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I also joined the military for a 6 year contract

April 16, 2014

Daily FI discussion thread

Canada Goose Jackets Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) quitting your job/career and pursuing other activities with your time. This subreddit deals primarily with Financial Independence, but additionally with some concepts around “RE”. Canada Goose Jackets

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canada goose clearance sale Simplifying and redesigning your lifestyle to reduce spending. Your wants and canada goose vest outlet needs aren written in stone, and less spending is canada goose outlet location powerful at any income level. I know I will hit it sometime this year barring some market downturn but did not realize that I am very close.$98,309.25. canada goose clearance sale

canada goose store I will highlight my story here canada goose outlet online instead of making a thread on it. I started saving money when I was 18 in 2009. I also joined the military for a 6 year contract. In hindsight, that was the perfect time to start canada goose stockists uk this habit of saving money. Unfortunately, I dabbled in canada goose discount uk penny stocks from 18 22 and was into canada goose outlet reviews rebuilding an old Camaro. At 22 I did not have any money saved up and was actually $2k in debt due to my own spending habits. canada goose store

cheap Canada Goose At 23 I turned things around when I got rid of the car, bought a cheap Nissan Maxima, and deployed out to Afghanistan. Living in a tent and having all my expenses canada goose parka outlet uk paid for taught me a lot about what actually makes me happy. I started thinking about saving money again to try my hand at “real investing this time” after I found “One up on Wall Street” by Peter Lynch. I invested in some blue chips and other stocks (big winner was FIZZ, my biggest loser was AberCrombie Fitch) and I left Afghanistan with $33k. cheap Canada Goose

canada goose coats on sale I kept saving and investing at 24 25. I remember marrying canada goose victoria parka outlet around the time I hit the $60k milestone and then dropping back down to $50k after marriage expenses (wedding, honeymoon, rings) etc. I tried to make this cheap lol but went with buy canada goose uk the canada goose outlet kokemuksia moment. I later would have a son. This part of my life happened quickly I guess. canada goose coats on sale

buy canada goose jacket cheap From 25 till now (at age 27), I continue to keep saving and investing especially now that I have a son and I Black Canada Goose Jacket left the military and pursued in a new canada goose outlet near me career in consulting. The market must have been doing great because I really don’t feel like I have been saving all that much. A canada goose outlet store quebec lot of it was automated at this point after I switched over to passive index investing so I can focus on my career instead rather than researching stocks. I remember at one point I had a 65% savings rate for a few months before it drove my spouse insane, so we eventually compromised at 25% savings rate. I like it this way too I think. From the time I canada goose outlet toronto address was married until about a year and a half in I was very hardcore at savings. My electricity bill was consistently $60 $80 a month lol. buy canada goose jacket cheap

canada goose coats on sale We changed together actually over time. My spouse started a business and is beginning to play with the idea of investing money meanwhile I decided to stick to a lower savings rate to reduce spending arguments and pursue hobbies again (but not cars!). We eventually agreed to a fun money account about 2 years ago that has worked wonderfully for us. canada goose coats on sale

canada goose coats I just had a salary increase this year and I am taking half of the increase into saving and the canada goose coats uk other half into us enjoying the money. So I should be looking at a 30% savings rate soon. canada goose coats

buy canada goose jacket Problem is, I want to live an apartment lifestyle still. I love my neighborhood. Old brownstone condos are definitely a thing, but the economics don make any sense to me or other HOA canada goose outlet woodbury burdened places. For urban dwelling, it just baffles me that these condos are going for the same thing that single family houses in nearby neighborhoods are going for yet they still have $500 +/ HOA fees. buy canada goose jacket

canada goose store I want to live a minimal lifestyle right now and owning a house and yard just doesn feel right. So a condo makes sense. But basically paying rent on top of the mortgage? WTF?Well, an upper bound is (annual expenses excluding mortgage payments)/(withdrawal rate) + mortgage balance. In this formula, mortgage balance is is balance at the time you expect to RE, not the current balance in 2018. The thought process is that in this situation, you canada goose outlet new york could pay off your mortgage immediately and then have a sufficient further investments to cover your remaining expenses. canada goose store

canada goose coats Now, depending on your mortgage rate and prevailing interest rates at the time you are looking to FIRE, it could be lower. To make up an case (not necessarily a practical one) to illustrate the point, if your mortgage interest rate is 3% and CDs are yielding 6% when you are looking to FIRE, you could go buy canada goose outlet factory a mix of CDs with maturities such that there canada goose outlet miami is one maturing at each canada goose outlet parka mortgage payment at the canada goose outlet website legit value of the mortgage payment for less than the outstanding balance canada goose outlet online reviews of the mortgage. Since we don want to take a large tax hit by selling the stocks to rebalance, I canceled the automatic dividend reinvestment. The idea is to take the dividends and use them to fund Roth IRA accounts (using the backdoor approach). canada goose coats

Canada Goose sale In the past, I always made a single contribution each year for the maximum. However, this time I like to fund the IRA as the dividends arrive (rather than letting them sit around in the money market until I have enough for the maximum). How complicated will this make my taxes (especially since I have to do a backdoor)? Should I just contribute canada goose outlet in vancouver the dividends to the traditional IRA until I hit the max, then do the Roth conversion?Either way, I would recommend maxing backdoor Roth each year. Selling stock vs using dividends is essentially the same thing Canada Goose sale.

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