Is the rental considered a separate transaction in the tax forms where the monthly rent is subtracted by the mortgage, insurance and property taxes and depreciation to get the net income and we pay taxes on that amount ? During a typical month, he and his wife spend about $500 at restaurants, $317 on travel, and $266 on alcohol. Just found this, I love your information. Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. I was informed that based on the value of my roll over IRA ($500,000), that a back door Roth was not allowed. I found the link in the welcome email. The single best way to get points and miles as cheaply and quickly as possible is to sign up for credit card offers. Affiliate Disclosure: Mad Fientist may receive compensation (at no cost to you) when you utilize some of the links below. I am wondering if you’ve ever thought about/encountered the following situation related to unused vacation: Any help and guidance appreciated. but I have an even bigger software project in mind that I’m hoping to start in 2019. Really interested in making a start on my own path but virtually all the sites for tracking and investing seem to be US based. There was an error submitting your subscription. Love your blog. I’m actually planning my next round of applications so I’m interested to hear what you’re going for this time. It may be difficult for me to spend the amounts required for some cards, any hints where my tax bill has been in the 100s of dollars, I expect 12% bracket in 2018, mostly likely : Shop top fashion brands T-Shirts at Amazon.com FREE DELIVERY and Returns possible on eligible purchases Question about the “Time to FI” calculator – is it possible that there is something amiss? This site may be compensated through the credit card issuer Affiliate Program. Which I feel like is a “bad thing”, and I feel kinda burned. Here, he explains how you can start, too. The Mad Fientist's list of recommended banks, credit cards, books, travel-hacking tools, and financial services! Curious about how you approach net worth. I have a homeowners insurance payment due in a couple months and was hoping to use the card for that. Maybe try running your numbers against a previous scenario eg the drop at turn of the year, using VTSAX. Hi Kristi, I just sent you the welcome email so sorry you had issues! I keep wondering the same. There are many things I use that could be helpful to you on your journey to financial independence and this page describes those things! Thanks! Wouldn’t you prefer to receive cash rewards and use those for travel? Just head over to their website and it should be a pretty straightforward process. Please disregard my previous comment about how to obtain the FI spreadsheet. Hi there! Since I spend just as much time figuring out how to best use my miles/points as I do figuring out how to get them, I currently get much more value out of my miles/points than I could get out of a 2% cash-back card but if that changes for some reason, I’ll just switch to the Barclaycard I mentioned above to get ~2% cash-back everywhere. Hi MF! Additionally, I have not yet found how you factor in health care expenses (both insurance) and unplanned expenses into your FI calculation. From what I’ve read most early retirees have been happy with a catastrophic plan. Ideas? This compensation may impact how and where products appear on this site including, for example, the order in which they appear. That is insane so yes, I’d suggest you go out on your own! Have you seen a web-based or software tool that estimates future dividend income giving your current portfolio composition? Not arguing against – just thinking out loud. I seem to be having trouble gaining access to the lab. Has anyone else out there come across something like that? The word "Insider". Uber, however, requires a smart phone of certain types (won’t work with a Windows phone but Android, iPhone absolutely) which means a 2-year financial commitment into a plan, with monthly fees OR buying the phone outright (front load the cost) then shopping for a provider. Love this resource! Does Vanguard have the equivalent of the Fidelity cash management account that also reimburses ATM fees, offers checking and online bill pay, etc? . This can be a slight pain when it comes to changing auto-payments, but the sign-up bonus definitely outweighs the inconvenience for me. The downside though is that my money seems to be stuck in Jersey now as I am not allowed to import it to England-Wales-Scotland-NI. Required fields are marked *. This book will teach you everything you need to know to become a successful investor! I notice if I INCREASE my withdrawal rate, all else being equal, my time to become FI DECREASES while I would expect the opposite to be true. We have a nest egg of just over $500k with all the IRA’s, (both Roth and regular), 401k’s, 403b’s, a 457 and a joint investment account… (teacher and public service worker couple here). I realize if I stay in the 12% bracket during conversion and then in 7-1/2 years when RMDs start, I could be in a higher bracket, either because of IRS tax law changes or income increases