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Anyone have a Branch standing desk? Thoughts?
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Anyone have a Branch standing desk? Thoughts?
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Skipping the 401k altogether is turning away free money. If you think that is a good idea I am not sure you have FIRE under control.
Only if there’s a match right?
Might be worth asking the FIRE bowl https://joinfishbowl.com/bowl_sak5ar
About FIRE - people that retire at 40 without >$10M net worth my find themselves in a pickle later, if life happens to them. It’s aspirational to save that much early, foolhardy to retire that soon
M1 - makes sense, and my best wishes; hope your outcome is better
With Roth options you have access to the invested principle, but not the growth w/o penalty. you should max these out plus use a taxable account to invest the extra, this isn't Dave Ramsey, this is freaking fire we are talking about.
Rising Star
Principal
For a while I was extremely impressed by some of the people in the FIRE movement, and I think it is empowering to be financially stable/self-sufficient. But do you really want to sacrifice your 25-40 years so that you can “retire” at 40? Think of all the expenses inbound too with a potential spouse/wedding/kids in that time frame as well. I think pushing unrealistic saving expectations would cause serious strains in relationships and maybe your own well-being. Not to judge— jealous if you retire at 40!
C2 - exactly. My personal goal is to increase my quality of life and have fun (smartly). For me, that does mean splurging on toys and vacations and such and I don’t want to live that life 25-40 just so I can keep living that type of life in “retirement”.
If your company matches 100% contribute up to that.
That’s risky because the main benefit you lose is compounding in those accounts and being tax deferred. You’ll lose those massive compounds later on if you don’t hold. But I’m all for FIRE if you can make it work.
How are you getting 10M? At an average 10% return, you’re saying people need atleast a 1M a year to live?
A1 - not accurate. 4% withdrawal rule allows for principle preservation indefinitely assuming you are in high dividend and income producing investments.
$3M * 4% = $120k a year in income.
There are loopholes to accessing your accounts without the penalty. You can also try out the Roth ladder method. This article does a great job at explaining the method: https://www.madfientist.com/how-to-access-retirement-funds-early/
Chief
No you should not. Roth is the best vehicle. Keep making it out. Then you will just need to bridge the gap between 40 and 65 some other way. Alternatively you can always take out contributions tax free, just not earnings, so that would be a move later.