mad fientist credit card

Huge fan of the blog; concise and so well written! I wander how your hypothesis and analysis of retiring young would change with kids and especially if you had a child with special needs. Brandon, otherwise known as the Mad Fientist, is pictured. Hey Star*Bucks, just go to the About page and you’ll find my contact information there. I’m using a lot of Browne’s thinking day in and day out. I would love to see a post with what you do for insurance, or a “guinea pig” demonstration that we can follow. The Mad Fientist Lab; Show Notes; The two biggest expenses in life are interest and taxes. The scales tip towards Personal Capital which is what I use nowadays. Credit card Hacking . 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 (+/-)). If I get a card in my wifes name can I use those points for me to fly? Thanks a lot for the comment. This includes loans, mortgages, and credit card debt. This site may be compensated through the credit card issuer Affiliate Program. You should have received an email within an hour of signing up to the email list that includes links to all of the free tools. 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. Yes, I do own Traveler Plastic but sadly, the credit card affiliate programs are notoriously difficult to get into so only a few cards on that site actually pay me anything. Any help and guidance appreciated. Now just check your email and start tracking! Has anyone else out there come across something like that? I am planning to quit being an employee (and hopefully go as a consultant/contractor for my current employer). Just found this, I love your information. This book will teach you everything you need to know to become a successful investor! 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. Has the FI Lab been useful to you so far? How does one take this into account – both the uncertainty and the major expense on a frugal budget. Once you have your monthly number, times it by 12 to get your annual expenditures. My situation is slightly different in that I don’t think a catastrophic plan will work. Great information and well presented, thanks in advance. My pleasure, Eric! 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). We have $13.5k remaining with 34 months left (originally 63 month term) at 3.49%. 2. 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. The Fidelity Cash Management account reimburses all ATM fees and offers unlimited free checks so it’s a great account to have, if only for those two reasons. Any discusion to push me one way or the other would be helpful. What I haven’t been able to see a clear picture of is how you transition from the building wealth stage to wealth preservation/retirement stage. The biggest hurdle I have is with all the deductions I have, this has put me in a position I can not even imagine what my son will need in the years ahead. * I am getting approx $13,000 tax credit from federal and $1000 from state. Which planning tool works best w/ Personal Capital. Miles & Points Interview: Mad Fientist. So how do I get an insurance that is comparable to what I have, yet still affordable on an early retirees income? Free online tool that automatically pulls your financial transactions from your banks and categorizes your spending. I can’t find a calculator that really digs into all the details, Is there one? Hello MAD FI. He plans to achieve financial independence in his early 30s and then ‘slow travel’ around the world, with the help of miles and points! © 2020 MadFientist.com and CardRatings.com. I’m actually pretty close to making the jump myself. How did the Mad Fientist website come about? If I start doing Roth conversions, Should I continue with our SEP’s? 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. Thanks for your time. Would like to start investing like him Collins says in his stock series? It indicates a way to close an interaction, or dismiss a notification. Love your blog. When I first stumbled on to your blog I must say I was very intrigued with your take on how to get around the 10 percent penalty that 401ks have . I am a qualified public safety employee, if i retire before age 50 when does the 10% penalty for early withdrawal expire? Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. A 5% admin fee?!? My combined household income exceeds the limit to allow a contribution to my Roth IRA and my wife’s Roth IRA. 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. We are 63 and 59, and self employed. Steve, I love your podcasts, why don’t you talk about YNAB in the ressources section ? I am a Danish university student, currently on exchange in Edinburgh. Did you not get it? The airlines don’t care whose name is on the CC, but the points will have to come from the same account. Every two years you will be eligible for the sign-up bonus. I use most of the things on this list except for personal capital. 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. 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. What I do to avoid the fee is rotate between me and my wife. 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’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. Thanks for the recommendation to read “How I Found Freedom in an Unfree World.” Great book with some very practical insights. I know that you generally can’t “time the market”, but I can’t help but wonder if we can do some preparations for when the inevitable down-turn of the market arrives. 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. But assuming you wont time it perfect, then maybe youd gain $10k? Thanks I am pretty new to this stuff. Just me, probably, but I guess I take some comfort in knowing I am not the only one confused. I’m having a tough time convincing myself that Roth Conversions are a good move for me. That can make a big difference. Nevermind, I just read the previous answer, sorry about that. Download the spreadsheet I used on my own journey to financial independence! 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 keep wondering the same. Additionally, I have not yet found how you factor in health care expenses (both insurance) and unplanned expenses into your FI calculation. Could someone clarify please? For instance, if I roll over an IRA to a ROTH when I’m 58, will I have to wait till 63 to tap it or am I free to access it 59 1/2? There is the Vanguard Advantage account, which is similar to the Fidelity account but not as good (the Vanguard account has ATM fees for non-PNC Bank ATMS, checkbook fees, etc. Wondering what option makes more financial sense. No contract. 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. Hi there! Hey I love your site! 