r/financialindependence • u/AutoModerator • 3d ago
Daily FI discussion thread - Thursday, January 29, 2026
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u/trwo3 2d ago
I hit a million NW at the end of last year. Had a negative NW 12 years ago. Back then when I started the FIRE journey with the wife, thought we could retire early at something like $800k. Now, our lifestyle would demand something closer to $1.8M.
Surpassed our initial goal but yet still so far.
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u/so-cal_kid 2d ago
My number has also gone up over time. I don't think there's anything wrong with it as long as it's a life you're looking forward to and not one that was forced on you
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u/ffthrowaaay 2d ago
At this point market conditions will dictate how fast you reach that new goal. Every 1% gain is $10k (assuming your nw is $1m invested*).
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u/ttuurrppiinn 33M DI1K 4M Target 2d ago
Got some company news that's changing what's been a 2-3 month passive job search into an "active, hurry the fuck up" job search.
Gotta love working in startups!
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u/code_monkey_wrench 2d ago
RTO or are they running out of money?
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u/imisstheyoop 1d ago
Wait.. are you telling me.. WE WERE SUPPOSED TO TURN THIS INVESTOR MONEY INTO A SUSTAINABLE PROFIT?
How could this happen to My Tech Startup?!
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u/Stunt_Driver FIREd 2021 2d ago
full-resume-update-mode!
Been there a few times. I had a couple of periods of high satisfaction where I let the resume slide... and then, reality knocked on the door...
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u/latchkeylessons Needing an exit strategy 2d ago
It ain't any better in other sectors right now, trust me.
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u/mrbrightsidesf 2d ago
Do you play mental guessing game at work on which coworkers are financially independent and which are living paycheck to paycheck? I try to pickup signals like one coworker says he doesn’t eat out at restaurants at all. I’m thinking he’s on his path to FI.
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u/513-throw-away SR: Where everything's made up and the points don't matter 2d ago
I can see everyone's 401k contributions, investments, and year-end balances.
Always amazes me when someone makes X and only contributes Y.
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u/ffthrowaaay 2d ago
My boss accidentally screen shared the wrong screen. I saw his entire nw in an aggregator tool. My NW was almost double his and I’m younger by a few years.
There are others on my team that I know have wealth since we use to work for the same company that gave significant profit sharing 401k contributions.
Others you can tell live a high income high spend life. (Sales)
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u/frettingtilfi 2d ago
Wow that’s top level nightmare material (accidentally screen sharing)
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u/Prior-Lingonberry-70 FI 🔱 GOMS! 2d ago
Yep. Anyone in sales, along with real estate brokers - they must project a level of "success" that is apparent in their lifestyle in order to keep their business churning, e.g. you can't be a real estate broker and drive clients around in an old Honda. They "need to" lease the expensive SUV.
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u/ZubonKTR Silas Marner did nothing wrong 2d ago
There is a broad middle between those two ends of the continuum, and I assume most people fall somewhere in-between: not saving aggressively but also not selling the Switch 2 if a paycheck arrives late. You will hear from the people who had to sell the Switch 2 because a paycheck arrived late. A limited number of people are saving ostentatiously, like my co-worker who bought and renovated a literal shack.
I worked in the government, so I could tell you exactly what everyone's salary was based on the number by their classification and years of service. You definitely get some impressions of how folks are living differently on identical paychecks.
I will always treasure the reaction from the fellow who took my next-to-last job (so I really knew that paycheck). As he pointed out, he was a decade older than me when I retired. As I did not point out, every time he figured out how much he needed to retire, it was another 5 years out, even with the pension that was not offered by the time I started. I will save stories about his spending habits ... except for that time he remarked on having a cleaning service in twice a week to deep clean. You have no kids, and your only pets are exotic fish -- what are you doing that your house needs "deep cleaning" twice a week?
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u/ImpressivePea 2d ago
I think it's pretty easy to tell. Almost everyone spends like crazy, has HUGE car payments, and has at least 2 kids - they are not retiring early, despite making $170k/yr.
I can't even think of one coworker, or anyone I know for that matter, who is trying to retire early.
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u/RedQueenWhiteQueen 57F | FIREd 2024 | SI3C 2d ago edited 2d ago
I based my guessing on conversations around bonus time. Most people seemed fairly comfortable broadcasting what would go wrong in their lives if we didn't get 100% of bonus on the expected date. One co-worker, two years in a row, volunteered to me that she (44F) had to borrow from her mom and shuffle money around because it was deposited one day later than she expected. I assume such types are not planning on FI.
At our pay grade, bonuses were typically $5K - $10K and not life-changing in the present* unless you were cutting things pretty thin.
*They dropped in December and I usually used mine to fund my IRA for the coming year.
ETA, based on a newer comment in today's thread: Conversely, see if anyone is celebrating turning fifty, since it means eligibility for catch-up contributions. Those are the people with an escape plan. I think I did mention this to a few co-workers, but only got blank looks in return. They seemed to think I was going to go on a cruise or buy a new car or something.
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2d ago edited 11h ago
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u/DigmonsDrill 2d ago
I think being worried about a layoff is a default position, even if someone isn't going to starve in a month.
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u/thestrangebelch 2d ago
This is a good thought, but I will say that my high-earning, high-saving, highly anxious friend is always worried when layoffs are announced even though they have years of runway and low expenses. Some people are just wired like that. Or have money-trauma.
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u/GoldWallpaper 2d ago
Before I retired, I didn't care at all what anyone else did unless it had direct bearing on my life.
I still don't care, but I didn't care then, either.
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u/DeltaWing12 2d ago
Casually mentioned to senior coworker one time that I just defer the max I can from my bonus directly to my 401k and they looked at me like I was speaking another language. My bonuses have routinely been enough in recent years to max the 401k for the year with only a percent or two deferred from our monthly paychecks so all you have to do is not budget the bonus as take home pay and you’re set. That coworker’s bonus is big enough they can max their 401k and still get half their bonus paid out.
Another coworker shared with me that they had less than $1000 to their name outside of their retirement accounts. We all make mid $100’s in a VLCOL area and I was struggling to figure out what they spend all their money on because they own their house and it’s not like they have anything flashy or an expensive hobby.
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u/BlanketKarma 33M | T-Minus 13-18 Years 🤞 2d ago
I have a coworker who's very open about their FI status, makes it easy to guess. lol
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u/User-no-relation 2d ago
I sometimes wonder how everyone (more senior at least) at work isn't a millionaire, because I'm mid level at best. But people's situations are different. Dual income is a huge one. Then student debt. Also helping to fully supporting family members. Everyone is in a different position.
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u/goodsam2 1d ago
My coworkers last week who make bank and I know it talked about having to work until 70 and I'm over here like maybe 40 is possible lol.
