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I think the idea of 4% is that you're achieving 7% and letting 3% remain to cover inflation? So that your, let's say, $40,000 annual withdrawal from your $1,000,000 savings has the purchasing power of $40,000 each year although it increases by ~3%.
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Jul 19, 2013 21:27
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Do you lie to her or just keep her out of the loop? My partner gets stressed out by money so she doesn't want to talk or know anything about it at all, but if she asked for balances I wouldn't give her a fake number...
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Oct 23, 2013 20:00
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Wells Fargo's version of overdraft protection is pulling the balance from your savings or credit account instead, AND giving you a $25 fee. A slight discount from the typical $35 overdraft fee. Thanks! When that law passed ~years ago that forced overdraft protection to be optional, WF sent out letters saying "Make sure your transactions don't get declined" as a cute, vaguely threatening euphemism for "stay enrolled in our overdraft protection".
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Nov 6, 2013 21:53
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Ha, love this comment: "he's basically a millionaire, which is poor man's financial independence these days.... at any rate, he's not buying a yacht or taking huge vacations any time soon so he's hardly financially independent..."
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Jan 23, 2014 00:20
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Bicycling? How dangerous! Better buy an SUV.
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May 9, 2014 17:37
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Has anybody read the Four Hour Workweek? I'm halfway through and can't tell if I want to finish it or toss it in a furnace. His approach to FI appears to be "Hire India to live for you and sell workout supplements online"
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May 30, 2014 15:13
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Mr Money Mustache is getting trolled by a fake non-reader right now and doesn't seem to realize it.
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Jul 18, 2014 17:35
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MMM seeming rather Strawmanny these days... http://www.mrmoneymustache.com/2014/10/07/getting-rich-with-science/ Reminds me a lot of his recent article with the back-and-forth with a reader's (probably imaginary) wife.
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Oct 13, 2014 22:39
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Some people are just inherent Poors. Dated a girl who made $65,000 at 27. She never contributed a dime to a 401k or IRA because she "needed it all to survive" and "didn't want to eat rice and beans". I bet she just had crazy student loans. Anyone with a $160,000 student loan is just hosed I guess.
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Feb 26, 2015 20:18
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Radbot posted:Personally I just want to be FI so I can anger and confuse those around me with my lack of needing to work. My favorite will always be "Oh man I could never do that... I just can't imagine sitting around all day doing nothing" Cool man enjoy sitting in your office all day doing "something".
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Mar 4, 2015 20:28
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Plus if you're self employed, you can look at porn at work and your boss may even give you a handjob!
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Mar 4, 2015 22:22
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There is no penalty for withdrawing contributions to a Roth IRA. Is there a reason why you need every last penny of contributions, returns and dividends, rather than just the contributions?
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Mar 17, 2015 23:44
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Hahaha, holy poo poo. Their top 35 articles have me in stitches just from the headlines.
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Mar 31, 2015 22:36
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They're talking about the real article that follows the brief (and labeled) April Fools article.
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Apr 1, 2015 21:46
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pig slut lisa posted:I feel the same way. The fact that that we both are pretty opposed to conspicuous consumption, luxury for luxury's sake, etc...I was going to say you can't put a price on that, but you can. The price is 20+ years of having to work a job under someone else. This doesn't seem to mesh with your My Wife Wants a Mega Honeymoon thread at all.
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Apr 23, 2015 19:10
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Fuuuuuckin' thought so, haha. I thought you'd lost your mind.
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Apr 23, 2015 23:23
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The problem with having a blog instead of a book is you run out of things to say but don't have a back cover to tell you it's Time to Stop. Dude just doesn't have anything left to say.
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May 7, 2015 20:46
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I'm like... 99% sure MMM has specifically said that his blog just isn't applicable to low income households.
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May 8, 2015 17:41
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Anybody coping with burnout yet? I'm just shy of halfway to FI. But sometimes I just want to stop saving and buy some goddamn cars and houses and electronics and a walk-in gun safe and get a solid gold YOLO necklace, gently caress.
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May 10, 2015 18:14
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If you're making a scant $100,000, the only way to save for retirement is to move to Detroit Suburbs. Sorry bro. It's your son's fault for liking soccer.
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May 13, 2015 00:38
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The "Five Year Rule" allows you to withdraw earnings without taxes if used under the following conditions... -You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase. -You use the withdrawal to pay for qualified education expenses. -You're at least age 59˝. -You become disabled or pass away. -You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed. -The distribution is made in substantially equal periodic payments. In either of your scenarios, you're not withdrawing "Part Y" until you're old (or you do one of the oddball exceptions above... other than dying). Part Y is probably a small percent of the portfolio though, and you'll probably need more than half of the portfolio for the part of your life that comes after 59.5, so just roll it over to a Roth IRA and call it good!
