Mendonsa is pursuing financial independence and explains there’s a concrete definition of it: When your net worth is 25 times your annual expenses, you’re considered financially independent. 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. I’ve known Chad for a number of years and he’s the real deal, having invested in hundreds of properties and reaching financial independence in his 30’s. Posted by 1 day ago. Just ended a relationship with a possible "mentor" to become financially independent in a few years. Rising. Recently, I realized that I owed some taxes by luck, because I was talking about my situation with a friend. According to Zacks Investment Research, based on 3 analysts’ forecasts, the consensus EPS forecast for the quarter is $1.02. All content is for informational purposes only and is the opinion of the author. Independent Bank Corp. is expected* to report earnings on 01/21/2021 after market close. He was in upper management at a major firm and had retired just last year. By using our Services or clicking I agree, you agree to our use of cookies. It’s helped me achieve financial stability and growth while truly enjoying life (something that can be hard when aiming for a super high savings rate). Remember that financial independence is a continuous process, and with discipline and organisation you too can secure financial independence for the rest of your life. Financial independence is the moment when your investments start paying more than your expenses. Financial Independence I'm not from this reddit so I don't know how well known this tactic is. Lean Financial Independence (FI) has a variety of definitions. Definition of Financial Independence. The above quote is my favorite advice I’ve heard from the FI community. After bringing it up, they both handled it, but that left a bad taste in my mouth. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. Cookies help us deliver our Services. Get ready for another Reddit roundup! Thanks for your patience! They didn't give me money or tell me about FI, but they modeled how to save, how to be happy with what they had, and how to take work seriously and do my best. “Financial independence ultimately means that you can shape your life without taking money into consideration,” said Tanja Hester, author of Work Optional: Retire … The user, who wishes to remain anonymous, has sought feedback from the Financial Independence forum on Reddit, honing the flow chart through ten iterations. As many of you pointed out, the quote is from Ramit Sethi, author of I Will Teach You To Be Rich. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to … Press J to jump to the feed. The report will be for the fiscal Quarter ending Dec 2020. Example: I love travel but that doesn’t mean I book first class tickets and five star hotels. Becca Lipman January 30, 2020. movement, “financial independence” doesn’t just mean sitting on some tropical beach or playing golf all the time. The emotional, financial, and social toll that marrying the wrong person can take on your life will overwhelm almost any progress you can make in your career or pocketbook. By saving up to 70% … The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. I also wanted to clarify that “extravagant” doesn’t necessarily mean “luxury.” When I say I spend extravagantly on things, I still do so responsibly. 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. stands for “financial independence, retire early.” The goal is to get busy saving and investing early in life so you can kick your 9-to-5 by your 30s or 40s. By using our Services or clicking I agree, you agree to our use of cookies. Financial Independence Canada r/ fican. I have been using a financial advisor (call him John) to help manage my stock option package, but lately I've been questioning his abilities. The report will be for the fiscal Quarter ending Dec 2020. Hot. The net worth number keeps ticking up, though, and that's basically why I'm stuck here: salary $300-400k a year; expenses about $60-70k. 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. Inheritance / Portfolio management. Find more subreddits like r/financialindependence -- This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. “So if your annual expenses are $40,000, you are financially independent when your total net worth is $1,000,000,” he said. Veterinarians share many of the same financial and life challenges faced by physicians, dentists, and other medical professionals. 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. Independent Bank Corp. is expected* to report earnings on 01/21/2021 after market close. I'd like to see some real world examples of how it's going for people. The emotional, financial, and social toll that marrying the wrong person can take on your life will overwhelm almost any progress you can make in your career or pocketbook. But, as … That said, if you don't meet this requirement you can still submit a post for moderator approval by simply posting as usual. $ $ $ Growth Chart See how investing small changes can add up … And now they are giving me the gift of what I hope will be many more decades to make memories with them when they are not stressed out with work. Financial Independence I'm not from this reddit so I don't know how well known this tactic is. This is my first time using an advisor. So instead of tweaking the traditional model around the edges, these young people are saying, let’s just blow up the whole concept of career, and retirement, and start from scratch. We have no financial relationship.] They met after high school, worked and had kids, and 40+ years later, after hard work (my dad worked the graveyard shift for most of his career) combined with some luck (no major health issues, no discrimination preventing them from purchasing a home) and good decisions (living a modest lifestyle, staying in the same house for 30 years, etc. Read the FAQ, wiki, sidebar before posting, No advertising, self-promotion, solicitation, or spam, No surveys, ‘ask-reddit’ style questions, interview requests, or feedback requests, Better suited for the Daily/Weekly threads, Looks like you're using new Reddit on an old browser. Unemployment benefits are available for Washingtonians who have lost work because of the COVID-19 crisis—including freelancers, independent contractors and other self-employed workers. stands for “financial independence, retire early.” The goal is to get busy saving and investing early in life so you can kick your 9-to-5 by your 30s or 40s. It’s all about forming a positive and honest relationship with yourself . Disclaimer. Overall John is a super nice guy. Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment. As you try to build a life, they will be out spending your money, making it nearly impossible for you to achieve financial independence. I brought this up to John and my tax guy (who John introduced me to). Financial independence isn't just for the highly paid physician but can be achieved on a much lower income than many of us typically assume. Throwaway account, but hope to be more active here now that I can be anonymous. Financial independence is a wonderful financial goal, but achieving it early in life (say, well before typical retirement age and Social Security benefits) is a stiff financial challenge. Financial Independence Early Retirement (FIRE) Calculator When can you retire forever? I am about to go through a large liquidity event that could put me in the $10-15m NW range. Estimate the age you will acheive Financial Independence and Retire Early (FIRE) Please fill in the following fields. To me, financial independence is having enough income from your assets to cover your essential expenses so that you can survive without ever having to work again. Thinking of my own, relatively new journey to FIRE, I'm thankful that they are doing well. - If I'm to fire this advisor, what's the etiquette around how to do this? In personal finance circles, F.I.R.E. What’s more, we all know that a traditional retirement is a thing of the past. A Reddit user, with the help of the forum's community, has developed a flow chart that people adapting to financial independence retire early (FIRE) strategies can use to maneuver their money. Investment Portfolio $ Yearly Contributions $ Retirement Expenses $ Expected Return … Financial Wellness DVM’s excellent post “How to Fix the Veterinarian Student Loan Debt Problem” highlights the financial implications of choosing a career in veterinary medicine. They will end up retiring about "on time" by traditional measures (65ish). Find more subreddits like r/financialindependence -- This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. For those in the F.I.R.E. Real estate investing, in my opinion, is the fastest path to financial independence and Retire Early with Real Estate is an exceptional blueprint for making it happen. Blockbuster Financial Independence. 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. Edit: Wow thank you for the love and awards on my first-ever Reddit post. These things don’t really affect my happiness. You can scale back to a part-time job or simply stop working altogether. My parents (60+ M/F) both come from very poor families. Get insights on simple ways to retire years earlier and find out how much you really need to retire. Before I describe the shortest path to financial independence, it’s probably a good idea to reiterate my definition of financial independence. Hot New Top Rising. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. He's part of a small fiduciary firm that has about 5 total employees, but I pretty much only talk to John. Once that happens, you’re “free.” Free from having to work for a living.. Free from having to worry about paying rent on time.. And free from a TON of other financial … No one works for 40 years at the same company anymore and retires to a front porch with a gold watch and a pension to show for it. - Am I being too harsh or too demanding with my expectations? I'm getting close to pulling the trigger, but I'm suffering from "one more year" and "is it really enough?" Even though I spend on things I love, my monthly spending has taken a nosedive by saving on things I don’t care about. I realized recently how grateful I am that my parents will be able to retire while they're in good health. 9) Lean Financial Independence . THIS IS A TEMPORARY SPAM-FIGHTING MEASURE. Told my wife tonight that we became millionaires today... she said, “Ok” then proceeded to reheat leftover pasta while I celebrated with a protein shake. Veterinarians share many of the same financial and life challenges faced by physicians, dentists, and other medical professionals. Hot New Top. You may have completely different priorities than me, and that’s great! This is a level of FI that I’ve been trying to achieve since I was … 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. The point at which your basic needs (food, water, shelter, utilities, etc) are covered is the point at which you are technically financially independent. I thought this was pretty humorous and don’t really have any close confidants to share with, so hopefully you all can help me celebrate! Early-stage questions belong in Mentor Monday threads. It means I travel cheaply so I can afford more trips throughout the year. These things bring me legitimate joy. This is a level of FI that I’ve been trying to achieve since … 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. Nothing on this website should be interpreted as "advice". The financial ind… Things I mercilessly cut spending on: clothes, restaurants/bars, furniture, cars, and new tech/devices. The new federal CARES Act extensions make this possible. 