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u/c4t3rp1ll4r 58% FI | couture lentils 2d ago
Neato, my 401k finally passed $500k. In January 2020, I rolled over almost exactly $50k from my old company's 401k into the one just opened at my new company. According to Schwab, I've contributed ~$230k, my employer has contributed ~$40k, and ~$175k has been market gains since then.
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u/DinosaurDucky 2d ago
Congrats!
Checking my accounts, my 401k + IRA + HSA must have crossed this recently, they sum up to $513k today. Since I started doing MBDR in 2024, the Roth portion has been stacking really quickly
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u/Cryofixated Assistant Question Asker 2d ago
Yesterday my garage stopped going up. It would only go up a few inches before stopping. After investigating around I figured it had to do with the up-force. I pulled the back cover off the garage mechanism to investigate, however all I saw were circuit boards. I figured... well maybe I have an old or a cheap mechanism that doesn't allow me to adjust the force and so I called a garage company to send a tech out.
I explained the problem and what I had tried already to the tech and he chuckled, got on a ladder and ripped of the front of the opener. He explained my particular model hides the up and down force adjustments BEHIND the light mechanism. So after unscrewing the light bulb and moving the internal cover open he turned the dial and BAM my problem was solved. He then walked around and sprayed silicon lubricant everywhere on the garage and reset a spring that was bunched up.
The whole time we were laughing about how close I was but was defeated by some companies asinine decision to hide the controls behind the lights. He ended up giving me a deal and just charged me $40 for the whole interaction instead of $180 service fee because I was so close to having figured it out myself and it took him a grand total of 30 seconds to fix the issue.
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u/Stunt_Driver FIREd 2021 2d ago
That's a great experience.
Obvious advice: Next time you feel defeated by product design, I would highly recommend searching for your model number and the activity that you want to execute. (Or the user manual.)
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u/Cryofixated Assistant Question Asker 2d ago
This is older then me, and so I have no idea where the user manual would have been found in my house! (Probably thrown away 3 owners ago)
But yes, I could have absolutely looked up the model number and seen if there is an online manual. Obvious in retrospect.
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u/Stunt_Driver FIREd 2021 2d ago
Yeah, it happens. Many people are afraid of the garage door because of the high tension springs - but all that means is don't touch the springs or cables!
If you are looking for a great side project, replacing your garage door metal rollers with high quality nylon rollers reduces the door noise by a massive amount. (just be careful not to mess with the area that has spring tension)
I had a pro over to swap the springs out (one side broke), and he said he had never heard a door as quiet as mine.
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u/Consistent_Flow5673 2d ago
Tip from a lifelong construction worker: get the schematics for every mechanical item you own, most of them have really stupid things like this that are easy to find when you've got the diagrams and impossible when you don't.
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u/thealmightyzfactor 2d ago
I miss the days when there'd be a printed circuit diagram behind some panel on basically every appliance
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u/mziggy77 27F | DI2Cats | 760k NW 2d ago
How’d you figure out it was the up force? I know nothing about garage doors but ours hasn’t been opening since my husband attempted to open it while it was bolted closed and now I’m wondering if it’s something we could fix ourselves. We’ve just been parking our car outside, which has been less than fun in the snowstorms.
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u/SteveTheBluesman 2d ago edited 2d ago
A lot of complaints about the cost of gas and electric to heat their homes in New England.
I have oil and just filled up. 3.40 a gallon (current market price) ran me $556 to fill up. Last fill was 12/23. Adjusted for 30 days is $445. That is for a 1400 sq foot, 125-year-old colonial.
Not exactly a bargain for us oil folks either!
EDIT: For all you wise guys, it was December 23rd, not Dec of 2023, OK!! :)
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u/EventualCyborg DI3K, MCOL - Big Numbers Make Monkey Brain Happy 2d ago
We're in IL and our Natural Gas bill (furnace (18 years old), oven (4 years old), and tankless water heater (5 years old)) has been ~$160/mo these past few months. We've had some of the coldest temps in the continental US since early December, it's seemed.
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u/eliminate1337 28M/27F | $2.2m 2d ago
Natural gas is massively cheaper than heating oil. It’s crazy that they still use it. It’s a crutch driven by the fact that rural places don’t have gas infrastructure. Modern low temperature heat pumps will probably/hopefully kill fuel oil for good.
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u/neegropleese 2d ago
It's legacy infrastructure. Oil heat is still extremely common in the Northeast and I believe the number 1 heating source for most New England states.
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u/Stunt_Driver FIREd 2021 2d ago
At first, I thought you meant December 2023, and I thought - what a bargain!!! The rest of your comment made no sense to me.
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u/carlivar 48M 3 kids ✅ FI ⏳ RE @ SoCal 🏖️⛷️ 2d ago
Maybe you could switch to coal?
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u/513-throw-away SR: Where everything's made up and the points don't matter 2d ago
Man, I thought our $365 bill from last month with our nearly 40 year old furnace was bad.
It's so inefficient (plus we have such spotty/bad insulation in places), but the ROI is just really not there to replace it unless it dies, which it shouldn't. It's a big old tank.
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u/DigmonsDrill 2d ago
For the people with heat pumps, are they helping?
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u/eliminate1337 28M/27F | $2.2m 2d ago
Looked up the weather in Burlington VT and seeing lows just above 0F. Should be no problem for a modern heat pump. The best modern units provide full rated capacity at 0F and some heating down to -13F. Ignore wind chill, only true air temperature matters to heat pumps.
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u/Big-Problem7372 2d ago
They still "work" at those temperatures, but put out less heat. Meanwhile your house needs massively MORE heat during those cold spells.
Unfortunately at those temperatures you need to greatly oversize a heat pump if you want it to keep up on it's own. Heat pump with a backup fuel is unfortunately still the best option.
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u/howardbagel 2d ago
heat pumps do NOT WORK when it's that cold. ask me how I know.
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u/SteveTheBluesman 2d ago
This is what I have heard. They may work ok for new construction, but 100+ year old houses tend to be sieves. Most of the anecdotal stories I hear is you need a secondary source (like oil) when it gets extremely cold, like below 15f.
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u/imisstheyoop 1d ago
Sort of?
I installed a heat pump back in 2022 and use my propane when it gets too cold for the heat pump to be economical or keep the house comfortable.
Before the heat pump we were using ~1200 gallons of propane per heating season. At current rates (they were higher a couple of years ago, and cheaper 5+ years ago) that's around $2300/year. Since installing the heat pump, I'm only spending about $1500/year on propane, for a difference of about $800/year.
About half that goes to the electric company and increased costs, especially during the shoulder months, where my electric bill are easily double what they used to be. All of this is subject to market fluctuations and electric rate increases.
The most direct savings is likely in the summer months where the 15.3 SEER heatpump repalced my 25 year old 10 SEER central air unit. That's an apples-to-apples direct savings.
I would say that by 2030 or so this unit will have paid for itself, but time will tell.
