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Until the world caches up, we at least have the vice mutual fund VICEX to tide us over. Would love to buy some shares of XPLUNDER.to though (at least until vanguard releases a similar product at a lower MER).
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Aug 5, 2015 10:04
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My friend's coworker wanted to build a house without a kitchen for the opposite reason: he ate out for literally every meal and kept no leftovers and thus had no need for a fridge or pantry. Builder of course said it would be impossible to resell, and the customer never ended up going through with it. That dude talking about his superior soylent and wine diet has achieved the true SpelledBackwards fucked around with this message at 16:05 on Aug 6, 2015 |
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Aug 5, 2015 14:07
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pig slut lisa posted:I don't mean to unload on you specifically, but it's really frustrating that society has conditioned everyone to believe that buying a pirate ship is the best financial decision in every case. Renting may be the superior financial choice depending on how long you plan to plunder, the strength of local navies, etc. Everyone please crunch the numbers before you head down to the docks! Pssh I'm just going to take the first ship I attack anyway. Then I'll insure it and ram it into a larger ship.
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Aug 6, 2015 15:58
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Make sure you put at least 20% down on your pirate ship, or you risk being underwater if an attack goes wrong.
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Aug 6, 2015 16:52
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God I love this thread
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Aug 6, 2015 20:09
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I know I know FI is a waiting game, timing the market doesn't work, but with stocks going on sale today, I'm kinda happy now that I procrastinated buying these ETFs.
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Aug 21, 2015 21:58
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I hate being close to a "milestone" and watching it slowly get farther and farther away.
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Aug 22, 2015 02:51
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I"m currently playing with the early retirement calculator from here; http://networthify.com/calculator/earlyretirement I'm completely confused at why increasing the withdrawal rate decreases the amount of time it says until you can retire and vice versa, decrease withdrawal rate, extends time until retiring. Surely increasing the amount you will withdraw from the investment means more time until you retire. I must be missing something totally obvious.
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Aug 23, 2015 14:09
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The less of your money you want to withdraw, the more you need to have. If your expenses are $40,000 a year, you'd need $1,000,000 to withdraw 4%. If you only want to draw 3% and still have $40k, you need (40,000/.03) = $1.3 mil.
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Aug 23, 2015 14:18
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The main problem I have with that calculator is that there's no way to set a different spending rate for post-retirement.
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Aug 23, 2015 18:43
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I tend to use iOS apps for these calculations, which may or may not help you. Numbers (the apple spreadsheet) has a retirement calculator template. The other app is the Wolfram Alpha Investment app which allows fixed expenses and fixed percentage with a wide variety of input options. I find both useful for different reasons. The spreadsheet just does straight forward calculations but the Investment app does a random walk to give you a distribution of outcomes.
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Aug 23, 2015 21:34
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Cicero posted:The main problem I have with that calculator is that there's no way to set a different spending rate for post-retirement. FIREcalc has every option you could imagine and is pretty great: http://www.firecalc.com/
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Aug 26, 2015 03:56
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MMM going full autist again http://www.mrmoneymustache.com/2015/09/07/great-news-dog-ownership-is-optional/
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Sep 8, 2015 18:29
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That's a good post, don't see what the problem is (he even includes a counterpost). He's absolutely correct that most people don't seem to consider the real costs of a dog. That doesn't mean nobody should get dogs, it just means that people should really consider all the downsides. For example, I have a relative who doesn't make much money (or seem to be managing it very wisely...) whose family recently donated some money to him to help pay for his dog's medical expenses, because he didn't have enough to pay for them. Or just look at how it's hamstrung KG: he's a programmer living 4 hours away from the programming capital of the world, normally it would be a no-brainer for him to go there early in his career for career growth, but it's extremely difficult for him to consider taking a job there because of his dogs and cats. Dogs aren't like other lifestyle purchases because the emotional component is obviously so strong. That means they can be more rewarding, yes, but it also means that giving them up if you decide getting a dog was a mistake is super hard, arguably harder than reversing a mistake with a car or home purchase, so really contemplating whether it's a good idea to get a dog is important. Cicero fucked around with this message at 18:44 on Sep 8, 2015 |
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Sep 8, 2015 18:41
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As a dog person I couldn't help but roll my eyes at most of the article, but he's right in his point that dogs are more expensive than what people think when they first adopt a dog. He definitely makes a bunch of leaps, though. "WHAT IF THE DOGS MAKE YOU BUY A HUGE TRUCK YOU NEED TO FILL WITH GAS ALL THE TIME?! HOW ARE YOU GOING TO RIDE WITH YOUR DOGS ON YOUR BIKE?!" It's certain to infuriate some dog people. Writing a blog post that pisses people off and starts an argument is good for business.
