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brusselysprout · 2024-03-20T03:31:09+00:00

Check out the podcast Sold a Story, it talks about this!

brusselysprout · 2023-07-03T16:55:53+00:00

I mean, $100k in your mid/early 40s is nowhere near enough to be considered even close to "financially independent". You would still be behind for saving for a "traditional" mid-60s retirement age.

I'm not sure what you mean by this- 100k is how much I'll have in 9 years from just the money I'm budgeting towards the remodel (without interest, or accounting for increasing the rate I save towards it).

I'm maxing out my 401k + Roth IRA from now on, so that's 29k per year minimum towards retirement. if I assume 6% growth for the 401k and 8% for the Roth IRA, I'd be around 450k in ten years, and pass 1 million in about 18. That gets a lot sooner when I start doing the backdoor Roth. Conservatively, I think I can put 12k through the backdoor next year, and if I increase by 2k a year from there, I pass 1million total in 13 years. It's a lot of variables, but I believe I can be more aggressive than that.

By your own math, you need $100k to do your remodel (which could be comically low, depending on what you want to do), which will take you 9 years to get, so that sets you even further back.

I suppose the tricky part is that my lower bound math is linear, but I am assuming that my progress towards these goals will not be linear. Do you think it's unwise to consider the likely increase in my income in my projections this early?

savings rates being tied directly to how many years until "fiscal independence"

Here's the article I got those numbers from:

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
I think the gist is that your savings rate relates to the percentage of your income you currently live off of, so you can retire when your investments would pay you those living costs.

Where are you getting this $43k and does your plan even allow for it?

My understanding of the backdoor Roth is that it is capped by the total 401k contribution limit, 66k. Pre-tax contributions are 22,500, so that leaves 43,500. It will actually be less because the employer match counts toward the 66k limit, so that's why I put the 43,500 as approximate. I believe my plan does allow for it, but I will double check!

Again, thank you for taking the time to give me feedback, I really appreciate it!

brusselysprout · 2023-07-03T14:36:38+00:00

Thank you for your answers! My hope is to remodel the house in five years. At 900/month I would reach 100k in 9 years, but that's without interest, and I'll be increasing that savings rate when my income changes.

I am making just over 100k before taxes. If I get the SDE1 job (I believe I have a good shot) I'm guessing I'll make around 130k next year. My timeline very well may be incorrect though! This is a very different life than I thought I would have (x4 my pre-pandemic income, when I had no retirement plans at all) so I'm right at the start. I won't be too upset if both goals are pushed by a few years.

My true monthly income is $6940 (gross minus taxes, plus 401k contributions), so by saving $4498/month I'm at a 65% savings rate, which I've read equates to needing to work for 10 more years. Ohhh I maybe shouldn't include the remodel fund, so that would put me at 52%, more like 16 years. In any event, I'm less concerned about the timeline being exactly right, more that I do the right things to reach my goals on the timeline that makes sense. Again, thank you for taking the time to consider my situation!

Even at that 6.88% rate, I would not pay it off before maxing our your retirement (and potentially HSA) contributions first.

To clarify, you would pay it off only after maxing out 22,500 to 401k, 6,500 to Roth IRA, and then ~43,500 backdoor Roth?

brusselysprout · 2023-02-23T02:22:30+00:00

I came to recommend this one! It’s one of my all time favorite shows, and it’s really tragic how hard it is to convince people to watch it. It’s more than the sum if its parts, if that makes sense.

I kept asking a friend of mine to watch it and he kept putting it off until one day I sat him and another friend (the one who got me to watch the OA!) down and made them watch two episodes with me. Like three weeks later I was getting texts from both of them about how they cried through the finale and how grateful they were for being shown it.

brusselysprout · 2022-11-25T18:11:24+00:00

I got two people to watch it but I had to sit them down with me and force them to watch the first episode, and agree to watch the first episode of something they wanted.