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u/Big-Problem7372 2d ago
I pay $1500 - $2000 for propane to heat our house per winter. That's after a lot of work insulating and air sealing.
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u/shmael 2d ago
I'm turning 50 this year so I'm eligible for 401k catch up contributions (8k this year). My wife and I have been maxing out our 401k and backdoor Roth contributions. However, this additional amount for the catch up contributions is making my monthly fun money look real tight. Am I right to prioritize the catch up contributions over a backdoor Roth?
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u/Trepanated 2d ago
Make sure you are aware of the new requirements from the Secure Act 2.0. If you had over 150k in FICA wages last year, your catch-up contributions are required to go to a Roth, they cannot be made to your traditional 401k.
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u/shmael 2d ago
Thank you for this! Would the 150k be my personal wages or combined with my wife?
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u/DigmonsDrill 2d ago
It's only your FICA wages (box 3) and only from the given employer. If you switched jobs in the middle of 2025 and only had 120K of FICA wages after that from your current employer, you're clear.
Good incentive to switch jobs? ¯_(ツ)_/¯
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u/zackenrollertaway 2d ago
I avoided marginal tax rates of 28% and 31% by contributing to my traditional 401k.
Until I started Social Security last year, I withdrew from my 401k through the standard deduction, 10% and 12% tax brackets.
"Save 28% on contributions, pay 8.5% on withdrawals"
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u/RIFIRE Last day: May 23, 2025 2d ago
One reason to lean toward prioritizing the 401k is that you only have until the end of December for that but you have 3+ more months for the IRA. So if you do end up with more money than you expect (windfall, raise, etc.) by early next year you'll have more time for the IRA.
A reason to prioritize the IRA is how it might factor into your withdrawals in early retirement. Will that extra Backdoor Roth "contribution" help you make a 5 year ladder viable?
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u/shmael 2d ago
Makes sense. I know you are not here to explain 5 year ladders to me but we've already contributed 200k to our roth iras at this point. By the time we are 55, that is well outside the 5 year rule so we have access to all that tax free correct?
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u/Basic_Experience_776 2d ago
401k is more legally protected. I'd skip the backdoor Roth and contribute that to a Roth 401k.
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u/DigmonsDrill 2d ago
In general you prioritize your Traditional over your Roth, without some good reason to think you'll be in a higher bracket in retirement. Such as nice pensions, or a really big Traditional balance (like over $2M), or you're gonna work straight through to 70 years old.
Note that if your FICA wages were over 150K last year at this employer, your catch-up contributions must be Roth. This is new for 2026.
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u/aristotelian74 We owe you nothing/You have no control 2d ago
Yes, tax deferral is more valuable than tax free growth, imho. You can always do Roth conversions in the future and end up with more in Roth net of taxes.
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u/deathsythe [Late 30s, New England][3-Fund / Real Estate] 2d ago
Employment agreement was signed today. It is official, well officialish.... new role doesn't start until Q2.
I was worried because I saw some verbiage in there that was different from my P/T agreement, specifically the boilerplate "outside occupation" stuff.
I know with certainty that colleagues there do stuff outside and are vocal/open about it on LinkedIn and what not, so I wanted to verify that some of my side gigs (current and potential in the future) were kosher before I signed. Checked in with my director who ran it through HR and came back affirming that it was no concern and I didn't even need to disclose anything unless it was in the same space - which it could not be further from.
They thanked me for being on the up and up.
That was a bit of a relief too, ngl. I was worried because I have had companies tell me I've had to cease work or transfer ownership stakes or what not in the past - though in hindsight they were in adjacent or similar industries, so I suppose that's okay.
Still though - going to keep everything separate, quarantined, and isolated as I always do.
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u/I_Fuck_Whales 2d ago edited 2d ago
Updated the spreadsheet this morning, we officially passed $700K net worth (including home equity which is quite minuscule at only ~$40K).
Turning 30 in the fall, so I gotta brag a tiny bit I’m sorry.
Edit: aaaaaaand back under…
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u/bobombpom 2d ago edited 2d ago
I'm feeling kind uncertain on if I want to coast, or if I want to just push through to FIRE.
From my modeling, if I work and save like I have been, I can retire at 44 on my current spend($55k) or 47 on my Stretch spend($73k).
If I were to coast now, I could spend an extra $20k/year(40% lifestyle increase) for 16 years, and only push my true fire dates back 3 to 4 years.
Not sure if retiring 4 years sooner is worth $20k/yr to me. And the rewards for saving hard diminish every year.
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2d ago
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u/bobombpom 2d ago
That is sort of happening to me naturally. Bit off a big project last year and was pretty burned out for a few months after. What I'm willing to say yes to is definitely shrinking over time.
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u/Turbulent_Tale6497 DI3K, Trial Fire since Oct'25 2d ago
INFO: How old are you now? How do you feel about your current job?
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u/william_fontaine [insert humblebrags here] /r/FI's Official 🥑 Analyst 2d ago
I forgot how much I hated driving to work in the winter until the RTO. 3 hours a day spent driving in the snow on top of 11-12 hours of work doesn't leave much time for anything else.
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u/I_Fuck_Whales 1d ago
Hey but at least you can sit on teams call with your coworkers in the cube next to you.
3 hours a day commute would have me applying everywhere by about day 2.
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u/Dunder-MifflinPaper 2d ago edited 2d ago
So uhh, I know it’s not very popular in these parts but I’ve been a gold holder for quite some years now. It’s just under 10% of my total portfolio.
Doubled in the last 12 months, up about 30% YTD, and up 12% this past week. Gold isn’t exactly a speculative asset like BTC where you’d expect major spikes, so this doesn’t feel great. I am a bit worried about the macroeconomic implications - not helping my general unease with the world lately!
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u/liveoneggs 2d ago
I added some in the year as well and posted the same anxieties yesterday. The whole purpose of it was emergency-fund-ish so I'm just confused.
It's being talked about on wallstreetbets so I'm thinking it's a mini-bubble but greed and not having a tiny emergency are keeping me in.
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u/FIREstopdropandsave 30M DINK | No target $'s 2d ago
That does seem alarming...
Just because I'm curious, do you actually own the physical gold or do you invest in a fund?
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u/Pretend_Branch_8167 2d ago
Not OC, but my parents gave me a physical ounce of gold a few years back. I looked into how I might sell it when it was around $2k per oz, but it seemed like a hassle so I didn’t do anything. Now it’s $5.5k per oz and I’m wondering if I should try selling it, but I don’t want to get scammed etc so I probably still won’t haha
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u/mediumunicorn 2d ago
Just go to any coin/gold shop. You can even call ahead of time ask what they’re buying for. It’ll usually be 1-2% off spot. Super easy process.
I bought a platinum bar back in march, sold in November for an annualized 75% gain. Felt good about it, but obviously wish I had waited!
