Search found 84 matches

by WageSlave
Thu Jul 19, 2018 8:49 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15706

Re: New book based on Millionaire Next Door

Regarding wealthy teachers: I wonder if there's a bias from people who started out in a non-educational field, made a lot of money, then switched to teaching. I sometimes flirt with the idea myself: I'm basically at a portfolio amount that's a little shy of actual FIRE, but if I had a job I enjoyed ...
by WageSlave
Fri Jul 13, 2018 12:58 pm
Forum: Personal Consumer Issues
Topic: When does frugal cross the line to cheapskate?
Replies: 136
Views: 10017

Re: When does frugal cross the line to cheapskate?

I heard this somewhere recently: "If you go to a restaurant and don't leave a tip, that's cheap. If you skip the restaurant and make a meal at home, that's frugal."

Edit: So what is the community's take on famous early-retirement bloggers, like Mr Money Mustache? Frugal or cheap?
by WageSlave
Fri Jul 06, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: How to "retire" in your 30's article
Replies: 110
Views: 14863

Re: How to "retire" in your 30's article

@marc1976 - would you be willing to share your portfolio value and your annual expenses? Just curious. Usually when I see threads along the lines of "Can I retire at age X with this much?", the responses seem to be trying to one-up the previous one, always pushing for a lower withdrawal rate ("how c...
by WageSlave
Thu Jul 05, 2018 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Affording a $1.8-2M house
Replies: 54
Views: 9364

Re: Affording a $1.8-2M house

paying someone to drive you. Have you (OP) given this any thought? What's the cost to Uber/Taxi/Lyft to work every day? It will be somewhat offset by not having to pay parking fees. And since you won't be driving, you can possibly get some work done while in the car. Depending on your job, maybe th...
by WageSlave
Mon Jul 02, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 212
Views: 13535

Re: What are your property taxes?

For a 3600 sq ft house bought for $945k in 2016, we pay $14k/year in property taxes. Western Chicago suburb. Chicago. - Annual property tax bills (with home-owner-exception) seem to be approximately 2% of the fair market value of my home. (They play games with assessed value, assessment rate, etc. A...
by WageSlave
Mon Jun 18, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking spending before retirement useful for estimating retirement expenses?
Replies: 72
Views: 4529

Re: Tracking spending before retirement useful for estimating retirement expenses?

For me absolutely, I found it extremely useful. Like delamer mentions above, it gives you a baseline from which you can think through adjustments and changes. So I'm glad I did it, now about 13 years into early retirement. Although I found it useful irrespective of the retirement aspect too. For ex...
by WageSlave
Fri May 11, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: yet another should I change jobs question
Replies: 12
Views: 1185

Re: yet another should I change jobs question

Thank you all for your thoughtful and helpful responses! If I don't reply to a specific post, it doesn't mean I didn't read it! Rather, it means I'm taking the time to mentally digest it. OP, what matters more you you: Maintainig your current lifestyle, leaving your current job, or spending the same...
by WageSlave
Thu May 10, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: yet another should I change jobs question
Replies: 12
Views: 1185

Re: yet another should I change jobs question

Given your expectations that the company will implode and your high level of savings, I would not stay. To be fair, the company's implosion is like the next major stock market crash. I'm certain it will happen, I just can't say when . Bolt - If you're not staying current or learning new things you'...
by WageSlave
Tue May 08, 2018 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: yet another should I change jobs question
Replies: 12
Views: 1185

yet another should I change jobs question

I've seen a number of this type of post lately. None have yet matched my situation closely, so here goes. I'm struggling with a "should I change jobs" question. Here's the high level view. Start with the good things about current job: Pay is ludicrously good. Party due to being good at my job, partl...
by WageSlave
Fri Apr 13, 2018 10:55 am
Forum: Personal Consumer Issues
Topic: How Far is too Far, Commuting?
Replies: 211
Views: 13657

Re: Work Commute: How far is too far?