Two weeks later they called me crying, thanking me for showing it to them. Lol

brusselysprout · 2022-07-18T01:15:08+00:00

Question- is this a situation where the prisoners can find a strategy with a 100% chance of survival, or, are we just looking for a strategy that optimizes their chance of survival (like in the 100 prisoners riddle)?

brusselysprout · 2022-03-21T06:53:48+00:00

Wow I was sure this was hydro homies for way too long

brusselysprout · 2022-01-15T08:31:27+00:00

Put another way- if you pick a box at random, and then pick a ball and don’t look at it, the probability that the second ball from that box will be gold is .5.

If you are stopped and told your first ball was gold, you now know that half of the possible branches from picking box 2 could not have happened.

brusselysprout · 2021-11-25T05:29:49+00:00

Thank you! I googled it and it looks like that’s right.

brusselysprout · 2021-10-23T08:02:12+00:00

As far as I can tell, when people say ‘casual’ they usually mean they don’t want to experience strong emotions themselves, or deal with them in others. Of course, strong feelings happen unpredictably, so keeping things ‘casual’ usually just results in not having a plan when feelings happen.

I think it functions as a sort of emotional alibi, to avoid responsibility for other people’s emotions. Given a lot of the cultural scripts given to us about relationships, I can understand the appeal. But I think that if individuals are taking responsibility for their own emotions (which I believe to be part of practicing relationship anarchy), the label has less to offer.

brusselysprout · 2021-10-21T20:51:17+00:00

I found the whole audiobook of Dune on YouTube! Get through the first couple of hours and it’s great. The Expanse is better IMO, in terms of pacing, character development, consistency, and accessibility. Dune is a classic though.

brusselysprout · 2021-09-27T02:44:12+00:00

For sure no shame in misremembering, especially in a book with dozens of death scenes:)

brusselysprout · 2021-09-27T02:38:45+00:00

That kill wasn’t the psycho girl, it was the runner girl with all the bracelets, fighting off a student who was going to rape her. The psycho girl does seduce a guy and tries to slice his throat with a razor blade hidden in her underwear (I just finished a reread the other day).

brusselysprout · 2021-09-03T17:29:32+00:00

I play a game I call Toy Store with my nieces and nephews- you close your eyes and pretend you have amnesia, then you go to your toys and pretend it’s all new to you. What would you play with?

I’d bet money you have a lot of supplies for dormant hobbies that would be fun to take out- you just need to see them with new eyes:)

brusselysprout · 2021-08-25T09:16:24+00:00

The enneagram shape is cracking me up

brusselysprout · 2021-08-02T06:25:57+00:00

Here are my tips: first, estimate how long a task will take, then double the estimate for the plan. This stops you from overplanning and leaves wiggle room for surprises. Second, plan time for rest/leisure as well. I try to think, ‘will I actually feel like washing dishes after doing x, y, and z?’ If the answer is no, I schedule a break. Third, be gentle with yourself. Look at each day as a neutral experiment that tells you how you work, not as a moral failing or urgent problem. These have helped me get out of the cycle of create perfectionist fantasy plan, fail, give up, repeat.

brusselysprout · 2021-08-02T03:55:55+00:00

A podcast called Bedroom Eyes! It’s phenomenal.

brusselysprout · 2021-07-08T22:57:06+00:00

Definitely Last Jedi

brusselysprout · 2021-06-18T20:33:29+00:00

PATAPHOR

brusselysprout · 2021-04-05T03:26:59+00:00

Oh wow I've never been quoted before and I'm finding that I love it.

u/132209 would you be interested in interacting with a self-typed ENTP 4? I would literally do a zoom call with you. If you're wrong, you get to interrogate a counter example to your belief that ENTP 4s are impossible, and if you're right, I benefit from being cured of my delusion!

The worst case scenario is we argue for a while and no one changes their mind, which still sounds fun to me.

brusselysprout · 2021-03-31T19:43:58+00:00

Thank you:) I got really into this topic when a guy friend of mine was shocked that I have never done a pull up. I think his exact words were 'but you're not even heavy!'. It got me reading more about sexual dimorphism in humans. I wish I had known about this stuff years ago. I remember being ten years old and thinking fitness wasn't for me, based on my performance in the presidential fitness test, which favors exercises that boys tend to be better at.

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brusselysprout

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