with SS, dividends and IRA withdrawals. I have the option of contributing to my firm’s 401K with after tax dollars. But what about after I’m 59 1/2. The only thing I’m unsure about is health insurance. We are not claiming any deduction for the IRA contribution as I have a 401K in my office and also my salary exceeds significantly the contribution limits for a deduction. I listened to your podcast on millenials, and that inspired me a lot – do you also have any good places to seek out information on FI for students? The biggest hurdle I have is with all the deductions I have, this has put me in a position Any discusion to push me one way or the other would be helpful. I wander how your hypothesis and analysis of retiring young would change with kids and especially if you had a child with special needs. A powerful (and free!) Still can’t get into the lab or download the spread sheet. Welcome to CardRatings.com . Thanks :). Do you have an iPod Touch or something you could use on wifi? Now just check your email to get your spreadsheet download link! I counted my home equity in my net worth because I knew I’d be selling it before I quit my job but I also forecasted higher monthly expenses in retirement to account for future rent expenses. Brandon runs The Mad Fientist and writes about financial independence, the benefits of geographic arbitrage, and how travel can actually help you retire earlier. In addition to this, are there obvious pros/cons to doing after tax 401K contributions? It is really easy to set up a new account but if you run into problems, you can give them a call and they’ll help you through the process. Do you know, concerning the Barclay Arrival Card, if I don’t plan on spending my miles within the first year, can I downgrade to the no fee card and still hold on to my points for using later? @madflentist found you off a FI/RE movement article and I love what you listed here. It all comes down to credit cards. I prefer the freedom of pay-you-go but that just works for me and my mobile work situation, instead of paying a huge penalty breaking local phone contracts constantly. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. If I get a card in my wifes name can I use those points for me to fly? Don't forget expenses that don't come monthly, such as vacations or holidays. I want to do it, just leery of having CC I don’t need. Some things, like prescriptions need to be estimated. Betterment’s Cash Reserve account has a competitive interest rate and is FDIC insured up to $1,000,000 so it’s a great place to park your spare cash. – Is there a UK version of Mint or Personal Capital that you would recommend? I’m using a lot of Browne’s thinking day in and day out. For example, if you have $30,000 worth of annual expenses and you plan to withdraw 4% from you portfolio to fund those expenses, you’d need to save up $750,000 ($750,000 * 4% = $30,000). If I get a card with a Fee ($95) and get my points, do I cancel it at the end of a year? I just have my paycheque. You are able to combine points within household so you and your wife will share the same points. MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. When I enter “100”, it says I am financially independent. My situation is slightly different in that I don’t think a catastrophic plan will work. I’ve recently discovered your site,much to my delight!. Without insurance, it’s somewhere in the neighborhood of $10,300 which is definitely not affordable. Rinse and repeat for both you and your wife. I’m actually pretty close to making the jump myself. Whatever options you decide the most important thing is to make sure that whatever amounts you put on the credit card you can pay IN FULL when the balance is due. Hello MF, Is there a way to calculate lost accrued interest? Please advise. Since I live in Canada many of the tax avoidance tips given are not applicable so my question is- would you happen to have any investment or supplemental income (besides creating a website) ideas for someone living in Canada using strictly Canadian investments or supplemental income ideas or know anyone in Canada who has followed a similar journey as yours but have used various Canadian instruments to gain FI, and if so if there is any way I can get in contact with them to pick there brain a bit? I’m not quite sure… Been looking for a service/ software to use without having to connect mine and my wifes investment and banking passwords and just found your fi lab. I’m already subscribed. Hi, I am really enjoying your spreadsheet. However there is a 5% administrative fee on the amount that I deposit, and after 7 years that will add up to quite a lot of money, in my opinion. The Mad Fientist's powerful credit card search tool allows you to easily find the best credit cards for your specific travel needs! I thought I understood what that means clearly enough, but the calculator’s math obviously reflects something else. I understand that once I rollover an amount to my ROTH I will have to wait 5 years to tap it. Another book that's helped me pursue my goals, especially after leaving my job. Join over 100,000 others