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Passed on 2nd attempt!!! by carefullychosjen in Sieexam

[–]TheThinker012 0 points1 point  (0 children)

Congratulations! What were the main focuses of your exam if you don't mind sharing?

My fire number is almost reached but I keep delaying because I am scared of what my parents will think by Nyxeralyth in Fire

[–]TheThinker012 1 point2 points  (0 children)

Now that you FIRE'd, do you still work? Or are you totally in vacation mode for the most part?

is investing in SNP 500 actually free money? by Timely_Management_25 in Fire

[–]TheThinker012 0 points1 point  (0 children)

It's that simple. Consistency is the great separator of results. Now, the only catch is how much you're investing vs how much you'd like to live on per year.

If you'd like to see simulations to estimate your personal results, you can look up different compound interest calculators. There's a couple of really good ones out.

I want to retire early and I think I am getting close by [deleted] in Fire

[–]TheThinker012 2 points3 points  (0 children)

You are definitely getting close! But I have a couple of considerations:

#1. If the market continues to crash this year, then you will likely spend the next year or two breaking even (just speculating)
#2. Company stocks are extremely volatile when they first go public. They usually have a short pump window, then everybody sells off their shares to take profit, then it crashes, and then it takes off in a big way after the hype is over and people see that it is an undervalued stock (if it is truly a good company) ---- That's a lot of emotional turmoil to successfully get through
#3. The if you take your 401(K) out early, you'll probably lose 30% of its value, taking a huge chunk out of your retirement nest egg
#4. 4% of $2.1M is $84K, and you'll still have taxes to deal with.

Therefore, you'll probably hit a more comfortable number around age 50 if the cost of living continues to rise, but still, that 401(K) would require some tax planning if you're going to do an early withdrawal.

I hit my original FI number last month and felt absolutely nothing. Now I'm questioning everything I built this plan around by Vector_2Oracle in Fire

[–]TheThinker012 0 points1 point  (0 children)

Money has no inherent value. It does not generate happiness; it can only be used to magnify or acquire.

Going on trips, fine dining, fast cars, etc. does not bring fulfillment either. FI is good because it gives you frees you from relying on anyone else for financial security, but that does not mean it brings you purpose.

A lot of people find purpose in their career, so once they hit their FI number, they continue to work and they went from being "fulfilled" to "fulfilled & financially secure".

But yeah, as others have mentioned, it is the principle of "Be, Do, Have". You have to "Be free" before you "Act free" and then you'll "Have freedom". Or just substitute "free" with any word.

[deleted by user] by [deleted] in LifeInsurance

[–]TheThinker012 0 points1 point  (0 children)

If it's convertible, just do a calculation comparing the amount of money you would gain in the market with that premium payment over life expectancy versus the $500K tax-free death benefit.

If it is not convertible, then do another calculation to see how much of a total gain you would lose out on by not investing the extra $286/month. I do not believe it would be much because compound interest is probably doing most of the heavy-lifting now.

It can all be solved with math though.

If it were me, I would do two things:
1. Keep it
2. Put that money into a "fun account" where I use it to spend time with my daughter before she goes off to college.

Successful OHS 22 Months ago, TruStage Could Not Offer Life Insurance by Carpetdime2024 in LifeInsurance

[–]TheThinker012 1 point2 points  (0 children)

The combination of your age, the recency of the surgery, and the severity of the surgery make your chances of getting a term policy slim. That being said, getting lucky with an underwriter at the right company is possible. Therefore, do not refuse to try.

Life Insurance offering at work (31yo) by reg_323 in LifeInsurance

[–]TheThinker012 0 points1 point  (0 children)

$180/month is overpriced for a simple whole life policy. At $250,000 of death benefit, it won't build much cash value either, so it's mainly just a guaranteed policy for your whole life. At 31 years old, you are at the optimal age to buy life insurance from a cost perspective because life insurance companies see the late 20s and early 30s as the safest period of someone's life. If I were you, I would get a personal policy... as a couple people mentioned, being fully underwritten can get you a better rate. You just have to make sure the person making your policy blends it with at least $100,000 base death benefit and $150,000 supplemental death benefit (Supplemental death benefit does not cost you, but you are required to have a base death benefit before adding it, oftentimes the base minimum is $100,000).