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Sep 8, 2015 18:48
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Also I forgot KnyteGuy had two dogs and a bunch of cats he refused to get rid of for a while (did he ever? I forget), so forget everything I said.
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Sep 8, 2015 18:51
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Inverse Icarus posted:He definitely makes a bunch of leaps, though. "WHAT IF THE DOGS MAKE YOU BUY A HUGE TRUCK YOU NEED TO FILL WITH GAS ALL THE TIME?! HOW ARE YOU GOING TO RIDE WITH YOUR DOGS ON YOUR BIKE?!" edit: to be sure, this same logic applies to kids except even more so, but I think that people tend to be more aware of the huge impact having a kid will have on their life. Cicero fucked around with this message at 18:55 on Sep 8, 2015 |
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Sep 8, 2015 18:52
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People don't tend to consider just how long dogs live; 15 years for healthy breeds. If you buy one as a broody 25-year-old in order to put off the inevitable kids, you will probably still have the darn thing at 40.
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Sep 8, 2015 19:05
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I generally agree with Cicero that the article is on point. That said, I have two criticisms: 1) I don't think it's fair to say that a dog can lead to lifestyle inflation (e.g. bigger car, house, whatever) without also acknowledging that dog ownership can put a damper on some other lifestyle expenses. As MMM writes: quote:When you’re a young and otherwise unencumbered adult and you adopt a dog, a huge chunk of your freedom is gone. Instantly, just like that. Suddenly you have a very short leash pulling you back to your house. Your new friend needs to be fed and walked. Did you meet somebody special and want to spend a few days with them? Need to fly somewhere to visit family or take a vacation? Sorry, you’re already out past your curfew and the dog is lonely at home. This is all true! But he doesn't account for the fact that this can save you money. In our case, my wife and I do less travelling now that we have the dog, and we are less likely to buy tickets to a concert, spend a late night at a bar, or even do spendy social activities on back-to-back nights. More of our recreational time is spent doing free things like walking the dog, going over to my parents house for a family dinner with the dog, or staying in reading while the dog sits next to us. What's the overall financial impact of this? Hard to say for sure, and it certainly varies person to person. But our spending in some categories has definitely gone down since we got the dog. 2) The tone of this article is disappointing. It's a little scolding. I feel like MMM missed the opportunity to point out ways to be more financially efficient with dog ownership. If you go to his archives there are lots of posts about applying smarter spending techniques to grocery shopping, WiFi, beer, etc. He could absolutely do the same thing with dog ownership. For instance, instead of just saying quote:How will you take your dog across town on a bike? It can be done by trailer, but not many people advance themselves to that level. how about talking about how that can be done? There are people who do that; I'm sure he could find one in his forums. The best MMM articles display an enthusiasm for creatively attacking different types of spending. This article comes off as more of a straight frugality scold. Which, fine, he can't hit a homerun every time (especially several years in). I just think this is a below average effort.
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Sep 8, 2015 19:08
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I think it's hard for him to figure out how to do it creatively (or rather, it wouldn't occur to him to post about how to do it creatively, or maybe he doesn't think he could do the topic justice) because he doesn't have a dog himself, whereas he does shop for groceries, use the internet, drink beer, etc. edit: I admit I am biased here because I don't want a dog or cat for precisely the reasons he outlines. I do like pets, but kids are enough of a restriction on my freedom/drain on my finances, thanks. Cicero fucked around with this message at 19:25 on Sep 8, 2015 |
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Sep 8, 2015 19:19
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pig slut lisa posted:
He... did? I mean it isn't very hard to find an article on the site about how awesome bike trailers are. He's just acknowledging that it's not the most common thing for people to do.