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. Is this just a crazy strategy in general? When using the firecalc and and cfiresim, does home equity count when you enter your “portfolio” or “how much you have?” I’ve read a bit of the fine print and can’t determine if it counts. The endless login loop of death! Have you seen a web-based or software tool that estimates future dividend income giving your current portfolio composition? Buy Official Mad Fientist T-Shirt! So I am thinking about not adding any more money to the account through her, and opening a new one on my own. I am a huge fan of your podcast and take every chance I can to soak up some of the knowledge you give out to us about FIRE. I’m clearly misunderstanding the purpose of this field. P.S. I now there are others out there too, but that’s what I use. Really interested in making a start on my own path but virtually all the sites for tracking and investing seem to be US based. Best! – If I do will I incur any additional charges (currency conversion etc.)? With my insurance, I currently only have to pay $135 per visit. And if they decide not to pay it, you really have no recourse to get money from them. You can compare the out of pocket costs, including premium and get a ballpark of what the best path forward is for you. Credit Cards (4) Investing (6) Uncategorized (1) Search for: Recent Posts. Can you recommend any tax planning sites or apps? Please advise. 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. To that end, I have considered taking the balance of our joint investment account (about $100k – about 20% of our stash) and putting it into a high yield savings account. 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? Thank you for all your genius work! Brandon, aka the Mad Fientist, a former software developer who achieved early retirement and financial independence at age 34, shares how he spends his money in Edinburgh, Scotland. Keep up the great blog. Thanks! 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/). 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. Would that count towards the $3k? i still am unable to decide if Traditional IRA is good for me…due to income levels, i cannot contribute to Roth IRA and the Traditional IRA does not give me the benefit of deduction before tax….in such a situation, is it worthwhile to invest in a traditional IRA? Like many, a good chuck of my retirement nest egg is in a pre-tax 401K. Credit Cards. I had the same experience tonight and received several “Update your profile” emails that sent me nowhere, before I gave up. Great site and great podcast by the way….keep up the excellent work. Can you please advise? I have the option of contributing to my firm’s 401K with after tax dollars. – Is there a UK version of Mint or Personal Capital that you would recommend? The standard 4% rule just doesn’t cut it…or at least I can’t figure out how to make it. I was informed that based on the value of my roll over IRA ($500,000), that a back door Roth was not allowed. So it’s even more risky. I really enjoy them. 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 ? Absolutely, Beth. MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. Track your progress to financial independence in the Mad Fientist's FI Laboratory! Any suggestions? They have a phone for $100 and you can get a plan with unlimited minutes and texts for $10 a month. If you haven’t achieved FI (yet!) 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? Are there any gotchas if you cancel after one year? 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). 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 rate at which you will withdraw from your accounts during early retirement”. Are there tax implications of pulling the joint account? 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 normally don’t owe much tax so to take advantage of this I thought it would be a good idea to rollover some of my IRA to a ROTH IRA? I also wonder about any related regulations/rules that I should consider. 228k members in the churning community. Not for borrowing, of course, but as a means of channeling through your standard spending and collecting … All of the calculators I have tried to use up to this point haven’t been helpful, they don’t account for the pensions. In retirement accounts. I had never heard of the technique you described about rolling over your 401k into an IRA and then rolling over to a ROTH before. I imagine the costs would be higher going through a financial advisor so if it were me, I’d just go directly through Vanguard. I opened a Roth IRA with Prudential through my financial advisor a couple of years ago. Cheers. New to the Mad Fientist world and am working through some FI calculations. 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. Offers are subject to change without notice and the terms displayed may not be available to all consumers. Is this true? Essentially I just want to open a fund starting with $10,000, and keep adding 10,000 each year while getting some sort of return, or at the very least keeping up with inflation. 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. General Disclaimer: See the online credit card applications for details about terms and conditions of credit card offers. They both were life changing, spend changing for me. Reasonable efforts are made to maintain accurate information. 33 votes, 25 comments. :). If not, just use taxis because it doesn’t sound like it would be worth the hassle and additional expense. Can i do a back door Roth for just the $7000 contribution for 2019 and not pay any taxes ? 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. 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. 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. Welcome to MMM Credit Card HQ! For example…Cash flow of 110K for 10yrs and 55K for 30yrs requires X amount of assets (savings/investments). I actually keep track of how much value I get out of each program so that I can see if I’d be better off getting cash rewards instead. I currently have a roll over IRA from a previous employer and a Roth IRA, both at C Schwab. Thanks Mad Fientist and merry christmas to you. A small note, Mint is fairly ineffective these days ( Personal experience ) for you and podcast! Calculator to use managing your accounts during early retirement extreme forums and I feel kinda burned how you! “ bad thing ”, it ’ s $ 20k gain, right 15k, would! Can do to avoid the fee is rotate between me and my ’. Cards for your specific travel needs be able to actually do it, I ’. To help travel Hackers find the best, Mia – a newbie Danish FI ’ er, reader! Genetic disease a low-deductible plan ; the two biggest expenses in life are interest and.! Really appreciate what you listed here part of the tools but am having trouble doing so still with! That house able to combine points within household so you and your wife each have an Touch. * I am a qualified public safety employee, if I do a back door Roth for just the 3,000... 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