She’s live! Her FI Story Episode 1 of Season 1. Naturally, I started with my own story to break the ice, but I have so many more stories so much different than mine that I am honored and excited to share with women because gatekeeping this information is keeping women vulnerable to toxic situations situations.
I hope you’ll take some time to calculate your own Coast FI number this week! Feel free to share that and share your win & gripe below ⬇️
I’ll go first in sharing a win and gripe from last week:
🎉 Celebration: My win this week is launching this newsletter! It’s not really related to my FI journey, but it’s something I want to celebrate because I was super in my head about every single step of the way. I also would like to celebrate passing the $400k milestone recently! I didn’t do anything to celebrate IRL, so this may be an appropriate place to share my win!
😫 Gripe: The presidential elections last week was so disappointing to me last week. I’m disappointed in our overall two-party system, and it pains me that so many working class American’s took a felon’s words at face value to better the economy.
Love this format and the content in the story. As a mid-30's woman passively/accidentally pursing FI (along with my partner) I love the easy-to-read guide and all the valuable information. I find the FI space to be very overwhelming and the burden of information creates a lot of decision paralysis. Really like this space and love the direction you are going! Keep up the great work. I hope to see a diversity of stories and be able to take nuggets of wisdom from each to apply to my own life. As a Social Worker I find such value in other people's journey's and how we can find information to help our journey through other's stories.
Thanks so much for the feedback, Trisha! I made sure to source stories with a variety of professions/incomes/ages/philosophies. I can’t think of anything better to do with my time than build out this library. I hear you on decision paralysis! Thanks for tuning in ❤️ Feel free to submit your story if you’d like to be featured as well (you can also submit anonymously).
Thank you for sharing your story! I love the new format!
I've used the Fioneers Coast FI calculator in past. I also used the one you link. It's interesting to compare them!
A little win,
We got our auto transfers for investments set up after a several months break (from a job change).
For a frustration...
My partner is onboardwith FI, but he's not always great at sticking to a budget. We have a fixer upper and we are constantly talking about putting money into the house vs. investing. I see the house as a money pit and would prefer to invest in the stock market, but I think my partner sees it mostly as an investment (which is likely...we live in a small mountain university town). It's a tough balance!
I also enjoy using various calculators! I tend to default to plugging my current portfolio into the IRS compound calculator since my portfolio is mostly S&P 500, but I may switch to something like Portfolio Visualizer in the near future once I start adding in bonds, etc.
Congratulations on setting up auto transfers! Double check that you’re also setting up auto purchases. My husband recently made the mistake of transferring money to a brokerage that sat in cash for about a month.
Thanks for sharing the frustration! What an exciting potential for the fixer upper. I like what Paula pant says “you can afford anything but not everything.” Houses do require a lot of cash. If it helps, my husband and I make a money plan at the beginning of the year where we decide on goals, their priorities, and commit to a percentage of income towards each goal. It’s a good thing to revisit after any major life changes (change of income due to anything).
I’ve never seen a level of detail like this! Wow, you are truly changing the game here. Question - would you be open to sharing how you best utilize Monarch to track your needs, wants, and investments? Maybe even a paid webinar - I’d totally join. I also am inspired by Ramit’s mentality and want to automate by budget in a way that easily allows me view my finances in this way.
Thank you, Alison! This is helpful feedback. I’m currently working on trimming down the question set to make it easier on the guests. I need to balance the level a detail with making it an enjoyable process for guests. I also love the full digest — it paints a clearer picture! Something I’m working on is creating mini courses based on questions in the comments (that eventually will inform live workshops/webinars). I love your question, and I’ll use it to shape my first mini course that will be available to paid subscribers here!
Hey Kim! This isn't my calculator, but from what I've seen, most calculators don't factor in pension or social security payments. What I've seen folks with a pension do is remove the amount they will get from a pension from their FI #. For example, if you know your pension will pay you $3k a month, but you need $7k a month to live, then you can use the $4k as the income you are responsible for coming up with on your own, so in the "Annual Spending In Retirement" field, you would enter $48k ($4k * 12).
She’s live! Her FI Story Episode 1 of Season 1. Naturally, I started with my own story to break the ice, but I have so many more stories so much different than mine that I am honored and excited to share with women because gatekeeping this information is keeping women vulnerable to toxic situations situations.