Sounds like you're in one of the classic "three options, pick two" situations. Specifically, your three options: Good-paying job Tolerable commute House you love Pick any two. :) Obviously it's a matter of personal preference, different people will value and weight those options differently. My comm...
by WageSlave
Wed Apr 04, 2018 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Camry. What's wrong with me?
Replies: 99
Views: 6340

Re: 2018 Camry. What's wrong with me?

Let me guess - you drive a used Camry, and everyone else should also because anything else is a waste of money? I could argue a $4 bottle of red wine gives me the same buzz and health benefits as a $400 one, therefore anyone who enjoys anything else is wasting their money. Some people enjoy things ...
by WageSlave
Wed Apr 04, 2018 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Camry. What's wrong with me?
Replies: 99
Views: 6340

Re: 2018 Camry. What's wrong with me?

-Extra traction esp. for braking can be an aid in an emergency situation. Look at the stopping distances for a typical sports car vs. a family sedan and tell me how stopping 30 feet shorter (two car lengths) from highway speed is not a good thing to have when someone pulls out of a side street in f...
by WageSlave
Mon Jan 29, 2018 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Still working out of greed or fear?
Replies: 46
Views: 5433

Re: Still working out of greed or fear?

Fear, almost entirely due to healthcare concerns. Looks like lots of others feel the same. We paid off our house last year. Our portfolio is about 80% equities; based on current portfolio value, we have around 35x annual expenses---some might call that FI. However, I feel a market correction is loom...
by WageSlave
Tue Jan 23, 2018 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of living comparison (HCOL vs LCOL)
Replies: 85
Views: 6802

Re: Cost of living comparison (HCOL vs LCOL)

You can end up overspending on housing if you assume that future appreciation will justify current cash flow. +1. Isn't that attitude one of the big reasons why we saw the 2007/2008 meltdown? But a home is part investment, part expense. So a 43% reduction in PITI costs also has some negative effect...
by WageSlave
Wed Dec 13, 2017 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: pay down mortgage or invest in taxable
Replies: 73
Views: 7379

Re: pay down mortgage or invest in taxable

I already contribute max to two 401ks, hsa, 2 back door roths (for my and my spouse), ... all other debts have ostensibly been paid off. so it would just be where excess income goes. And an appropriately-sized liquid emergency fund, right? (E.g. six months' living expenses in a checking account.) B...
by WageSlave
Mon Dec 11, 2017 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money
Replies: 76
Views: 7702

Re: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money

I was one of the folks on page 1 to suggest job-hopping, and I've enjoyed your posts, so I'll respond. Thank you for the interesting post. However, based on what you describe (at least how you've managed yourself), I wound't consider you a job hopper. I don't have a hard definition for "job hopping...
by WageSlave
Mon Dec 11, 2017 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money
Replies: 76
Views: 7702

Re: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money

<<Since I graduated with my associate's degree in 2004 at 20 years old, I have worked for 2 other small IT business with less than 30 employees. I am the only employee of my current employer as Systems Engineer for a small IT Managed Services company. I have been with my current employer since Marc...
by WageSlave
Fri Dec 08, 2017 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money
Replies: 76
Views: 7702

Re: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money

1) Do you work at the same job for 10+ years at each employer? I hope the answer would be no. First employer was five years, current employer over 11 years now. 2) <<I see lots of suggestions to "change jobs often".>> A person could change to a different job at the same employer. But, in the contex...
by WageSlave
Fri Dec 08, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money
Replies: 76
Views: 7702

Re: 33 years old, 13 years IT experience, currently make 63k a year. I need advice to start making more money

I have at least one contrarian viewpoint: I see lots of suggestions to "change jobs often". One of my roles is hiring manager, and I almost always toss resumes that shows someone changing jobs every two or three years. I'm nearing 20 years of post-college professional IT work, and have only worked f...
by WageSlave
Wed Dec 06, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: How do you know you are FI? [Financially Independent]
Replies: 48
Views: 4554

Re: How do you know you are FI?