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Sep 8, 2015 19:21
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My parents literally did buy a pick up truck to transport our 3 dobermans around. Not entirely necessary but people do definitely change buying habits for dogs. We also explicitly bought a house that had a big back yard for the dogs which also adds cost onto home ownership. I have a good friend who actually couldn't find a house to rent in Seattle with his 4 dogs and ended up in the middle of nowhere with a hour commute each way just so he could keep his dogs. I absolutely love dogs and grew up with them but anyone who thinks they dont cause other life style changes and additional costs is delusional.
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Sep 8, 2015 19:28
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Cicero posted:I think it's hard for him to figure out how to do it creatively (or rather, it wouldn't occur to him to post about how to do it creatively, or maybe he doesn't think he could do the topic justice) because he doesn't have a dog himself, whereas he does shop for groceries, use the internet, drink beer, etc. Yeah I definitely think that's what going on here Dessert Rose posted:He... did? I mean it isn't very hard to find an article on the site about how awesome bike trailers are. He's just acknowledging that it's not the most common thing for people to do. He elided the discussion in a way he usually doesn't when it comes to tackling common types of spending. Would have been a great opportunity for a guest post by someone with a more nuts and bolts financial take than the "Sister MM" bit at the end. Get Rich With: Smarter Spending on Dogs or whatever.
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Sep 8, 2015 19:34
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I feel unusually qualified to post on this topic, because I both know someone who has spent wildly due in part to dog ownership (my sister), and someone who has managed to avoid most extra expenses due to dog ownership (me). I think MMM clearly has a bias against dogs. It's a bit spergy of him to not see the other side of the financial argument, which is that dogs will often prevent people from spending more insanely than they would otherwise. My girlfriend had a dog when I met her back in January, and I like to think our low-spending lifestyle is largely possible because of her dog. Without her dog, it wouldn't be sustainable for us to eat at home most nights, or spend most weekends going for (free) hikes or picnics; I'm one of those crazy people that bought a bike trailer for towing him around, seen here:  My girlfriend and I have managed to tow him about 400km so far this summer. Often to go for hikes and things like that. Totally replacing car usage. She originally bought her car for the dog, but I've shown her that she really doesn't need one, and now she's selling it in a few weeks. On the other hand, my sister justified replacing her like-new sedan with a brand new $40,000 SUV because of her little Boston Terrier. Absolute horseshit. Thousands and thousands of dollars down the drain. I'm sure people do this all of the time without thinking. And my girlfriend did go without a car for most of her 20s, only to buy a car shortly after she got a dog. It's easy for the little pooches to cause ridiculous spending, but as the dignified forums poster pig slut lisa and I have demonstrated, they can also save you money by giving you something free and fun to do all the time! Sure, wouldn't it be great if we all had unlimited self-control and could find meaning in living as efficiently as possible, but many people can't. Rick Rickshaw fucked around with this message at 17:43 on Sep 9, 2015 |
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Sep 9, 2015 17:39
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A while back, I saw a mom with two bike trailers, 2 kids in one, dog in the other. Now that's frugal!
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Sep 9, 2015 17:56
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There's also a big difference between having A dog and having hoarder levels of animals. Which I kind of consider to be more animals than one or two. Life is still plenty flexible with one dog. But I imagine when you have 4, not as much. For being as big on walking as MMM is, it's funny to read him be anti-dog. There probably isn't anything in America that gets people outside and taking walks more than dog ownership.
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Sep 9, 2015 18:19
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Profit sharing plans or defined benefit plans? Anyone have any opinions or experience with these?
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Sep 10, 2015 00:37
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moana posted:Profit sharing plans or defined benefit plans? Anyone have any opinions or experience with these? In what context? My work offers both of them. In my opinion defined benefits plans are pretty terrible for someone who wants to RE as they usually go off of your last 1-5 years average of salary and can't be collected until 55-65 so by the time you would be eligible the amount will likely be a joke due to inflation. PSP's have been pretty good to me.
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Sep 12, 2015 13:51
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Sorry, as a self-employed person running my own business. I'm looking into trying to shelter more money from taxes this year.