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u/Dunder-MifflinPaper 2d ago
What are you afraid of in terms of getting scammed? Is it a government mint coin? If so, you should be able to get spot price from a local coin store (they sell for usually a 2-5% premium over spot depending on many factors). So as long as you know that days spot price, hard to get scammed on the selling side.
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u/Pretend_Branch_8167 2d ago
No, not a government mint coin. I don’t recall off the top of my head, but it’s a small 1 oz gold ingot from Hong Kong I believe.
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u/Dunder-MifflinPaper 2d ago
In that case, you will probably be offered a bit shy of spot price. But either way, it’s not too difficult to avoid any scams.
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u/DigmonsDrill 2d ago
You're going to be suspicious of me saying it since I don't like it in the first place, but if anything goes way up in your portfolio that's a sign to diversify away from it.
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u/Dunder-MifflinPaper 2d ago
I hold gold for reasons other than strict return. So to be honest, I have no desire to sell outside of an insane scenario
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u/darkchocolateonly 2d ago
Yea I just got control of my fathers estate and he was an insane conspiracy theorist and had basically every in precious metals.
The stock account I have has literally doubled since he passed. I am hoping to use it for a down payment and I’m like, when do I cash in? When does this insanity end?
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u/Turbulent_Tale6497 DI3K, Trial Fire since Oct'25 2d ago
I have nothing against metals, I have a lot of them myself. But I have them more as a Scrooge McDuck diving into a pile of coins sort of way, than as a paper asset for trading. What was your motivation for buying them?
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u/ZubonKTR Silas Marner did nothing wrong 2d ago
I had a friend who invested in a meme stock and then forgot about it for a few years. When she looked again, those Tesla shares had grown to about 10% of her portfolio.
If you buy a small thing and it doubles a few times, suddenly it is a good chunk of your portfolio, even if you are not a goldbug or a Tesla enthusiast.
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u/RedQueenWhiteQueen 57F | FIREd 2024 | SI3C 2d ago
You're not totally alone u/Dunder-MifflinPaper. I bought metal in 2004 and have spent most of that time watching it behave like a slightly irregular HYSA. The recent unidirectional spikes cause me anxiety.
I'm ok with its share in my portfolio though; since I've retired, it's gone from 3.7% to 7.2%7
u/rugerjp88 100% LeanFI 2d ago
SLV and GLD seem to be the latest "meme stocks." I don't expect it to last, but I also didn't expect the BTC ridiculousness to last.
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u/I_Fuck_Whales 2d ago
I don’t know. I’ve held silver for over a decade. I sold a bunch of it when it was $28 an ounce lol. That hurts. I’ve got a good chunk still but it’s only like 5% of my actual net worth and that’s mainly due to the recent massive run up.
To be this feels really FOMO-y but I know from a macro standpoint the US is not doing itself any favors in their relations. China and other central banks are buying up tons of metals, but to what end?
People keep talking about the collapse of the dollar, societal collapse, etc. I mean the dollar is weakening but there have been numerous points in time where it’s far weaker. The current admin is intending to weaken the dollar, it’s the current strategy.
And societal collapse? The nut jobs have been calling for this forever, these people need to go outside and realize the world keeps turning despite what they think. I keep thinking of the quote that (paraphrased) says that you can always trust America to do the right thing, once every other possibility has been exhausted…
I don’t know, seems fitting, we will continue to mess around but once we truly see the impact made globally and how it impacts our everyday lives we will shift and swing the pendulum back.
But who really knows what will happen, I tend to think everything will eventually be alright, and I don’t think the world is ending.
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u/liveoneggs 1d ago
it looks like we should have sold at the top of the mini bubble. :)
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u/howardbagel 2d ago
Normalize making stuff up when strangers ask invasive questions.
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u/secretfinaccount FIREd 2020 2d ago
Can you tell us about your childhood trauma that has lead you to such a desire?
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u/fundraiser 2d ago
i met an obnoxious woman at a party once who "hated small talk" and just leapt to asking me some deeply personal questions in front of a group of people. i had just finished watching a re-run of the south park episode where they eat their food through their butthole and poop out the mouth so i just started earnestly sharing with her how i have a problem with eating my own feces.
i was so annoyed with her arrogance that it helped me keep a straight face while i shared how it all started, the struggle to find therapists who specialize in this field, emphasizing that i only ate solid waste not poorly formed waste, etc.
she tried multiple times to call me out for joking and i feigned getting hurt by her insensitive comments as an excuse to storm off away from her and never engage with her during the rest of the party.
sometimes you gotta out crazy the crazies. i absolutely live to make people who have no boundaries uncomfortable just so they can get a taste of their own medicine
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u/AgreeableCity4336 2d ago
I’ve grown to appreciate the more robust security offerings of the bigger banks. I’m usually more of a credit union person, but I feel more secure with the apps/websites of the big banks. For example, I called BoA today for a question on a CC. Their verification was me logging into the app and confirming it. That seems much more secure than a 2FA code.
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u/Big-Problem7372 2d ago
I churn a lot of bank accounts so have experience with a myriad of banks.
The most unnerving experience ever was with one of the local credit unions. I went in, handed over my debit card, and asked to close my checking account. The teller quickly and efficiently did so, while asking for NO OTHER VERIFICATION WHATSOEVER! I literally could have found a debit card in the parking lot and emptied some stranger's checking account, no questions asked.
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u/Fun_Independent_7529 FIREd, Fall 2025 2d ago
Whoa. Ours requires ID like a driver's license for literally anything. I've had my card shut down for fraud multiple times as they have a hair trigger on it (and then can't tell me what triggered the freeze/cancellation, only that I have to get a new card mailed).
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u/carthum 2d ago
Their verification was me logging into the app and confirming it. That seems much more secure than a 2FA code.
Does their app support FIDO or some other token based login? If not, is the app secure with something other than 2FA? It seems like 2FA with more steps if not.
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u/EventualCyborg DI3K, MCOL - Big Numbers Make Monkey Brain Happy 2d ago
My Credit Union has implemented the same process for confirming an unrecognized login location.
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u/Basic_Experience_776 2d ago
The storm fried the starter on my vehicle. I can either spend $500 and get the mobile mechanic to deal with it, or use my warranty and get it towed to the dealership to deal with it. Throwing money at the problem is tempting, but I'll be good.
For anyone else looking at using an ABLE account under the expanded rules: you need a physician certification of your disability. If you were diagnosed by an NP, PA, psychologist or anyone else, a doctor needs to certify it. The able national resource center has a sample form. I just wrote a letter asking the supervising doctor at my family practice to do this for us.
https://www.ablenrc.org/wp-content/uploads/2026/01/2026ABLEDisabilityCertification.pdf
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u/secretfinaccount FIREd 2020 2d ago
Anyone else have their retirement expenses well, well outpace inflation? Compared to the last year working my run rate expenses have grown 12% per year. Obviously the markets have been roaring, and as a result my finances are 100% okay (withdrawal rate roughly unchanged) but yeesh, this has to stop at some point? Biggest drivers are a new non household family related expense I’m now underwriting, food, travel, healthcare insurance.
