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Your Money or Your Life | Achieve Financial Independence …

Your Money or Your Life | Achieve Financial Independence | Your Money or Your Life

Your Money or Your Life and everything you find here is rooted in transforming your relationship with money, not just changing your money habits. The goal is to find and have enough (and then some) rather than always seeking more. This work requires rigor, honesty and a radical willingness to change. It equally requires curiosity and compassion, offering no shame no blame as a mantra for the journey.

Money as a tool is both materialandspiritual to get what we need and to reflect on the meaning and purpose of our lives. We see our lives as both our own to live responsibly and as a gift and in service to our wider circles of community.

The New York Times Bestsellercompletely revised and updated for the 21st century.

The philosophy behind Your Money or Your Life started back in the 1970s.

Join the financial independentmovement. Get strategies, inspiration, resources, support, and community.

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Your Money or Your Life | Achieve Financial Independence …

3 Ways to Achieve Financial Independence – wikiHow

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Three Methods:Living Within Your MeansMaximizing Your IncomeDeveloping Wise Savings StrategiesCommunity Q&A

However you interpret the concept, financial independence requires a lifetime of responsible, well-informed financial decision-making. For some, the term might indicate the moment you will no longer rely on your parents to cover all of your expenses. If this is a goal of yours, check out How to Start Saving to Become Independent. Later in life, the mention of financial independence may conjure the aspiration to cover living expenses without working, as many people hope to do during retirement. Whatever your personal goal, there are sound financial strategies you can implement at any age that will readily help to increase your financial independence.

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Set specific goals and stick with the plan. Understand that achieving financial independence is a long-term process. Speed bumps on the road to financial independence are inevitable. Overcome temporary setbacks by sticking to a responsible financial plan. If you focus on each financial goal you set for yourself, always look for options to increase your income and reduce your expenses, and save strategically, youll steadily improve your financial stability.

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Question

Is the 401(k) in Canada, or just the USA?

The 401(k) exists only in the U.S. Canada has a similar plan, the Registered Retirement Savings Plan.

Ask a Question

Thanks to all authors for creating a page that has been read 35,963 times.

YesNo

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3 Ways to Achieve Financial Independence – wikiHow

ChooseFI | Join the Financial Independence Movement

Most of us spend our time on earth thinking that we know the rules. We stumble through life making the same choices as our peers and our parents. We stay inside the lines and we make safe choices. Predictable choices like a 9-5 job, a 30 year fixed mortgage and a 4% savings rate in our 401K

What if you woke up one day and realized that these normal choices were horrible and there was a better way?

See the article here:

ChooseFI | Join the Financial Independence Movement

financial independence / early retirement – reddit

Dear readers, I came across this section of Reddit not too long ago. I’m awestruck by the quality of discussions here. I present a narrative of a person who I dearly loved. He had pledged allegiance to financial independence at a young age. Also, I must mention that English isn’t my native language. My apologies if there are errors.

5 years ago a person dear to me departed for the divine abode. He was 54 years old. Before I share the cause for deterioration of his being, I deem it appropriate to share a succinct description of his life.

He was my mother’s first cousin. Despite the seemingly distant relationship our ties were exceedingly healthy. He didn’t have a blood sister. Hence, he adored my mother. He was a fine man. Refined , cultivated, considerate and benevolent would be his major characteristics.

He was born in a middle class family. His performance in academics had been exemplary since middle school. He pursued a bachelor’s degree in commerce and prepared for the laborious course of Chartered Accountancy.

His determination paid him rich dividends. He passed both the courses with flying colours.On being granted his degree certificate he secured a job as an equity analyst at a leading reinsurance company.

Slowly yet steadily he ascended the corporate ladder. He got involved in a conjugal relationship at the age of 29. Two years later they were blessed with a baby girl.

He was a human par excellence. But, he did have some flaws. He was a miserly person.His disinclination to spend often led to friction in his household. He despised visiting restaurants , detested intercity travelling and abhorred acquisition of materials.

He enjoyed living a spartan life. His was a life not distinct from an ascetic. He was a corporate ascetic. But, it’s crucial to note that he was a kind soul. Anytime someone sought help for urgent, important matters he would offer wholehearted support – Monetary and Emotional.

All this while he was growing at a pace in his company that could generate envy in others.Time passes swiftly. His daughter graduated with a degree in commerce. He encouraged her to pursue Chartered Accountancy.

But, she was desirous of pursuing a career in hospitality. He was displeased but didn’t prove to be an impediment in her journey.

In the years that passed he had made a fortune. It was enough money to last 2 lifetimes. Now in his late 40s he realised that he hadn’t spent as much time as he should have with his family and friends.

He would often pacify his wife by asserting that they would embark on a world tour post his retirement which was just 8 years away. He yearned to settle in close proximity of the hills. Away from the din, pollution and chaos of urban areas.But, that was not to be.

Without delving in the details I’ll share that on turning 53 years old his life was ruined when doctors revealed he was patient of cirrhosis.

This was a person who hadn’t ever consumed alcohol or smoked cigarettes.We were devastated. It was a heart rending revelation.

Doctors shared that a liver transplant could help him. But, they weren’t confident.But my uncle was keen to survive, to thrive. He had many, many unfulfilled desires.Fiscally he was comfortably placed and could afford a transplant by taking some difficult decisions.

Those who are aware of the procedure for transplant operations will know that waiting lists are excruciatingly long. After a waiting period of 8 months, thanks to the Almighty’s grace he was presented with an opportunity to undergo the surgery.

Those who occupied higher slots in the waiting list refused to accept the organ. My uncle was exultant. His hopes rose. Once again he began to harbour a desire to live.

The operation was performed by an illustrious hepatologist. Those were distressing times. The surgery concluded. We were emphatically told that it was a success. But, his condition continued to worsen in the hospital.

Day after day, his health decayed. After 10 days of admittance in the hospital he gave up on life. He departed for a higher journey.

Doctors informed us impassively. Squeals, cried pierced the waiting room. Tears rolled down our cheeks. We were filled with indignation.

He passed away at 54. He didn’t enjoy his life. He denied himself an opportunity to enjoy. His dream of visiting countries around the globe was left unfulfilled. And so was his hope of residing in a rural area.

He delayed attainment of pleasure. He lived for tomorrow. But, the tomorrow he survived for didn’t come.

The objective of this post isn’t to glorify a life devoid of planning. It’s essential to plan for tomorrow and live an organised life. But, it happens frequently that in the fond hope of relishing our future we ruin our present.

We nurse a misplaced belief that there’s quite some time before the stoppage of our existence. But, we never know.

This very moment could be my last for all I know. I wish all of you a long and healthy life. But I’d like to humbly submit that all we have is NOW. NO ONE GUARANTEES OUR TOMORROW.

