– If I do will I incur any additional charges (currency conversion etc.)? Brandon runs The Mad Fientist and writes about financial independence, the benefits of geographic arbitrage, and how travel can actually help you retire earlier. I also wonder about any related regulations/rules that I should consider. Thanks for your time. I got the card first, and then a year later my wife gets the card and I DOWNGRADE mine to a no fee version. What financial steregies should I use to take advantage of a sabbatical. What is the value for this field actually supposed to represent? We can cover the payments easily but wanted your reco. I have significant retirement and no retirement savings. Hi MF! I love the site. Keep up the great blog. We have taken on a rental and are paying a mortgage on it as renters pay us monthly rent. – Can I still invest with companies such as Vanguard & Betterment from the UK? Thank you. I think I should have had a lower-deductible plan. Does Vanguard have the equivalent of the Fidelity cash management account that also reimburses ATM fees, offers checking and online bill pay, etc? 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? I thought I understood what that means clearly enough, but the calculator’s math obviously reflects something else. Forbes Guide To ... Mad Fientist, he has carved out a unique space in the community by focusing much of his attention on … Hey Jeff, sadly they don’t. I assume one doesn’t just wake on the first day of retirement and update their portfolio from 100% stocks to 60/40. Free online tool that automatically pulls your financial transactions from your banks and categorizes your spending. 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. I was informed that based on the value of my roll over IRA ($500,000), that a back door Roth was not allowed. I have an article request, I didn’t see an email to send it to. Quick question. I read through some of the blog posts and they are so well written. Nate’s suggestion is a great one as well. 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. Ideas? The property taxes on the rental is over $15,000 per year. Track your progress to financial independence in the Mad Fientist's FI Laboratory! The web-hosting company that has been serving up the Mad Fientist since the very beginning! I had the same experience tonight and received several “Update your profile” emails that sent me nowhere, before I gave up. Buy Official Mad Fientist T-Shirt! No sign-up bonus can overcome the interest that must be paid on cc balances. While on sabbatical, should I keep putting money into a Roth and HSA? I’m hesitant to set aside money in a college fund given the way education is transforming. If you don’t normally spend enough to make the sign-up requirement, some options you can look at: buy gift cards to stores or gas stations you are going to shop at for future use, have friends/family pay you cash to buy their stuff, pay your taxes (has a fee included, but may be worth it if you are close). Once you have that number, you’ll need to subtract any debts you owe. Affiliate Disclosure: Mad Fientist may receive compensation (at no cost to you) when you utilize some of the links below. 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. 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? What we do when it’s time to fullfill the sign-up bonus required spend is put literally everything we can on the card. For example…Cash flow of 110K for 10yrs and 55K for 30yrs requires X amount of assets (savings/investments). We have both regular IRA and Roth contributions over the years and are now not getting any deduction for my IRA. My situation is slightly different in that I don’t think a catastrophic plan will work. Give them a call if you get stuck with anything but I can’t imagine you will. Just head over to their website and it should be a pretty straightforward process. 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? If I don’t, that raises my income $16k, If I do a Roth Conversion that raises my income even further. 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? Mia Hello MAD FI. Thanks. Post navigation. Just wanted to let you know that it is very much appreciated and looking forward to using it for many years to come. Huge fan of the blog; concise and so well written! Opinions? But assuming you wont time it perfect, then maybe youd gain $10k? on how to to put money on a card you would not normally spend? 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? Hi, I am really enjoying your spreadsheet. How long will you have to wait with cash until that scenario happens? I just have my paycheque. Please advise. 2. If I start doing Roth conversions, Should I continue with our SEP’s? Your email address will not be published. It is this compensation that enables CardRatings.com and MadFientist.com to provide you services like access to free tools and information for consumers. – Is there a UK version of Mint or Personal Capital that you would recommend? If you know anything about it, I would love to hear your take on this. Your net worth is made up of the value of all of your assets, including your home, car, investments and savings. Some pharmacies will give you a quote with your insurance information, but they generally get cranky about doing it. 