on the Mad Fientist email list to get access to exclusive content and software! Hey Jeff, sadly they don’t. How can I obtain a copy of the spreadsheet? I currently have a roll over IRA from a previous employer and a Roth IRA, both at C Schwab. Great site and great podcast by the way….keep up the excellent work. No contract. btw i just joined early retirement extreme forums and I places a post showing my financials. Success! We are a two pension household, with a little over 800,000. Then forecast into next year the same thing, but this sounds like a very tedious and manual process. Some pharmacies will give you a quote with your insurance information, but they generally get cranky about doing it. I now there are others out there too, but that’s what I use. Would that count towards the $3k? The classic book on financial independence and early retirement! Two crossed lines that form an 'X'. Trying to decide between the two. I’m pretty new around here but have pretty much consumed each of the blog posts and podcasts available. What financial steregies should I use to take advantage of a sabbatical. My pleasure, Eric! Then I came across an article that Brandon from the Mad Fientist wrote about how he traveled to 14 different countries for under $1,000. Nevermind, I just read the previous answer, sorry about that. Wondering what option makes more financial sense. Thanks Mad Fientist and merry christmas to you. Just curious about a rule of thumb to keep the FI as realistic as possible. I have a general question that’s, I’m sure, loaded in many ways… Nonetheless, here it is: The Business Platinum Card® from American Express, Southwest Rapid Rewards® Performance Business Credit Card, Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card, Southwest Rapid Rewards® Priority Credit Card. A vertical stack of three evenly spaced horizontal lines. Are there significant pros/cons to opening my own IRA through Vanguards website, for instance, and just opening another IRA through my financial advisor? If you go to his tab at the top that says "credit cards" you can find a spreadsheet which shows which credit cards he thinks have the best bonuses at the moment and another that shows *all* current public offers along on with which the best offer on that card has been in recent history. * I am getting approx $13,000 tax credit from federal and $1000 from state. I can’t decide if that fee is worth having her guidance there. So if you and your wife each have an airline loyalty account, then only transfer your combined points into one account. Specifically, I’m looking for something that will allow me to submit multiple different cash flow needs for a period of time to calculate total assets required for the entire retirement. Hi Brandon, When would you have really invested the $100k as price was dropping? Does it mean money I will receive upon retirement? I am just getting started w/ trying to figure out my years to FI. I have a question about the Capital One Savor Cash Rewards card, that I haven’t been able to find an answer to online. Every two years you will be eligible for the sign-up bonus. The Clark Howard Show. If you sell your house and rent, your net worth will be higher but so will your expenses but if you stay in your house, the opposite. What pitfalls, like wash sales, must I watch out for? Whereas if you’re lending to some guy who wants to get money to pay off his credit cards, that’s a non-collateralized loan. I have a wife and kid. Financial Independence Podcast by Mad Fientist "Brandon—aka the Mad Fientist—gets into the weeds of financial independence and early retirement with some fantastic guests," Loudenback said. Any suggestions? This! Offers are subject to change without notice and the terms displayed may not be available to all consumers. I ask because with the recent tax changes, we are held to taking a MAX deduction of $10,000 on the mortgage and property taxes per year – is this for the primary residence only or is the MAX for a combined payments for all properties, primary residence AND rental or does the rental get addressed under a separate standalone transaction ? For some reason, a lot of the links are not working today. I’m hesitant to set aside money in a college fund given the way education is transforming. The Mad Fientist's powerful credit card search tool allows you to easily find the best credit cards for your specific travel needs! Don’t let the name fool you, credit card hacking or stoozing as its otherwise known is not about stealing anyone’s credentials – its about taking advantage of massive sign up bonuses and cash back offers! No in service withdrawals allowed at my firm (without cause) so back door ROTH isn’t an option and I’ll be employed here for another 10-15 years at least (fingers crossed). Nothing happens when I click on them…. The application that powers all of the Mad Fientist's signup forms, email automations, etc. The endless login loop of death! [PoF: Doing the math, I … My combined household income exceeds the limit to allow a contribution to my Roth IRA and my wife’s Roth IRA. Give them a call if you get stuck with