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financial independence / early retirement – reddit

faq – financialindependence – Reddit

Here are the most commonly asked questions which are found on r/financialindependence. Please look through this short list because it is highly likely that your question has already been answered by some very smart people!

The rules can be found here. They’re short, please read them!

It is typically defined as having enough income (from investments, passive businesses, real estate, etc) to pay for your reasonable living expenses for the rest of your life. You have the freedom to do what you want with your time (within reason). Working (full or part time), hobbies which generate income, or other activities are optional at this point.

This specific subreddit focuses on the three knobs controlling getting you to financial independence quickly. Reducing expenses, increasing income, and investing.

The basic tenet of FI is to spend less than you earn and invest the difference into things that earn money for you.

Spend Less/Save More

Minimize taxes to the full extent of the law. Look into 401k/403b/457/IRA/HSA accounts as some examples.

Reduce your living expenses. Smaller homes, apartments, rent a room. Avoid lifestyle creep as your income (hopefully) rises over time.

Reduce transportation costs. Live close to work if possible. Avoid expensive cars – Consider bicycles, used cars, public transportation, etc.

Learn self-sufficiency skills. Beyond the personal satisfaction in achieving something, you’ll save money. Consider cooking, mending clothes, home/automobile/bike repair, woodworking, gardening, etc.

Earn More

If you’re in school (whether that’s high school, trade school, or college/university), focus on that first. It’s easier to be FI on $50k+/yr than minimum wage. Look carefully at your career path. Is this degree going to pay you back appropriately in the future?

If you have a job, work more/harder/better/smarter. If you have the time, consider working extra hours and/or accepting challenging and long-distance assignments (family commitments permitting).

Negotiate to get paid what you’re worth (see point 2 above)

Be careful about long term decisions

“Future you” may be interested in FI. Part of FI is the flexibility of having choices in the future. Be careful about locking yourself down.

If you’re not positive you want to live in an area, avoid buying a house. Consider renting. Significantly easier to change your mind later.

Many marriages end in divorce. Divorce is expensive. Do what you can to avoid this.

Consider what careers are flexible and which aren’t. Nursing is known as a great career choice for people who move around (there is a need for local nurses in almost every major city in the world). Software engineering can often be done remotely. Other career choices may have less flexibility in location / availability (e.g. stock broker).

Any loan means you are borrowing from “future you”. Be very careful about making your future self pay back a lot of money. Loans for depreciating assets (cars, electronics, etc) in particular are generally bad ideas.

The difficulty of reconciling your FI/ER interests, plans, and priorities with those of your SO is one of the most frequent reasons people seek advice from this sub. If that’s the kind of help you’re looking for, these threads should get you started.

One of the original texts for the FI movement is Your Money or Your Life. Buy a copy, or better yet, rent it from your local library.

The primary writers on FI today are largely bloggers. The sidebar of /r/financialindependence has a number of popular blogs listed. We periodically add new sources of information as they become available.

A couple specific reads:

Of course, there are also great resources elsewhere on Reddit. /r/personalfinance and /r/frugal are very helpful for learning to manage your finances and acquire the frugal skills that are part of the FI mindset.

Short answer: We recommend people use – Savings / (Gross – Taxes)

The Bureau of Economic Analysis formula for “personal savings rate” is described below:

http://www.investopedia.com/university/releases/personalconsumption.asp

Basically, personal savings rate is defined as (disposable personal income minus personal outlay) divided by disposable personal income. What does this mean? Here is one way to think about it.

gross = taxes + spending + saving

gross – taxes = spending + saving

gross – taxes – spending = saving

The BEA uses “disposable personal income” as their phrase for (gross – taxes). They use “personal outlay” to describe spending. So they phrase personal savings rate as (DPI – personal outlay)/DPI.

Their definition of personal savings rate puts (gross – taxes) in the denominator. To express it using the more simple words:

savings rate = [(gross – tax) – (spending)]/(gross – tax), or (saving)/(gross – tax).

So the BEA has chosen to report personal savings rate as describing essentially what people save out of what they might possibly save after taxes. Thus, someone could theoretically have a 100% savings rate if they had no spending, even though taxes were taken out of their gross.

When you’re posting & asking for information, please look at this checklist (Copy and paste it into your post) and ensure you’re giving the subscribers everything necessary to give you their valuable (or sometimes not valuable) advice. Skip a bit of data if you’re really sure it’s not applicable, but these are often useful to know. If your question is more of a general Personal Finance question (like “What is the 401k contribution limit again?” or “What AA should I have if I want to retire in 20 years?”), then please post this in the Daily Discussion Thread

Life Situation: IRS filing status, number & ages of dependents, and anything else (state/country of residence, age, etc.) you are comfortable sharing.

FIRE Progress: Provide details about where you are on the road to FIRE. If possible, provide expected FI/ER dates.

Gross Salary/Wages: Before any deductions

Yearly Savings Amounts: 401k, HSA, FSA, IRA, insurance, etc. – whatever you have

Other Ordinary Income: Provide sources and any relevant details, the more the better

Rental Income, Actual Expenses, and Depreciation: If these are significant for you

Current expenses: Provide breakdown and relevant details.

For mortgage payments, separate the P&I (which stop when the mortgage is paid) from the T&I (and anything else) which continue as long as you own the property.

Expected ER expenses: (optional, if relevant)

Assets: Amount & description – include current asset allocation plan if you have one

Liabilities: Description, original loan amount, rate, original length, and monthly payment (which should be consistent with a spreadsheet PMT calculation). Add current balance and time remaining if close to final payment.

Specific Question(s): Providing a detailed breakdown is important, so is asking for specific information so we know what kind of help/advice you are looking for.

The short answer: 25 times your annual spending (with caveats)

The long(ish) answer: In 1998, three professors at Trinity University released what became known as the Trinity Study. The study examined the U.S. stock and bond markets over every 15-30 year return period between 1925 and 1995 (the data was recently refreshed in 2009). They concluded that by starting with 4% of your portfolio, and withdrawing that amount (increasing yearly with inflation) every year, you would have a 96% chance to not run out of money during a 30 year period.

4% became known as the Safe Withdrawal Rate (SWR). The nature of the stock market (and historical returns) means that in most cases, the portfolio grew faster than the withdrawal rate. 4% of a portfolio is the amount you can withdraw, or reversing the math, 25x your withdrawal amount is equal to the amount you need to save.

Examples:

A couple great articles on this topic

People are always worried that the future market will not perform as well as it did in the past (for a variety of reasons which always change). However, we have tools available which increase our chances of staying financially independent:

By taking some of these commonplace assumptions into account, we can be less conservative with the SWR, and use 4% instead of something lower.