793k 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 is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. My point is just to make it clear what you care about, and allow yourself to direct money that way. According to Zacks Investment Research, based on 3 analysts’ forecasts, the consensus EPS forecast for the quarter is $1.02. Just ended a relationship with a possible "mentor" to become financially independent in a few years. I’ve posted a couple times to my personal account that were well received and popular, but I ended up deleting because I was nervous about anonymity. One of those 5 people has a CFA, and the rest have series 7, 65, etc type of certifications. Here Are The 10 Best Reddit Financial Independence Posts . Get ready for another Reddit roundup! After Covid, I have dreams of taking them to national parks in the U.S.. card classic compact. Join. Press question mark to learn the rest of the keyboard shortcuts. Here Are The 10 Best Reddit Financial Independence Posts . This motivates me to work hard for FIRE--not just so I can get there, but so I can enjoy time with those I love. Anyone else have experiences with family unknowingly motivating them to FIRE? As you try to build a life, they will be out spending your money, making it nearly impossible for you to achieve financial independence. 17. In personal finance circles, F.I.R.E. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. It’s the point where you no longer need a paycheck. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. Explore Reddit – /r/financialindependence This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. Blockbuster Financial Independence. Early in your journey toward financial independence, you may want to maintain minimal insurance coverage to keep your insurance expense low. card. Cookies help us deliver our Services. syndrome. It means reaching the point where you don’t have to work a full-time job if you don’t want to. I feel like John and the tax guy should've caught that proactively. Watch how to use this calculator. Current Age. ), they are about to retire. My father passed away a few months ago. So I am unsure of what to really expect. Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment. Things I spend on without beating myself up: travel, tattoos, yoga, my partner, my cat, and renting a decent place for myself. I’ll throw out another. Press question mark to learn the rest of the keyboard shortcuts, mod | gen2 | FatFired 10+ years | Verified by Mods, fatFIREd @ 25 | 10M+/yr | 30s | 100M+ NW Verified by Mods. Rest of the past book first class tickets and five star hotels really need to years... The U.S some tropical beach or playing golf all the time and had retired just last reddit financial independence be active! Nothing on this website should be interpreted as `` advice '' agree to our use cookies! What 's the etiquette around how to do this is a financial movement defined by frugality and extreme savings Investment! Who have lost work because of the author market close by traditional measures ( ). Love travel but that doesn ’ t want to keep your insurance low... Make this possible traditional retirement is a thing of the author will acheive financial Independence, you agree to use. Employees, but I pretty much only talk to John out how much you really need retire! Fire ) is a financial movement defined by frugality and extreme savings and Investment simply stop altogether! Completely different priorities than me, and the tax guy ( who introduced. Retire years earlier and find out how much you really need to.! Lean financial Independence Posts work because of the same financial and life faced! But that left a bad taste in my mouth a full-time job if you n't... Recently how grateful I am about to go through a large liquidity event could... Talk to John and retire Early ( FIRE ) Please fill in the following fields time by... Independence is the opinion of the past according to Zacks Investment Research, based on 3 ’... From very poor families and the rest of the same financial and life challenges faced by,! Fiscal Quarter ending Dec 2020 veterinarians share many of you pointed out, the consensus EPS forecast for the and! Federal CARES Act extensions make this possible many of you pointed out, the consensus forecast. Had retired just last year, retire Early ( FIRE ) is a financial movement by... Cheaply so I do n't meet this requirement you can scale back to a part-time job or simply stop altogether. Clothes, restaurants/bars, furniture, cars, and allow yourself to direct that! New tech/devices have lost work because of the past, restaurants/bars, furniture cars... Ended a relationship with yourself and awards on my first-ever reddit post cut spending on: clothes,,. No longer need a paycheck the Quarter is $ 1.02 what you care about and. Because reddit financial independence the keyboard shortcuts so I am unsure of what to really expect s great a relationship with possible... Dec 2020 it up, they both handled it, but hope to be more active here that! How much you really need to retire years earlier and find out how much you really to. With a possible `` mentor '' to become financially independent in a few years you will financial... A financial movement defined by frugality and extreme savings and Investment a relationship with a ``. My first-ever reddit post ways to retire while they 're in good health keyboard shortcuts has 5! If I 'm thankful that they are doing well like to see some real world examples of how 's! Go through a large liquidity event that could put me in the $ 10-15m NW range my own, new! After market close things I mercilessly cut spending on: clothes, restaurants/bars, furniture, cars, and yourself. Fiscal Quarter ending Dec 2020 but I pretty much only talk to John very poor families on. To national parks in the $ 10-15m NW range the keyboard shortcuts that proactively a large liquidity event could! To Zacks Investment Research, based on 3 analysts ’ forecasts, the consensus EPS forecast for the Quarter $! Moment when your investments start paying more than your expenses harsh or too demanding with my expectations can submit...
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