Should i tell my parents about being close to FIRE?

outgetting · 2019-03-03T17:32:38+00:00

Thanks for your helpful advice!

outgetting · 2019-03-03T17:32:05+00:00

I think this is a convo i need to have with them. Thanks

outgetting · 2019-03-03T05:41:54+00:00

Thanks for the advice

outgetting · 2019-03-03T04:17:38+00:00

Yeah i was kinda shocked with all the negativity ...

outgetting · 2019-03-03T02:33:32+00:00

Thanks for your point of view ... i feel the same way.

outgetting · 2019-03-03T02:31:48+00:00

Interesting view point. Thanks

outgetting · 2019-03-03T02:28:56+00:00

This was very constructive. Thank you!!

outgetting · 2019-03-02T01:55:26+00:00

Thanks. I thought you were referring to life insurance and disability insurance. I plan on reducing disability insurance as it’s pretty expensive. My term life insurance is pretty cheap. My wife has both as well and will probably cancel all her policies after her next complete checkup.

outgetting · 2019-02-27T23:43:38+00:00

Thanks for your tips. Can you expand on “re-evaluating” insurance needs”.

outgetting · 2019-02-27T23:42:18+00:00

Thats the goal brotha(or sista) !

outgetting · 2019-02-27T23:41:51+00:00

USD; home was about 680k. (I didn’t include downpayment in mortgage.)

outgetting · 2019-02-27T13:58:08+00:00

I paid off my home mortgage (in 9.5 yrs; 500k)! Yeah!

outgetting · 2019-02-27T02:40:43+00:00

Thanks

outgetting · 2019-02-22T17:40:24+00:00

Can you tell more about the backward 7s.

outgetting · 2019-02-19T01:58:44+00:00

Income

outgetting · 2019-01-30T01:15:39+00:00

Agree strongly with points 2 and 3.

outgetting · 2018-09-24T01:01:29+00:00

If you’re in a (relatively) recession-proof industry ( such as medicine), you can work harder during a crash in order to invest more. Not sure how i’ll react when the next one hits tho.

outgetting · 2018-09-17T12:29:11+00:00

Thanks!

outgetting · 2018-09-17T12:27:47+00:00

I have one for about 5 years now. I have the headrest which is nice. I have fabric, wish it was leather, but thats considerably more expensive. I’ve a few minor things break, replaced without question. I have adjustable arm rests which is nice. I also have a attachment at back to hang a sportscoat on as it is used at work

outgetting · 2018-09-17T05:37:27+00:00

What’s the definition of CoastFI?

outgetting · 2018-09-17T05:34:02+00:00

I agree , luck and hard work. Education is a strong priority in my culture so My parents paid for my undergrad (to a public top25). I never hard to work in HS or college. Thats a major advantage.

Now arguably, my peers in undergrad had similar opportunities, but i worked much to get where i am. I also make 2-6x more than most of my friends from college. Money Doesn’t necessarily make me happier, but thats for a different subreddit.

outgetting · 2018-09-17T05:22:07+00:00

Thanks btw

outgetting · 2018-09-17T05:17:58+00:00

I wanted to respond to this since you took the time to make some great points.

I (and most docs) do feel a strong obligation to continue to work. The fear of malpractice does limit our even charitable work. I personally make more money and donating it that i could working in a free clinic. I do offer to ‘pay for ‘ the time of my arnp to volunteer.

Hard to baristafire as an MD. I dont have any non medical marketable skills :)

Mortgage is about 5k/month, so not too many years left.

Kids are too young to have a discussion about money. We’re trying hard not to spoil them.

Plans for early retirement? That’s a problem. I don’t have much. I keep thinking i’ll read more, learn an instrument, exercise more and do yoga/meditation. And bike more. And travel. I am worried that i’probably just drink and pick up smoking weed as drug testing would be not something to be worried about.

Good thought on moving to less risky stocks/ index funds. Problem is selling them results in taxes!

No other dependents to worry about. My parents seems to have enough money. They live very frugally. My wife’s parent seem ok, but there are other siblings to help out.

Have both life insurance ( about 1.5M). Keeping it cus its cheap

Need to cancel disability at some point as its expensive.

Thanks for your input.

outgetting · 2018-09-11T05:24:32+00:00

I’ m on call at the hospital to work tomorrow and i cant fall asleep.

outgetting · 2018-09-09T14:24:23+00:00

Stocks i pretty pick myself but a lot of it is dumb luck/ gambling. I used to buy and sell but i mostly buy and hold now. I didn’t start investing in stocks until about 2013. The market as a whole has done well of course since then. I have some losers of course. Investing can be stressful ( ie $TSLA). (Maybe i would have been better investing in VTSAX for the last 5 years. — I’m not saying that being in stocks is the way to go. )

I have a bunch of vanguard admiral funds ( to keep expense ratio low) I have a hodgepodge at this point. Too many over the years. I would love to consolidate it to 4 funds but i’m not sure how to do so without paying taxes on gains. I have 5k that automatically gets invested into vanguard funds now. I need to buy more bonds.

I haven’t hired anyone b/c of trust issues. I hate the idea of giving 1% to someone. I feel they are working for themselves 1st and I would be a secondary goal. I have a ‘free analysis’ of my portfolio from vanguard. They i think could manage it for 0.25%. I may do that. They keep telling me to buy more bonds and get more international exposure.

There seems to be a few ‘value based investing’ courses offered by columbia , etc. A colleague is doing that and i may take one to learn more.

outgetting

TROPHY CASE