The Trinity Study took inflation into account, but it bears repeating: $200,000 now is not the same as $200,000 10 or 20 years from now. Inflation will eat away at your returns at an average rate of about 3% per year (historically it was ~4%, but inflation has been lower for recent years). That is why FIers tend to invest heavily in stocks instead of lower-yielding financial instruments – the average gains of the stock market have historically outpaced inflation. The average annual increase in the value of the U.S. stock market has been 9.5% (various values are found online, this seems the most accurate.. a geometric average since 1928). If you subtract off ~4% lost to inflation historically, you’d see that leaves you 5.5% growth on average. Assuming average (or better years), you should expect your investment value (after inflation) to increase over long periods time. Given the volatility of the market, your actual experience will be likely much better or much worse than that calculation in the short run.

You can greatly increase your chances of “success” (not going broke) through the following:

See this article from from the /r/personalfinance FAQ.

Many people on the sub advocate an indexing strategy rather than investing in individual stocks. A few options below:

There was also a popular post on this subreddit which mentioned commercial real estate.

We try to avoid investment discussions here. The recommended path for savings is located in the /r/personalfinance FAQ. There are always exceptions, but this path will work for most people.

If you have more detailed questions around investing which are not Financial Independence specific questions, please head over to /r/personalfinance or /r/investing.

In general, if your spending before retirement is less than your earnings (by definition, this should be everyone planning on becoming FI), a tax deductible investment account will benefit you in the long run.

Lets assume you’re going to maintain your lifestyle, same level of spending. You’re also heading for FI, so you’re saving a lot. Imagine you’re making $100k gross, you’re being taxed some percentage, you’re spending $50k and saving the remainder.

Tax brackets – http://www.bankrate.com/finance/taxes/tax-brackets.aspx – We will ignore tax complexity of deductions / etc.. in the end the lesson is the same.

As you can see from the above link, assuming you’re married and making $100k total, you have money being taxed in the 10, 15, and 25% tax brackets. ~25k of which is in the 25% tax bracket.

If you save $10k in your 401k, you can deduct that from your taxable income. You now have 15k in the 25% tax bracket. On that $10k, you didn’t have to pay your 25% tax rate. Or, you saved ~$2,500 in taxes.

Now zoom forward 15 years, and you’re retired (ignoring inflation to keep things simple). Assuming you maintain the same lifestyle, you need to withdraw $50k per year from your accounts still.

If you withdrew $50k from your 401k, your income is now $50k (as 401k withdrawals are counted as income). You have money being taxed in the 10%, and 15% tax bracket. You’re no longer being taxed in the 25% bracket at all. Hey look at that! That money you previously were being taxed 25% on is now being taxed at 15%. You’ll never need to pay that extra tax.

While this could be a 50 page document, in the end it’s relatively simple. If you’re saving money, you are most likely paying into higher tax brackets than you will in retirement. So if you can pay taxes later, that’s better for you 🙂

Short answer, no, you’re not locked in. A regularly repeated concern is that 59 1/2 is the standard age in the US for 401K/IRA withdrawals. However, the tax advantages in these accounts shouldn’t be missed. There are a few mechanisms outlined below to access that money early.

Some links on this topic:

Originally posted here:

faq – financialindependence – Reddit

Living a FI | A Geek’s Guide to Financial Independence

Full quote: When we win on Nov 8 and elect a Republican Congress, we will immediately repeal and replace Obamacare. Made during many, many speeches, a tremendous number of huge speeches, the very best speeches, by U.S. president-elect Donald Trump.

You cant always believe what candidates running for office say as they slog through their campaigns gross exaggeration, pandering, and outright lies are to be expected by all involved but when it comes to Obamacare, surely it is safe to believe that some real changes are in store for us.

Why? Well, its because the Republican party has been actively trying to cripple and repeal this legislation since it passed back in 2010. These attempts have been a) without a Senate majority and b) while Obama was still in office.

So its logical to assume that there will be some action taken here now that those blocking problemshave, from their perspective, been corrected.

And to be perfectly honest, Im a little concerned about it. Not scared or panicked not at all. But its a situation that warrants interest, attention, and the ability to alter plans and be flexible.

This post will explore what might happen, and how we could bestapproach potential changes.

Continue reading

Quick disclaimer: I cant recommend that readers performthe actions Ive taken, so be aware while reading Im not suggesting that everyone should follow my lead here. Please dont, at least not before carefully thinking through the implications.Most people implement alternate solutions to solving their own moral dilemmas caused by index investing. (There are tons ofgood suggestions in the comments.)

Another mass shooting here in America occurred last weekend, the worst ever, half a hundred dead, a likenumber wounded, all caused by one crazy asshole unleashing not exactly unimaginable horror on innocents.

Of course, its not unimaginable because it happensall the fucking time in this country.

Continue reading

Ive made a terrible mistake!

I quit my job about a year ago.

My last day was April 17th, 2015, to be exact.

At this point Ive got close totwelve full months of my new life under my belt. Thats plenty of data, if you ask me.

And its become clear that, beyond the shadow of a doubt, thedream of early retirement more closely resembles a nightmare.

Continue reading

Well, its not areturn exactly. Not in the ordinarysense of the word.

What Ive actually been doing is reading some of my old anger diary entries. This feels likeentering a time warp leading back to myold life, living out days as a technology worker, even though Im still happily living without any paycheck whatsoever.

Mental. Return. Only.

At this point youre probably wondering what an anger diary is. Good question!

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Disclaimer. Yet again, theres no talk of finances in this one. Instead Im discussing some ofmypost-working life in a very casual, journal-y way. Additional warning: Its intensely personal. If that doesnt sound interesting to you, well then, absolutely no worries. Thats what the back button on your browser is for.

My momcalled last Sunday night.

Continue reading

The lobstered gauntlets come off prior to settling in at the keyboard

Fact: Virtually everyone individual who runs a blog eventually writes meta-articles on what its like to author one, how things are going, why and how you might become a blogger too,and so on.

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I wish it were this easy to run the yearly numbers.

I havent done one of these types of posts in a while but I feel its worthwhile to capture our spending picture for2015.

Continue reading

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Living a FI | A Geek’s Guide to Financial Independence

Financial Independence

WHAT WE DO

Quite simply, we strive to protect and grow your money and, where needed, develop a holistic plan to ensure a smooth transition through life’s financial phases. Could there be setbacks? Yes. As you know, there are no guarantees. But all the more reason for having a well-developed plan to minimize the downside and maximize the upside. Your money is too important – and financial products are too complex – to invest without a solid long-term plan.

Financial Planning

Investment Management

401(k) or 403(b) Investment Review

Social Security

Rick Campbell, President of Financial Independence, and Mark Lavallee, Vice President, receive theFive Star Professional Wealth Manager Award for the third year in a row. The recognition isthe largest and most widely published financial services award program in North America. Award candidates are evaluated against ten objective criteria including educational and professional designations, credentials as a Registered Investment Advisor, favorable regulatory and complaint history reviews, client retention rates, client households served, and assets under management.

