,078.37 11,224.42 -17,843.13 28.34% -9.10% 3.4% Year 19 628,851.02 -74,770.39 189,841.28 11,606.05 -22,572.13 30.19% -11.89% 2.8% Year 20 554,080.64 -122,451.82 179,200.17 11,931.02 -39,603.24 32.34% -22.10% 1.6% Year 21 431,628.81 123,791.14 151,718.84 12,121.91 43,512.96 35.15% 28.68% 2.3% Year 22 555,419.96 60,429.69 207,632.53 12,400.72 22,590.42 37.38% 10.88% 2.7% Year 23 615,849.65 30,238.22 242,958.48 12,735.54 11,929.26 39.45% 4.91% 3.4% Year 24 646,087.87 102,017.27 268,056.29 13,168.54 42,326.09 41.49% 15.79% 3.2% Year 25 748,105.14 41,070.97 323,972.31 13,589.94 17,786.08 43.31% 5.49% 2.8% Year 26 789,176.12 -291,995.16 355,728.85 13,970.46 -131,619.67 45.08% -37.00% 3.8% Year 27 497,180.95 131,554.08 238,610.51 14,501.33 63,136.34 47.99% 26.46% -0.4% Year 28 628,735.03 94,687.50 316,190.17 14,443.33 47,618.24 50.29% 15.06% 1.6% Year 29 723,422.53 15,264.22 378,482.84 14,674.42 7,985.99 52.32% 2.11% 3.2% Year 30 738,686.74 118,189.88 401,612.83 15,144.00 64,258.05 54.37% 16.00% 2.1% Year 31 856,876.62 277,542.34 481,332.91 15,462.03 155,903.73 56.17% 32.39% 1.5% Year 32 1,134,418.96 155,301.96 652,930.59 15,693.96 89,386.20 57.56% 13.69% 1.6% Year 33 1,289,720.92 17,798.15 758,261.85 15,945.06 10,464.01 58.79% 1.38% 0.1% Year 34 1,307,519.07 156,379.28 784,686.87 15,961.01 93,848.55 60.01% 11.96% 1.3% Year 35 1,463,898.35 319,569.01 894,703.91 16,168.50 195,313.86 61.12% 21.83% 2.1% Year 36 1,783,467.35 -78,115.87 1,106,525.82 16,508.04 -48,465.83 62.04% -4.38% 2.4% Year 37 1,705,351.48 537,015.18 1,074,964.22 16,904.23 338,506.23 63.03% 31.49% 1.8% Year 38 2,242,366.67 412,595.47 1,430,678.95 17,208.51 263,244.93 63.80% 18.40% 1.2% Year 39 2,654,962.13 762,239.63 1,711,338.89 17,415.01 491,325.39 64.46% 28.71% 4.7% Year 40 3,417,201.76 -618,855.24 2,220,897.80 18,233.51 -402,204.59 64.99% -18.11% 8.0% 1958-1997 Window: Years Portfolio 1 Annual Savings 1 Investment Returns Portfolio 2 Annual Savings 2 Investment Returns 2 Portfolio 2 Pct of Portfolio 1 Nominal Returns Inflation Year 1 6,500.00 6,500.00 2,818.40 0.00 0.00 0.00% 43.36% 2.8% Year 2 16,000.40 6,682.00 1,913.65 0.00 0.00 0.00% 11.96% 0.7% Year 3 24,642.82 6,728.77 115.82 0.00 0.00 0.00% 0.47% 1.7% Year 4 31,601.81 6,843.16 8,497.73 0.00 0.00 0.00% 26.89% 1.0% Year 5 47,011.13 6,911.59 -4,104.07 0.00 0.00 0.00% -8.73% 1.0% Year 6 49,887.77 6,980.71 11,374.41 0.00 0.00 0.00% 22.80% 1.3% Year 7 68,333.64 7,071.46 11,261.38 0.00 0.00 0.00% 16.48% 1.3% Year 8 86,758.41 7,163.39 10,801.42 0.00 0.00 0.00% 12.45% 1.6% Year 9 104,837.83 7,278.00 -10,546.69 0.00 0.00 0.00% -10.06% 2.9% Year 