I use the definition from the book Your Money or Your Life (YMOYL) : that is, when my passive income consistently matches (or exceeds) my expenses. But even that is a little tricky, as I currently have employer-paid health insurance. So other than co-pays, my health care costs are hidden from me. (A...
by WageSlave
Tue Dec 05, 2017 11:49 am
Forum: Personal Consumer Issues
Topic: Best solution for digitizing documents?
Replies: 55
Views: 5667

Re: Best solution for digitizing documents?

I've been scanning almost everything since 2005, and now have little or no paper files. It's the way to go. Organization is the key. I'm now in the process of switching all my magazine subscriptions to digital files. All my stuff is on my own computer, with multiple backups, rather than "cloud". [ ...
by WageSlave
Tue Nov 28, 2017 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 9353

Re: Too much house, right?

The numbers don't cut it for my conservative tastes. But I totally get the thrill of buying a "blank canvas". We recently just bought a new home; it was pre-built, but I put a lot of time and energy into learning about building our dream home. I would have done it too, except that we were unable to ...
by WageSlave
Tue Sep 26, 2017 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: House sale losses/expenses to offset capital gains tax?
Replies: 4
Views: 511

Re: House sale losses/expenses to offset capital gains tax?

Yes, this was a personal residence (I updated the original post to include that detail).

So, sounds like it's just a loss/expense with no upside. :(
by WageSlave
Tue Sep 26, 2017 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: House sale losses/expenses to offset capital gains tax?
Replies: 4
Views: 511

House sale losses/expenses to offset capital gains tax?

A week ago I closed on the sale of my former house (personal residence, not a rental or income property). Entering all the data in my accounting software (GnuCash), I see I lost about $90k in total, due to: Capital loss ($35k difference in purchase price vs sale price) Broker commissions (about $30k...
by WageSlave
Wed Sep 13, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: How much does my commute cost me?
Replies: 15
Views: 2285

Re: How much does my commute cost me?

If you take the shuttle, can you eliminate the car entirely? I used to drive to work every day. That was a small town, so it was a short/easy drive, even "bad" traffic wasn't too bad. But when I relocated to the Chicago area, I started taking a train. It look me a long time to get used to being on a...
by WageSlave
Mon Sep 11, 2017 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: AirBnB Hosting - In lieu of traditional rentals
Replies: 13
Views: 2414

Re: AirBnB Hosting - In lieu of traditional rentals

Mr Money Mustache's most recent post is a case study of exactly this: From Zero to Wealthy in Two Years – With AirBnb? . My takeaway is that it's not that different from traditional renting, in that much of the hardest/most critical work is up-front: finding good properties, and then making plans fo...
by WageSlave
Mon Jul 24, 2017 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Spending and Expense
Replies: 6
Views: 709

Re: Spending and Expense

Non-trivial, irregular expenses I would think by definition are "emergencies", no? E.g., basement flood, dead hot water heater, car break down, job loss... they are emergencies because you can't plan for them or reasonably predict or avoid them. That's the whole point of an emergency fund: you ackno...
by WageSlave
Thu Jul 20, 2017 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: How much of an increase of salary would you expect before switching jobs?
Replies: 94
Views: 8399

Re: How much of an increase of salary would you expect before switching jobs?

For me it has always come down to three factors in the following order of priority: 1. Job satisfaction/happiness 2. Room for substantial income growth within my field 3. Competitive compensation today If I only had 1, I would be actively looking for a new job. If I had 1 and 3, I would be passivel...
by WageSlave
Thu Jul 06, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking advice on 1.2m (now 900K) house purchase
Replies: 192
Views: 16884

Re: Seeking advice on 1.2m house purchase

Rents have increased since and rent vs buy of a 3 bedroom house is around 3500 vs 3737 (PITI - with 600K downpayment). Did I miss where the details of that were posted? Intuitively, I can't see how giving up the re-investment returns of that $600k down payment can possibly be made up for so quickly...
by WageSlave
Tue May 23, 2017 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: How do you find a dream/hobby/part-time job?
Replies: 13
Views: 2591

Re: How do you find a dream/hobby/part-time job?