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Financial Independence

How much does financial independence cost? It depends on your …

How much money do you need to save if you plan to retire early? For some, retiring as young as your 30s means having accrued a million or more dollars. For others, a few hundred thousand dollars might suffice.

There is a debate raging in the FIRE community which stands for financial independence, retire early about how much a person needs to have set aside before quitting their 9-5 job. One side, known as Fat FIRE, believes retirees should have enough saved so they have a $75,000 annual budget in retirement, the other side, Lean FIRE, maintains that a $40,000 a year budget will do.

There are a few other variations, such as Barista FI, where you save enough to quit your day job and instead take on small gigs (like working in a coffee shop) to supplement your retirement income.

Financial freedom is a dream for many, but for a lot of us, its only a fantasy. Despite low unemployment, wages for many arent keeping up with inflation and saving for retirement is hard, even for those lucky enough to have access to retirement savings vehicles like 401(k) or 403(b) plans. Many 30-somethings say its already unrealistic to save for retirement, what with student loan debt and daily financial responsibilities. Still, there are countless blogs devoted to the topic, and as many ways to live in extended retirement.

See: You can retire early without adopting Mr. Money Mustaches extreme frugality

Fat FIRE makes the most sense for people who want to maintain their preretirement standard of living (like paying for rent or a mortgage) if not go beyond that, whereas Lean FIRE is for the more frugal at heart. Vicki Robins, who retired at 25 five decades ago and is considered one of the pioneers of the financial independence movement, said she accomplished such by being extremely frugal and conscious investing. She told MarketWatch that for people to accomplish financial independence they must first get out of debt and save six months of income and then earn as much as possible without compromising their health and integrity (and of course not spend all of it).

Justin McCurry, 38, a blogger at Root of Good who retired at 33, and his wife, budgeted for between $1.3 million and $1.4 million to cover $40,000 a year. He said one rule of thumb people could use is multiplying your expenses by 25. In that case, a lifestyle that costs $100,000 a year would require $2.5 million saved for retirement, for example, whereas someone who intends to live off just $20,000 a year in retirement would only need $500,000 (and maybe have to take freelance work to supplement other goals).

Jillian Johnsrud from Montana Money Adventure, 32, took a frugal approach to her financial independence. She and her husband looked at their expenses and cash flow and saw they had enough passive income through a military pension and investments, as well as cash, to cover all their basic needs. They set out to experiment with financial independence for a year, which became two, and then continued on. We are more interested in just creating a life so perfect for everything important to us, she said.

To them, financial independence simply means the freedom to make their own choices. She and her husband never earned high incomes and didnt come from privileged backgrounds. (We always lived below the poverty line, Johnsrud said.) Within a decade, they paid off their debt, bought their home with cash, adopted four children (and had two biological children) and traveled abroad. They had to be creative, such as reducing the grocery bill (she has written about $1 meals for breakfast, lunch and dinner), and relentlessly keep their goals in mind. You might not be able to have the same metrics someone else has, she said. Saving $5 million may take years for one person, and decades for another.

Dont miss: Think saving for retirement is unrealistic? Try retiring with no savings

Financial independence ultimately relies on a very personal strategy what people want in their lives, how much they need to fund those goals and a dedication to save enough to do so. Fat FIRE versus Lean FIRE suggests numerical boundaries, said Tanja Hester, personal finance blogger behind Our Next Life who is now working on a book called Work Optional. Along with having a vision for the future, everyone is coming at early retirement from different points in their lives some are younger with more years to accrue returns and interest on their assets, others might be living in very economical cities (not expensive hubs like New York City and Los Angeles) and others might have one spouse earning a much higher income to more quickly attain their savings goal.

Still, people should factor in unexpected emergencies or health care costs. For other reasons too, I think it makes sense to save a little bit more than they think is necessary, regardless of the budget or the 25x rule, Hester said. Not everyone especially millennials plan for how much theyll need in retirement. More than half of millennials guessed how much they would need to save, according to a 2014 Transamerica Center report, and only one in 10 used a calculator or spreadsheet to make those estimates. That generation in particular also has other financial considerations to make, such as how much they may really get in Social Security paychecks (theyll still get a benefit, but it may be reduced by the time they retire) or potentially having to care for an elderly parent or loved one.

J, the personal finance blogger behind Millennial Boss and the podcast FIRE Drill, said she believes $2 million is enough, and she and her husband have incomes high enough to reach that goal. Using the so-called 4% rule, where you withdraw that much of your assets every year to live on, would be more than enough for the average person, especially if they pay off their home like they plan to do. But even then, she understands other expenses will pop up. We dont know what will happen with health care and we dont know what the situation will be like with family, and we may need to support older members of the family, she said. To me, that number seems more safe.

Also see: The 3 most surprising things I learned when I got serious about early retirement

After determining how much money it will take to retire early, those interested should learn how to invest. A few other tasks to consider: automate paying bills and saving in various accounts; put aside enough cash to offset volatility in the markets; and focus on the long term.

After all, retirement will last a lot longer if you start in your 30s.

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How much does financial independence cost? It depends on your …

Top 6 Financial Independence (FI) Blogs You Should Read …

Financial independence refers to the state of reaching a point of sufficient wealth where one is not required to work full time unless they want to in order to maintain a desired lifestyle. It occurs when people have enough built-up income to pay for necessities, for the remainder of their lives, without an active-income, work-related paycheck. Financial independence can be achieved through saving, investing, and other passive income sources, but it usually means that individuals can pursue the things that they are truly passionate about, such as hobbies, travel, and so much more.

If financial independence, early retirement, or creating an investment portfolio are on your radar, be sure to check out these financial independence (FI) blogs and bloggers. Their experiences, advice, and discussions may be just what you need to kick-start your path towards financial independence.

1500 Days to Freedom

Also known as Mr. and Mrs. 1500, the 1500 Days to Freedom blog chronicles the journey of one blogger (and his wife) whose goal is to retire in 1500 days at the age of 43 thereby [thinking] differently and [escaping] the rat race. Blogs range from a variety of financial independence topics, all of which aim to encourage and inspire others to abandon their consumer, spendaholic ways in favor of a more fulfilling existence and learn how to invest and save money via cutting expenses and smart, simple investing. Learn more about Mr. 1500, see if he is accomplishing his goal by February 2017, check out their blogs, and read more about the resources that helped them grow their money.