10 101,780.21 7,489.07 24,406.90 0.00 0.00 0.00% 23.98% 3.1% Year 11 126,187.11 13,956.29 7,721.23 7,721.23 853.97 6.12% 11.06% 4.2% Year 12 140,143.40 -11,912.19 16,620.71 8,045.52 -1,412.76 11.86% -8.50% 5.5% Year 13 128,231.21 5,142.07 23,695.97 8,488.02 950.21 18.48% 4.01% 5.7% Year 14 133,373.29 19,085.72 33,618.02 8,971.84 4,810.74 25.21% 14.31% 4.4% Year 15 152,459.00 28,936.72 47,795.36 9,366.60 9,071.56 31.35% 18.98% 3.2% Year 16 181,395.72 -26,592.61 66,533.25 9,666.33 -9,753.77 36.68% -14.66% 6.2% Year 17 154,803.11 -40,976.38 67,045.12 10,265.64 -17,746.84 43.31% -26.47% 11.0% Year 18 113,826.73 42,343.54 60,693.14 11,394.86 22,577.85 53.32% 37.20% 9.1% Year 19 156,170.27 37,230.99 95,702.78 12,431.80 22,815.54 61.28% 23.84% 5.8% Year 20 193,401.26 -13,886.21 131,671.16 13,152.84 -9,453.99 68.08% -7.18% 6.5% Year 21 179,515.05 11,776.19 136,224.95 14,007.78 8,936.36 75.88% 6.56% 7.6% Year 22 191,291.24 35,274.10 160,233.67 15,072.37 29,547.09 83.76% 18.44% 11.3% Year 23 226,565.34 73,452.48 206,556.31 16,775.54 66,965.55 91.17% 32.42% 13.5% Year 24 300,017.82 -14,730.88 292,562.10 19,040.24 -14,364.80 97.51% -4.91% 10.3% Year 25 285,286.95 61,479.34 299,198.69 21,001.39 64,477.32 104.88% 21.55% 6.2% Year 26 346,766.28 78,230.47 385,979.48 22,303.47 87,076.97 111.31% 22.56% 3.2% Year 27 424,996.76 26,647.30 496,073.64 23,017.18 31,103.82 116.72% 6.27% 4.3% Year 28 451,644.06 143,306.66 551,184.38 24,006.92 174,890.80 122.04% 31.73% 3.6% Year 29 594,950.71 111,077.30 750,946.35 24,871.17 140,201.68 126.22% 18.67% 1.9% Year 30 706,028.01 37,066.47 916,491.76 25,343.72 48,115.82 129.81% 5.25% 3.6% Year 31 743,094.48 123,427.99 990,863.67 26,256.10 164,582.46 133.34% 16.61% 4.1% Year 32 866,522.48 274,600.97 1,182,778.73 27,332.60 374,822.58 136.50% 31.69% 4.8% Year 33 1,141,123.45 -35,374.83 1,586,245.87 28,644.56 -49,173.62 139.01% -3.10% 5.4% Year 34 1,105,748.62 336,921.61 1,567,263.62 30,191.37 477,545.22 141.74% 30.47% 4.2% Year 35 1,442,670.23 109,931.47 2,076,268.25 31,459.41 158,211.64 143.92% 7.62% 3.0% Year 36 1,552,601.70 156,502.25 2,266,883.08 32,403.19 228,501.81 146.01% 10.08% 3.0% Year 37 1,709,103.95 22,560.17 2,528,760.18 33,375.28 33,379.63 147.96% 1.32% 2.6% Year 38 1,731,664.12 650,759.38 2,596,382.85 34,243.04 975,720.68 149.94% 37.58% 2.8% Year 39 2,382,423.50 547,004.44 3,607,305.38 35,201.85 828,237.31 151.41% 22.96% 3.0% Year 40 2,929,427.94 977,257.16 4,471,800.60 36,257.90 1,491,792.68 152.65% 33.36% 2.3% submitted by /u/spydormunkay [link] [comments]

  • May not be FIRE yet, but quitting my job never felt better.
