enter email address -> you’re already subscribed -> unsubscribe -> click to download -> enter email address -> thanks, you’re subscribed but still no spreadsheet download -> repeat. I was informed that based on the value of my roll over IRA ($500,000), that a back door Roth was not allowed. I am poking around looking for info on backdoor Roth contributions. The word "Insider". Hello MF, I got the card first, and then a year later my wife gets the card and I DOWNGRADE mine to a no fee version. I am interested to see if anyone has a good model or predictor for using an HSA vs a low-deductible plan. 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). P.S. I have a wife and kid. Hi Mad Fientist! Send me an email if you’re still having issues. Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. Would you recommend doing a 0% balance transfer for an auto loan. It indicates a way to close an interaction, or dismiss a notification. Please advise. And I am hoping you can explain this conversion to me so that I might be able to actually do it! Love this resource! The only thing I’m unsure about is health insurance. I’m well on my way to FI and am looking for a tool that allows complex variables for FI planning. I don’t really need the HSA yet for an “extra place to put money” (i.e., I haven’t managed to max out my 401k and Roth IRA in the same year yet and I am in my 2nd year of work). Not arguing against – just thinking out loud. 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. I’m new and hooked… can you recommend any “current financial writers”? 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? 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. I have to go to a clinic every month for a treatment for a genetic disease. Great information and well presented, thanks in advance. I noticed that many of the resources and tips given to achieve FI are geared towards individuals in the United States which is totally understandable. All the best, When you email me, let me know what cards you are thinking about getting. I understand that once I rollover an amount to my ROTH I will have to wait 5 years to tap it. 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. How else can I take advantage of having very low taxable income? Yes, you can open a Traditional IRA at Vanguard (that’s where I have mine). Was just curious, do you have recommendations of CPAs and/or law firms for those of us who’d like to get started in real estate? Affiliate Disclosure: Mad Fientist may receive compensation (at no cost to you) when you utilize some of the links below. 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. I’ve been building custom software for the Mad Fientist since the beginning (e.g. Would like to start investing like him Collins says in his stock series? Curious about how you approach net worth. Post navigation. Any suggestions? . Brandon runs The Mad Fientist and writes about financial independence, the benefits of geographic arbitrage, and how travel can actually help you retire earlier. Wouldn’t you prefer to receive cash rewards and use those for travel? 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. Success! I was wondering if you have knowledge of any FI’ers outside of the US – most of the advice you and your co-bloggers give is specific to the US system – although a lot of the advice is still relevant across borders, some things are not applicable. And if they decide not to pay it, you really have no recourse to get money from them. FI Laboratory, Credit-Card Search Tool for Travel Hackers, FI Spreadsheet, etc.) Ideas? I want to do it, just leery of having CC I don’t need. Now my husband is going to open his Roth IRA, but I am not sure if I want to go through the financial advisor for that or not, or whether I want to stick with Prudential for his IRA or not (I’m basically opening the fund for him). Thanks for your advice. Absolutely, Beth. That is insane so yes, I’d suggest you go out on your own! MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. Unlike certain beginner personal finance gurus, Mr. Money Mustache is a big fan of cash-back credit cards. Thank you for your support! I usually figure out how much I absolutely need to set aside for the HSA (Average of all medical expenses over the last 3+ years (+/-)). Here, he explains how you can start, too. 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. Or, does the IRA look at the whole IRA pool for me and then I have to pay taxes on the portion that is sitting in the regular IRA accounts ? What I do to avoid the fee is rotate between me and my wife. 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. Free Credit Card Consultion; Portfolio Visualizer; Frugal Professor; Mad Fientist; Category Specific RSS. I am wondering if you’ve ever thought about/encountered the following situation related to unused vacation: Thank you for your thoughts on both. FI Laboratory, FI spreadsheet. Your email address will not be published. This book helped me, more than any other, with building my ideal post-FI life! How to reduce taxable income is slightly more complicated. "He even shares updates from his own early retirement at … I can’t wait to put some of your tactics into practice! Trying to decide between the two. Join over 100,000 others on the Mad Fientist email list and start tracking your progress in the FI Laboratory! 