Help me FIRE
Goal is to reach 6M$ before 2034 NW: 500k 2 YOE + PhD age 30 Household income 800k We only live on the base (360k) and everything else goes to investment. Current investment strategy: buying individual tech stocks (Google, Apple, Amazon, AMD, Nvidia, Microsoft..) Thinking of switching to ETF progressively and reduced the risk. Also thinking of buying farm land in my country and invest in olive oil. I rent in bay area, I won't buy since I'm leaving in 10 years. No kids until 3 years from now. No Roth backdoor because I'm retiring when 40. Is our goal achievable? Any advice?
Might as well just buy the NYSE FANG+ index ETF instead of individual stocks to reduce the tax liability of rebalancing. Also the dividends would be reinvested. I also don’t think it’s a sound idea to completely let go of the broader market and just invest in tech sector, but I’m sure you’ve thought of a good reason.
You should do the backdoor Roth IRA (and a 401k, though traditional may be better than Roth) even with your FIRE goals because: 1. You can withdraw Roth contributions tax/penalty free at any age (though in some cases you need to leave it in for up to 5 years). 2. There are other ways to get your money out without penalties, such as SEPP (substantially equal periodic payment) and Roth IRA conversion ladders. 3. You're gonna need money once you're old. 4. The tax deferrals on these accounts are worth so much that sometimes just paying the penalty when you need the money is better than foregoing the tax deferrals.
We have 401k. But I'm not convinced on the post tax ones like the mega backdoor one
If he is relocating back to his home country, then he is no longer a US resident for tax purposes and therefore is not liable to pay capital gains in the US. In such a case how does Roth help ?
Synthetic long on the SPY and hope. Boom or bust. 10x in ten years is very very unlikely.
If Ignoring our annual income it's unlikely to turn 500k into 5M. We're currently saving around 300k / year with potential to increase it as we advance. So hopefully we'll make it
If you can save $300k/year you’ll probably make it. That’s pretty average spy returns. Just buy and hold.
mind me asking which country you are coming from?
One of those that grow Olives ?
I don’t think the goal is possible to reach, you’re assuming that tech in the future will be as good as it in 2018-2021, but nothing will be good forever.
Real estate
Wrong
Okay
Fuck you
Just BTC. All this sp500 and stocks crap ain't going to get you there .
While it’s good to have plans, just remember that life destroys most plans. But I hope you have time in your plans to smell the roses, have a partner and not worry if the baby comes early. Money is important but unless you’re in poverty other things play a role in life too
Do you work for FAIR?