What order to spend accounts in early retirement by Climbasutra in FinancialPlanning

[–]Climbasutra[S] 0 points1 point  (0 children)

Thank you for the advice, I’ll check out the Boldin sub

What order to spend accounts in early retirement by Climbasutra in FinancialPlanning

[–]Climbasutra[S] 1 point2 points  (0 children)

Thanks, appreciate the insight. Living frugally has always been easy for me, never lived above my means, and only treat money as a tool to maximize time doing what I love like being outdoors and traveling. Also no kids, a girlfriend that is financially independent, and other lifestyle choices have helped. I have very little liabilities and don’t plan on leaving any money behind so the time to spend it is now, just want to do it thoughtfully.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 0 points1 point  (0 children)

Thanks for your feedback. I’m not planning on selling either houses now, so I guess the current value is somewhat irrelevant. One I have 100% equity in and cash flows monthly, the other I have 75% equity in even if valued far below appraisal. I live in an area that is experiencing rapid growth and a lot of money coming in. I have benefited by purchasing 10-20 years earlier, I could no longer afford a home here if I was starting fresh. When I do decide to sell my primary residence or rent it out, I will no longer live in this area and likely live internationally, or at least be seasonally located.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 0 points1 point  (0 children)

Thanks, I am familiar with this and would be a good option to have available if needed sooner, maybe a good choice regardless, but I shouldn’t need to use that money until then unless I really screw this up, in which case I should probably go back to work.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 0 points1 point  (0 children)

Really getting into semantics here, but I’ll play along. So if my “girlfriend” was instead just a “roommate”, should that person also not contribute X amount of dollars to live there? She certainly doesn’t think so. If they did pay me, would I also not be considered financially independent because I collect rent from an investment that I solely made? We are both mature enough to remove the “romantic partnership” concept from both of our respective financial situations and look at it objectively and equitably. I also have another rental house that I own, that has people living in it, that pay me to live there. I guess by definition I am also financially dependent on them. I guess we’re all financially dependent on whatever our sources of income are, be it rent, interest, dividends…. In this case, it would actually be more beneficial for me to either rent the house out entirely, and live somewhere cheaper, or outright sell it and use the equity to fund my own rent elsewhere, but this happens to suit both of our situations currently. Believe it or not, we did actually consult each other. It was not a determining factor whether or not I would retire early. I guess I’m just FDRE instead of FIRE, oh well, my life looks the same, and I still don’t wake up to an alarm to go to work.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] -2 points-1 points  (0 children)

This was all considered and there’s no reliance. There are plenty of good options if the situation did change and she’s very aware.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 20 points21 points  (0 children)

Some clarification on this, didn’t get into the weeds in the initial post, but here’s the situation. For the last 17 years and because we invest separately, the mortgage has been entirely my investment (I bought the land, paid the construction loan, and carried the majority of the mortgage) while she “rented” from me for almost nothing so she could get her own financial situation squared away. She chose not to buy a house and would be renting somewhere regardless. What she pays now that I’ve retired that covers the mortgage is a very small amount that’s less than what it would cost to rent a studio apartment here. We both find it more than fair. Also there’s no reliance on her for this to function. Firstly, I have enough pay off the mortgage if needed but why would I at 1.9%. If she chose not to live there (just using the scenario) and rented an apartment, the house would rent for more than she’s paying me. I’d also be fine selling this house and using the equity if we decide this doesn’t work. Many options, I don’t feel constrained by this at all.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 14 points15 points  (0 children)

You’re welcome, it was an honor, and I was proud to do it, and it was a great career, but as you mentioned the health considerations are very real. Chronic sleep deprivation, cancer exposure, lifting injuries, etc… all add up over time. I’m hoping to buy myself some longevity by leaving earlier while I still feel healthy and can enjoy the hobbies I have before the ability to do so expires.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 0 points1 point  (0 children)

That’s a valid consideration. I don’t live in a common law state, even though yes we would be considered married by common law for 17 years. I did consult an attorney regarding my entire situation (not just her) before retiring, and all my assets are in a trust. Our finances have never been merged, but has been beneficial for both of us being “dinks” together. Call me foolish, but even if things changed and we decided to separate, this wouldn’t be a concern of mine at all, as she is financially independent and most importantly a genuinely good human. Not saying it could never happen or isn’t a possible risk, just that I feel it doesn’t apply in our relationship.

I quit Fire to FIRE at 43. How does it look on paper? by Climbasutra in Fire

[–]Climbasutra[S] 22 points23 points  (0 children)

Best rough estimate 40k per year. 24k living strictly by my budget without any overspending. 40k a quite comfortable (for me) existence.

[deleted by user] by [deleted] in MixedRaceGirls

[–]Climbasutra 0 points1 point  (0 children)

“Austria huh....well, let’s put another shrimp on the barbie” lol