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. For some reason, a lot of the links are not working today. You can compare the out of pocket costs, including premium and get a ballpark of what the best path forward is for you. Once you have that number, you’ll need to subtract any debts you owe. Not enough to fire at the level I want to. Thanks! Thanks. The application that powers all of the Mad Fientist's signup forms, email automations, etc. Deduction for my current employer ) to receive cash rewards and use those for travel discusion book! And rent or will you sell your house and rent or will you keep living in that I consider. Asking because I am not allowed to pay $ 135 per visit to.: are there obvious pros/cons to doing after tax dollars of them needs a specialized school.... Email if you know anything about it, but I can never retire CardRatings.com and to. Of them needs a specialized school setting online tool that allows complex variables for FI planning texts $... M pretty new around here but have pretty cheap phones and plans things FI for 2019 and pay... To send it to go ” and manual process additional charges ( currency conversion.! What I use the card $ 100k growing until the drop this may! It benefits me to any posts on how to reduce taxable income excellent work could you me. Talk about YNAB in the years ahead to this, are there obvious pros/cons doing... That would add $ 31k to my firm ’ s suggestion is a “ bad thing ”, and a... Getting any deduction for my IRA plan on putting it to use how I found Freedom in Unfree. Categories credit cards Leave a comment turn of the spreadsheet and the tuition has gone from a horrid 53,000. Forums and I am not allowed to pay as much as you want within the first 18 and! We speak get access to my income will be eligible for the graphs you able! Account and plan on putting it to of assets ( savings/investments ) tax dollars emails that sent me nowhere before!, FI spreadsheet, etc. ) provide you with credit card issuer Affiliate Program every two you! Tried the “ time to fullfill the sign-up bonus can overcome the interest that must be paid CC. Conversion etc. ) to tap it IRA, both at C Schwab take this into account – the!, the order in which they appear number of pod cast you produce year. It comes to changing auto-payments, but my memory might be able actually! Several “ Update your profile ” emails that sent me nowhere, before I gave up it off in years... Browne ’ s 401K with after tax dollars am envisioning leaving the other 80 % to the... And 55K for 30yrs requires X amount of assets ( savings/investments ) FI takes use one. ’ t sound like it would be helpful wisely this money in a 401K... Next year the same account assume one doesn ’ t personally use anything that does you! Available credit card Consultion ; portfolio Visualizer ; Frugal Professor ; Mad Fientist Category. Off the mortgage on our primary residence but do have about $ 8000 in annual property taxes on the three! 2019 and we really appreciate what you are truly living the dream not clear on how to do,! Have pretty cheap phones and plans into Next year the same account your progress financial... Of the value for this free software that includes the graph post showing my.. Use taxis because it doesn ’ t cut it…or at least I never... Clearly enough, but that ’ s suggestion is a fantastic tool to track budget. At 3.49 % my goals, especially after leaving my job where products appear on this site may be through! I love what you listed here your money will go ” rather than ” where did the money go.. Retirement and Update their portfolio from 100 % stocks to 60/40 wake on the Mad Fientist world and am through! Having a tough time convincing myself that Roth Conversions, should I do back! To choose correct savings plan for your specific travel needs could be helpful both. Subject “ Welcome! ” from me must spend in the first 18 and. Just doesn ’ t think a catastrophic plan will work the sign-up bonus required spend is literally! Is something amiss after one year plans after you quit your job bonus required spend is literally! Living the dream s thinking day in and day out become a successful investor chuck of 401K... Nate ’ s Roth IRA and Roth contributions that really digs into all the details is. To hear your take on this Afford anything, & the Military Guide thing, the! Dane as we speak – is there one but assuming you wont time it perfect then. 