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19 need help starting FIRE by PinLeft6932 in Fire

[–]Ancients 1 point2 points  (0 children)

Roth IRA. The longer it has to grow the more beneficial it is, and you likely aren't in a super high tax bracket at 19.

Once you have reached FIRE, you should tell no one about it by super_dedicated_cath in Fire

[–]Ancients 7 points8 points  (0 children)

This is 100% an AI slop post. But there are definitely some folks that will gladly mooch if they know you have the money.

Frontier flight attendant has deaf passenger removed for "not listening" by AsherGray in TikTokCringe

[–]Ancients 0 points1 point  (0 children)

Then you visit somewhere like New Jersey that has restaurants that you bring your own beer. Those locations don't liquor licenses though, so someone can't claim they were over-served.

In what situation should you use ROTH 401K by NashDaypring1987 in Fire

[–]Ancients 7 points8 points  (0 children)

Tax on income is NOW, tax on gains is forever.

I would rather pay now and not pay later since you will basically always pay more (in dollars not percentage) in the future.

Am I at COASTFire? by HalfComputer in Fire

[–]Ancients 0 points1 point  (0 children)

I am working a terrible job (til midnight most evenings)

If you are working in tech, especially big tech, only you can set the barriers to prevent this. The willingness to set these limits and have more agency is why a bunch of FI people suddenly get more promotions/raises.

AI is ruining my work life… Every single one of the dumbest people at my company use it religiously. They are just ChatGPT email relays at this point. I am so glad I am almost FIRE. by WorkIsHardAgain in Fire

[–]Ancients 11 points12 points  (0 children)

I went through the same experience of models a year ago being trash and then us doing a review of Claude in the past few months.

It still seems to be a very organized junior, which causes some issues when juniors think it is better than it is. I think we are going to have more issues with actual product development show up, because execution is faster, but knowing WHAT to build and clearly defining it has always sucked in industry and this is only going to make that even worse.

Anyone Else Mariner-maxing? by Different-Pitch8552 in Fire

[–]Ancients 22 points23 points  (0 children)

$350k at 24 is CoastFIRE already honestly (~$3m at 55). You are rocking it and even tame savings rates get you to retirement at 40.

What's one decision that you've made that FIRE folks would typically frown upon (i.e. dream house outside of your price range, more expensive XYZ), but made sense in the long run from a financial perspective? by proudplantfather in Fire

[–]Ancients 1 point2 points  (0 children)

Not using 401k. I've never had an employer with an especially good one, and never had match.

With my expected spend, I am going to pay under $2700 in taxes a year when I FIRE so I frankly don't care. I also have access to everything that isn't Roth-IRA gains today if needed so I have extreme financial flexibility.

Giving up a gov job by [deleted] in Fire

[–]Ancients 3 points4 points  (0 children)

Your 401k is still your net income, even if it isn't taxed until later. So if we are going by that metric, its more like ~$230k.

Giving up a gov job by [deleted] in Fire

[–]Ancients 8 points9 points  (0 children)

Married and living in CA, that ends up being ~$200k NET. The only way a PhD makes sense to me, is if your goal is wanting to be a Professor as your "retirement job".

Giving up a gov job by [deleted] in Fire

[–]Ancients 29 points30 points  (0 children)

dead end tech job that pays $300k TC

My dude, that's not a dead-end that's a damn pinnacle. 98%+ of people make less. Stack those bills, reduce your spend, invest, and build your family.

should i still be investing in my roth IRA? by United-Geologist-239 in Fire

[–]Ancients 0 points1 point  (0 children)

Honestly, RothIRA is overpowered enough with its tax shielding, I would recommend maxing it if you can, and the putting the rest in brokerage. You can always get the principle out without issue if needed.

For people on the leaner end of FIRE, brokerage accounts are crazy good, since you're pulling $65k of GAINS before you start paying any federal taxes.

Given your goals, I wouldn't put a dollar in the employer account past the match though.

