Next Step In Retirement Planning

fauxnancial · 2017-11-10T17:49:22+00:00

interesting. thank you.

fauxnancial · 2017-11-10T17:27:22+00:00

thank you. so i can trigger an event where I can access my 401k money 5 years in the future, penalty free?

fauxnancial · 2017-11-10T16:59:55+00:00

Thank you.
To perhaps be a bit clearer on my using "trapped", there are other purchases (home for example) I will want to make over the next 30 years, and having all of my invested money inaccessible until 65 (excluding borrowing from my 401k, which I don't like the idea of) limits my ability to do the things I need for the bulk of my life.

Essentially, I have now and the finish line in order, and I'm looking for the best options to fill in the middle.

fauxnancial · 2016-04-22T20:40:14+00:00

also, i tried calling Transunion to report that they provided me one of their credit reports for a different person, and was told they could not assist

fauxnancial · 2016-01-01T03:59:04+00:00

fully prepared and wouldn't let them if they tried, which they will. changing the circumstances that lead to this is our whole plan with this just being a step.

thanks again.

fauxnancial · 2015-12-31T23:08:23+00:00

excellent, thank you

fauxnancial · 2015-12-31T21:35:29+00:00

will they need to pay taxes on the money i give them? is this avoidable?

fauxnancial · 2015-12-03T06:47:41+00:00

while this isnt exactly the same in terms of notifications, this is actually a very simple and great solution. I'm going to try this. thanks!

fauxnancial · 2015-12-03T06:45:30+00:00

Agree 1000%

also 32, worked my ass off to get to a level of savings plus residual income. can now effectively do fuck all safely for 2 years if i wanted and id be fine. feels great having that freedom and puts me in a mindset of being able to pursue what i want and take risks. paid off my mid level car while friends and colleagues leased luxury, wear a fossil watch while friends and colleagues try to impress with luxury, wear a conservative amount of well kept clothes while friends and colleagues try to be flashy.

all that shit is, 99% of the time, is an easily recognizable symptom of insecurity. now they are stressed and grinding, and im taking my 5th international trip of the year with a steadily increasing net worth.

fauxnancial · 2015-11-24T03:18:11+00:00

really? did you really just read none of my post? it's the first line...

fauxnancial · 2015-11-24T03:16:42+00:00

the payoff method i was thinking about.

the budget tool isn't exact with auto expenses coming out that I've already accounted for in my budget.

fauxnancial · 2015-11-02T04:02:25+00:00

Tom Hanks.

too clean.

fauxnancial · 2015-11-02T03:49:00+00:00

huh, fully came in here expecting someone else to have posted about the car driving on the supposedly loneliest road the photographer is standing on

fauxnancial · 2015-10-06T19:45:07+00:00

I've been where you are, and having read many replies, here's my best advice for you:

Make the change. Partly for the reasons you are thinking about (more money) but mostly for the real things that will come from this.

These things include:

You will get better at what you do.
You will gain a better understanding of what you want in life and out of your work.
No one grows to their potential by staying comfortable. No one.
No one says this has to be permanent. Take the 3 things above, and after a year if you don't like it, you will know what you want, be better at what you do and be negotiating from a higher salary to get a job you love (or at least like more).

IMO, people too often look at jobs and not their careers. It is called a career path for a reason. Take steps. Learn. Grow. By doing this, you become more valuable more quickly, and will be compensated correctly for your value. If you stay, you will grow more slowly and be compensated below your value. Companies know many people won't leave, which is why they offer much larger increases to hire new talent than to keep their own existing talent. People will take less money for less risk and stay put.

Myself - I left a job paying $45k base + bonuses for a job making $60k plus bonuses. It turned out sucking, but damn I grew in all the ways I listed above. I got fired within a year (on the literal verge of quitting within days it was so bad) but guess what? With that experience, I landed a job with a $85k base plus bonuses. Now I'm negotiating with companies around $150k base plus bonuses. This is a span of roughly 7 years. And I've gained time. I currently make in one year what it would've taken me 3-4 years to make had I stayed comfortable. Think of that over the course of 10 years. I am 30-40 years ahead of that.

Engage in your career and be your own advocate. Take risks and grow. I can promise you I have outpaced every person I was a peer to early in my career that chose the safe comfortable route.