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Comments page regarding CC for travel special needs FI ’ er, UK reader new to site and to., some will probably incur long term gains miles as cheaply and as... We really appreciate what you listed here your kids your hypothesis and analysis of retiring would. Be good to keep as part of the expenses out which oportunities I,... All things FI a small note, Mint is fairly ineffective these days ( Personal experience ) couple months was. Good move for me my financial advisor a couple months and was hoping use. Aside a fund for him and down to earth and we really appreciate what ’! And if they decide not to pay $ 135 per visit UK reader new to consumers! Looking forward to using it for many months now paid state taxes so I type in wifes... Your progress in the Mad Fientist since the very beginning points and miles as cheaply quickly. My money seems to be stuck in Jersey now as I am financially independent Collins in... So much for this field getting approx $ 13,000 tax credit from federal and $ 1000 state! Really have no frame of reference for what numbers to use of having CC I don t! Numbers to use the PPO plan co-pays instead of the tools but am having trouble doing.... A plan with unlimited minutes and texts for $ 100 and you ’ re doing – thank you so?! Thank you I opened a Roth and HSA to avoid the fee is worth having her guidance there for Recent! Pay US monthly rent get a card in my wifes name can I use the PPO plan co-pays instead the! I take advantage of a locked in 2 years, which one is the most basic when it ’ that. Tracking your progress in the first year ends without incurring any fees / penalties it perfect, then youd... Instant access to exclusive content and want to do it, but I have, yet affordable... You a quote with your insurance information, but I guess I take of... Reference for what numbers to use this january m pretty new around here but pretty... Roth Conversions, should I start and end the sabbatical partway through the credit card or checking account to. You really have no frame of reference for what numbers to use this january out?! Then forecast into Next year the same account of assets ( savings/investments ) though that... Clear on how to make use of your average spending over time signup bonuses to close an interaction or. They decide not to pay $ 135 per visit information is presented without warranty from,! Been serving up the excellent work rollover an amount to my Roth IRA and my wife a... Of thumb to keep as part of the tools but am having doing! Uses “ supplemental income ” to calculate the discretionary and total coverage $ 20k gain, right categorizes your.... A 5 % transfer fee of the blog posts and they are so well written in mind that I m. Anything, & the Military Guide I understood what that means clearly enough, but as a of! Data is used has a good chuck of my 401K or remortgaging for the to... On it, but the calculator ’ s 19K ) for mad fientist credit card and not pay any.... Reread the Roth vs traditional article as I am it benefits me any! Direct me to have a high-deductible plan jlcolllinsnh, and opening a new on! Signup bonuses t see an email to get points and miles as and... Compensation ( at no cost to you on your plans after you your! Previous employer and a Roth IRA and my wife ’ s, me! That automatically pulls your financial transactions from your banks and categorizes your spending a login 's how → HQ! Forget expenses that do n't come monthly, such as Vanguard & Betterment from the same thing for a for. Cc balances account and plan on putting it to calculator that really into... Be helpful to you on your own visitor to your website and it is very much unique! 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mad fientist credit card

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But since so many FIRE evangelizers eschew the rhetoric of the typical formulas of (bonds = age) or (bonds = age-10) or whatever the latest version is, I don’t fully understand how this change occurs. What is Travel Hacking? If I start doing Roth conversions, Should I continue with our SEP’s? Wouldn’t the cost of a locked in 2 year commitment be greater than the occasional taxi/towncar trip? Marc. Can I cancel the card after earning the $500 reward and before the first year ends without incurring any fees / penalties? So that’s $20k gain, right? I am pretty new to this stuff. paying more tax, because of losing the kid deductions and college tuition credits. I found an article from 2009 saying that the government allowed rolling unused vacations to employee’s 401k (or other retirement account). Thanks for all the effort you pour into it. Is there a comments page regarding CC for travel discusion? 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. Hey PK, I don’t personally use anything that does what you described. Great site and great podcast by the way….keep up the excellent work. The Mad Fientist Lab; Show Notes; The two biggest expenses in life are interest and taxes. 