    by /u/PM_ME_YOUR_PRINTS (Financial Independence / Retire Early) on January 30, 2023 at 1:51 pm

    I’ve been saving up for FIRE for a while now. 3 years ago I took a job that was a pay cut to 90k/yr but it promised professional growth. It was great at first, but after 4 different presidents and 6 supervisor changes, the job became less fulfilling. My job is very niche, and not many people understand the extent of my role. However, I’m always in demand and it is just me in my department(minus the overseas contractors I manage). Lately I’ve been having to defend my job and it felt like they were trying to find a way to fire me. Anyways woke up one morning and knew I didn’t want to do this anymore. I looked at my finances and realized I could go without a paycheck for 6months on my emergency fund alone. When I put in my resignation letter, a huge weight was lifted off my shoulder. I was happy again for the first time in 6 months. I may not have enough to retire yet but damn does it feel good to not be at the mercy of a company just to survive. The rest of this is just a rant so feel free to stop here. The kicker, during a meeting with my boss to discuss who will replace me. They said that they couldn’t find anyone to replace me as they wouldn’t go for the salary I’m paid. I gave my boss the look of “Gee I wonder why”. Raises have been dangled in front of me my entire time here with the company. I’ve saved the company potentially millions of dollars in lost revenue and losing a new contract by gapfilling slots in our overseas contractors rotations. Recently saved $250k by meeting a extremely tight deadline. Basically we promised our customer a new aircraft every month. Each month we don’t send them a new plane, we lose out on $250k on our contract. Hats off to the person who over promised. We still have 3 more aircraft to go. Anyways, after 3 years of bending over backwards for no recognition and having to defend my job it is time to let the company see how important my role is. submitted by /u/PM_ME_YOUR_PRINTS [link] [comments]

  • Daily FI discussion thread - Monday, January 30, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on January 30, 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]

  • Weekly FI Monday Milestone thread - January 30, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on January 30, 2023 at 10:00 am

    Please use this thread to post your milestones, humblebrags and status updates 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! 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]

  • A person who saves for a decade in their Roth IRA then stops will always have more money than a person who waits a decade to save in their Roth IRA then saves for the rest of their life, until infinity, until the end of time
    by /u/spydormunkay (Financial Independence / Retire Early) on January 29, 2023 at 10:43 pm

    Someone on PF made a post about how someone who saves in their Roth IRA for ten years then stops will always have more money than someone who waits ten years, then saves for 30 years. (can someone link that post) Well, this is a logical expansion of that post because that's true until infinity and the end of time. I have a chart that shows this for 100 years to fit in a Reddit post, but you can extend this until infinity (or until Excel breaks) and it'll still be true. This is due to compound interest in that by the 10-year mark, the portfolio of the first person will have grown so much that its returns now outpace the Roth IRA contribution limit and so that it's basically impossible for the second person to exceed the first person by force of math. That assumes they make mostly the same