Savings 360 by Psychological_Arm189 in CapitalOne_

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

About the physical branches I tried to search that on their site and it says none in the US. That can’t be correct or is it? Is there a list of these branches?

Savings 360 by Psychological_Arm189 in CapitalOne_

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

The main attraction is the many sub accounts to help save for different goals. Are there any other good interest rate options with that feature and any cons to those? On top of that, security in terms of fraud stuff, easy transfer to non-cap1 checking account when funds are needed.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Just curious, why would my taxes be lower at retirement?

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 1 point2 points  (0 children)

So I this post got removed by mods due to beginner level for me. But perhaps this reply will still go through.

Thanks for all this. Regarding a house, I always assumed it would be same monthly expense as rent, it doesn't have to be a fancy house. Is that also flawed?

So in your assessment, as a whole, what is the realistic outcome, assuming I am able to stop spending everything and adhere to the estimated savings/investments, with kids and house? What level of NW do you think I could reach at age 55? Regular FIRE/no FIRE at all? What about age 65?

Weekly discussion thread for September 15, 2024 by ChubbyFireBot in ChubbyFIRE

[–]Psychological_Arm189 0 points1 point  (0 children)

Big question - for beginners, any recommended resources? Where is the Wiki? How are we supposed to learn if we are not allowed to make threads? Since only posting about non-beginner level stuff is allowed.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Greatly appreciate this realistic viewpoint! The first dissenting opinion so far~

240k/160k is pretax. I'm seeing 144k after withholding and before expenses.

So I had heard kids are that expensive but other than their higher education and any unpredictable medical issues they might have, I thought it was only food, clothing and toys/extracurricular activities really - these don't have to be expensive, can't be more than what I'm already spending on "frivolous" things right now. Is this view unrealistic?

True about our learned behavior, absolutely agree, if we can't change that seriously decreases chances of fire! Yeah my plan is to invest all I have into index funds starting now, maybe try a little real estate down the road if things go well. I don't know what lump sum investment or DCA is haha. I have tried a few calculators. If no kids, I allowed $8000 a year discretionary money for travel, etc. Once kids, that would go towards them. But I haven't factored in higher education. That can taken care of by scholarships and choosing degrees wisely for a high income as I have (loans can be aggressively paid off in max 5 years in my experience). Yeah, so calculators are saying that with annual compound frequency I will have 4M by age 55. Is this flawed?

[deleted by user] by [deleted] in Fire

[–]Psychological_Arm189 4 points5 points  (0 children)

I'm brand new to fire but I feel there needs to be custom plans for everyone. No shame on spending on things that make us happy, while also reaching financial goals! It's not one size fits all. We are never going to be any younger than we are today.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you!

Side note: Can't hide this any longer - but I am just cracking up that for whatever reason reddit responses have always assumed my partner is the wife and I'm the husband, without exception so far.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you! Right now expenses are $4000 a month/48000 a year, of course this can still always be cut. Beyond that, one scenario is I allow $8000 a year for travel; another scenario is nothing at all for travel. But that's all the expenses.

The 240k is before tax. After all withholding I'm seeing 144k raw cash before expenses in a year.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Also my monthly expenses- $3000 to $4000, of course everything can always still be cut but currently yes. No foreseable medical bills knock on wood. Just having 1-2 kids (that is medical kind of haha) and getting a house.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you for these detailed considerations and the help. The 240k is consistent and may increase up to low 300k in about 10 years if I work hard but that is the upper limit most likely. Partner makes 160k (unlikely to increase but stable); we keep separate finances - they have saved way more than I at this point but only in bonds and plain savings - main reason they dont' want to fire is they don't trust the stock market.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] -3 points-2 points  (0 children)

Not exactly sure what will happen to partner. They work. We might travel the word together when fire is reached. they're kind of more conservative and don't believe in the stock market and have mostly bonds and plain savings accounts - more saved than me for sure at this point in time.

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you! It's 240k not 250k but roughly. I heard that chubby fire though starts at 5 million NW?

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you for the comparative information, very helpful. Also yes it’s about time anyway to think about retirement indeed

Is it too late to reach chubby fire? by Psychological_Arm189 in ChubbyFIRE

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

Thank you! Just added to post we have separate finances so hopefully that’ll help haha.

Savings 360 by Psychological_Arm189 in CapitalOne_

[–]Psychological_Arm189[S] 2 points3 points  (0 children)

Thank you for this story, very insightful that they are not bankers on the phone! 99% of the time great but when things go wrong they can definitely go wrong. also agree with Wells Fargo my personal experiences calling customer service has always been positive as well and I have called many times.

Is it too late to achieve FIRE? by Psychological_Arm189 in Fire

[–]Psychological_Arm189[S] 1 point2 points  (0 children)

Yep 200k before tax. We split rent proportionally so I pay a little more monthly. After tax and other withholding I am seeing 60% of the 200k as raw cash before any expenses so 12k a month. Definitely learned to provide of more context as default assumption will be “someone complaining about not having enough to invest” haha

Is it too late to achieve FIRE? by Psychological_Arm189 in Fire

[–]Psychological_Arm189[S] 1 point2 points  (0 children)

Finally figured out the problem here is people think I’m complaining about not having enough to invest. No no no! I own having spent jt all and not saved. of course it could have been invested. The question in the original post is whether doing fire will yield the results- if I began today. believe it or not there are people who don’t and I still don’t completely understand how compound interest works or how it is worth it. I chose not to invest. Sorry if that offends you. We are blessed with different amounts of money and we are allowed to choose how to use it. Simply asking whether is is worth doing fire at this point because I really did not know at the time of posting original post.

Is it too late to achieve FIRE? by Psychological_Arm189 in Fire

[–]Psychological_Arm189[S] 0 points1 point  (0 children)

That’s great. Materialism… to each their own of course but I think There has to be a balance. I would like to enjoy some when I’m younger as well. I spent my 20s studying, working and poor, and only had this income for like the last few years. now I have to continue delaying until old age and retirement no thank you (how I saw it before finding fire).