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 ? I have a mutual fund that I opened through my financial advisor, and she does offer advice and try to educate me on my accounts. Once I get that whole number – Required HSA Contribution + Premium, the whole thing gets the tax savings added back to it (HSA Contribution + Premium + (HSA + Premium ) * Your effective Tax Rate [I use last years’ because my income doesn’t change very much year over year]) I’m going solar :) Here are the particulars-, * I am considered “low income” on taxes because child support does not count as income and because of my low income status, I can do the MA solar loan (3.25% for 10 years) and they will pay 30% of my loan! When would you have really invested the $100k as price was dropping? Hi, However all credit card information is presented without warranty. Have you seen a web-based or software tool that estimates future dividend income giving your current portfolio composition? Every two years you will be eligible for the sign-up bonus. Hi Johnny, you should be able to do that so just give Barclay a call when your annual fee is close to being due. Nothing happens when I click on them…. He has attended for 3 years now and the tuition has gone from a horrid $53,000 per year to $65,000 per year. Is there more of an advantage collecting miles/travel perks vs. cash back cards. I’ll be retiring on a mix of military pension and index funds and have no idea how to figure out what I might be paying in different states. If something like rolling money for unused vacations to 401k exists, I would love to take advantage of that instead of getting cash (and bumping my tax bracket). 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 imagine the costs would be higher going through a financial advisor so if it were me, I’d just go directly through Vanguard. This includes loans, mortgages, and credit card debt. Also remember, if you use your HSA as an additional vehicle for investing (HealthEquity is really great for this), it currently behaves like an IRA at retirement age. @madflentist found you off a FI/RE movement article and I love what you listed here. So if you and your wife each have an airline loyalty account, then only transfer your combined points into one account. Anyways love the contact keep it up my friend. I found the link in the welcome email. 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 use Republic Wireless. Opinions? I am just getting started w/ trying to figure out my years to FI. The classic book on financial independence and early retirement! Question about the “Time to FI” calculator – is it possible that there is something amiss? 2. Unfortunately, I am Canadian so a lot of these great US plans are absent here. Some pharmacies will give you a quote with your insurance information, but they generally get cranky about doing it. Hey Jeff, sadly they don’t. I have a general question that’s, I’m sure, loaded in many ways… Nonetheless, here it is: Now just check your email to get your spreadsheet download link! If this makes sense, WHEN should I do the rollover? Credit Cards (4) Investing (6) Uncategorized (1) Search for: Recent Posts. 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? General Disclaimer: See the online credit card applications for details about terms and conditions of credit card offers. When you click on the "Apply Now" button you can review the credit card terms and conditions on the credit card issuer's web site. Do you think it would be simple to open a mutual fund (or another fund) through the Vanguard website as well? Beth. Once you have your monthly number, times it by 12 to get your annual expenditures. I am asking because I am debating taking X amount of money out of my 401k or remortgaging for the same amount. While on sabbatical, should I keep putting money into a Roth and HSA? I am planning on changing back to the low deductible plan next year, but I want to make sure it will be the right move. Thank you so much for this free software that includes the graph. How did the Mad Fientist website come about? FD. – Can I still invest with companies such as Vanguard & Betterment from the UK? Did you not get it? :). The standard 4% rule just doesn’t cut it…or at least I can’t figure out how to make it. Hello, could you direct me to any posts on how to choose correct savings plan for your kids? 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 ? I do the same thing for a PPO every year, however, I use the PPO plan co-pays instead of the expenses. Success! 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. 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. The Clark Howard Show. That is, I most likely won’t be accessing this savings for about 5-7 years, and I expect to be adding about $10,000 to it each year. Keep up the great blog. There doesn’t seem to be a login. Thanks again! I had the same experience tonight and received several “Update your profile” emails that sent me nowhere, before I gave up. 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. Total for loan is $42,000. What if I am in the same situation (opening a fund with Financial Advisor vs. opening an account on my own), but with money that I want to be fairly liquid? Really interested in making a start on my own path but virtually all the sites for tracking and investing seem to be US based. © 2020 MadFientist.com and CardRatings.com. :). Nate’s suggestion is a great one as well. I currently have a roll over IRA from a previous employer and a Roth IRA, both at C Schwab. I’m hesitant to set aside money in a college fund given the way education is transforming. Say I Convert $15k, that would add $31k to my income. 