investments, of course. This will vary depending on your expected rate of return, 8% works out to need 10 years. A higher rate of return needs less. A 7% expected return will require 11 years of savings from Portfolio 1 for it to be true. As returns go lower, it requires more years of initial saving. You can logically expand this to include any type of account or saving. This is also evidence that savings from your first decade and the compound interest on top of that will comprise of the majority of your portfolio, even for an infinite amount of time. Bottomline: Start saving early And when you are at FIRE, don't wait another year (or rather you don't have to work, do part-time or coast to let your investments do the work) EDIT: For those wondering why I didn't account for inflation in annual saving columns, I do via the rate of return. 8% is a real return, net of inflation. And yes, upon looking at this again, this doesn't account for sequence of returns risk. A calculation fully accounting for variable returns over time is beyond my capability. This was meant to be a simple post expanding upon the previous post on PF. Updated formatting Years Portfolio 1 Annual Savings 1 Expected Rate of Return 1 Portfolio 2 Annual Savings 1 Expected Rate of Return 2 Portfolio 2 Pct of Portfolio 1 Inflation Year 1 6,500.00 6,500.00 8% 0.00 8% 0.00% 0% Year 2 13,520.00 6,500.00 8% 0.00 8% 0.00% 0% Year 3 21,101.60 6,500.00 8% 0.00 8% 0.00% 0% Year 4 29,289.73 6,500.00 8% 0.00 8% 0.00% 0% Year 5 38,132.91 6,500.00 8% 0.00 8% 0.00% 0% Year 6 47,683.54 6,500.00 8% 0.00 8% 0.00% 0% Year 7 57,998.22 6,500.00 8% 0.00 8% 0.00% 0% Year 8 69,138.08 6,500.00 8% 0.00 8% 0.00% 0% Year 9 81,169.13 6,500.00 8% 0.00 8% 0.00% 0% Year 10 94,162.66 6,500.00 8% 0.00 8% 0.00% 0% Year 11 101,695.67 8% 6,500.00 6,500.00 8% 6.39% 0% Year 12 109,831.32 8% 13,520.00 6,500.00 8% 12.31% 0% Year 13 118,617.83 8% 21,101.60 6,500.00 8% 17.79% 0% Year 14 128,107.25 8% 29,289.73 6,500.00 8% 22.86% 0% Year 15 138,355.83 8% 38,132.91 6,500.00 8% 27.56% 0% Year 16 149,424.30 8% 47,683.54 6,500.00 8% 31.91% 0% Year 17 161,378.25 8% 57,998.22 6,500.00 8% 35.94% 0% Year 18 174,288.50 8% 69,138.08 6,500.00 8% 39.67% 0% Year 19 188,231.59 8% 81,169.13 6,500.00 8% 43.12% 0% Year 20 203,290.11 8% 94,162.66 6,500.00 8% 46.32% 0% Year 21 219,553.32 8% 108,195.67 6,500.00 8% 49.28% 0% Year 22 237,117.59 8% 123,351.32 6,500.00 8% 52.02% 0% Year 23 256,086.99 8% 139,719.43 6,500.00 8% 54.56% 0% Year 24 276,573.95 8% 157,396.98 6,500.00 8% 56.91% 0% Year 25 298,699.87 8% 176,488.74 6,500.00 8% 59.09% 0% Year 26 322,595.86 8% 197,107.84 6,500.00 8% 61.10% 0% Year 27 348,403.53 8% 219,376.47 6,500.00 8% 62.97% 0% Year 28 376,275.81 8% 243,426.58 6,500.00 8% 64.69% 0% Year 29 406,377.87 8% 269,400.71 6,500.00 8% 66.29% 0% Year 30 438,888.10 8% 297,452.77 6,500.00 8% 67.77% 0% Year 31 473,999.15 8% 327,748.99 6,500.00 8% 69.15% 0% Year 32 511,919.08 8% 360,468.91 6,500.00 8% 70.42% 0% Year 33 552,872.61 8% 395,806.42 6,500.00 8% 71.59% 0% Year 34 597,102.42 8% 433,970.93 6,500.00 8% 72.68% 0% Year 35 644,870.61 8% 475,188.61 6,500.00 8% 73.69% 0% Year 36 696,460.26 8% 519,703.70 6,500.00 8% 74.62% 0% Year 37 752,177.08 8% 567,779.99 6,500.00 8% 75.48% 0% Year 38 812,351.25 8% 619,702.39 6,500.00 8% 76.29% 0% Year 39 877,339.35 8% 675,778.59 6,500.00 8% 77.03% 0% Year 40 947,526.50 8% 736,340.87 6,500.00 8% 77.71% 0% Year 41 1,023,328.62 8% 801,748.14 6,500.00 8% 78.35% 0% Year 42 1,105,194.91 8% 872,387.99 6,500.00 8% 78.94% 0% Year 43 1,193,610.50 8% 948,679.03 6,500.00 8% 79.48% 0% Year 44 1,289,099.34 8% 1,031,073.36 6,500.00 8% 79.98% 0% Year 45 1,392,227.29 8% 1,120,059.22 6,500.00 8% 80.45% 0% Year 