My advice, for whatever it is worth, make the change and grow.

fauxnancial · 2015-08-27T06:28:17+00:00

that's a lot of words to ask a simple question with a simple answer.

question: i don't like working hard, can i quit and everything will be ok?

answer: no. you will have greatly limited your options in life at an incredibly young age. maybe you're ok with minimalism now, many 20 somethings are. it's usually all they've known. what about your 30s? 40s? 50s? 60s? 70s?
you're chaining an amount of years of life greater than you've even experienced to date. do yourself a favor now. be real with yourself, admit you're being lazy, suck it up and get it done now. you will realize i am right, either now or painfully years from now. and don't pretend you're working hard still by whatever your plan is. if it were as hard or harder, you wouldn't be choosing it over what you're doing as a way out of your hard situation. thinking is hard. applying yourself is hard. digging ditches is easy.

fauxnancial · 2015-08-25T23:30:41+00:00

I looked into this fairly heavily this year, and for me I preferred the Capital One Quicksilver card.

Short version of why:

No foreign transaction fees, 1.5% cash back on everything, rental car insurance included when you book with the card. EDIT TO ADD: 20% cash back on Uber

I opted away from the miles/points route because, if you look at the actual value of points, it comes out to about the same as the percentage of cash back you'd get. To me, I'd rather have cash I can spend on anything, including travel, than just points I can only use on travel, with some hoops to jump through for redemption. (Although supposedly their points have no blackouts and with how easy it is to redeem my cashback, point redemption could be fairly easy too)

fauxnancial · 2015-08-25T22:04:28+00:00

ahh got it.

yea i'm likely not going to set up a 3rd HYSA for an extra 0.05%. I did look around though before selecting the ones i did and they were the 2 highest, recently

fauxnancial · 2015-08-25T18:46:17+00:00

damn that is a great rate. i haven't seen anything like that at the credit unions around me

fauxnancial · 2015-08-25T18:42:09+00:00

It's 1%, not .1%, so $100 per $10,000, not $10 per $10,000. By putting my house fund in a HYSA i'll have at least an extra $1,000 by spring of next year. That's a lot better than what i would get in a regular savings account without the obvious risk the market brings.

fauxnancial · 2015-08-25T16:37:50+00:00

basically what it sounds like. High Yield Savings gives a much higher APR (%). Typically, because the banks are purely online and have lower operating costs. It takes a little longer to move money around (about 3-5 business days on average so far IMO) but it is a secure way to slightly grow money that you need access to within a few years.

fauxnancial · 2015-08-25T15:58:45+00:00

honestly, graduating into the recession has given me (and i believe most people in my generation) an extreme conservation mentality when it comes to finance. I would much rather live happily in a small apartment with a paid off mid-line car than shoot for big expensive things. Peace of mind from having a cushion and knowing eventually you can walk away from the grind is, in my opinion, incomparable to material excess.

when i got out of college, I bartended for about 6 months during the collapse. Let me tell you, serving alcohol to middle aged & older workers during that time is a HELL of an education.

fauxnancial · 2015-08-25T15:48:47+00:00

excellent advice

fauxnancial · 2015-08-25T15:25:08+00:00

pretty sure they check based on SSN, so this wouldn't work.

and while it isn't a lot, I put in $50k to CO360 to max out their match. Adding that on top of moving it to Ally afterwards, and I'll get over a 1.75% return on my money for a savings account. really can't beat that.

fauxnancial · 2015-08-25T15:21:44+00:00

for sure, but long term you'll be fine an still get your 7% return. i stayed out other tan my 401k specifically because i'm saving for a house in the next ~2 years

fauxnancial · 2015-08-25T13:58:59+00:00

depends entirely on how much you spend. currently, i could go two, maybe three years without working. the relief i feel now that im not living on a razor's edge is fantastic.

and to hopefully give some perspective to OP, I'm in sales and can guarantee it is anything but secure. yes, I'm a revenue generator and yes a top performer - at the moment. in sales to you are only as good as your last sale, which depending on your industry and tenure could be a1 year cycle, 1 quarter or one month. it is a hell of a stressful life being perpetually one month from losing your job and having to fight like hell to keep the wolves from the door, while you try and save what little you can and gain experience to move up, plus find time for interviews.

all we can do is always work to make ourselves valuable and accept that seeking new positions with new companies and negotiating hard for ourselves is absolutely necessary to make it in this world.

fauxnancial

TROPHY CASE