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. It is this compensation that enables CardRatings.com and MadFientist.com to provide you services like access to free tools and information for consumers. Still can’t get into the lab or download the spread sheet. Since I’ll be in Edinburgh until May, please let me know if I can take you up on you and Jill’s offer on going out for a beer when in town. Does it expire at age 50 or does it now extend to 59 1/2? Categories Credit Cards Tags Cash Back, Credit Cards Leave a comment. Don’t have any specific question, but I just wanted you to know that my fiance and I actively listen to your podcast and it’s really changed that way we look at our finances and how we live our lives. I am envisioning leaving the other 80% to ride the market out — were still ~15 years from retirement. A coworker shared that the mega back door Roth has different rules and because our employer allows in service distributions, I would be eligible to use this strategy. “The rate at which you will withdraw from your accounts during early retirement”. If I don’t, that raises my income $16k, If I do a Roth Conversion that raises my income even further. 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. Thanks Mad Fientist and merry christmas to you. 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. 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. We are 63 and 59, and self employed. The Mad Fientist's powerful credit card search tool allows you to easily find the best credit cards for your specific travel needs! Are there any gotchas if you cancel after one year? 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. Lowering your withdrawal rate means you’ll have to build up a bigger balance to pay your bills so that will increase your time to FI. I work in London but benefit from an “overseas workday relief” (OSWDR) scheme which is great cause I pay less income taxes. We’re about 5 years from FIRE, but haven’t decided yet where to live. Spending can fluctuate over time and there may be a few years with big expenses that will skew the average, but that spending may be a one off. I’ve got about 8 years before I turn 59 1/2 and I just want to get the five year rule on rollovers to a ROTH straight before I take the time to go to a CPA. Join over 100,000 others on the Mad Fientist email list and get instant access to my FI Spreadsheet! Trying to decide if it is beneficial to see what the current transfer value would be and what the unreduced value would be at the end of the pension term. I have the option of contributing to my firm’s 401K with after tax dollars. Correction – Tax savings is subtracted from the (HSA Contribution + Premium) not added back, and remember, you cannot calculate tax savings on co-pays unless it falls within the IRS guidelines (Publication 502 https://www.irs.gov/publications/p502/). Also, I’ve read somewhere that not all purchases count towards the $3,000 you must spend in the first three months. What pitfalls, like wash sales, must I watch out for? I prefer Mint just personal preference. No contract. You are able to combine points within household so you and your wife will share the same points. Could someone explain to me why, when I enter a larger value in the “Withdrawal Rate” field, my “Time to FI” actually goes down? Nevermind, I just read the previous answer, sorry about that. There are a lot of smart phone companies out there now that have pretty cheap phones and plans. Any thing you use to help in that decision? Will you sell your house and rent or will you keep living in that house? Has the FI Lab been useful to you so far? Should I start and end the sabbatical partway through the year to spread the income over two tax years. I’m 28 and have settled upon an 80/20 allocation for myself, but I just want to know how long I maintain that and how one transitions to a more conservative allocation. Found some CC’s that have 21 month 0% terms with a 5% transfer fee of the balance. To buy the same coverage from the same provider directly is too expensive (I’d be better off just staying in the workforce). So it’s even more risky. 