46 1,503,605.47 8% 1,216,163.96 6,500.00 8% 80.88% 0% Year 47 1,623,893.91 8% 1,319,957.08 6,500.00 8% 81.28% 0% Year 48 1,753,805.42 8% 1,432,053.65 6,500.00 8% 81.65% 0% Year 49 1,894,109.86 8% 1,553,117.94 6,500.00 8% 82.00% 0% Year 50 2,045,638.65 8% 1,683,867.37 6,500.00 8% 82.31% 0% Year 51 2,209,289.74 8% 1,825,076.76 6,500.00 8% 82.61% 0% Year 52 2,386,032.92 8% 1,977,582.90 6,500.00 8% 82.88% 0% Year 53 2,576,915.55 8% 2,142,289.53 6,500.00 8% 83.13% 0% Year 54 2,783,068.79 8% 2,320,172.70 6,500.00 8% 83.37% 0% Year 55 3,005,714.30 8% 2,512,286.51 6,500.00 8% 83.58% 0% Year 56 3,246,171.44 8% 2,719,769.43 6,500.00 8% 83.78% 0% Year 57 3,505,865.16 8% 2,943,850.99 6,500.00 8% 83.97% 0% Year 58 3,786,334.37 8% 3,185,859.07 6,500.00 8% 84.14% 0% Year 59 4,089,241.12 8% 3,447,227.79 6,500.00 8% 84.30% 0% Year 60 4,416,380.41 8% 3,729,506.02 6,500.00 8% 84.45% 0% Year 61 4,769,690.84 8% 4,034,366.50 6,500.00 8% 84.58% 0% Year 62 5,151,266.11 8% 4,363,615.82 6,500.00 8% 84.71% 0% Year 63 5,563,367.39 8% 4,719,205.08 6,500.00 8% 84.83% 0% Year 64 6,008,436.79 8% 5,103,241.49 6,500.00 8% 84.93% 0% Year 65 6,489,111.73 8% 5,518,000.81 6,500.00 8% 85.03% 0% Year 66 7,008,240.67 8% 5,965,940.87 6,500.00 8% 85.13% 0% Year 67 7,568,899.92 8% 6,449,716.14 6,500.00 8% 85.21% 0% Year 68 8,174,411.91 8% 6,972,193.44 6,500.00 8% 85.29% 0% Year 69 8,828,364.87 8% 7,536,468.91 6,500.00 8% 85.37% 0% Year 70 9,534,634.06 8% 8,145,886.42 6,500.00 8% 85.43% 0% Year 71 10,297,404.78 8% 8,804,057.34 6,500.00 8% 85.50% 0% Year 72 11,121,197.16 8% 9,514,881.92 6,500.00 8% 85.56% 0% Year 73 12,010,892.94 8% 10,282,572.48 6,500.00 8% 85.61% 0% Year 74 12,971,764.37 8% 11,111,678.28 6,500.00 8% 85.66% 0% Year 75 14,009,505.52 8% 12,007,112.54 6,500.00 8% 85.71% 0% Year 76 15,130,265.96 8% 12,974,181.54 6,500.00 8% 85.75% 0% Year 77 16,340,687.24 8% 14,018,616.06 6,500.00 8% 85.79% 0% Year 78 17,647,942.22 8% 15,146,605.35 6,500.00 8% 85.83% 0% Year 79 19,059,777.60 8% 16,364,833.78 6,500.00 8% 85.86% 0% Year 80 20,584,559.80 8% 17,680,520.48 6,500.00 8% 85.89% 0% Year 81 22,231,324.59 8% 19,101,462.12 6,500.00 8% 85.92% 0% Year 82 24,009,830.56 8% 20,636,079.09 6,500.00 8% 85.95% 0% Year 83 25,930,617.00 8% 22,293,465.41 6,500.00 8% 85.97% 0% Year 84 28,005,066.36 8% 24,083,442.65 6,500.00 8% 86.00% 0% Year 85 30,245,471.67 8% 26,016,618.06 6,500.00 8% 86.02% 0% Year 86 32,665,109.40 8% 28,104,447.50 6,500.00 8% 86.04% 0% Year 87 35,278,318.16 8% 30,359,303.30 6,500.00 8% 86.06% 0% Year 88 38,100,583.61 8% 32,794,547.57 6,500.00 8% 86.07% 0% Year 89 41,148,630.30 8% 35,424,611.37 6,500.00 8% 86.09% 0% Year 90 44,440,520.72 8% 38,265,080.28 6,500.00 8% 86.10% 0% Year 91 47,995,762.38 8% 41,332,786.71 6,500.00 8% 86.12% 0% Year 92 51,835,423.37 8% 44,645,909.64 6,500.00 8% 86.13% 0% Year 93 55,982,257.24 8% 48,224,082.41 6,500.00 8% 86.14% 0% Year 94 60,460,837.82 8% 52,088,509.01 6,500.00 8% 86.15% 0% Year 95 65,297,704.84 8% 56,262,089.73 6,500.00 8% 86.16% 0% Year 96 70,521,521.23 8% 60,769,556.91 6,500.00 8% 86.17% 0% Year 97 76,163,242.93 8% 65,637,621.46 6,500.00 8% 86.18% 0% Year 98 82,256,302.36 8% 70,895,131.18 6,500.00 8% 86.19% 0% Year 99 88,836,806.55 8% 76,573,241.67 6,500.00 8% 86.20% 0% Year 100 95,943,751.07 8% 82,705,601.00 6,500.00 8% 86.20% 0% EDIT 2: Inflation-adjusted version: Years Portfolio 1 Annual Savings 1 Expected Rate of Return 1 Portfolio 2 Annual Savings 1 Expected Rate of Return 2 Portfolio 2 Pct of Portfolio 1 Inflation Year 1 6,500.00 6,500.00 10.16% 0.00 10.16% 0.00% 2% Year 2 13,790.40 6,630.00 10.16% 0.00 10.16% 0.00% 2% Year 3 21,954.10 6,762.60 10.16% 0.00 10.16% 0.00% 2% Year 4 31,082.49 6,897.85 10.16% 0.00 10.16% 