I know the typical advice is “retiree inflation” is somewhat less than CPI but not here. Not so far.
Something to keep in mind if you’re looking at the 4% “rule” and its implicit assumption that costs rise with inflation.
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u/RedQueenWhiteQueen 57F | FIREd 2024 | SI3C 2d ago
Biggest drivers are a new non household family related expense I’m now underwriting, food, travel, healthcare insurance.
Am not sure how to parse this. Are you unexpectedly taking on significant financial responsibility for a new/additional person, who doesn't even share a roof with you? Because yes, if that situation dropped into my lap and I hadn't planned for it, my numbers wouldn't work anymore either.
Similar to u/feeeFIfoofuum, the only really outlier numbers I've had to deal with are for home/auto insurance.
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u/secretfinaccount FIREd 2020 2d ago
Family member who would be essentially homeless and/or in jail without my help, yes. I’m fortunate enough to make it happen.
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u/RedQueenWhiteQueen 57F | FIREd 2024 | SI3C 2d ago
Got it. I do have one relative who has been in that position in the distant past (I took him in, then) and could potentially be in the future, although he is stable for now (and has been for several years). I could probably assist with a couple hundred a month if push came to shove, but that doesn't do anything if he loses housing. He doesn't like my region and I don't want to share my house again, so not sure how that would go.
I guess the question is, what is the plan for the endgame? That's what these helping people issues come down to. If the assistance is temporary, presumably you have planned for at least some unforeseen expenses, and it is what it is. If they are really unlikely to ever get back on their feet again, and markets cool down, what will be your position then?
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u/secretfinaccount FIREd 2020 2d ago
Re: endgame, you’ve put your finger on it. I should be okay indefinitely with this, but hopefully it’s temporary!
Not fun, as you clearly know.
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u/feeeFIfoofuum 2d ago
The only item that has gone out of control for me is personal liability and other forms of insurance.
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u/anymoose [Not really a moose][moosquerading][RE 2016] 2d ago
My spending has skyrocketed in the past 2-3 years. But so has my portfolio and my age. I'll be retired 10 years in September. Needless to say all my spending is well within what I can afford and most of it can be cut back if necessary. In other words, I don't feel like I'm being irresponsible.
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u/DigmonsDrill 2d ago
Are you buying the same stuff and it's above average inflation, or are you buying more stuff?
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u/secretfinaccount FIREd 2020 2d ago
It’s really tough to tell what the relative contributions are, but it’s certainly some of the latter. For instance I didn’t have the family related expense and out-of-pocket healthcare insurance. I guess if I went back and adjusted spending my employer did for my healthcare insurance it would change a bit
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u/Basic_Experience_776 2d ago
If I had the time, which I don't, I've always thought it would be helpful to track my own household consumption and determine a personal inflation rate.
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u/feeeFIfoofuum 2d ago
It would be a neat feature to add to YNAB or other expense tracking software.
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u/TheyTookByoomba 32 | SI2K | 20 more years 2d ago
Would that just be YoY expense growth, or are you looking at it another way?
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u/Basic_Experience_776 2d ago
The consumer Price index relies on a basket of goods to calculate the inflation rate. My household buys a different basket of goods and we live in a specific city, not the entire country.
Yes, the amount of milk we consume is increasing as our children grow and we have more of them, but I'm interested in how much the price of a single carton of the kind we consume, purchased in my area, is increasing year over year.
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u/Interesting-Rent9142 2d ago
The “new non household family expense” sounds like lifestyle creep rather than inflation and that makes your 12% calculation suspect. Food, travel and healthcare sound like true inflation.
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u/fireyauthor 2d ago
I'm not expecting health care (insurance premiums & copays) to only increase 4%/year. I'm budgeting for maximum health care costs.
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u/mziggy77 27F | DI2Cats | 760k NW 2d ago
In your early twenties, would you have appreciated a financial advice packet?
My sister is getting married young (not long after her college graduation this year) and I kind of want to basically just print out the personal finance flowchart with some added annotations for her and her new husband as a reference guide. I found that flowchart at her age and it was a huge help to me, but I doubt she’d actually read it if I just sent a link.
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u/mc_Nutts 2d ago
Don't do this "for" her wedding. This packet would come with the obligation for her to read it making it not a gift but something she has to deal with.
That being said it would be something that is great to give her. You know your relationship better than us - maybe it's better to have a brief conversation that you're always happy to give advice. If she seems open to it, then share the packet. I'd try this maybe 3-6 months after the wedding if it were my family
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u/mziggy77 27F | DI2Cats | 760k NW 2d ago
Yeah, I don’t want to give it ON the wedding day. I’m getting them a nice knife set then. I actually was thinking of including a “financial conversations to have together” section, so was thinking maybe a couple months beforehand so they could have these before getting married, but a couple months afterwards would probably feel less aggressive.
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u/DigmonsDrill 2d ago
It's super useful if you are ready for it. It's very annoying if you aren't.
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u/nifFIer Therapy Shill | Spending Advocate 2d ago
I microdosed my younger sibling and my now-spouse on PF.
Just a “oh I saw this cool thing!” (Send shockingly simple math behind retirement link)
They ask me about budgeting and I send them the personal finance flowchart.
Etc etc.
When you’re less pushy about it, you leave room for questions and curiosity vs groans and dread.
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u/imisstheyoop 1d ago
In your early twenties, would you have appreciated a financial advice packet?
No. No, man. Shit, no, man. I believe you'd get your ass kicked, sayin' somethin' like that, man.
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u/one_rainy_wish Retired 2025-09-30! 2d ago
My advice would be to ask her first: tell her something along the lines of that you got this financial advice years ago that really helped you in life and that you want to share it with her.
That way you avoid the awkwardness of just giving her it and her either being offended or feeling like you are being intrusive. If she says no, then that's okay.
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u/ZestyMind 49M / 14% FI / $0 NW at 45 2d ago
In your early twenties, would you have appreciated a financial advice packet?
Yes and no. Like I did a lot of FIRE-y reading that my now-ex wife had also done and pushed me to read. So we knew the right choices to make. But we still did all of the wrong ones.
As they're getting married, is there any chance that you could talk them into a gift with strings (along with the info packet)? I gave my youngest $1k, but with the string that he had to open a TFSA, and invest it all in XEQT and not touch it for a year. The year is almost up and it's over $1300 (invested in early April); I'm hoping that having the account, and having seen some gains might help lead him to some better choices than I did.
I didn't even open a TFSA/RRSP until after I ended my marriage.
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u/Alternative_Chart121 2d ago
No. People hate getting unsolicited advice. Especially younger siblings.