Bogleheads Forum

The Bogleheads are a collection of people, inspired to follow the investing advice of Jack Bogle (author, blogger, and financial guru), who follow a small number of simple investment principles that have been shown over time to produce risk-adjusted returns far greater than those achieved by the average investor. On the site, visitors will find thousands of forums that emphasize regular saving, broad diversification, and sticking to ones investment plan regardless of market conditions. Using the forum site can look a little overwhelming, but there is a great starter guide that will help you get organized and prepared to begin the Bogleheads investment philosophy. Typical forum topics include: investing (help, theory, news, general), personal finance, personal consumer issues, and more.

JLCollinsNH

Jim L. Collins financial independence blog, titled jlcollinsnh, focuses on a simple path to wealth. Best known for his Stock Series on investing at times called the best thing you [could] read about how to invest money by Mr. 1500 the blog also discusses anything and everything from money, life, travel, and business. The author began the blog as a way to teach his daughter what did and did not work financially for him. As far as what you should do with the information, the author states: If you read my blog youll soon have a very clear idea of my views. You can then read other sources, compare and decide for yourself what resonates.

Mr. Money Mustache

Mr. Money Mustache (MMM) is a financial freedom blog, started by a 30-something retiree, who wants to share his frugal, yet fun, life of leisure and all that comes with it. Along with blogs, there is anMMM forum dedicated to providing The Money Mustache Community with resources, discussions, and advice on all things financial, investing, and more. However, if you would like to stick with the blog itself, Mr. Money Mustache recommends starting with his blog Getting Rich: From Zero to Hero in One Blog Post, and working your way to the classics. If you would like to dive into the community forum, try starting with these steps, followed by the Best of Mr. Money Mustache discussions.

The Mad Fientist

The Mad Fientist is not mad. He is a scientist of financial independenceor fienceor FI, if you will, which is short for financial independence. He wants to teach you, and every reader, that early financial independence is possible and achievable earlier than you might imagine. By analyzing the tax code and looking at personal finance through the lens of early financial independence, [The Mad Fientist] develop[s] strategies and tactics to help you retire even earlier rather than at 60+ years old. Along with well-researched blogs, he offers podcasts that feature some of the heaviest hitters in the financial independence sphere, as well as a free financial independence tracker. Not sure if it sounds legit? Check out this review from Mr. 1500.

The White Coat Investor

The White Coat Investor is a blog started by a practicing, full-time, board-certified emergency physician who received a lot of bad advice and wanted to share what he learned along the way. It covers financial and investing topics and strategies that are specifically targeted at physicians and other high-earners, but the blog and forum are great resources for anyone who wants to find sound financial, investing, tax, and retirement advice. There is a lot of great content to sort through, so the author recommends starting here, which includes their top beginner blogs. Want even more from the White Coat Investor? Order the book it summarizes the blog and contains material not found on the blog.

The Next Step

Hopefully, these blogs have proven to be a great start on your progress towards financial independence! Other financial blogs are available, but you may find that the six blogs mentioned provide some of the more meaningful advice on this topic. If you find something interesting and useful, be sure to share it with your family and friends, because education (ideally early education) is key to these strategies.

Also, keep in mind that all of these blogs and forums are meant to help educate oneself on financial independence, investing, and early retirement. The authors want to offer basic knowledge, but they state that it is up to you (and your circumstances) to decide what will be best and most beneficial for you. They do not guarantee performance or returns but they do promise it will make you think!

Disclaimer

Education Loan Finance is not paid to mention any of these blogs, books, or forums. We also do not promise or guarantee performance or returns based on their advice; we are simply informing you of helpful information sources available for your own research purposes.

Visit link:

Top 6 Financial Independence (FI) Blogs You Should Read …

The 7 Stages of Financial Independence | Radical Personal …

You cant go from broke to rich in a single step. Theres no magic fairy who will suddenly transform your financial life for you. You have to do it yourself.

But you can work your way through a path that leads to financial independence and complete abundance. That path has stages and you should celebrate your progress at every stage!

We all begin from a place of dependence on others. You may be a young adult transitioning from under your parents care to being self-supporting. Or you may have hit a rough patch in life as an adult and needed the help and aid of others.

Regardless where youre starting from, the first step is to transition from being dependent on others to being self-supporting and financially solvent.

The first stage of financial independence is to become financially solvent. This means that you are able to support yourself on your own income without the aid of others and that you are current on all of your bills.

There are many strategies that you can employ depending on your starting point. You may need to create an income for the very first time in your life. You may need to transition from an unreliable or low income to a bigger and better income. Or you may need some ideas to renegotiate your debts with your creditors.

It doesnt matter why youre behind. It only matters that you get your income to a point where its equal to or greater than your expenses.

Once youre current on your bills, you need to build a buffer account. Call it what you willemergency fund, rainy day fund, cash reserves, buffer accountthe purpose is the same.

Unexpected problems happen. Unexpected opportunities present themselves. Youll need money. If you dont have any money saved, youll fall behind on your bills and wind up in debt. Or you wont be able to take advantage of a perfect opportunity because you didnt have the cash.

First you figure out how much you need in the buffer account. Then you save it. Then you declare yourself financially stable.

If you have debt, youll probably want to get rid of it. Not all debt is created equal. But youll need to sit down and look at your debts and make a plan to dump the debt thats not getting you closer to financial independence.

That definitely means getting rid of any high-interest rate debt. It certainly means clearing your name from any old, unpaid debts. It probably means dumping any consumer debt tied to depreciating assets. And it likely means having a plan to clear the debt on any productive business or investment assets.

Being debt free means you can enjoy greater freedom and independence in your life. And thats the whole point, isnt it?

Your long-term goal is to de-couple the expenses associated with your lifestyle from your need to work to pay for them. That happens when the income from your investments is sufficient to pay for them.

This happens in stagessmall at first and larger later. The first stage is to have your basic living expenses covered by your investment income.

That means your housing expenses, utilities, food, transportation, and insurance. When these basic needs of life are covered by your investment income youve attained a high degree of financial security.

When your current lifestyle expenses can be met with your investment income, youve reached the point of financial independence! Congratulations!

You can choose to disconnect yourself from work if you want to. But of course you might choose not to.

The key at this stage is simply to know that its up to you!

Its possible that you have some lifestyle goals which are beyond the lifestyle youre currently living.

This might be things you desire to buy, experiences you desire to have, or philanthropic goals you wish to meet.

If so, the important thing is to clarify these goals and fund them with your investment income. At that point in time, youre truly financially free in every sense of the word.

When you reach this stage of your financial journey, youve reached the most challenging stage of all. But it can be a very enjoyable challenge!

Youve accumulated wealth beyond the amount needed to fund your own lifestyle expenses with a comfortable margin of safety.

Now you have to decide how to responsibly manage the surplus. How will you allocate it productively while you control it? And who will control it when youre done with it? How will you assure that the money is used for good and not for evil?