I hope you’ll take some time to calculate your own Coast FI number this week! Feel free to share that and share your win & gripe below ⬇️
I’ll go first in sharing a win and gripe from last week:
🎉 Celebration: My win this week is launching this newsletter! It’s not really related to my FI journey, but it’s something I want to celebrate because I was super in my head about every single step of the way. I also would like to celebrate passing the $400k milestone recently! I didn’t do anything to celebrate IRL, so this may be an appropriate place to share my win!
😫 Gripe: The presidential elections last week was so disappointing to me last week. I’m disappointed in our overall two-party system, and it pains me that so many working class American’s took a felon’s words at face value to better the economy.
Love this format and the content in the story. As a mid-30's woman passively/accidentally pursing FI (along with my partner) I love the easy-to-read guide and all the valuable information. I find the FI space to be very overwhelming and the burden of information creates a lot of decision paralysis. Really like this space and love the direction you are going! Keep up the great work. I hope to see a diversity of stories and be able to take nuggets of wisdom from each to apply to my own life. As a Social Worker I find such value in other people's journey's and how we can find information to help our journey through other's stories.
Thanks so much for the feedback, Trisha! I made sure to source stories with a variety of professions/incomes/ages/philosophies. I can’t think of anything better to do with my time than build out this library. I hear you on decision paralysis! Thanks for tuning in ❤️ Feel free to submit your story if you’d like to be featured as well (you can also submit anonymously).
Thank you for sharing your story! I love the new format!
I've used the Fioneers Coast FI calculator in past. I also used the one you link. It's interesting to compare them!
A little win,
We got our auto transfers for investments set up after a several months break (from a job change).
For a frustration...
My partner is onboardwith FI, but he's not always great at sticking to a budget. We have a fixer upper and we are constantly talking about putting money into the house vs. investing. I see the house as a money pit and would prefer to invest in the stock market, but I think my partner sees it mostly as an investment (which is likely...we live in a small mountain university town). It's a tough balance!
I also enjoy using various calculators! I tend to default to plugging my current portfolio into the IRS compound calculator since my portfolio is mostly S&P 500, but I may switch to something like Portfolio Visualizer in the near future once I start adding in bonds, etc.
Congratulations on setting up auto transfers! Double check that you’re also setting up auto purchases. My husband recently made the mistake of transferring money to a brokerage that sat in cash for about a month.
Thanks for sharing the frustration! What an exciting potential for the fixer upper. I like what Paula pant says “you can afford anything but not everything.” Houses do require a lot of cash. If it helps, my husband and I make a money plan at the beginning of the year where we decide on goals, their priorities, and commit to a percentage of income towards each goal. It’s a good thing to revisit after any major life changes (change of income due to anything).
I’ve never seen a level of detail like this! Wow, you are truly changing the game here. Question - would you be open to sharing how you best utilize Monarch to track your needs, wants, and investments? Maybe even a paid webinar - I’d totally join. I also am inspired by Ramit’s mentality and want to automate by budget in a way that easily allows me view my finances in this way.
Thank you, Alison! This is helpful feedback. I’m currently working on trimming down the question set to make it easier on the guests. I need to balance the level a detail with making it an enjoyable process for guests. I also love the full digest — it paints a clearer picture! Something I’m working on is creating mini courses based on questions in the comments (that eventually will inform live workshops/webinars). I love your question, and I’ll use it to shape my first mini course that will be available to paid subscribers here!
Fantastic! When can I become a paid subscriber?!
Anytime you’re ready! You should be able to upgrade anywhere you see an upgrade/subscribe button on my profile: https://theretiredmillennial.substack.com/about
It isn’t visible to me for some reason
I’ll send an email with the mini course to everyone, and you’ll be able to then. Stay tuned!
Can you modify your FI calculator to include a line for a pension? Thanks!
Hey Kim! This isn't my calculator, but from what I've seen, most calculators don't factor in pension or social security payments. What I've seen folks with a pension do is remove the amount they will get from a pension from their FI #. For example, if you know your pension will pay you $3k a month, but you need $7k a month to live, then you can use the $4k as the income you are responsible for coming up with on your own, so in the "Annual Spending In Retirement" field, you would enter $48k ($4k * 12).
Alternatively, you can check out The Fioneer's spreadsheet calculator that includes a passive income field: https://thefioneers.com/free-resources/
Hope this helps!
Thank you!