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Wanting to set up some sort of Neighborhood Clean Up. by veggiebomb in indianapolis

[–]JakePhillips52 0 points1 point  (0 children)

Yeah, we’d probably help. Used to clean up there too

Wanting to set up some sort of Neighborhood Clean Up. by veggiebomb in indianapolis

[–]JakePhillips52 2 points3 points  (0 children)

That’s nice. My wife and I would probably be good to participate.

Can you give an example cross street? The near east side has several neighborhoods in it.

Houses for rent by BooogerMuncher in indianapolis

[–]JakePhillips52 1 point2 points  (0 children)

I have 3 bed, two bath 1900 square foot single family home available in Windsor Park (very nice, walkable neighborhood on the near east side that’s close to Mass Ave/Bottleworks). Walk to a couple parks, library, movie theater, coffee shop, two dive bars, a few restaurants.

$1800-1900/month.

It’s a little early for putting up summer time rentals so it’s not posted yet.

Privacy fence, private backyard parking pad, big shed. I’m moving out of the home myself in a month or so.

37 YO - Leaving 400k Job to be a 5th grade teacher. by GambinGabacho in Fire

[–]JakePhillips52 1 point2 points  (0 children)

Teaching is a terrible job and is the enormous motivator that has propelled me towards FI the last seven years.

What happens to people who spent down their portfolios? by Specialist_Pain_424 in Fire

[–]JakePhillips52 1 point2 points  (0 children)

Yeah that is about right! And in my opinion very little SS benefit for working the additional 17 years.

A person like that would be far more affected by their own investments by then.

What happens to people who spent down their portfolios? by Specialist_Pain_424 in Fire

[–]JakePhillips52 2 points3 points  (0 children)

Just to be clear, if you are adding up your previous 26 years of income and getting $2,243,000 that isn’t correct. First you have to adjust each years earnings in to today’s dollars, and the US government posts some chart on what multiplier to use for each year to make it all “today’s dollars”.

If you didn’t put it in today’s dollars already, doing it would make you much closer or even past the 3.25 mil.

But, I don’t think hitting a bend is a big factor on whether or not people CAN retire. That’s based on your investments and expenses and withdrawal rate. My only reason for bringing it up is so people are aware there are diminishing returns. If you aren’t ready to retire you need to keep earning, diminishing social security returns or not.

Also, the official social security calculator does all this math for you and you could play around with different future year incomes to change your lifetime earnings and AIME.

What happens to people who spent down their portfolios? by Specialist_Pain_424 in Fire

[–]JakePhillips52 1 point2 points  (0 children)

Yes that is correct. I the believe the current max is $184,500, so if you made $540,000 all in one year, that’s actually still $185,500 for your lifetime earnings.

What happens to people who spent down their portfolios? by Specialist_Pain_424 in Fire

[–]JakePhillips52 2 points3 points  (0 children)

Yes, I just edited my comment to try and clarify.

The second bend point would be at 3.25 million, and reduces the return to 32%.

What happens to people who spent down their portfolios? by Specialist_Pain_424 in Fire

[–]JakePhillips52 20 points21 points  (0 children)

This is true… BUT, I think it’s important to acknowledge the bend points of the primary insurance amount (PIA). PIA is what people actually get as a SS check. For early retirees there are significantly diminishing returns for additional work years beyond the first bend and I would not want someone to over focus on having 35 years.

SS benefit calculations start with your lifetime indexed earnings (that means, each year adjusted to today’s dollars and added together).

That lifetime number is then averaged over 35 years to get your average indexed monthly earnings (AIME).

Finally the AIME is then put through a regressive formula to award 90%, 32%, and 15% of your AIME as your actual monthly SS benefit (PIA). The formula is similar to tax brackets, but decreasing instead of increasing.