Its a real challenge, but its one faced by all those who have faithfully and steadily built wealth throughout their lifetimes. Its the most important stage of all.

Read the rest here:

The 7 Stages of Financial Independence | Radical Personal …

Financial independence – Wikipedia

For the concept of independence from another person for support, see Dependant.

Financial independence is a state in which an individual or household has sufficient wealth to live on without having to depend on income from some form of employment.[1][citation needed] Financially independent people have assets that generate income (cash flow) that is at least equal to their expenses. Income you earn without having to work a job is commonly referred to as “passive income”.[2] For example, if someone receives $5000 in dividends from stocks they own, but their expenses total $4000, they can live on their dividend income because it pays for all their expenses to live (with some left over). Under these circumstances, a person is financially independent. A person’s assets and liabilities are an important factor in determining if they have achieved financial independence. An asset is anything of value that can be readily turned into cash (liquidated) if a person has to pay debt, whereas a liability is a responsibility to provide compensation. (Homes and automobiles with no liens or mortgages are common assets.)

Age and existing wealth or current salary don’t matter – if someone can generate enough income to meet their needs from sources other than their primary occupation, they have achieved financial independence. If a 25-year-old has $100 in expenses per month, and assets that generate $101 or more per month, they have achieved financial independence, and they are now free to spend their time doing the thing they enjoy without needing to work a regular job to pay their bills. If, on the other hand, a 50-year-old earns $1,000,000 a month but has expenses that equal more than that per month, they are not financially independent because they still have to earn the difference each month just to make all their payments. However, the effects of inflation must be considered. If a person needs $100/month for living expenses today, they will need $105/month next year and $110.25/month the following year to support the same lifestyle, assuming a 5% annual inflation rate. Therefore, if the person in the above example obtains their passive income from a perpetuity, there will be a time when they lose their financial independence because of inflation.

There are many strategies to achieve financial independence, each with their own benefits and drawbacks. To achieve financial independence, it will be helpful if you have a financial plan and budget, so you know what money is coming in and going out, have a clear view of your current incomes and expenses, and can identify and choose appropriate strategies to move towards your financial goals. A financial plan addresses every aspect of your finances.[3]

Since there are two sides to the assets and expenses equation, there are two main directions one can focus their energy: accumulating assets or reducing their expenses.

Accumulating assets can focus one or both of these approaches:

Another approach to financial independence is to reduce regular expenses while accumulating assets, to reduce the amount of assets required for financial independence. This can be done by focusing on simple living, or other strategies to reduce expenses.[4][5]

The following is a non-exhaustive list of sources of passive income which potentially yields financial independence.

See the rest here:

Financial independence – Wikipedia

Financial Independence

WHAT WE DO

Quite simply, we strive to protect and grow your money and, where needed, develop a holistic plan to ensure a smooth transition through life’s financial phases. Could there be setbacks? Yes. As you know, there are no guarantees. But all the more reason for having a well-developed plan to minimize the downside and maximize the upside. Your money is too important – and financial products are too complex – to invest without a solid long-term plan.

Financial Planning

Investment Management

401(k) or 403(b) Investment Review

Social Security

Rick Campbell, President of Financial Independence, and Mark Lavallee, Vice President, receive theFive Star Professional Wealth Manager Award for the third year in a row. The recognition isthe largest and most widely published financial services award program in North America. Award candidates are evaluated against ten objective criteria including educational and professional designations, credentials as a Registered Investment Advisor, favorable regulatory and complaint history reviews, client retention rates, client households served, and assets under management.

Read more:

Financial Independence

Financial independence – Wikipedia

For the concept of independence from another person for support, see Dependant.

Financial independence is a state in which an individual or household has sufficient wealth to live on without having to depend on income from some form of employment.[1][citation needed] Financially independent people have assets that generate income (cash flow) that is at least equal to their expenses. Income you earn without having to work a job is commonly referred to as “passive income”.[2] For example, if someone receives $5000 in dividends from stocks they own, but their expenses total $4000, they can live on their dividend income because it pays for all their expenses to live (with some left over). Under these circumstances, a person is financially independent. A person’s assets and liabilities are an important factor in determining if they have achieved financial independence. An asset is anything of value that can be readily turned into cash (liquidated) if a person has to pay debt, whereas a liability is a responsibility to provide compensation. (Homes and automobiles with no liens or mortgages are common assets.)

Age and existing wealth or current salary don’t matter – if someone can generate enough income to meet their needs from sources other than their primary occupation, they have achieved financial independence. If a 25-year-old has $100 in expenses per month, and assets that generate $101 or more per month, they have achieved financial independence, and they are now free to spend their time doing the thing they enjoy without needing to work a regular job to pay their bills. If, on the other hand, a 50-year-old earns $1,000,000 a month but has expenses that equal more than that per month, they are not financially independent because they still have to earn the difference each month just to make all their payments. However, the effects of inflation must be considered. If a person needs $100/month for living expenses today, they will need $105/month next year and $110.25/month the following year to support the same lifestyle, assuming a 5% annual inflation rate. Therefore, if the person in the above example obtains their passive income from a perpetuity, there will be a time when they lose their financial independence because of inflation.

There are many strategies to achieve financial independence, each with their own benefits and drawbacks. To achieve financial independence, it will be helpful if you have a financial plan and budget, so you know what money is coming in and going out, have a clear view of your current incomes and expenses, and can identify and choose appropriate strategies to move towards your financial goals. A financial plan addresses every aspect of your finances.[3]

Since there are two sides to the assets and expenses equation, there are two main directions one can focus their energy: accumulating assets or reducing their expenses.

Accumulating assets can focus one or both of these approaches:

Another approach to financial independence is to reduce regular expenses while accumulating assets, to reduce the amount of assets required for financial independence. This can be done by focusing on simple living, or other strategies to reduce expenses.[4][5]

The following is a non-exhaustive list of sources of passive income which potentially yields financial independence.

Read the rest here:

Financial independence – Wikipedia

financial independence / early retirement – reddit

I retired a year ago after becoming financially independent. The retirement was due mostly to inheritance from my father, but also from my own frugality and saving over 50% of my salary. I’m not quite lean FIRE, but I’m not living large either.

Financially things have been fine. Last year the market was very nice, and my retirement accounts are up 6.2% despite having paid all of my bills for the entire year. I have a 70/30 stock/bond ratio with a variety of index funds (including broad indexes and international indexes) and a variety of bond funds. 5% out of the 70% is invested in a precious metals fund. There’s also a generous emergency fund and 2 year CD chain. That’s my main retirement account. My IRA and 401K are not alligned with that, but I’m putting off rebalancing those until next year. I rebalance the main account every three months.