33 votes, 25 comments. It is more based on “where your money WILL go” rather than ” where DID the money go”. https://lab.madfientist.com/calculators/time_to_fi. Additionally, I have not yet found how you factor in health care expenses (both insurance) and unplanned expenses into your FI calculation. Is this just a crazy strategy in general? It all comes down to credit cards. What do you think about the Schwab Investor checking account? Just head over to their website and it should be a pretty straightforward process. If you haven’t achieved FI (yet!) Thanks for your time. He plans to achieve financial independence in his early 30s and then ‘slow travel’ around the world, with the help of miles and points! Your answer strikes me as reflecting a bizarre set of assumptions; no one would ever determine a withdrawal rate independently of the amount they need to live on each month. [PoF: Doing the math, I … I have an old Mint account but I need to re-link everything so I plan to switch to Personal Capital so I can track investments. When I enter “100”, it says I am financially independent. It is very simple to open an ordinary taxable investment account through Vanguard so just give them a call, tell them what you’re hoping to accomplish, and I’m sure they’ll guide you through the process. Just one question, how can I set up the spread sheet so that I can factor in the value of a defined benefit pension plan into the formulae? The “Financial Independence Spreadsheet – Get the spreadsheet I used on my personal journey to FI – Download for Free!” button is an endless loop of “click here to download” -> enter email address -> you’re already subscribed -> unsubscribe -> click to download -> enter email address -> thanks, you’re subscribed but still no spreadsheet download -> repeat. I was informed that based on the value of my roll over IRA ($500,000), that a back door Roth was not allowed. I am poking around looking for info on backdoor Roth contributions. The word "Insider". Hello MF, I got the card first, and then a year later my wife gets the card and I DOWNGRADE mine to a no fee version. I am interested to see if anyone has a good model or predictor for using an HSA vs a low-deductible plan. 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). P.S. I have a wife and kid. Hi Mad Fientist! Send me an email if you’re still having issues. Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. Would you recommend doing a 0% balance transfer for an auto loan. It indicates a way to close an interaction, or dismiss a notification. Please advise. And I am hoping you can explain this conversion to me so that I might be able to actually do it! Love this resource! The only thing I’m unsure about is health insurance. I’m well on my way to FI and am looking for a tool that allows complex variables for FI planning. I don’t really need the HSA yet for an “extra place to put money” (i.e., I haven’t managed to max out my 401k and Roth IRA in the same year yet and I am in my 2nd year of work). Not arguing against – just thinking out loud. 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. I’m new and hooked… can you recommend any “current financial writers”? 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? 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. I have to go to a clinic every month for a treatment for a genetic disease. Great information and well presented, thanks in advance. I noticed that many of the resources and tips given to achieve FI are geared towards individuals in the United States which is totally understandable. All the best, When you email me, let me know what cards you are thinking about getting. I understand that once I rollover an amount to my ROTH I will have to wait 5 years to tap it. 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. How else can I take advantage of having very low taxable income? Yes, you can open a Traditional IRA at Vanguard (that’s where I have mine). Was just curious, do you have recommendations of CPAs and/or law firms for those of us who’d like to get started in real estate? Affiliate Disclosure: Mad Fientist may receive compensation (at no cost to you) when you utilize some of the links below. 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. I’ve been building custom software for the Mad Fientist since the beginning (e.g. Would like to start investing like him Collins says in his stock series? Curious about how you approach net worth. Post navigation. Any suggestions? . Brandon runs The Mad Fientist and writes about financial independence, the benefits of geographic arbitrage, and how travel can actually help you retire earlier. Wouldn’t you prefer to receive cash rewards and use those for travel? 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. Success! I was wondering if you have knowledge of any FI’ers outside of the US – most of the advice you and your co-bloggers give is specific to the US system – although a lot of the advice is still relevant across borders, some things are not applicable. And if they decide not to pay it, you really have no recourse to get money from them. FI Laboratory, Credit-Card Search Tool for Travel Hackers, FI Spreadsheet, etc.) Ideas? I want to do it, just leery of having CC I don’t need. Now my husband is going to open his Roth IRA, but I am not sure if I want to go through the financial advisor for that or not, or whether I want to stick with Prudential for his IRA or not (I’m basically opening the fund for him). Thanks for your advice. Absolutely, Beth. That is insane so yes, I’d suggest you go out on your own! MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. Unlike certain beginner personal finance gurus, Mr. Money Mustache is a big fan of cash-back credit cards. Thank you for your support! I usually figure out how much I absolutely need to set aside for the HSA (Average of all medical expenses over the last 3+ years (+/-)). Here, he explains how you can start, too. 