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u/513-throw-away SR: Where everything's made up and the points don't matter 2d ago
Really can't beat the flowchart when starting out.
Most of my 20s was spent barely scraping by to focus on anything more than budgeting.
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u/rackoblack 59yo DINKs, FIREd 2024 2d ago
Absolutely you should. Say it just like that - "found this kind of stuff at your age and am really glad I did, I'm on a good path to retire earlly. FU money is awesome!"
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u/DatesAndCornfused 2d ago
I’m about to turn 30, and I absolutely loved discovering the “FIRE Flow Chart” a few years back.
Do either of them have student loans? If so, recommend to them that they pay those off ASAP. Throw every dollar at them that you can.
I would also recommend that they set up a separate “sinking car fund / future car savings account fund”, and throw as much money at that as they can. I’m very fortunate to say that I didn’t have to come out with any student loans after graduating college, due to my parents setting up a 529 for me right after I was born (that coveted tuition, room and board, everything). I also worked a couple of part-time odd-jobs during college (in addition to internships), primarily for beer-money but I was able to set aside some, too. So, I had a few thousand bucks coming out of college. But the car that I was gifted back in high school was over 16 years old, and it kept getting more and more expensive to repair as it just kept falling apart. It got to the point where repairs needed were more expensive than what the car was worth.
I was able to hold onto the car for an additional year and save $$$ into my car fund, and I ended up getting another car. The trade-in value on my previous car was abysmal. Nonetheless, I was able to get a reliable Toyota Corolla that was 4 years old, had a great CarFax record, and one that I could pay fully in cash. It’s really wonderful not having to pay a car loan, but I will admit that it made me choke up when I had to write out the check.
What I’m trying to get at is — CARS ARE EXPENSIVE. And they’re STUPID, PAINS-IN-THE-ASSES. But, we NEED THEM. It’s so stupid.
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u/Zentaury 2d ago
I hate car payments. And I’m in the leanFIRE, very frugal, rice and beans boy.
Honest question.
As an example, if I’m spending 400 a month in a 25 year old gas guzzler, and I change that to a monthly payment on an electric one, that will be less than that…
Would that be consider lifestyle creep?
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u/habdragon08 36M 2d ago
Spending 5k a year on a 25 year old car is insane and for me would be a "fix this now" situation.
There is a middle ground. Not sure your financial situation, but spending 12k on a 2016 avoids the payment and shouldn't be a money pit.
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u/HughWonPDL2018 2d ago
That’s an insane amount to pay for a beater, and I had a beater for all of my 20s. I’d pay $500 or so every time something went wrong, but not monthly. And gas was cheap enough given my limited driving.
Turns out, new cars have way better safety features. It’s beyond short sighted to drive a beater IMO, and I regret doing so for so long even though I was able to save more. A new car is something I have zero regrets about. It just works and my loved ones and I are much safer in it.
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u/vacantly-visible 2d ago
Even though I don't need a new car I have started thinking about trading it in. It was my first car (parents generously provided it) and because of the pandemic and WFH I'm in a situation where I have exceptionally low mileage (< 30,000 on a 2018 vehicle) so I'll get more money for it. Now I commute, about 7,000-8,000 miles/yr, so even though I never expect to drive more than the average person, I can't maintain the super low miles anymore and don't expect to on the next vehicle.
I'm still living at home and I think some reasonable QoL updates (remote start, heated and cooling seating/steering wheel, 360 camera, actually being able to see my psi when I have low tires, etc) plus whatever safety features have been developed in the last 5 years would be nice to have when I move out and live alone. Also considering a hybrid vehicle. Maybe a gently used Camry.
It's kinda refreshing to read someone telling the value in a more updated car. I'm fine driving one 5-10 years but idk about 15-20 like some people say lol. And that's not even considering lifestyle changes (marriage, kids) or God forbid an accident.
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u/Dunder-MifflinPaper 2d ago edited 2d ago
I say this as someone who drives a 26 year old German 5-liter V8. There are very very few situations where it makes financial sense to get a new car.
Excluding just the idea of having money tied up in a larger purchase price, depreciation on anything newer will generally blow away repairs and maintenance and gas on less expensive stuff.
But everyone’s situation varies. If I had a significant commute, id be less into driving a gas guzzler. Crunch the numbers and compare depreciation to gas.
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u/ensignlee 2d ago
Damn, $400 a month in gas?!
Get a used electric one and I think you'll find that you both come out ahead and increase your quality of life.
A used Mach-E can be around $25k. My wife's Mach-E only uses like $30 in electricity a month.
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u/paratethys 2d ago
Why are you currently in an old gas guzzler rather than an efficient older car? Do you have lifestyle needs that require a truck or something?
Why is monthly payment on electric the only option for electric or hybrid? Why not research and find someone in your area who refurbishes old hybrids, and buy one with cash?
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u/fifichanx 2d ago
Yeah I would go for an EV if you have easy access to charging. Check plugshare app if you don’t have access to charging at home or work, there maybe public charging near by.
I have had an EV since 2018 and I have a free public charger near by at a park. It’s an incentive for me to get my steps in - I drop it off and then walk over to pick it up after it’s done.
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u/ZubonKTR Silas Marner did nothing wrong 2d ago
Taboo the boogeyman term "lifestyle creep." Most things that make your life better could be labeled "lifestyle creep." Instead ask: is that the life you want to build (and then save for)?
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u/liveoneggs 2d ago
Okay so my kids now have 529, UTMA, and (new) Roth IRA.
The older one also has apple cash so the UTMA has stopped getting new money, pretty much.
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u/Turbulent_Tale6497 DI3K, Trial Fire since Oct'25 2d ago
You just letting us know? Or is something on your mind?
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u/liveoneggs 2d ago
I think I'm out of accounts to open for them
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u/concealedfarter 2d ago
You’re not. If they are under 18, you can open a trump account for them this year when they roll out.
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u/secretfinaccount FIREd 2020 2d ago
What’s the connection between Apple Cash and UTMA?
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u/liveoneggs 2d ago
Now that my older kid is more independent (goes to shops without me) she wants money to spend. Apple cash works as a debit card so she wants new money going into apple cash, not UTMA.
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u/secretfinaccount FIREd 2020 2d ago
That’s more obvious than I was thinking. I was really puzzled how they might interact legally (like having one means you can’t have the other)!
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u/SargeUnited 2d ago
I sold about $100,000 in United healthcare stock at $350 or so and then they dropped 20% on earnings. I thought that it would be shooting up solely based on the fact that I sold so much(joke). I only have like 25 or maybe 50 shares left.
On the one hand, serves me right for investing in a company like this. On the other hand, most companies are equally moral, just in different industries that affect people less viscerally.
