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DustinVoss

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  1. DustinVoss

    Fanning The Flames Of The FIRE movement

    You got it whyme. This is the civics teacher inside me.
  2. DustinVoss

    Fanning The Flames Of The FIRE movement

    Ed, I couldnt have said it better myself. It may, in the end, be a problem of teaching the heart and not the head of these eager go-getters going after FIRE. Like you say, its something I aspire to myself. I have not inherited any direct wealth, but I did inherit the privilege of being raised in a stable environment in the west suburbs of Chicago (home to some of the best public schools in the nation.) That my parents moved here and provided stability for me means I inherited a future-orientation and the preference for opportunity recognition over risk avoidance. It also means I dont have so many structural and real obstacles to overcome in my life time. This inheritance is the direct result of federal, state, and local policies back centuries and most directly back to the New Deal. What Ed and I are arguing for is a bit more transparency. It's in our own bias to imagine that anyone can do what we can, that we achieved based on our own efforts and creativity... but this is at best a half-truth and at worst a pernicious submission to what psychologists refer to as the superiority bias. If it werent for the government-policy-created inequality we've all inherited, then we'd still be up against our own evolved instincts. Its why I teach behavioral economics in my classroom and a mantra of those lessons is: To be rich, you must be extraordinary. The thrust is, by definition, that to live well below your means and to save/invest makes you extraordinary. The math bears this out and what psychologists and behavioral economists have studied confirms it. In the end, I think it may be a problem of educating hearts not heads, both of young people that dont inherit the financial vocab and knowledge from their parents/community and of those that do have this inheritance that perhaps their ability to be successful is connected to the forced sacrifice of others. Not shaming the FIRE community, just some of its leading proponents.
  3. Just replied to the other FIRE post about how inheritance is conspicuously absent. Dont know about Natalie, but my partner and I currently pay mortgages on two houses, one of which our mother lives in. The only reason were were able to get both of these houses is because (1) my partner inherited approx 30k from her grandmother and (2) I have been aggressively saving since I began my teaching career 11, years ago. I'm also extremely lucky to have had parents that clued me into real estate and moved to an area with great public schools when I was younger. I just dont get how a reader can aspire to be like Natlie without asking about how she got those 2 houses, if there's a mortgage, and how she's paying for it.
  4. DustinVoss

    Fanning The Flames Of The FIRE movement

    I did the FIRE movement, but IMO too many of its leading proponents arent transparent enough with how they've been able to achieve their FI and RE. Many skip right past how they had comparatively low or no student debt because of inherited wealth, let alone the discussion of how their upbringing might have tracked them into a college or career with more opportunity (like I got). They are often conspicuously silent about the prospect of inherited wealth or the reality that many (like me) have to support a parent (maybe because they never adhered to the positive admonishments of the frugal living). I realize I'm probably far left here, but I do think that the FIRE movement has a huge blindside when it comes to equity and how their own imagined independence is actually founded on their inheritance.
  5. Here in Chicago (one of the largest districts in the Nation) I'm on the board of ed's "teacher advisory council." I'm trying to take this up as the issue, but we'll see what the appetite is for such action by other members of the council.
  6. DustinVoss

    $1.50 gain in my portfolio!

    You guys are better than me. Check my Schwab Roth (all low-cost ETFs/Index Funds approx 95% equities), my 403b (100% equities, low cost vanguard index fund), and TDAmeritrade HSA (100% equities VTI etf) just about daily. Mint too, which monitors my 529, again all equities vanguard fund. Between all that and my pension fund, I just hope I'm doing it right. One thing I wish Schwab would do would be to better demonstrate the yield from dividends. It does not count these into the gain in my Roth and sometimes makes it not as easy to examine some of the investments, particularly those with lower growth but higher yield.
  7. I have a colleague whom I love and respect that is continually pitching indexed annuities to myself and other staff. For years I've been trying to get clear on fees, and she nebulously told me 2-3%. I have a strong bias against indexed annuities from what I've read on my own. Still, does anyone have a legit pitch for putting retirement money into an annuity before a 403b or Roth?
  8. DustinVoss

    Six Legit Index Funds That Build Wealth

    I own Schwab's flavor of all of these in my Roth, my 403b is in the fidelity 500, and my HSA is in the vanguard total stock. Here's to patting ourselves on the back.
  9. Thanks Moe, Maybe I'll end up doing a blog for Chicago teachers and finances. To answer your question, we do have (way too many) 403b and 457 options. I think I'm going to write an article on those too if this first one is well received. Among our options are vanguard target date funds with acceptable fees... still, my guess would be the majority of staff that are enrolled in 403b/457 have a lousy annuity that was sold to them in their break room or lunch room by peddlers using scare tactics.
  10. You might have to have MS Word installed on your computer, here's the text below:
  11. I would be very gracious for any feedback on this article I've submitted for publication in the Chicago Teacher's Union CUT magazine. Setting up your own deferred Pay.docx
  12. DustinVoss

    Questions about Roth and Real Estate

    Thanks Moe! We're hoping that we find a decent source of income this summer and can afford to replenish what we took with our summer's savings. As it is, most of the assets are in a bond fund, which I know should be losing value in the near term due to interest rate increases. We're pretty okay with the monthly dividend, however... both of us are pretty suspicious of this most recent bull market... part of why we were willing to pull money out to buy property in an up-and-coming Chicago neighborhood.
  13. DustinVoss

    Questions about Roth and Real Estate

    Moe! Wish I had posted this earlier for your advice. Thanks to krow as well. And I think I'm clear on this, but if you could chime in I'd be grateful. Essentially, Nora, put in 22000 over 4 years. Those monies were invested into SCHWAB ETFs. Because the 22000 was not liquid, we liquidated 22000 inside the Roth, then transferred the money. We liquidated the ETFs that had the highest gains and preserved the investment in some of the other ETFs that have been down or stagnant. This preserves about 5k of value in her Roth IRA, invested in ETFs. In other words, rather than liquidating the investments that had losses, we liquidated the winners, but in the end, the total dollar amount of distribution was equal to the contributions.
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