I started out with a 3% withdrawl rate last year. But in a year of dealing with my own issues, I have become rather disturbed with the amount of self-hate I have. I began to see that my frugality is partly a way to punish myself, and I wanted to try to be nice to myself. With my 2018 budget I bumped it up to a 3.5% withdrawl rate. I find I have trouble spending the money. My frugality is also partly a realization that things will not make me happy (except maybe my motorcycle). But I am saving the “fun” money that I don’t spend, and few times I’ve gone over budget on fun and had to pull from the savings. And maybe I’ll travel more than I expected.

When I shifted up from 3% to 3.5% the question came to mind, “When am I going to shift down?” Now, the 3% and 3.5% are based on my initial balance at the start of retirement. If you look at my withdrawls compared to my current balance, the rate is 3.29%. The plan I came up with is that if my withdrawl rate based on my current balance ever gets up to 4%, I will adjust my budget based on my evaluation of my situation at that time. Maybe it’s something that looks to be short term, and I can just soldier on through. Or maybe it’s something that looks like a long term recession, and I will scale back my spending. There was a thought experiment on r/preppers about what you would do if you lost your job for six months. I wasn’t worried because I have a six month emergency fund, but it made me think about how I could cut my budget. I think worst case I could get it down to 1.5%. It wouldn’t be fun, but I could do it.

I had one big expense that was not planned for. The water heaters in my condo building have reached the end of their expected working life, and several have failed. Not wanting to pay for flooding my downstairs neighbor’s unit, I replaced the water heater for $3,600. Previous repairs had only been a couple hundred a year, so I hadn’t planned on this. Some of it came out of my emergency fund (which I paid back in a month of diverting other savings), and some of it came from my “insurance” savings. I figure that extended warranties are a scam if you can afford the repair or replacement. But I always ask how much they are. Then I put that much into a savings account, along with a small monthly amount equivalent to renter’s insurance. It looks like I may have another one coming. I know an estate lawyer, and said he’d help me put together a will. But he’s been dragging his feet about it all year, so I think I’m just going to pay someone to do it. I don’t know what that will run, but I may just sell some extra stock to pay for it rather than fudging budget categories.

I think I’m still trying to figure out retirement. I have a tendency to push myself to be productive, but I push myself too hard and stress myself out. Nothing that I expect is unique, but there it is. So I’m not one of these people who has no idea what to do with themselves in retirement. I’m one of those people who has too many ideas about what to do with themselves in retirement. I’m trying to find a balance between working on the projects I am interested in and just taking it easy. That balance is elusive.

The projects I am working on include a large programming project that I’ve been fiddling with on and off for years. I’ve managed about 11,600 lines of code in the past year on that. When I first posted that I had FIREd, I mention an interest in charity work. Soon after that I went to a Quaker gathering that had a panel discussion on the school to prison pipeline. I did some more reading and became totally dumbfounded at how messed up and racist our criminal justice system is in the U.S. I am now volunteering with a charitable organization lobbying for criminal justice reform at the state level (the federal level is dead due to the insane power a few people have in our so-called democracy). I am also working more on my Zen practice. I finally found a local teacher in my tradition, and I am at the Zendo at least twice a week, some of it working towards a Jukai ceremony at the end of the year. Finally, I am working on exercising more. After having to watch my father’s decline in his old age I am trying to be healthier so I can enjoy my retirement long term.

In terms of chilling out, I was sick for a month. I had a massive allergy attack, followed by a screw up with my long term medication, followed by another massive allergy attack. During the second attack there were four days where I got no more than an hour of sleep at a time because I was coughing so bad. It certainly was not fun being sick, but it was really nice to just be able to take a month and deal with it, and not worry about my job or much of anything else. I just did the bare minimum I needed to do, and if I had any energy left over I did want I wanted to do, and spent the rest of the time trying to take it easy so I could heal.

The biggest thing I’ve noticed in retirement was my suicidal tendencies. I have had long term depression since I was a little kid and tried to kill myself at age 10. When I was working at my old job, I was having suicidal ideation every week or two, and serious planning every three months or so. At one point I was eating so little I collapsed after walking up a couple flights of stairs. Due to my history with depression (I actually passed out from not eating once in high school, too) I just convinced myself it was normal for me. A month after I quit my job I was like, “OMG, I haven’t thought of killing myself once since I left work!” My depression is still there, but it’s been like crawling out of a sewer pipe into a cool rain on a warm summer’s day. And not being distracted by work has given me more time to be with my depression, to understand it better, and to deal with it more effectively.

So here I am and there I go, and I look forward to finding out where I will turn up next.

Edit: I’m don’t need therapy. I’m doing fine without it, in fact I’m doing better since I stopped therapy and started doing Zen. Don’t worry about it.

Read the rest here:

financial independence / early retirement – reddit

financial independence / early retirement – reddit

Here’s some food for shower thoughts.

I’m 27, male, single, active duty (US), BS in ME, 11% to FI, above average health with no history of health problems. I’ve been on an FI track for the past year-and-a-bit with awesome results. “Build the life… etc.” Plus it’s fun; I enjoy the challenges of optimization and creative thinking. I didn’t give up that much to achieve a high rate of savings. All the potential in the world, and not much concern for the future because, hey, I had a plan better than 90-whatever% of the USA had.

At noon on a Thursday of March 2018, I felt like I might have a cold or the flu. I had felt great that morning.

The next day I started vomiting. It only got worse.

By Sunday I was hospitalized with fulminant liver failure, kidney failure, respiratory failure, pericarditis (inflammation of the sac around your heart, will collapse your heart), encephalitis (inflammation of the brain, I barely knew who I was), and a couple other things I can’t remember without checking my medical records. I didn’t get a liver transplant because I wasn’t expected to live. Somehow I did, and am on my road to recovery.

But more importantly, by the time I was hospitalized, I was barely able to communicate. I could not recognize or identify close friends or family. I did not have the chance or ability to make a will, discuss finances with my family, set up a college savings account for nieces, etc. I was vastly unprepared for the most unexpected circumstance.

It took one hell of a lesson to teach me to be prepared– prepared beyond the “save as much as possible” mantra.

What are yall’s thoughts? Things that seem obvious to you are not obvious– or pressing– to the rest of the FI community. Please share.

I haven’t changed my savings plan much, but. For Garfield’s sake. Stop and smell the roses. Twice.

Edit: Because this post became somewhat popular, I’d like to emphasize something I think most people already know: When things were bad, at no point whatsoever did I think or care about money or work. What I did think about:

– How much I wanted to have one more hamburger

– That girl I never asked to go on a date.

– The embarrassing thing I said in class 12 years ago.

– All the experiences I had planned for RE but couldn’t do.

– How silly my family/friend arguments were.

– I could go on and on, but you get the picture.