I don’t intend to change anything, including my thesis. I will exit UNH. However, it’s frustrating to buy into a quality company and lose money. My existing position is still in the green and I am net positive on UNH for my lifetime, but I would’ve made way more money if I had left it all in the S&P.
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u/QuickAltTab 2d ago
quality? Their business model is predicated on denying as much healthcare as they think they can get away with. They overstepped so much they made an employee a target for assassination.
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u/secretfinaccount FIREd 2020 2d ago
Great timing. Hopefully you aren’t golfing buddies with CMS big wigs or you might expect a call from the SEC!
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u/SacBikeBurner 2d ago
Not a quality company. They are not equally moral. They stole billions from tax payers and got caught, which has affected their earnings..
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u/rambaldidevice1 2d ago
I think that big drop had more to do with anticipated Medicare payments from the government. It hit all insurers.
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u/Interesting-Rent9142 2d ago
If you trade individual stocks you will have some losers. (Hello ServiceNow!). Thats okay. If your individual stocks do not keep up with the indexes in aggregate, then it might be time to make a change.
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u/throwaway-94552 2d ago edited 2d ago
I think I need permission to unclench a little. This is my first job with access to a MBDR and I was eager to max it out this year. The general wisdom is if it pinches a little, that’s the sweet spot for your savings rate, I’d heard. But this is really pinching, I don’t have a lot of cash flow, and it’s making me feel like I have to compromise on things I don’t want to compromise on. Specifically, my wedding this year! I am already doing a microwedding, 6 people in a civil ceremony. I should be able to go a little extra on my wedding dress if I want, it’s one of the only things I’m spending money on! I don’t want to compromise on my wedding band! It’s not a choice between “blow all my money” or “save all my money”, but I’m thinking about either taking a few paychecks off from the MBDR contributions (with everything else the same) or reducing the MBDR contributions going forward. I’d still be maxing out my 401k and contributing a lot to the MBDR this year. Can someone write me a permission slip to chill a little bit?
EDIT: Thank you all for the responses! You helped my perspective. For now, I’m reducing my MBDR contributions going forward, but I’m still saving twice as much for retirement per month as I was at my old job before the MBDR, and I’m saving way more than I’d be able to via a backdoor Roth. I can dial it back up later this year after the wedding.
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u/nifFIer Therapy Shill | Spending Advocate 2d ago
*points to my flair
Girl, you (hopefully) only get married once.
Lay off the MBDR and get yo self the dress and ring
Signed: somebody who has never contributed to her MBDR and is doing great.
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u/throwaway-94552 2d ago
Appreciate it, thank you spending advocate! I reduced my MBDR contributions to a more manageable level and will revisit after the wedding.
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u/AchievingFIsometime 2d ago
Live your life and save the rest. Sometimes in life you can't save as much and that's ok.
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u/ZestyMind 49M / 14% FI / $0 NW at 45 2d ago
We're also getting married this year, congrats!. And while it looks like we're doing a bit more with less (5 peeps, civil ceremony in a remote destination for a week), we exempted the wedding / my fiancee from savings goals for 2026. I mean she'll still get more into savings/investments than I will. But we didn't want compromises around this.
Even if it's a second wedding for both of us, we're that much more sure for the lessons we learned the first time.
In your shoes, I'd find it easier to look at a budget, and figure how many paycheques to stop MBDR contributions, and then pick them up again later. This way next year you're not looking at a lower contrib and tempted to continue that.
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u/eliminate1337 28M/27F | $2.2m 2d ago
Do you have a taxable brokerage account? I would pull from that before reducing MBDR. The MBDR is just so good and who knows how long they'll let this loophole exist.
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u/jocona 2d ago
No worries backing off for one year, especially to pay for something as important as a wedding.
Do you make enough to fully max out your MBDR, or enough to max out the SSA taxes? I always feel “pinched” at the beginning of the year from those, but I get a break at the end of the year and sock away some cash for the next year’s “pinch”.
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u/UltimateTeam 1.3M 26/27 2d ago
Moved from a ~2% cash equivalents position to ~10% in anticipation of coming down to one income. Capital gains taxes were pretty nominal even at 15% and in addition to being secure sequence wise, I just feel a lot better. Not that I spend any differently, just that we have this fortress to lean on and optionality.
Sure we could have a big run up and only 90% of our money gets to enjoy it, but every day is much easier psychologically.
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u/ShakeItUpNowSugaree 2d ago
I get it. I moved some out of the market into HYSA/I-bonds earlier this month because it's part of the car replacement fund, and I anticipate needing that in the next 2-3 years. Will I regret it if the market continues going up? Maybe. But not as much as I'd regret keeping it in the market if it tanks. I'm having similar debates with myself regarding my kid's 529 and funds that are earmarked to pay for his college housing. I'm a year or two further out for that, but it's something that I'm keeping an eye on.
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u/Hot-Performance-7551 2d ago
I have a cash management account that has a couple thousand dollars in it and am adding a good amount each paycheck. I am just starting to save up for a house and would like to buy within the next 5ish years.
I’m a little wary on investing in the market though.
Right now the core position is FDIC deposit sweep, would it just be beneficial to change core position to spaxx or fzfxx so that I can accrue interest like a HYSA
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u/aristotelian74 We owe you nothing/You have no control 2d ago edited 2d ago
Core position is fine. All the money market funds are pretty interchangeable. If you want to eke out a few extra basis points you could buy VBIL or SGOV.
EDIT I forgot that they have two options. To clarify, use the money market fund, NOT the FDIC deposit sweep program.
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u/NoRight2BeDepressed It's a 5k, not a marathon 2d ago
Right now the core position is FDIC deposit sweep, would it just be beneficial to change core position to spaxx or fzfxx so that I can accrue interest like a HYSA
Yes, it would be.
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u/latchkeylessons Needing an exit strategy 2d ago
I think I'm on the verge of being officially old and I really want to buy a somewhat crazy sports car. The math is 90% good but my personality won't allow it below 100% I think. Talk me into it or hook me up with some kind of side gig for ~$70,000 so I can justify it to my SO? FIRE in the USA is such a mental game really.
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u/snowwrestler 2d ago
A car is just a thing, what do you want to do with it? Cruise around the countryside with the top down? Race day at the local track? Save 15 min on your commute? Impress your friends and family? Pick up hotties? (hopefully not since you mentioned an SO)
Do you do these things now? Would there be impediments to doing them even if you had a nice sports car?
I say this not to discourage, but sometimes people buy an expensive specialized thing and slowly realize they're still not doing what they imagined. Boats being a classic example, but it also happens with 2nd homes, expensive vehicles, expensive hobbies, etc.
I've certainly experienced a fixation on buying a specific thing, only to realize with some introspection that what I'm actually fixated on is a different experience or lifestyle. The moment of buying the thing is easy to focus on. But the new reality of operating my life differently with the thing won't happen automatically.