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May 14, 2015 22:33
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False. You can withdraw contributions to a Roth account at any time without penalty. The 5 Year Rule applies to earnings and not contributions. EDIT: and to clarify, the 5 Year Rule waives the 10% penalty that you would pay for withdrawing earnings that are in a <5 year old account, assuming that the withdrawal was made in retirement or for one of the other exceptions I listed. GoGoGadgetChris fucked around with this message at 23:37 on May 14, 2015 |
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May 14, 2015 23:34
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A Roth 401k to Roth IRA is a rollover, and not a conversion. From the same website... (Check "Rolling to a Roth IRA") http://fairmark.com/retirement/roth-accounts/designated-roth-accounts/rollovers-from-designated-roth-accounts/ Sorry if I'm totally not understanding you, but the rules of Traditional to Roth Conversions do not apply to Roth 401k to Roth IRA rollovers. This page describes the only five year rule that applies to Roth accounts http://fairmark.com/retirement/roth-accounts/designated-roth-accounts/five-year-requirement-for-designated-roth-accounts/
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May 14, 2015 23:59
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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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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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He preaches low expense living, not low income living. What's the problem of generating an extra $400,000 if he's still living on the $25,000/year lifestyle that his blog is all about?
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Feb 23, 2016 03:48
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Saint Fu posted:Congrats man, that's awesome. I'm hoping to go part time in the next 3-5 years, still trying to make that large number grow a little larger. The most recent article is an April Fool's one, which is pretty annoying. I feel like bloggers should actually delete those after April 1, or at least not let it be the headline of the website over a month later.
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May 6, 2016 23:45
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Sometimes I think this is really the "I make at least $100k but don't find any satisfaction in my job" thread.
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Jan 8, 2017 03:18
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VendaGoat posted:Sometimes I think posters in this thread have multiple accounts and are just talking to themselves. I agree strongly with this post and with every post you've ever made. You look nice today btw
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Jan 8, 2017 03:27
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Money is an inherently prickly issue, so we may as well embrace that people will get pissy in BFC from time to time. I'm tantalizingly close to being FI. House paid off, assets at $400,000, total net worth $730,000. This came up a lot faster than I expected it to and it's hard to imagine actually hanging up the guns in 5 years as planned. I'm guessing a lot of people get cold feet when it's actually time.
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Jan 10, 2017 00:23
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Ralith posted:Am I the only one confused by your assets being less than your net worth? Do people owe you a lot of money or something? I meant non-house assets. The difference between my net worth and my assets is the value of my house. I separated them out since I can't apply the 4% withdrawal to my home.
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Jan 10, 2017 04:02
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Have your kids before your early 30s though. IVF treatments are BWM
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Jan 18, 2017 22:27
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Sundae posted:Adopt while working for a company with adoption cost benefits, then retire. GWM. God, BFC always wants you to buy Used.
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Jan 19, 2017 01:49
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The best thing about this process is watching people's reactions when you tell them what your plan for the future is. As soon as you tell people you want to retire early, they roll their eyes, try to hide a smile, and depict your future with all of its horrible sitting in a chair and experiencing various medical and financial emergencies.
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Apr 18, 2017 19:39
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Semi-speaking of, here's a fun article on minimalism and how easily it can become a new form of Consumption. https://www.theguardian.com/lifeandstyle/2017/mar/04/minimalism-conspicuous-consumption-class Someone sent me that link when we were discussing this laughable garbage - http://www.gq.com/story/how-to-edit-your-wardrobe It's some guys triumphant tale of selling off his ludicrously indulgent clothing collection (and then also buying a new, smaller one)
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Apr 19, 2017 02:29
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Sort of... It's still implied that he took a serious bath overall. He says he spent $25,000 in one year alone! Like... If I sell my 25k car for 20k and buy a 15k car, I didn't "net" 5k.
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Apr 19, 2017 20:49
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Don't blue collar and white collar both have "clothes for work" in addition to "clothes for outside of work"?
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Apr 19, 2017 21:45
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I don't mean to have any subtext in my post at all. I'm sure my $40 J Crew pants are ridiculous opulence to some and hilarious bargain basement to others. My point is... you can have clothes for different purposes. Not all your pants have to be ready to fight off mud, grease and (lol) salsa, for the same reasons that my boots aren't good for swimming and my swimsuit doesn't have to look good with a tie.
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Apr 19, 2017 22:21
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Most HSA plans require a certain cash balance before you can invest any money, specifically so people will use them as intended (paying your medical bills). I'd be surprised if conventional wisdom was really to pay medical bills out of pocket when you've got an HSA available. Isn't paying with pretax money like getting a solid, instant 25% discount?
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May 8, 2017 17:44
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That seems crazy. We agree to pay down debts with interest above 7% before making any long term savings. But pay the immediate, today 20-35% post tax hit for medical expenses, because long term HSA investments will outperform it?
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May 8, 2017 18:04
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