0.00% 2% Year 5 41,276.28 7,035.81 10.16% 0.00 10.16% 0.00% 2% Year 6 52,646.48 7,176.53 10.16% 0.00 10.16% 0.00% 2% Year 7 65,315.42 7,320.06 10.16% 0.00 10.16% 0.00% 2% Year 8 79,417.92 7,466.46 10.16% 0.00 10.16% 0.00% 2% Year 9 95,102.57 7,615.79 10.16% 0.00 10.16% 0.00% 2% Year 10 112,533.09 7,768.10 10.16% 0.00 10.16% 0.00% 2% Year 11 123,966.45 10.16% 7,923.46 7,923.46 10.16% 6.39% 2% Year 12 136,561.44 10.16% 16,810.42 8,081.93 10.16% 12.31% 2% Year 13 150,436.09 10.16% 26,761.93 8,243.57 10.16% 17.79% 2% Year 14 165,720.39 10.16% 37,889.39 8,408.44 10.16% 22.86% 2% Year 15 182,557.59 10.16% 50,315.56 8,576.61 10.16% 27.56% 2% Year 16 201,105.44 10.16% 64,175.77 8,748.14 10.16% 31.91% 2% Year 17 221,537.75 10.16% 79,619.13 8,923.11 10.16% 35.94% 2% Year 18 244,045.98 10.16% 96,810.00 9,101.57 10.16% 39.67% 2% Year 19 268,841.06 10.16% 115,929.50 9,283.60 10.16% 43.12% 2% Year 20 296,155.31 10.16% 137,177.21 9,469.27 10.16% 46.32% 2% Year 21 326,244.69 10.16% 160,773.07 9,658.66 10.16% 49.28% 2% Year 22 359,391.15 10.16% 186,959.45 9,851.83 10.16% 52.02% 2% Year 23 395,905.29 10.16% 216,003.39 10,048.87 10.16% 54.56% 2% Year 24 436,129.26 10.16% 248,199.19 10,249.85 10.16% 56.91% 2% Year 25 480,440.00 10.16% 283,871.06 10,454.84 10.16% 59.09% 2% Year 26 529,252.70 10.16% 323,376.30 10,663.94 10.16% 61.10% 2% Year 27 583,024.77 10.16% 367,108.55 10,877.22 10.16% 62.97% 2% Year 28 642,260.09 10.16% 415,501.54 11,094.76 10.16% 64.69% 2% Year 29 707,513.72 10.16% 469,033.16 11,316.66 10.16% 66.29% 2% Year 30 779,397.11 10.16% 528,229.92 11,542.99 10.16% 67.77% 2% Year 31 858,583.86 10.16% 593,671.93 11,773.85 10.16% 69.15% 2% Year 32 945,815.98 10.16% 665,998.32 12,009.33 10.16% 70.42% 2% Year 33 1,041,910.88 10.16% 745,913.27 12,249.51 10.16% 71.59% 2% Year 34 1,147,769.02 10.16% 834,192.56 12,494.50 10.16% 72.68% 2% Year 35 1,264,382.36 10.16% 931,690.92 12,744.39 10.16% 73.69% 2% Year 36 1,392,843.60 10.16% 1,039,350.00 12,999.28 10.16% 74.62% 2% Year 37 1,534,356.51 10.16% 1,158,207.22 13,259.27 10.16% 75.48% 2% Year 38 1,690,247.14 10.16% 1,289,405.53 13,524.45 10.16% 76.29% 2% Year 39 1,861,976.25 10.16% 1,434,204.08 13,794.94 10.16% 77.03% 2% Year 40 2,051,153.03 10.16% 1,593,990.05 14,070.84 10.16% 77.71% 2% Year 41 2,259,550.18 10.16% 1,770,291.70 14,352.26 10.16% 78.35% 2% Year 42 2,489,120.48 10.16% 1,964,792.64 14,639.30 10.16% 78.94% 2% Year 43 2,742,015.12 10.16% 2,179,347.66 14,932.09 10.16% 79.48% 2% Year 44 3,020,603.86 10.16% 2,416,000.11 15,230.73 10.16% 79.98% 2% Year 45 3,327,497.21 10.16% 2,677,001.07 15,535.35 10.16% 80.45% 2% Year 46 3,665,570.92 10.16% 2,964,830.43 15,846.05 10.16% 80.88% 2% Year 47 4,037,992.93 10.16% 3,282,220.17 16,162.97 10.16% 81.28% 2% Year 48 4,448,253.01 10.16% 3,632,179.98 16,486.23 10.16% 81.65% 2% Year 49 4,900,195.52 10.16% 4,018,025.42 16,815.96 10.16% 82.00% 2% Year 50 5,398,055.38 10.16% 4,443,409.08 17,152.28 10.16% 82.31% 2% Year 51 5,946,497.81 10.16% 4,912,354.76 17,495.32 10.16% 82.61% 2% Year 52 6,550,661.99 10.16% 5,429,295.24 17,845.23 10.16% 82.88% 2% Year 53 7,216,209.24 10.16% 5,999,113.76 18,202.13 10.16% 83.13% 2% Year 54 7,949,376.10 10.16% 6,627,189.90 18,566.18 10.16% 83.37% 2% Year 55 8,757,032.71 10.16% 7,319,449.89 18,937.50 10.16% 83.58% 2% Year 56 9,646,747.24 10.16% 8,082,422.25 19,316.25 10.16% 83.78% 2% Year 57 10,626,856.76 10.16% 8,923,298.93 19,702.57 10.16% 83.97% 2% Year 58 11,706,545.40 10.16% 9,850,002.72 20,096.63 10.16% 84.14% 2% Year 59 12,895,930.42 10.16% 10,871,261.56 20,498.56 10.16% 84.30% 2% Year 60 14,206,156.95 10.16% 11,996,690.26 20,908.53 10.16% 84.45% 2% Year 61 15,649,502.49 10.16% 13,236,880.69 21,326.70 10.16% 84.58% 2% Year 62 