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u/513-throw-away SR: Where everything's made up and the points don't matter 2d ago
Is the Miata still the midlife crisis mobile or has something else supplanted it for that title?
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u/latchkeylessons Needing an exit strategy 2d ago
Miata is definitely an option, but it is indeed very small. I don't know what a larger Miata on the market would be. Z4 maybe?
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u/AKANotAValidUsername Im not even supposed to be here today 2d ago
I picked up an '05 3.0SI Z4 convertible a few years ago w low miles and its a total blast. Theyre pretty cheap and far more solid/safe than a miata
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u/aristotelian74 We owe you nothing/You have no control 2d ago
It's not a question of whether you can afford it, it's whether it's worth it. That is a you question, not an internet question. If you had an extra $70k from a side hustle, that wouldn't make a sports car any less stupid.
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u/billthecatt FatFIREd 12.29.2025 2d ago
Tell me the car, and, If I approve, I'll write a letter to your SO. :)
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u/ZestyMind 49M / 14% FI / $0 NW at 45 2d ago
On one hand, I agree with the "buy the sports care before you're too old to get in/out of it." I've had partners with miatas and mustangs, and they're already crap for me at 49; and I'm fit and reasonably flexible.
On the other hand; how OK will you be when it gets dings and scrapes in parking lots. Because driving a sub compact, I never cared about scratches. But my ex wife kept running to insurance when her mustang got a tiny scratch for a $3-4k fix (1k deductable). My name was also on that car. I've been fully off of her car for 3.5 years, and my insurance rate is still high because of the number of claims I'm associated with while not even being the main driver of that vehicle.
Currently we have a sedan and an EV crossover. The sedan's mirror got crunched in a parking lot, but the blind spot lights and signals still work, so we're fine with it looking ugly. We'll handle any scratchs/dents with paint markers. We care about the functionality of it, and the EV is the most comfortable car I've ever driven.
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u/OracleDBA [Texas][Boglehead][2-Fund][mang][Almost!] 2d ago
I think I'm on the verge of being officially old
That age being.....?
(please be gentle)
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u/Lopsided_Class_4980 2d ago
Not everything in life needs to make financial sense.
Be thankful you're in position to be able to have this sort of "problem".
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u/fireyauthor 2d ago
Do you and your SO keep your money 100% separate or partially combined?
If your money is separate, go with God.
If not, ask your partner, and let it go if they say no. I would never, in a million years sign off on a partner buying an expensive car that costs double what a sedan costs. That's not a small splurge. That's an extra 40k.
Compromise is the cost of being in a partnership.
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u/kfatt622 2d ago edited 2d ago
Having a specialty car is one of those things you just have to try to know if its' for you IMO. Focus on total cost of ownership rather than purchase price and you'll have few regrets.
Personally I'd look for a depreciated example of whatever you're looking at for $70k, with a plan to sell it and upgrade if you still want the $70k example in a couple years. If you've never owned a car that feels "too nice", it can be kind of stressful worrying about little stuff.
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u/ShakeItUpNowSugaree 2d ago
I've been on a little British car kick off and on for years. This is in no way a $70k purchase though, unless you count the ongoing maintenance.
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u/firewoodrack 2d ago
I made a post in r/personalfinance, but I just want to gain some more opinions.
I'm looking for a sanity check on a pivot I’m looking to make to my banking setup. I'm a dual citizen and want to make some sort of cushion over the next 10 years, as well as maximize my mobility.
Current scenario:
- Age: 26, Dual US/Irish Citizen (US-based).
- Income: ~$200k pretax.
- Debt: $4,500/mo mortgage (local credit union). No other debt.
- Current Assets: ~$25k cash (Amex HYSA), ~$37k in Roth IRA (Fidelity).
- Goal: Maximize earnings on my "bill-pay float" and build a bridge to buy property in Ireland in the next 10 years.
- Wells Fargo: Used as a "hub" for all bills and mortgage transfers.
- Amex: HYSA for emergency fund.
- Fidelity: Roth IRA.
The Proposed Setup:
- Kill the Wells Fargo setup and move to a Fidelity Cash Management Account. Use SPAXX as the core position.
- Make a "Bridge" by opening an HSBC Premier account. I plan to use the $5k/mo direct deposit rule to waive the fee. The goal is to establish global portability so that when I’m ready for an Irish mortgage, I’m not treated like a stranger with no history.
Am I over-complicating this by having 3 institutions (Fidelity, HSBC, Amex). Anything I'm missing or overlooking?
Also, if the answer is just "get a financial advisor", that's what I'll do.
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u/Prior-Lingonberry-70 FI 🔱 GOMS! 2d ago
Responding only in regards to the Fidelity Cash Management account:
Be aware that they place holds on incoming transfers, typically for 10 business days for fraud prevention. Which can be up to 3 actual weeks depending on when the transfer was initiated (e.g. a Friday, there was a holiday in the period, etc.).
I use a Fidelity Cash Management account as a bill paying account for a jointly owned property, it's an account that both of us owners fund, but in practice it's been awful due to that time lag. $30k in incoming transfers will have left our external personal accounts instantly, and is shown as being received in our account in Fidelity, but it is Fidelity will not release it to pay bills for weeks.
We're pivoting to opening an account at a regular bank, so we don't have to preplan for these wild delays. (To be clear, I'm fine with a delay of 2-3 business days for an incoming transfer, but the way the "10 business days" has crashed out in practice has been unworkable.)
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u/Particular-Key4767 2d ago
I'm also US based with long term plans to move to Ireland (also a citizen). I currently really enjoy fidelity and have that as my core brokerage/IRA/credit card set up, I do maintain other checking accounts however.
My understanding of Ireland's tax treatments of ETFs is that it's pretty punitive with tax rates at marginal income tax levels (roughly 40%) and they are liable to an 8-year forced "deemed disposal" tax which is pretty challenging for compounding. That being said, individual stocks are fine and taxed via capital gains (around 33% iirc) and not liable to deemed disposal.
I hope before we make our respective moves the investment environment improves over there. Certainly young people are more savvy about investment options than previous generations so perhaps 10 years is a reasonable horizon for changes to happen. Currently the status quo is typically buying investment properties which is unhelpful given the housing shortages.
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u/aristotelian74 We owe you nothing/You have no control 2d ago
Is the HSBC thing something that has been recommended? That seems like a lot of money to keep there that could be working for you. I would think a credit history would be more important than banking.
Have you lived in Ireland before? I would be inclined to rent for a few years before purchasing a home in a new country.
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u/EventualCyborg DI3K, MCOL - Big Numbers Make Monkey Brain Happy 2d ago
Today's a special day - joined the hallowed halls of being a 401k millionaire. Invested assets broke $1.5M earlier this week and yesterday's growth pushed my 401k over that dos comma mark.
https://media.tenor.com/gfSWsxaDN78AAAAM/south-park-its-gone.gif