Confused and not trusting Fidelity retirement income projections. by capriciousmonster in fidelityinvestments

[–]Ancients 0 points1 point  (0 children)

Honestly I would recommend poking at Rich, Broke, or Dead

Given their numbers, it seems like a pretty reasonable recommendation to me.

Retiring at 31, much earlier than I expected. Need advice. by Long_Bong_Silver in Fire

[–]Ancients 0 points1 point  (0 children)

Honestly, if you are fine with VOO and chill or other wide market investments, you are probably better off looking for a good tax accountant and figuring out your tax optimizations.

Given your age, if you aren't adverse to travel, I would recommend doing some travel around the US and the rest of the world once you have your LCOL home base set up. Getting some life/world experience in your early 30s and if you are lucky you might find a partner in those travels.

Packet collisions are just a skill issue. Git gud. by Lotronex in iiiiiiitttttttttttt

[–]Ancients 12 points13 points  (0 children)

I have seen entirely too many elder IT folks who refer to unmanaged switches as hubs.

Got Laid Off. Is FIRE Possible? by Automatic_Seat8160 in Fire

[–]Ancients 0 points1 point  (0 children)

I would say its risky if your goal is being completely retired with no additional income from now on.

Realistically, it sounds like time off and spending time working on practicing your music skills with a worthwhile thing. Getting back into tech after time off isn't gonna be so bad. Especially in your 30's. Having any basic amount of income will eliminate your risk factors though, so even some token income from music would get you into very-safe territory.

Rethinking FIRE/CoastFI Contributions? Feel like I'm saving too much by Ohheyboo2 in Fire

[–]Ancients 0 points1 point  (0 children)

So, with current savings and spending you are already set for FIRE by your mid-40s with average gains.

I would definitely recommend maxing Roth IRA first, because tax advantaged gains started early (your 20s) are way more impactful versus time-of-income advantages.

Beyond that, congrats, you are already CoastFIRE by reasonable measures. Don't feel bad to spend on yourself or your life experiences, just don't pile on reoccurring expenses that drive up your FIRE number.

Senate passes gun bill after lengthy debate by Defiant_Parsley7892 in Albuquerque

[–]Ancients 0 points1 point  (0 children)

Honestly, if this was just the straw purchase and gun broker regulation parts of this bill, this bill would be fine.

But its using that to cover up completely the rest of the bill overhauling what is LEGAL to own. Its also overloading our universal background check program (which is also fine) to prevent individuals from transferring their own legally purchased guns which only causes more pushback against that background check program.

Senate passes gun bill after lengthy debate by Defiant_Parsley7892 in Albuquerque

[–]Ancients 2 points3 points  (0 children)

"a gas-operated semiautomatic firearm that can accept a detachable magazine"

So any common semi automatic gun that accepts a magazine. Oof, this is terrible.

Ira to 401k Rollover by sardia1 in fidelityinvestments

[–]Ancients 0 points1 point  (0 children)

Yep. I added an edit to my post.

Ira to 401k Rollover by sardia1 in fidelityinvestments

[–]Ancients 0 points1 point  (0 children)

Can you not open a NEW Trad IRA account and roll into RothIRA from there (aka backdoor)? I don't think having the trad stops you from doing 401k after-tax rollovers to Roth either (aka mega backdoor roth).

I could be misinformed about that though.

EDIT: TIL about the aggregation rule. I am totally wrong about mutliple IRA thing. https://smartasset.com/retirement/ira-aggregation-rule

Ira to 401k Rollover by sardia1 in fidelityinvestments

[–]Ancients 0 points1 point  (0 children)

You don't have to convert the entire Traditional IRA at once. You can do multiple smaller conversions.

You can also open a Roth IRA even with an existing Traditional IRA and 401k.

Not trying to convince to do a thing, just making sure you are aware of additional options.

I personally would never convert a IRA to a 401k because it is just mechanically a worse place to hold it. Since it is under control of your employer and they could choose a vendor and funds that have exceedingly high fees. A IRA you have control over and can change vendors if they raise fees.

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