17,239,491.95 10.16% 14,603,501.00 21,753.23 10.16% 84.71% 2% Year 63 18,991,024.33 10.16% 16,109,405.00 22,188.30 10.16% 84.83% 2% Year 64 20,920,512.40 10.16% 17,768,752.62 22,632.06 10.16% 84.93% 2% Year 65 23,046,036.46 10.16% 19,597,142.59 23,084.71 10.16% 85.03% 2% Year 66 25,387,513.76 10.16% 21,611,758.68 23,546.40 10.16% 85.13% 2% Year 67 27,966,885.16 10.16% 23,831,530.69 24,017.33 10.16% 85.21% 2% Year 68 30,808,320.69 10.16% 26,277,311.88 24,497.67 10.16% 85.29% 2% Year 69 33,938,446.08 10.16% 28,972,074.40 24,987.63 10.16% 85.37% 2% Year 70 37,386,592.20 10.16% 31,941,124.53 25,487.38 10.16% 85.43% 2% Year 71 41,185,069.97 10.16% 35,212,339.92 25,997.13 10.16% 85.50% 2% Year 72 45,369,473.07 10.16% 38,816,430.72 26,517.07 10.16% 85.56% 2% Year 73 49,979,011.54 10.16% 42,787,227.50 27,047.41 10.16% 85.61% 2% Year 74 55,056,879.11 10.16% 47,161,998.17 27,588.36 10.16% 85.66% 2% Year 75 60,650,658.03 10.16% 51,981,797.31 28,140.13 10.16% 85.71% 2% Year 76 66,812,764.88 10.16% 57,291,850.85 28,702.93 10.16% 85.75% 2% Year 77 73,600,941.80 10.16% 63,141,979.89 29,276.99 10.16% 85.79% 2% Year 78 81,078,797.48 10.16% 69,587,067.57 29,862.53 10.16% 85.83% 2% Year 79 89,316,403.31 10.16% 76,687,573.41 30,459.78 10.16% 85.86% 2% Year 80 98,390,949.88 10.16% 84,510,099.85 31,068.98 10.16% 85.89% 2% Year 81 108,387,470.39 10.16% 93,128,016.35 31,690.35 10.16% 85.92% 2% Year 82 119,399,637.38 10.16% 102,622,146.97 32,324.16 10.16% 85.95% 2% Year 83 131,530,640.54 10.16% 113,081,527.75 32,970.64 10.16% 85.97% 2% Year 84 144,894,153.62 10.16% 124,604,241.02 33,630.06 10.16% 86.00% 2% Year 85 159,615,399.63 10.16% 137,298,334.57 34,302.66 10.16% 86.02% 2% Year 86 175,832,324.23 10.16% 151,282,834.08 34,988.71 10.16% 86.04% 2% Year 87 193,696,888.37 10.16% 166,688,858.50 35,688.49 10.16% 86.06% 2% Year 88 213,376,492.23 10.16% 183,660,848.78 36,402.26 10.16% 86.07% 2% Year 89 235,055,543.84 10.16% 202,357,921.32 37,130.30 10.16% 86.09% 2% Year 90 258,937,187.10 10.16% 222,955,359.04 37,872.91 10.16% 86.10% 2% Year 91 285,245,205.31 10.16% 245,646,253.88 38,630.37 10.16% 86.12% 2% Year 92 314,226,118.17 10.16% 270,643,316.25 39,402.97 10.16% 86.13% 2% Year 93 346,151,491.77 10.16% 298,180,868.21 40,191.03 10.16% 86.14% 2% Year 94 381,320,483.34 10.16% 328,517,039.27 40,994.85 10.16% 86.15% 2% Year 95 420,062,644.44 10.16% 361,936,185.21 41,814.75 10.16% 86.16% 2% Year 96 462,741,009.12 10.16% 398,751,552.67 42,651.04 10.16% 86.17% 2% Year 97 509,755,495.65 10.16% 439,308,214.49 43,504.07 10.16% 86.18% 2% Year 98 561,546,654.00 10.16% 483,986,303.23 44,374.15 10.16% 86.19% 2% Year 99 618,599,794.05 10.16% 533,204,573.27 45,261.63 10.16% 86.20% 2% Year 100 681,449,533.13 10.16% 587,424,324.77 46,166.86 10.16% 86.20% 2% submitted by /u/spydormunkay [link] [comments]

  • Milestone: 100k Net Worth! 62k Saved in Past Year
    by /u/nbbbibibb (Financial Independence / Retire Early) on January 29, 2023 at 6:22 pm

    With my paycheck tomorrow, I'll have a net worth of $106,600! I've been super excited to write this post since I first read about FI back in 2020. Jan 2022 net worth: 27k. Started working full time as a Manufacturing Engineer in a new state in Feb 2022. Post-tax 2022 earnings: 75k. Post tax 2022 savings rate: 82.5% My savings method was to max out my IRA first, then 401k pre tax, then continue to contribute to 401k post tax while depositing some money in a Vanguard taxable account. I also maxed out my HSA, though because my employer's plan doesn't allow for depositing the full limit at one time, I did that over the course of the year. This method worked out pretty well and I'm going to do it again this year. Investments: 85% Stock (70% US, 