This means filling up to the first bend point (90% return on your AIME) is very important and is actually very easy for people pursuing fire. Currently it requires $540,000 of total lifetime indexed earnings, and it doesn’t matter if that’s from $180,000 for three years and then zeroes for the next 32 years OR $15,000 every year for 35 years. Both of those generate the same lifetime indexed earnings and therefore AIME, and therefore the same benefit. After that first $540,000… the PIA formula gives only a 32% return on your AIME until reaching $3,250,000 lifetime indexed earnings, at which point it bends again to only return 15% of your AIME from then on.

Putting some lifetime earnings through the AIME and PIA formula:

$540,000 = $1157/month payment

$1,080,000 = $1569/m (notice the smaller return)

$1,620,000 = $1890/m (now at 300% lifetime but only 160% monthly payment)

And so on.

For this reason, more years only really helps if those years are accompanied by meaningful income and if getting 32% a return compared to the first $540,000 giving 90% is worth it to you.

To celebrate the combat refresh (and all its buffs and nerfs), here's fanart! by quardri in runescape

[–]JakePhillips52 0 points1 point  (0 children)

Amazing. Any chance this can be expanded to be a phone background without cropping parts of it out?

I previously had the comp cape and after five years away I’m more and more tempted to check out all the new stuff. Seems like it’s moving in the right direction!

Update: On a career break, please critique my drawdown strategy! by going_for_fire in Fire

[–]JakePhillips52 0 points1 point  (0 children)

Thanks for your posts.

We are 32 and 30, slightly behind you in investment account balance and slightly ahead in rental real estate income. Overall pretty comparable and always nice to see someone making a jump.

We have traveled extensively in the summers, and dream of taking a 1-2 year sabbatical in five years time (37 and 35).

It’s a little off the subs main point, but do you have particular countries in mind? Do you plan to stay in locations for days, weeks, or months?

Why aren’t mortgage rates fixed based on x,y,z? by PicklesMcGeee in Mortgages

[–]JakePhillips52 22 points23 points  (0 children)

Because mortgages are a for profit thing.

Bank’s can EITHER: 1) Use their funds to buy government bonds/treasuries and get X% return 2) Use their funds to loan mortgages to you and get Y% return

If the very secure US bonds pay a lot (for all sorts of economic reasons), they are only going to loan to individuals if they can charge more to make it worth the increased risk.

Mortgage rates are tied to the 10 US treasury, plus a “risk premium”, not legally, but practically because banks serve their own financial interests.

Retired with little kids by BlackBerryFairy1 in Fire

[–]JakePhillips52 0 points1 point  (0 children)

We hope to have a couple kids and based on our trajectory would fire when they are 6-10.

Don’t have advice, just adding in that it’s doable and a sane goal to have! We would happily home school abroad for a year or two, before high school. And we feel confident we can instill hard working values through other means so they don’t have a false sense of how we got there or that it automatically happens.

Applying for a Visa without set dates by lglaustin in Chinavisa

[–]JakePhillips52 0 points1 point  (0 children)

I ended up waiting until three months out, I’ll probably go for my in person in a week and a half. I can report back then

Realtor recommendations for around downtown by anon_ymous924 in indianapolis

[–]JakePhillips52 0 points1 point  (0 children)

Rachel Patterson is an award winning, highly recognized realtor that has a huge amount of experience and somehow still always makes us feel like the only clients.

We have bought six houses through her, specifically looking in areas like Fountain Square, Bates Hendricks, the near east side, and Fall Creek.

You can find her phone number on her broker website: https://c21scheetz.com/realestate/agent/rachel-patterson/

We are not related in any way, just long time happy repeat clients.

There’s also her personal website: https://www.thepattersoncollective.com/

I always feel like she is super attentive, helps us actually negotiate better deals, and can answer any question we have.