If my other option was a 75% pay cut, I'd do some mental recalibrating to convince myself / come to realize that I'm standing smack dab in the middle of the greenest grass around. Do the four years, and consider the 5-7 years to get you where you need to be. If you're feeling some burnout, make sur...
by WageSlave
Tue May 23, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: How do you find a dream/hobby/part-time job?
Replies: 13
Views: 2591

How do you find a dream/hobby/part-time job?

I'm in a position where I'm starting to think about "downsizing" my job, or semi-retirement, or moving to part-time, or whatever you want to call it. And there are no shortage of threads on this forum where people ask "can I take a pay cut" or some variation on that. (Examples found in 2 seconds of ...
by WageSlave
Tue May 16, 2017 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Privacy vs $$$$
Replies: 31
Views: 4979

Re: Privacy vs $$$$

Yesterday I went to the paint store for a quart of paint. I was told it was $26 on the phone when I called ahead. So when I get there they start asking me for my email address and my name and home address. I said I was paying cash and they did not need that data. The clerk said it was "standard sto...
by WageSlave
Thu Apr 13, 2017 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: million dollar condo?
Replies: 33
Views: 4786

Re: million dollar condo?

It's not clear to me what problem is solved by buying a new house? Or, what is wrong with the current house? High-crime area? Terrible schools? Miserable commute? Etc. In the absence of "hard" problems with the current home (as opposed to "soft" problems of convenience, luxury, or (god forbid) keepi...
by WageSlave
Tue Apr 11, 2017 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Question (buying a new home before selling current one)
Replies: 21
Views: 2613

Re: Mortgage Question (buying a new home before selling current one)

I'm in the exact same situation as OP, though one step ahead (recent thread: Yet Another Mortgage vs Payoff Question ). A couple more random ideas. First, how big is your non-tax advantaged investment portfolio? You may be able to take advantage of a cash secured loan. I have not done this; I only k...
by WageSlave
Thu Apr 06, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Yet Another Mortgage vs Payoff Question
Replies: 7
Views: 1191

Re: Yet Another Mortgage vs Payoff Question

Thanks for all the thoughtful replies! Key question: What does your significant other say on the matter? Ha, a good question, and one I didn't think to ask. In general my wife happily defers all financial matters to me. But since you mentioned it, I asked her last night. She didn't have a strong opi...
by WageSlave
Thu Apr 06, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Career advice in IT
Replies: 99
Views: 9534

Re: Career advice in IT

In my experience, it's all about attitude and general competency. I've been interviewing and and managing technology folks (primarily developers) for a decade now. I have a bachelor's in computer science. I find that the quality of computer science program seems to vary greatly. On the weak end are ...
by WageSlave
Wed Apr 05, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Yet Another Mortgage vs Payoff Question
Replies: 7
Views: 1191

Yet Another Mortgage vs Payoff Question

We currently own two houses, mainly due to having found "the one" sooner than expected. In about two months we'll move into the new house and sell the old house. The old house is fully paid off. We have a 7/1 ARM on the new house. I expect the sale of the old house to provide enough cash to fully pa...
by WageSlave
Fri Mar 03, 2017 3:21 pm
Forum: Investing - Theory, News & General
Topic: Generating Passive income
Replies: 33
Views: 5515

Re: Generating Passive income

delete accidental duplicate post
by WageSlave
Fri Mar 03, 2017 3:20 pm
Forum: Investing - Theory, News & General
Topic: Generating Passive income
Replies: 33
Views: 5515

Re: Generating Passive income

Also many argue that there is no such thing as risk-free in any context anyway. I think investing in yourself is mostly risk-free, assuming you do it smartly. If you go spend a lot of money on a degree, well, obviously that's a big risk. But if you can find a way to turn a hobby or other natural in...
by WageSlave
Tue Jan 10, 2017 3:26 pm
Forum: Investing - Theory, News & General
Topic: Whats your number to walk away?
Replies: 245
Views: 35441

Re: Whats your number to walk away?