30% International) 15% Bonds. I used Total Stock Market/Total Bond Market Index funds in my IRA, HSA, and Vanguard accounts; my 401k didn't have total stock market fund options so I used smaller index funds to approximate the total market. Monthly Budget: ~$925 total, with some variation in the power bill and gas costs from month to month Rent (Includes some utilities) 572.50 Groceries 80.00 Utilities (power and internet) ~66.00 Phone Plan 15.00 Car Gas ~40.00 Auto Insurance 82.18 Health Insurance 44.89 'Fun' Spending Money ~24 (or whatever's left) 'Fun' Spending includes everything from restaurants and outings with friends to toiletries and mailing packages. In addition to that I had a 'Saving Goals' Fund of about $2000 (funded by the relocation stipend I got while starting the new job) that I used for doctor/dentist deductibles, car maintenance (new spark plugs, oil changes, car wash, etc.), birthday/Christmas presents, and travel over the holidays. In 2022 my savings goal was 80%, and I met that by spending ~13k of my ~75k earnings. Since 80% was pretty achievable, my goal in 2023 is to get my annual spending down to ~12k or, if not possible, to at least stay at a >=83% savings rate- mainly by lowering spending from that 'Saving Goals' Fund. I've been really inspired by Jacob from Early Retirement Extreme, who has lived on roughly 7k a year for the past 10 years. In the long term I want to get my spending to at or below 10k, by moving to a cheaper shared house/apartment closer to where I work. Currently I'm in a 2 year engineer training program that transfers me to a new factory every 6 months, and since my current apartment is roughly equidistant from the major plants I don't want to move until I get my permanent assignment. Overall I think I'm in a good spot financially. I've set my annual spending post FIRE at 20k/yr as a safety net, so my FIRE number is around $611k (7% tax and 3.5% withdraw rate), which I should reach in 5.9 years. But I've got a lot of work to do on the 'soul searching' lifestyle part of FIRE. I have no idea what I'd like to do if I don't have to work; I don't have many hobbies. I need to get into an exercise routine I can maintain, right now I get very little physical activity (40 min bike ride once a week) and I've got some mental health concerns that I need to improve before I can think about leaving my employer's health insurance plan. I've got some work to do, but I'm very proud of the budget I've kept and the amount of money I've saved this past year, and I'm ready to keep going! Edit: I'm getting a lot of grief on the '$24 fun' number, so I'll elaborate. Yeah I don't go out much at all, possibly once or twice a month. 'Eating out' for me is an appetizer at buffalo wild wings or the Mexican place across the street that has really good $3 tacos. Doesn't have to be a $20 meal to be a good time. When I hang with friends we watch movies at each other's houses, or walk their dog at the park, or go sledding. It's fun, low-zero cost stuff where we have fun and enjoy each others company. Once summer comes around I want to go biking, thrifting, visit a dark sky preserve, etc. Bars, clubs, festivals, and the like aren't my scene and I wouldn't frequent them even without FIRE Toiletries: I have a roommate and we've got an agreement that she pays for toilet paper in exchange for me doing more of the chores and we're fine with that. I don't use paper towels or tissues, reusable hand towels and handkerchiefs for the win. All my shower supplies are bought at the dollar store, my hair does fine with $1.25 conditioner. submitted by /u/nbbbibibb [link] [comments]


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