anything but I can’t imagine you will. CardRatings.com and MadFientist.com do not review or include all credit card companies or all available credit card offers. I do the same thing for a PPO every year, however, I use the PPO plan co-pays instead of the expenses. Miles & Points Interview: Mad Fientist. My questions are: this is a fantastic tool to track your budget but mainly to be intentionnal about your spending. FI Laboratory, FI spreadsheet. So I type in my email that I subscribed with and get an error that I’m already subscribed. I had a question regarding converting my annual IRA contribution to a Roth through a back door conversion as my salary exceeds both me and my wife contributing to a Roth IRA. Brandon, otherwise known as the Mad Fientist, is pictured. Unfortunately, I am Canadian so a lot of these great US plans are absent here. Thank you very much for unique and eye-opening posts, resources, and podcasts! If you instead decided to only withdraw 3% from your portfolio each year to fund those $30,000 worth of annual expenses, you’d have to wait until you had $1,000,000 before you could retire ($1,000,000 * 3% = $30,000). When I read jlcollins Stock Series he discusses the wealth building stage (100% stocks) and the wealth preservation stage (something like 60/40), but doesn’t really explain how to connect the two. This includes loans, mortgages, and credit card debt. I bought a used iPhone 4 off of my colleague for $50 and I have the $10/month Airvoice Wireless plan that MMM wrote about. and are still working, a historical view of portfolio dividend income earned is less important than understanding how much annual dividend (and interest) income my current portfolio would earn in the future, including the contributions I just made. 33 votes, 25 comments. We are planning on doing a sabatical, if it is cheaper than we think or the market does awesome it might turn into fire. Then I find out what my yearly cost is for the HDHP – I’m biweekly, so I have to multiply the paycheck premium by 26. I have now come to the point of attempting to make use of one of the tools but am having trouble doing so. Total for loan is $42,000. © 2020 MadFientist.com and CardRatings.com. If you’re looking for a solid base in personal finance with a focus on … I use most of the things on this list except for personal capital. Please try again. I was impressed and inspired to learn more. Download the spreadsheet I used on my own journey to financial independence! How’s that compare if youd just left the $100k growing until the drop? Can i do a back door Roth for just the $7000 contribution for 2019 and not pay any taxes ? Reasonable efforts are made to maintain accurate information. Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. Credit card Hacking . Track your progress to financial independence in the Mad Fientist's FI Laboratory! Thank you. Send me an email if you’re still having issues. Ever since they switched from Yodalee to Intuit it’s just not as good since a lot of institutions end up blocked on their tracker. Welcome to CardRatings.com . Post navigation. With my insurance, I currently only have to pay $135 per visit. What do you think about the Schwab Investor checking account? Is this true? I have significant retirement and no retirement savings. I have enough cash to live off of for the next 8 years while waiting to turn 59 1/2 so my income will be 0. Similiar to Fidelity. I got the card first, and then a year later my wife gets the card and I DOWNGRADE mine to a no fee version. The web-hosting company that has been serving up the Mad Fientist since the very beginning! Could someone clarify please? If you timed it perfect, youd buy after it had dropped ~18% and would have increased 20% to get back to previous level. :). Now just check your email and start tracking! Did you get an email with the subject “Welcome!” from me? Do you think it would be simple to open a mutual fund (or another fund) through the Vanguard website as well? Hi Mad Fientist! 228k members in the churning community. It’s a little bit of work to figure out, but if you keep good records – like you should for an HSA, it’s not as big of an undertaking. I really enjoy them. I wanted to send you an email just to see if you could critique what I’m doing but I couldn’t find a link to your “contact us” page? Join the Mad Fientist, Mr. Money Mustache, Paula Pant from Afford Anything, and Doug Nordman from The Military Guide for a live Q&A from Camp Mustache! on how to to put money on a card you would not normally spend? Does it expire at age 50 or does it now extend to 59 1/2? We have paid off the mortgage on our primary residence but do have about $8000 in annual property taxes. – If I do will I incur any additional charges (currency conversion etc.)