Original post:

financial independence / early retirement – reddit

The 7 Stages of Financial Independence | Radical Personal …

You cant go from broke to rich in a single step. Theres no magic fairy who will suddenly transform your financial life for you. You have to do it yourself.

But you can work your way through a path that leads to financial independence and complete abundance. That path has stages and you should celebrate your progress at every stage!

We all begin from a place of dependence on others. You may be a young adult transitioning from under your parents care to being self-supporting. Or you may have hit a rough patch in life as an adult and needed the help and aid of others.

Regardless where youre starting from, the first step is to transition from being dependent on others to being self-supporting and financially solvent.

The first stage of financial independence is to become financially solvent. This means that you are able to support yourself on your own income without the aid of others and that you are current on all of your bills.

There are many strategies that you can employ depending on your starting point. You may need to create an income for the very first time in your life. You may need to transition from an unreliable or low income to a bigger and better income. Or you may need some ideas to renegotiate your debts with your creditors.

It doesnt matter why youre behind. It only matters that you get your income to a point where its equal to or greater than your expenses.

Once youre current on your bills, you need to build a buffer account. Call it what you willemergency fund, rainy day fund, cash reserves, buffer accountthe purpose is the same.

Unexpected problems happen. Unexpected opportunities present themselves. Youll need money. If you dont have any money saved, youll fall behind on your bills and wind up in debt. Or you wont be able to take advantage of a perfect opportunity because you didnt have the cash.

First you figure out how much you need in the buffer account. Then you save it. Then you declare yourself financially stable.

If you have debt, youll probably want to get rid of it. Not all debt is created equal. But youll need to sit down and look at your debts and make a plan to dump the debt thats not getting you closer to financial independence.

That definitely means getting rid of any high-interest rate debt. It certainly means clearing your name from any old, unpaid debts. It probably means dumping any consumer debt tied to depreciating assets. And it likely means having a plan to clear the debt on any productive business or investment assets.

Being debt free means you can enjoy greater freedom and independence in your life. And thats the whole point, isnt it?

Your long-term goal is to de-couple the expenses associated with your lifestyle from your need to work to pay for them. That happens when the income from your investments is sufficient to pay for them.

This happens in stagessmall at first and larger later. The first stage is to have your basic living expenses covered by your investment income.

That means your housing expenses, utilities, food, transportation, and insurance. When these basic needs of life are covered by your investment income youve attained a high degree of financial security.

When your current lifestyle expenses can be met with your investment income, youve reached the point of financial independence! Congratulations!

You can choose to disconnect yourself from work if you want to. But of course you might choose not to.

The key at this stage is simply to know that its up to you!

Its possible that you have some lifestyle goals which are beyond the lifestyle youre currently living.

This might be things you desire to buy, experiences you desire to have, or philanthropic goals you wish to meet.

If so, the important thing is to clarify these goals and fund them with your investment income. At that point in time, youre truly financially free in every sense of the word.

When you reach this stage of your financial journey, youve reached the most challenging stage of all. But it can be a very enjoyable challenge!

Youve accumulated wealth beyond the amount needed to fund your own lifestyle expenses with a comfortable margin of safety.

Now you have to decide how to responsibly manage the surplus. How will you allocate it productively while you control it? And who will control it when youre done with it? How will you assure that the money is used for good and not for evil?

Its a real challenge, but its one faced by all those who have faithfully and steadily built wealth throughout their lifetimes. Its the most important stage of all.

See original here:

The 7 Stages of Financial Independence | Radical Personal …

theFIREstarter – Financial Independence. Retire Early

Greetings!

Welcome to theFIREstarter! If you are interested in themes such as Financial Independence, Retiring Early, Downshifting, or simply just working less and living more then please stick around, I think well get on just fine

If all of that sounds right up your alley then you can follow along by:

Subscribing by EmailFollowing me on twitterSubscribing by RSS feed

If you’d rather have a poke around first then by all means do so! You can always subscribe later by using the link at the top right of the menu above.If you want to get the full story you can start from the very first post here or for a more casual read, just see what catches your eye on the list of all posts page.

My thoughts and plans have slightly changed in the few years since I set up the blog, you can learn a little bit more about me and the main points on what those plans were and how they’ve changed here, here, here, here and finally here.

If you’d like to keep a track of new developments, money saving tips, money making tips, my adventures in attempting self sufficiency and simple living, free financial hacks and spreadsheets, and my general musings on Financial Independence, Personal Finance, investing, and the occasional humorous rant, then please consider following along. Those links again:

Subscribe by EmailFollow me on twitterSubscribe by RSS feed

Thanks for visiting!

TFS.x

We have a guest post today for you by Sam from Money Nest, in Sams own words:

Sam Jefferies is the creator ofMoney Nest, aUK Personal Finance Blog Focused on 20-30yr olds in the UK.

This subject is an interesting topic to me so it was interesting hearing his thoughts on it, many thanks to Sam for getting in touch with me! I wont spoil it by letting on any further so please read on and be sure to comment with your own thoughts on it! Over to you, Sam

Im going to let you in on a secret. Im both an investor and British, yet I actively avoid investing in the FTSE, in fact, Ive gone as far as deliberately exiting funds (and paying the related charges) simply because they invest in the FTSE.

Whatsmore if you read the following, Im almost sure youll take the same approach.

So why so anti-FTSE? well, for the following reasons

Read the rest of this entry

Read the original here:

theFIREstarter – Financial Independence. Retire Early

financial independence / early retirement – reddit

This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money.

Before proceeding further, please read the Rules & FAQ.

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”.

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. The purpose of this subreddit is to discuss FI/RE strategies, techniques, and lifestyles no matter if you’re retired or not, or how old you are.

FI/RE is about:

Discovering and achieving life goals: What would I do with my life if I didn’t have to work for money?”

Simplifying and redesigning your lifestyle to reduce spending. Your wants and needs aren’t written in stone, and less spending is powerful at any income level.

Working to increase your income and income streams with projects, side-gigs, and additional effort

Striving to save a large percentage (generally more than 50%) of your income to accelerate achieving FI

Investing to make your money work for you, and learning to manage/optimize those investments for the unique nature of FI/RE

Retiring Early

FI/RE is NOT about:

Gaining wealth for the purpose of excessive consumption

Taking the slow road, or the traditional road to retirement

Becoming financially independent requires hard work and a healthy attitude towards money, but also a degree of privilege. When participating on this subreddit, please be mindful of the ways in which you are lucky.

Please read the FAQ and Rules above, then feel free to share your journey or ask for advice!

Blogs sorted by Alexa rank (500k min)

Forums

More to read

Tools

Books / Resources

Reddit resources

Closely related subs

Regional FI/RE

Regional Personal Finance

Money subs

Lifestyle (frugal) subs

See the rest here:

financial independence / early retirement – reddit


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