As others have mentioned, this question implicitly: what are you current expenses, what kind of safety margin do you want, how much longer do you expect to live? My current expenses hang around $100k/year, striving for a portfolio that is 50x annual expenses (2% withdrawal rate), and thinking that s...
by WageSlave
Tue Jan 03, 2017 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Study on SWR rates for Early Retirement
Replies: 63
Views: 8145

Re: Study on SWR rates for Early Retirement

Those interested in the "meta" question, How to plan for (very) early retirement? , might want to check out this thread+poll I started a couple years ago: What SWR/expense multiple to use for early retirement plan? . As every Boglehead knows, it's impossible to predict security prices, interest rate...
by WageSlave
Thu Dec 22, 2016 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Triggers for purchasing a home - what would you do?
Replies: 13
Views: 2220

Re: Triggers for purchasing a home - what would you do?

In my experience, there's a major mindset difference between kids and no-kids. You already have a 2.5 year old, so you've passed that threshold. However, I'll say this anyway: wife and I moved into the city of Chicago before we had kids. This was solely to save commute time (I work downtown). This w...
by WageSlave
Wed Dec 21, 2016 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Job switch dilemma
Replies: 40
Views: 4146

Re: Job switch dilemma

As you know, it's ultimately a personal matter to be decided by you and your family. But I assume you're here to solicit thoughts and ideas you may not have considered on your own. I am an admitted homebody, and a midwesterner, so you can guess where I stand. However, even without considering moving...
by WageSlave
Wed Dec 21, 2016 9:32 am
Forum: Personal Finance (Not Investing)
Topic: How do you track your finances?
Replies: 79
Views: 8946

Re: How do you track your finances?

I still very much have my tinfoil hat on, and use GnuCash for a complete look at cash flows, investments, etc. I also maintain a custom google spreadsheet for tax costs of investing as well as portfolio rebalances by asset class. It works well, though I should mention I look at my GnuCash/spreadshe...
by WageSlave
Thu Nov 17, 2016 3:49 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 333
Views: 69110

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

My jeans are from Costco Would those happen to be Urban Star brand jeans? Cheesy name, but dang if they're not nice jeans! At the Costco we shop, they're only $16/pair, sometimes on sale for $13! My buddy has 8-figure net worth and he loves them too! I was just reminded of another funny quirk of mi...
by WageSlave
Fri Nov 11, 2016 9:23 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 333
Views: 69110

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

PhysicianOnFIRE wrote:The Joe Walsh lyrics are what I was identifying with.
What's funny is that Joe Walsh has another song that covers the other perspective identified in this thread, "Life's Been Good". :wink:
by WageSlave
Fri Nov 11, 2016 6:33 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 333
Views: 69110

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I am value-conscious. A) Paying $99 for a jacket that could be used for all occasions over 6 to 8 years is a great value. Some folks bought a rain coat, a winter jacket, and so on. It is over complicated. B) Why pay the full-price when you do have to? We bought X'mas decoration after X'mas. Apologi...
by WageSlave
Fri Nov 11, 2016 5:15 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 333
Views: 69110

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

It's interesting to see how everyone draws the line between "stealth" and "conspicuous" (in regards to wealth, consumption, whatever). Clearly, how you are perceived by others is important to a lot of people. Just look at how much marketing is out there trying to sell you on something that will incr...
by WageSlave
Wed Apr 20, 2016 8:49 am
Forum: Personal Finance (Not Investing)
Topic: What's a reasonable mortgage amount for me?
Replies: 11
Views: 2459

Re: What's a reasonable mortgage amount for me?

but I think you can afford the house, but not the mortgage. What about the current mortgage, do you think I've already over-extended myself? And if you think my current mortgage is OK, how much higher do you think I could go before the mortgage becomes too expensive? The bonus will eventually stop ...
by WageSlave
Tue Apr 19, 2016 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: What's a reasonable mortgage amount for me?
Replies: 11
Views: 2459

What's a reasonable mortgage amount for me?

I know there are plenty of articles and calculators that address this question, but I think my situation is a bit different. Or it's not, and I'm just looking for an excuse to indulge myself. ;) Anyway, we're considering moving out of the city and into the suburbs. To get the house we want in the lo...