Hi! Does anyone have any thoughts about how to figure out when you're saving enough? You can keep "living under your means" as your means grow, but there must come a point where you're contributing enough to savings, and you can start spending more. How do you come up with that "putting enough into savings monthly" number?

I thoroughly enjoyed the most recent episode of ChooseFI. Women empowerment is a big central theme, but an even stronger theme is showing the power of what happens when you are financially independent or even close to it. The farther you are on your financial journey, the more autonomy you have in your own life. It's an incredible story especially for people who are not yet convinced to join the path to financial independence https://pca.st/episode/381b569b-6bd6-41f8-b8ea-df27637059a5

@mysterious-tomato-10057 where would you start if listening to choose fi? 400+ episodes where to begin IYO (in your opinion)?

Have any of you shifted careers to obtain FI? I’m a short form script writer and if I worked harder to get more clients I could see the potential of making a lot more, BUT the allure of the (seemingly) super stable job market or tech, like Salesforce (as they mention in the intro of ep100) makes me second guess the field I’m in. Hmm, mashpia question or group think lol?

curious about the journey to FI for frum people. A few years ago my goal was 10k month passive, and then I could leave my full time. And I made substantial progress towards that goal. But our expenses keep growing and growing and we do not live luxuriously at all. Is it actually realistic to achieve FI in the frum world?

on a somewhat related note to above, I once read an article in a kids magazine about a frum family that were essentially digital nomads. I was sure it was in the Circle, but I reached out and they didn't know what I was talking about. (I reached out to Binah Bunch and family first too) Does anyone happen to remember an article like that? Or, does anyone know a frum family that digital nomads?

https://www.financialsamurai.com/short-term-long-term-capital-gains-tax-rates-by-income-for-single-and-married-couples/ Interesting article on tax free early retirement using passive income through stock/bond portfolio

My understanding of FI, based on reading MMM back in the day, is: 1. Earn above average (software engineer) 2. Spend below average ("these wasteful consumerist Americans swaddled in luxury and convenience!") 3. Invest the difference 4. Retire early 5. Go do what you really enjoy, and maybe even make some money on it As @mysterious-tomato-10057 has mentioned, there is a shift to recognize that you want to make sure you're not making yourself miserable in the process. Now, when it comes to frum finance, the gut instinct is "we can't spend below average! frum life is so expensive" However that risks us losing out on lesson #2. From what I see, spending in our community keeps on increasing. The bar for what constitutes a good vaction, nice bar mitzvah, wedding or even upshernish keeps on getting higher. We we're gifted a subscription to one of the major frum magazines. It seems like even with a cover price, most of it is paid for by ads. For stuff we don't need. Yogurt in xyz newfangled packaging. Ready made mishloach monos up to $1,100 a piece (not kidding). Not to mention all types of retreats and luxury kitchens. Lesson #2 - spending below average means pushing back on all this. We don't need it. It doesn't make people happy, and we end up coming out ahead without it. Just my opinion :)

I've found that one of the best ways to work on #2 is to search on pinterest for photos of lavishly catered upsherins or watch ad teasers for pesach programs. The general disgust that it musters up in me is enough to recommit myself to a life of reasonable moderation.

I have a question about the flow chart. What is the path for going from, for example, #16 -> #18? Let's say that you are investing in your IRA, and you aren't making enough to max it out. You have tuition and other frum life expenses to pay, so just increasing your income:expenses ratio is not a simple accomplishment. (Maybe you get tuition breaks and increasing your income will get you nowhere unless it's a really significant increase.) Nothing at that point in the flow chart is actually generating returns. So are you just stuck at step 16?

I wanted to post @brash-raincoat-84042’s question to the main channel. How come in the path of the chart one does not start saving for simchas until they are maxing out their IRA and 401K? That means putting away upwards of 40/50k a year for retirement before beginning to save for simchas?

Do we have a Monte Carlo for Dummies guide? I think I need some hand holding to do it correctly.

which part are you struggling with? mostly I found it’s just putting in your current investments, your savings rate, and expected spending rate after retirement, then tweak the numbers until things work

i have trouble coming up with real estimates on future expenses

I can't remember which channel we discussed this in, but ages ago I shared somewhere about my wish to be "location independent" and travel with my family while working remotely, so that we could spend money on experiences rather than housing and tuition. Just wanted to share that we're actually doing it for this year, we just left on Sunday

To people include retirement accounts in their savings rate?

Advise on Number 15 of the Flow Chart...

What flow chart are people referring to? I took a look around, but I'm not seeing one

set the channel topic: You CAN do it!

My wife and I are relatively early in our financial journey (no kids yet, saving towards a house). We've talked about FI, and would plan for it in theory, but we have no idea what our expenses will look like in the future. Does anyone have any thoughts/advice/resources for how to think about it?

Is there an advantage to a Roth 401k over a Roth IRA (after max match if your company offers matching ofcourse)

I recently listened to this ChooseFI podcast about Dave Ramsey and where the hosts recommend diverging from his recommendations. I found it hysterical that the hosts were polite in disagreeing with him, in contrast some on this Slack group who do not hold back their 🔥🔥🔥 It's a good listen either way, I recommend it

Hi, I've been around here for a bit and have gained a lot. I feel it's time to take control of my family's financial future. Here's my situation: I'm happily married for over 10 years with 5 kids (ages 0-9). We got into credit card debt three years ago, but B"H, I started a business two years ago, and it's been doing well for the past year. I've settled all our credit card accounts, though our credit reports took a hit with charge-offs and late payments. We live in NY and currently receive SNAP benefits and tuition vouchers. My wife is a busy homemaker and earns a small income from teaching twice a week, while my business brings in $15-20K monthly. This has allowed us to live stress-free for the last few months after years of struggling. Now that we're debt-free, I'm ready to move forward, but I'm overwhelmed by all the information out there. I've studied the Frum Finance Flowchart and read a lot here, but I still lack clarity. I already have $20K in my checking account waiting to be allocated. Should I start with an emergency fund? My ultimate goals include buying a home (in the Tri-State area, yup, you guessed it) and planning for simchas, kids' weddings, retirement, etc. I'm self-employed with no matching funds, so I'm thinking my priority should be buying a home. I could potentially afford a down payment in a year or two, though with my credit history and current interest rates, it won't be easy. But at least I'd be paying toward my property instead of $4K+ to a landlord each month. Is this the right approach? Any advice or courses you recommend? I'd appreciate any input. @mysterious-tomato-10057 & team, thanks for all your hard work!!

Here’s a situation that I recently came across that I think is probably pretty common. A husband went through the yeshiva system and is now working for a company. The wife is teaching. They have a bunch of kids going through the normal frum school system. At this point they are making as much as they will ever be able to make in their current jobs (besides maybe tiny cost of living increases) somewhere around 80 - 100k take home pay. They are frugal and budgeted and don’t take vacations but their paychecks are completely used up every month with tuitions and normal non extravagant expenses. They are both working full time and taking care of their kids in the evening and have no time and or hobbies/skills that can be turned into a side hustle. Are they just doomed to eventually go bankrupt or is there something they could do?