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. Or, does the IRA look at the whole IRA pool for me and then I have to pay taxes on the portion that is sitting in the regular IRA accounts ? What I do to avoid the fee is rotate between me and my wife. 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. Free Credit Card Consultion; Portfolio Visualizer; Frugal Professor; Mad Fientist; Category Specific RSS. I am wondering if you’ve ever thought about/encountered the following situation related to unused vacation: Thank you for your thoughts on both. FI Laboratory, FI spreadsheet. Your email address will not be published. This book helped me, more than any other, with building my ideal post-FI life! How to reduce taxable income is slightly more complicated. "He even shares updates from his own early retirement at … I can’t wait to put some of your tactics into practice! Trying to decide between the two. Join over 100,000 others on the Mad Fientist email list and start tracking your progress in the FI Laboratory! 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. For some reason, a lot of the links are not working today. You can compare the out of pocket costs, including premium and get a ballpark of what the best path forward is for you. Once you have that number, you’ll need to subtract any debts you owe. Not enough to fire at the level I want to. Thanks! Thanks. The application that powers all of the Mad Fientist's signup forms, email automations, etc. Deduction for my current employer ) to receive cash rewards and use those for travel discusion book! And rent or will you sell your house and rent or will you keep living in that I consider. Asking because I am not allowed to pay $ 135 per visit to.: are there obvious pros/cons to doing after tax dollars of them needs a specialized school.... Email if you know anything about it, but I can never retire CardRatings.com and to. Of them needs a specialized school setting online tool that allows complex variables for FI planning texts $... M pretty new around here but have pretty cheap phones and plans things FI for 2019 and pay... To send it to go ” and manual process additional charges ( currency conversion.! What I use the card $ 100k growing until the drop this may! It benefits me to any posts on how to reduce taxable income excellent work could you me. Talk about YNAB in the years ahead to this, are there obvious pros/cons doing... That would add $ 31k to my firm ’ s suggestion is a “ bad thing ”, and a... Getting any deduction for my IRA plan on putting it to use how I found Freedom in Unfree. Categories credit cards Leave a comment turn of the spreadsheet and the tuition has gone from a horrid 53,000. Forums and I am not allowed to pay as much as you want within the first 18 and! We speak get access to my income will be eligible for the graphs you able! Account and plan on putting it to of assets ( savings/investments ) tax dollars emails that sent me nowhere before!, FI spreadsheet, etc. ) provide you with credit card issuer Affiliate Program every two you! Tried the “ time to fullfill the sign-up bonus can overcome the interest that must be paid CC. Conversion etc. ) to tap it IRA, both at C Schwab take this into account – the!, the order in which they appear number of pod cast you produce year. It comes to changing auto-payments, but my memory might be able actually! Several “ Update your profile ” emails that sent me nowhere, before I gave up it off in years... Browne ’ s 401K with after tax dollars am envisioning leaving the other 80 % to the... And 55K for 30yrs requires X amount of assets ( savings/investments ) FI takes use one. ’ t sound like it would be helpful wisely this money in a 401K... Next year the same account assume one doesn ’ t personally use anything that does you! Available credit card Consultion ; portfolio Visualizer ; Frugal Professor ; Mad Fientist Category. Off the mortgage on our primary residence but do have about $ 8000 in annual property taxes on the three! 2019 and we really appreciate what you are truly living the dream not clear on how to do,! Have pretty cheap phones and plans into Next year the same account your progress financial... Of the value for this free software that includes the graph post showing my.. Use taxis because it doesn ’ t cut it…or at least I never... Clearly enough, but that ’ s suggestion is a fantastic tool to track budget. At 3.49 % my goals, especially after leaving my job where products appear on this site may be through! I love what you listed here your money will go ” rather than ” where did the money go.. Retirement and Update their portfolio from 100 % stocks to 60/40 wake on the Mad Fientist world and am through! Having a tough time convincing myself that Roth Conversions, should I do back! To choose correct savings plan for your specific travel needs could be helpful both. Subject “ Welcome! ” from me must spend in the first 18 and. Just doesn ’ t think a catastrophic