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FI/RE - Financial Independence & Retiring Early

r/Fire

996

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Posted by2 years ago

2

2

A glossary of FI/RE terms: CoastFIRE, FatFIRE, and more.

996

106 comments

136

Posted by2 days ago

"Burn This Place to the Ground!" (Metaphorically Speaking)

Subreddit PSA

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31 comments

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Posted by7 hours ago

Finally reached $1M net worth

As the title says, I finally reached the milestone.

I feel that I’ve done a decent job, considering I started saving after completing Masters degree at age of 30 with zero net worth. After ~6.5 years now, which includes 6 months of break as well, now I have finally reached the milestone.

I feel really happy about reaching the milestone and very much interested in achieving FI within next 3-4 years so that I can leave my hectic job and transition into managing my own money.

Didn’t want to share with known folks, so sharing over here as I’ve spent countless hours on this sub-Reddit, learning so many great ideas, and dreaming about reaching this milestone.

Thanks for this great sub-Reddit community.

Update: thank you for all the positive comments. Details and more context below

Salary - started at 130k and now at 220k (will remove this after 1 week)
Asset breakdown - 70% equity investments, 20% cash/bills; 10% company stocks (where I work)
No FIRE target (as I started my FI journey before I knew about FIRE community. I had a slow transition plan)
Expect next 1M to come slow as I have a baby now, and my expenses have increased (specially as daycare/baby school costs around 1.5-2k/month)

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46 comments

77

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0 comments

107

Posted by15 hours ago

Check my Math, but I think EVs + Solar are counting (almost) double for FIRE

I've been toying around with a few numbers for alternative investments. FIRE is by definition - reaching the point where your investments return sustain you lifestyle expenses.

Investment returns >= Expenses after FIRE

When I bought my Electric car a couple years ago my fuel bill went from $400 to $0 (free charging at work and solar) So I 'm plowing additional $400 each month into the markets. Now I figured - I can additional substract the ~$400/month from my initial future expense calculation.

Basically I'm not only investing more today - but also avoiding future expenses.

I know there is an opportunity cost - the money for the EV or Solar is not making returns in the market. (EV was paid 100% within 3 years just in fuel savings, not counting maintenance etc. and Solar should be within 5-6 years in electric bills) but a car would have been needed anyhow..

Roast me ;) but that reduced future expenses just jumped my timeline. Not sure if I made a mistake.

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183 comments

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Posted by14 hours ago

23M, networth milestone (150k)

It feels a bit surreal to hit what used to be a full year's worth of salary in liquid NW. Still, a long ways from my short and long term goals (1MM by 30, 5MM to switch careers to a much more fulfilling one), but it feels good that everything is on-track.

I don't budget, beyond making paycheck deductions to fund my tax-advantaged retirement accounts, as I frankly don't care about missing out on some minor optimizations in my spending. Not sure if anyone has any strong feelings about budgeting in this phase of life (single bachelor, no obligations or responsibilities beyond keeping oneself alive and healthy), but it seems to work well enough for me and many of my friends.

Account breakdown:

Taxable

Fidelity, Individual	4309

Roth

Fidelity, Roth IRA	12707

HSA

Fidelity	10978

Health Equity	25

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21 comments

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Posted by6 hours ago

Not getting raise due to age, despite promotion

Advice Request

Today I got promoted from Analyst to Manager. They have put my old manager on another team and they told me I will now be managing the team.

As all Fire members, of course, I want to maximise my income and was stoked about this opportunity.

However, to my surprise, I got the exact same conditions on my contract as I had as an analyst. They said due to my age (too young), they can’t give me a raise, since I would be earning much more than other people in my age range (which seems like bs to me)

Should I accept this promotion, only for the title, or should I still fight for a raise?

Tbh I only care about getting a raise. The new title is just a nice-to-have, that in my opinion is required to get a substantial raise. If I don’t get a raise now, I will not get it in the next few years, I guess…

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13 comments

About Community

FI/RE (Financial Independence / Retiring Early) is a money strategy that's sweeping the nation. It's not easy, but it is simple: earn more, spend less, and use the difference wisely. Build a baseline of financial security with the difference first, then use it to invest for your future. That way you can begin to earn financial freedom and control your own destiny.

Created Apr 22, 2009

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