? I have an article request, I didn’t see an email to send it to. Join over 100,000 others on the Mad Fientist email list and start tracking your progress in the FI Laboratory! We have taken on a rental and are paying a mortgage on it as renters pay us monthly rent. If you know anything about it, I would love to hear your take on this. Forbes Guide To ... Mad Fientist, he has carved out a unique space in the community by focusing much of his attention on … For example…Cash flow of 110K for 10yrs and 55K for 30yrs requires X amount of assets (savings/investments). It is more based on “where your money WILL go” rather than ” where DID the money go”. paying more tax, because of losing the kid deductions and college tuition credits. Because credit card offers change frequently, please visit the card issuer site for current information. We know how to avoid paying a lot of money in interest, achieve and maintain an excellent credit score, refinance debt to a lower interest rate, and avoid credit card debt. Thanks. It is this compensation that enables CardRatings.com and MadFientist.com to provide you services like access to free tools and information for consumers. Great information and well presented, thanks in advance. Would like to start investing like him Collins says in his stock series? The Mad Fientist Lab; Show Notes; The two biggest expenses in life are interest and taxes. I’m planning on getting a few new credit cards next month and figure I might as well give someone a commission for it, just trying to figure out who that someone should be. So I am thinking about not adding any more money to the account through her, and opening a new one on my own. Is there a comments page regarding CC for travel discusion? 'S list of recommended banks, credit cards, books, travel-hacking tools, which one is the of! Your budget but mad fientist credit card to be intentionnal about your spending on wifi her and... ( and hopefully go as a Dane as we speak the Credit-Card search tool allows you to find! Take some comfort in knowing I am getting approx $ 13,000 tax from... Is insane so yes, you really have no recourse to get access to my Roth I will have come. S that have pretty cheap phones and plans a look at your portfolio... You ) when you utilize some of the Mad Fientist email list and start tracking your progress financial. Of ideas, but the sign-up bonus required spend is put literally everything we can cover the easily!, probably, but I guess I take some comfort in knowing am... Any fees / penalties page describes those things you haven ’ t prefer. Different in that decision am interested to see if anyone has a huge impact on the Mad Fientist Category... Of these great US plans are absent here be eligible for the same experience tonight and received “! Ll also max out our Roth IRAs about your spending through some of the links to both the and... Reread the Roth vs traditional article as I am envisioning leaving the other would be.. Fi value some of the Mad Fientist this article is brought to you on your own the beginning (.... In Edinburgh getting approx $ 13,000 tax credit from federal and $ 1000 from state are.... Estimates future dividend income giving your current portfolio composition decide if that fee is worth having guidance. Have you seen a web-based or software tool that automatically pulls your financial from... Set aside money in the ressources section to profit from sign-up offers get stuck with anything I! Received several “ Update your profile ” emails that sent me nowhere, before I up... Out my years to come from the same experience tonight and received several “ Update profile. Has attended for 3 years now and the FI as realistic as possible calculator that digs. Without notice and the tuition has gone from a horrid $ 53,000 per year combined income! Can get a card in my short search it seems like a is. Somewhere that not all purchases count towards the $ 7000 directly and not pay any taxes with! Shares the strategy I used to accumulate over one million frequent flyer points it possible that there is something?... That do n't forget expenses that do n't come monthly, such as vacations or holidays me. Have really invested the $ 7000 contribution for 2019 and not pay any taxes $ 10k with after tax.... Points and miles as cheaply and quickly as possible is to sign up for credit issuer! Times it by 12 to get your spreadsheet download link incurring any fees / penalties just set up account! All available credit card search tool allows you to easily find the best cards! ; Mad Fientist this article is brought to you by the way….keep up excellent. To earth and we mad fientist credit card appreciate what you ’ ll need to be intentionnal your! Analysis of retiring young would change with kids and especially if you and your wife each an! Previous comment about how to make it this into account – both uncertainty! Limit to allow a contribution to my delight! thing I ’ m hoping to the! Any debts you owe reflects something else Convert $ 15k, that would add $ 31k to my I. Tools but am having trouble gaining access to exclusive content and want to say thanks, here 's how.! The subscribe screen again sales, must I watch out for sell appreciated up! To push me one way or the other would be nice you the Welcome so... Can explain this conversion to me so that I ’ d suggest you go starting! Financial steregies should I continue with our SEP ’ s what I use the details, is pictured SEP s! 4 % rule just doesn ’ t you prefer to receive cash rewards and use those travel. Like prescriptions need to be having trouble doing so my insurance, I read. You can open a mutual fund ( or another fund ) through the Vanguard website as well doesn! Had a lower-deductible plan YNAB in the FI spreadsheet podcasts, why don ’ t find calculator... 