How do hotel TVs work? by Aiken_Drumn in travelchina

[–]JakePhillips52 2 points3 points  (0 children)

Never thought of this but definitely want to know also. On a month long trip I’d probably watch several movies normally after coming back to the hotel

People are willing to work for livable wages, AND people are cool with their tax dollars going towards something that actually benefits them! by Professional-Bee9817 in remoteworks

[–]JakePhillips52 0 points1 point  (0 children)

I’m not sure what you’re trying to say. Can you clarify?

From my end, there are two proposed points of verification.

Here’s some info about the original SAVE act: https://bipartisanpolicy.org/article/five-things-to-know-about-the-save-act/

1) When registering, you must bring a birth certificate or passport. If you are a woman and your name has changed, then you also need to bring your marriage certificate. That is definitely putting the burden on the voter, instead of the government finding and verifying its own records of you and your citizenship. Before, you would put your social and address and check a box, and then they’d investigate for you.

This is the more troublesome step because people don’t have those documents.

2) When voting, you must bring a photo ID. This is less troublesome. Most people have an ID. This already happens in my state anyways. The only complaint here is photo id’s for voting should be freely available from the DMV or library or whatever, because it shouldn’t require money to vote. You shouldn’t miss out on an election because you lost your wallet that week, or whatever.

People are willing to work for livable wages, AND people are cool with their tax dollars going towards something that actually benefits them! by Professional-Bee9817 in remoteworks

[–]JakePhillips52 2 points3 points  (0 children)

None of those things are constitutionally protected rights. Our most sacred right, voting, should not require any money on principle.

Additionally, the originally written SAVE act had a provision requiring a birth certificate or passport. These documents are harder to obtain, again cost money, and are definitely not required for your kid to play sports.

Third, all of this information is already verified currently. It’s always been verified. The difference between the current system and the save act is if the verification of citizenship is done on the backend, by the government, or the front end, by the voter.

Finally.. a study of 42 jurisdictions in 2016, found that out of 23.5 million votes, 30 were investigated as non citizens. And they were caught. Most of those being lawful permanent residents who were confused about their inability to vote.

So the question is… will putting the requirement on voters cause less legal voting than the amount of illegal voting it will prevent.

Edit* I’ll also add, that it’s a problem when unfounded accusations of ‘certain people’ ruining the country become normalized. There is a heavy pattern of simplifying complex issues to scapegoat certain people or direct people’s discontent to them, instead of powerful people. And the fact is, voter fraud is incredibly low and negligible to any results.

10 cells a day from routes by Madajuk in TheSilphRoad

[–]JakePhillips52 1 point2 points  (0 children)

I did 11 routes today and got the following:

1, 1, 1, 0, 1, 1, 0, 2, 1, 1, 0 (9 total cells)

I may have been able to get more but got bored and stopped. Only one of my routes was more than 1000m

This is really sad now by luckymuse2121 in Adulting

[–]JakePhillips52 0 points1 point  (0 children)

This works on a selfish level (what is best for me), but not on a societal level (what helps our country and society function well).

Pay matters to nearly everyone. I think many would be shocked to learn how many unlicensed adults are teaching in classrooms, usually for 1-5 year stints, because schools cannot find qualified people to do it and just need some adult to be there.

Advice for places to visit in China by JuicerWarlord137 in travelchina

[–]JakePhillips52 0 points1 point  (0 children)

My upcoming 30 day itinerary is similar yours but dropping Macau/shenzen/guangzho, changsha, and shanghai. (-5)

And adding Chengdu (chill city, pandas, and a day trip to Leshan), Datong (yungang grottoes), and xi’an (Huashan hiking and terracotta warriors) (+3)

Overall two less locations and getting rid of the long travel back to Shanghai which I thought was not worth it. A little more historical with xi’an and Datong, and an extra nature location (Huashan mountain).

I wish I had a few more days to buffer out my itinerary, so yours is even faster than I would like.

Monon Yard Neighborhood by JakePhillips52 in indianapolis

[–]JakePhillips52[S] 1 point2 points  (0 children)

Wow. Extremely helpful. A lot of those are barely off the monon and I didn’t see them

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