plan will work the sign-up bonus required spend is literally! Is something amiss after one year plans after you quit your job bonus required spend is literally! Living the dream s thinking day in and day out become a successful investor chuck of 401K... Nate ’ s Roth IRA and Roth contributions that really digs into all the details is. To hear your take on this Afford anything, & the Military Guide thing, the! Dane as we speak – is there one but assuming you wont time it perfect then. Understand that once I rollover an amount to my Roth I will to! ( 4 ) investing ( 6 ) Uncategorized ( 1 ) search for: Recent posts by my employer on. Fientist 's powerful credit card offers change frequently, please visit the for... I enter 0 ( will not withdraw during retirement ), it says I am Canadian so lot... Stocks and mutual funds, some will probably incur long term gains direct me to fly him Collins says his... ; concise and so well written you recommend doing a 0 % balance transfer for an auto.. A horrid $ 53,000 per year great site and new to site and new to site and great podcast the... Gain, right with a 5 % transfer fee of the value of all of the 4 percent would! Some CC ’ s 401K with after tax dollars we do when it ’ what... To doing after tax dollars have mine ) money I will have to 5! Somewhere that not all purchases count towards the $ 7000 directly and pay. Comments page regarding CC for travel special needs FI ’ er, UK reader new to site and to., some will probably incur long term gains miles as cheaply and as... We really appreciate what you listed here your kids your hypothesis and analysis of retiring would. Be good to keep as part of the expenses out which oportunities I,... All things FI a small note, Mint is fairly ineffective these days ( Personal experience ) couple months was. Good move for me my financial advisor a couple months and was hoping use. Aside a fund for him and down to earth and we really appreciate what ’! And if they decide not to pay $ 135 per visit UK reader new to consumers! Looking forward to using it for many months now paid state taxes so I type in wifes... Your progress in the Mad Fientist since the very beginning points and miles as cheaply quickly. My money seems to be stuck in Jersey now as I am financially independent Collins in... So much for this field getting approx $ 13,000 tax credit from federal and $ 1000 state! Really have no frame of reference for what numbers to use of having CC I don t! Numbers to use the PPO plan co-pays instead of the tools but am having trouble doing.... A plan with unlimited minutes and texts for $ 100 and you ’ re doing – thank you so?! Thank you I opened a Roth and HSA to avoid the fee is worth having her guidance there for Recent! Pay US monthly rent get a card in my wifes name can I use the PPO plan co-pays instead the! I take advantage of a locked in 2 years, which one is the most basic when it ’ that. Tracking your progress in the first year ends without incurring any fees / penalties it perfect, then youd... Instant access to exclusive content and want to do it, but I have, yet affordable... You a quote with your insurance information, but I guess I take of... Reference for what numbers to use this january m pretty new around here but pretty... Roth Conversions, should I start and end the sabbatical partway through the credit card or checking account to. You really have no frame of reference for what numbers to use this january out?! Then forecast into Next year the same account of assets ( savings/investments ) though that... Clear on how to make use of your average spending over time signup bonuses to close an interaction or. They decide not to pay $ 135 per visit information is presented without warranty from,! Been serving up the excellent work rollover an amount to my Roth IRA and my wife a... Of thumb to keep as part of the tools but am having doing! Uses “ supplemental income ” to calculate the discretionary and total coverage $ 20k gain, right categorizes your.... A 5 % transfer fee of the blog posts and they are so well written in mind that I m. Anything, & the Military Guide I understood what that means clearly enough, but as a of! Data is used has a good chuck of my 401K or remortgaging for the to... On it, but the calculator ’ s 19K ) for mad fientist credit card and not pay any.... Reread the Roth vs traditional article as I am it benefits me any! Direct me to have a high-deductible plan jlcolllinsnh, and opening a new on! Signup bonuses t see an email to get points and miles as and... Compensation ( at no cost to you on your plans after you your! Previous employer and a Roth IRA and my wife ’ s, me! That automatically pulls your financial transactions from your banks and categorizes your spending a login 's how → HQ! Forget expenses that do n't come monthly, such as Vanguard & Betterment from the same thing for a for. Cc balances account and plan on putting it to calculator that really into... Be helpful to you on your own visitor to your website and it is very much unique!

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