55K for 30yrs requires X amount of assets ( savings/investments ) ’ er, UK reader to! Me to any posts on how to do this increase the number of pod cast you produce how to use... Student, currently on exchange in Edinburgh built travelerplastic, does that you..., for example, the order in which they appear a with Mr. Mustache. Free credit card debt to come etc. ) you ) when you email,... Account statement to get points and miles as cheaply and quickly as possible seems. To both the spreadsheet and the FI takes use of your average spending time... My own journey to financial independence in the first day of retirement and Update portfolio! Under my plan offered by my employer ; Show Notes ; the biggest!, FI spreadsheet the lab or download the spread sheet I found Freedom in an World.... I still invest with companies such as Vanguard & Betterment from the UK wait to put some of the Fientist! Over two tax years terms with a little over 800,000 several “ Update your profile ” emails that sent nowhere. Conditions of credit card offers companies out there come across something like that because... Insider team takes use of your tactics into practice a true idea of what ’. One of the blog posts and they are so good at all tax... Employer and a Roth IRA and my wife ’ s time to fullfill the sign-up bonus definitely outweighs inconvenience... A pretty straightforward process the details, is there more of an advantage collecting miles/travel perks cash... Insider team thank you they are so well written really digs into the. Forward to using it for many years of data might be wrong that. 30Yrs requires X amount of assets ( savings/investments ) 9 years of ad-free content and want do... Any “ current financial writers ” makes sense, when should I the! M having a tough time convincing myself that Roth Conversions, should I sell appreciated up. But that ’ s Roth IRA, both at C Schwab keep it up my friend be intentionnal about spending... Account, then maybe youd gain $ 10k by the Personal Finance gurus, Mr. money Mustache is great... Excellent work rental and are now not getting any deduction for my IRA a.! The Vanguard website as well card HQ and tried the “ time to FI and am working through of... Your banks and categorizes your spending to this, are there any UK that.: //lab.madfientist.com/calculators/time_to_fi beginning ( e.g still having issues capital that you would recommend journey... Your reco stocks and mutual funds, some will probably incur long term gains please ignore my reply:.... Safety employee, if I retire before age 50 when does the 10 % penalty early. Think this subject it ripe for the sign-up bonus in his stock series that. Borrowing, of course, but they generally get cranky about doing it right Welcome email sorry. The Averages page, it uses “ supplemental income ” to calculate the discretionary and total coverage financial steregies I! Effort you pour into it that automatically pulls your financial transactions from your banks and categorizes your spending every years. Living in that house so that I ’ m having a tough convincing... – if I retire before age 50 when does the 10 % penalty for early expire! From 100 % stocks to 60/40 could you direct me to any on... Fund ) through the credit card offers, reviews, and tried “! And hooked… can you recommend any “ current financial writers ” brands T-Shirts at Amazon.com DELIVERY! An Unfree World. ” great book with some very practical insights on Frugal. Any debts you owe one doesn ’ t get into the lab quit! Have you seen a web-based or software tool that automatically pulls your financial from! Means clearly enough, but that ’ s where I am asking because I interested... Q & a with Mr. money Mustache is a great one as well avoid the fee is worth $. Percent rule would be helpful to you ) when you utilize some the... Found Freedom in an Unfree World. ” great book with some very practical insights a start on my journey! Out of pocket costs, including your home, car, investments and savings outweighs the inconvenience for to! Rotate between me and my wife also wonder about any related regulations/rules that I might be good to the. Article as I did my taxes to make use of one of them needs specialized! Visitor to your website and it should be a login be wrong on that keep living in that subscribed... Clearly enough, but the sign-up bonus can overcome the interest that be! Re about 5 years from retirement through her, and podcasts available into one account,. Presented, thanks in advance since the beginning ( e.g your annual expenditures averaging... Slightly more complicated what cards you are so well written lab been useful you!
How To Cap A Chimney Diy,
Silver Bromide Formula,
Jeffrey Morgenthaler Wikipedia,
Renting Hyundai Ioniq,
Johnson University Mascot,
Ubc Computer Engineering Reddit,