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Sep 12, 2015 16:02
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A defined benefit would definitely allow you to shelter more money, especially with interest rates so low. However, I have experience with both, and DB plans are a nightmare of actuarial and legal work and I personally wouldn't bother with one. I think your personal limit of $53k or whatever is shared between your profit sharing and like a SEP IRA contribution anyway. If you make over $300k in self employed income, your simplest solution is to contribute the max you are allowed to a single SEP IRA (and thus you wouldn't have to bother with a 401k/profit sharing setup). With that said, a defined benefit plan would allow you to put away another $210k per year so it's kind of a ridiculous way to delay a lot of tax.
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Sep 12, 2015 16:55
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moana posted:Sorry, as a self-employed person running my own business. I'm looking into trying to shelter more money from taxes this year. Since I don't have an employee and I've stepped up to doing all the work myself my income is going to take a huge leap upwards. I think I'll have to go through one of my tax books to see what I can do. I've got all the computers and work related stuff that I need, I even have more travel expenses for meetings around the country. I've run out of things to spend on or get depreciation on. I think all I've got left to add on is the international conferences that I usually don't have time for. I guess I'll just end up stuck paying more tax.
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Sep 12, 2015 22:39
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I ran across this great article with some extremely helpful advice. Want a 60,000 raise? It's easy, just spend spend spend! http://elitedaily.com/life/savings-20s-something-wrong/1214445/ Paid for by the "oligarchs for keeping millenials in poverty forever" group
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Sep 19, 2015 13:37
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Bhodi posted:I ran across this great article with some extremely helpful advice. Want a 60,000 raise? It's easy, just spend spend spend! http://elitedaily.com/life/savings-20s-something-wrong/1214445/ The comments in the article are, for once, inspiring that life isn't that bad. Everyone is tearing her "logic" apart.
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Sep 19, 2015 14:42
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Another 20 something female millennial writer telling people how to live on what is most likely Daddy's dime.
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Sep 19, 2015 18:16
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Her other articles on elite daily paint a pretty sad picture. Girl is not a happy person and does not understand the concept of a false dichotomy. My favorite one is "I'd rather be OTT (over the top) than boring as hell" Or maybe the one about how women will never truly believe they're beautiful because they totally get called beautiful so much it is SO HARD LIVING IN NEW YORK UGH
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Sep 19, 2015 18:44
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Elitedaily: why everything is poo poo and you aren't elite
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Sep 22, 2015 06:05
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Devian666 posted:Elitedaily: why everything is poo poo and you aren't elite You don't have to be an elite to think like one.
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Sep 24, 2015 04:41
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moana posted:Profit sharing plans or defined benefit plans? Anyone have any opinions or experience with these? Scwhab has a decent FAQ here: http://www.schwab.com/public/schwab...nefit_plan_faqs Basically, for those of you making a consistent $250k/year (possibly less, since I'm guessing they estimate spending rates to be higher than FIRE folks would have), this kind of plan is great as long as you plan on keeping working for at least 5 years. I wanted to share what I've learned since my payroll company is pushing their plan HARD at me. I was only looking to try and shelter money for this year and next, since I plan on taking time off to be with my family after that. This can actually get you into lots of trouble with the IRS, as they expect you to be using retirement plans until, you know, retirement age. The company selling to me wouldn't even give me the fund prospectus and are handwaving away any fees associated with the investments. Of course, anytime someone gives you a ton of "consultations" for free, you know you're being sold something, but it's hard to find good info on this. So if you're planning on FIRE in the next few years, it's probably not a great idea, but if you have 5+ years of work ahead of you with CONSISTENT high earnings, it's a great way to put aside a ton more money tax-free. Use Schwab or something similar, be very wary of companies trying to sell you on their plan with few details.
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Sep 29, 2015 04:52
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So in Denmark, we pay taxes on both realised and unrealised gains on securities year by year. The tax rate on these gains starts out at 27% for the first ~10000 bux and 47% on anything above that. How do I account for this in calculating how big of a nest egg I need to live on and how fast I'll get there? Seems like I can't just use the 4% rule.
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Oct 13, 2015 19:10
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Struensee posted:So in Denmark, we pay taxes on both realised and unrealised gains on securities year by year. The tax rate on these gains starts out at 27% for the first ~10000 bux and 47% on anything above that.
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Oct 13, 2015 19:27
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