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). Any help and guidance appreciated. I use Republic Wireless. What pitfalls, like wash sales, must I watch out for? How can I obtain a copy of the spreadsheet? Brandon, aka "the Mad Fientist," and his wife Jill. Hi Mad Fientist! Do you have any recommendations on how to invest wisely this money in the channel islands? Is there more of an advantage collecting miles/travel perks vs. cash back cards. Welcome to MMM Credit Card HQ! 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 can’t wait to put some of your tactics into practice! I’ve recently discovered your site,much to my delight!. Will you sell your house and rent or will you keep living in that house? This book will teach you everything you need to know to become a successful investor! I just joined, and tried the “Time to FI calculator”: https://lab.madfientist.com/calculators/time_to_fi. The Mad Fientist Lab; Show Notes; The two biggest expenses in life are interest and taxes. 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! A vertical stack of three evenly spaced horizontal lines. Thank you for your support! CardRatings.com and MadFientist.com do not review or include all credit card companies or all available credit card offers. Hi there! Another book that's helped me pursue my goals, especially after leaving my job. Email series that shares the strategy I used to accumulate over one million frequent flyer points! 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). Hey Star*Bucks, just go to the About page and you’ll find my contact information there. I’m already subscribed. When I enter “100”, it says I am financially independent. FI Laboratory, FI spreadsheet. Trying to decide between the two. FI Laboratory, Credit-Card Search Tool for Travel Hackers, FI Spreadsheet, etc.) 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. paying more tax, because of losing the kid deductions and college tuition credits. Some things, like prescriptions need to be estimated. 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. A 5% admin fee?!? Just curious about a rule of thumb to keep the FI as realistic as possible. Thanks again for all of your information. 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. Download the spreadsheet I used on my own journey to financial independence! Right now everyone is covered under my plan offered by my employer. When the market heads south, we could then buy into an indexed S&P 500 fund (probably Vanguard) and enjoy getting in at the rock bottom (hopefully!). All of the calculators I have tried to use up to this point haven’t been helpful, they don’t account for the pensions. How to reduce taxable income is slightly more complicated. 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. MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. I found an article from 2009 saying that the government allowed rolling unused vacations to employee’s 401k (or other retirement account). 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. This site may be compensated through the credit card issuer Affiliate Program. 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. Take a look at your current credit card or checking account statement to get a true idea of what you are spending. 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. An incredible book and an incredible blog! There doesn’t seem to be a login. Like many, a good chuck of my retirement nest egg is in a pre-tax 401K. There are stocks and mutual funds, some will probably incur long term gains? One that describes a typical execution of the 4 percent rule would be nice. 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. I can not even imagine what my son will need in the years ahead. The only thing I’m unsure about is health insurance. Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. To buy the same coverage from the same provider directly is too expensive (I’d be better off just staying in the workforce). I have an infant son and thinking of setting aside a fund for him. I’m having a tough time convincing myself that Roth Conversions are a good move for me. Found some CC’s that have 21 month 0% terms with a 5% transfer fee of the balance. I am asking because I am debating taking X amount of money out of my 401k or remortgaging for the same amount. I have read about them before but I am still not clear on how to do this. The endless login loop of death! Hello MF, Brandon, also known as the Mad Fientist, used credit card rewards to travel the world. Also, I’ve read somewhere that not all purchases count towards the $3,000 you must spend in the first three months. What do you think about the Schwab Investor checking account? 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’m new and hooked… can you recommend any “current financial writers”? They both were life changing, spend changing for me. Just me, probably, but I guess I take some comfort in knowing I am not the only one confused. Yes, you can open a Traditional IRA at Vanguard (that’s where I have mine). Thank you for your thoughts on both. So I am thinking about not adding any more money to the account through her, and opening a new one on my own. 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). The Mad Fientist's powerful credit card search tool allows you to easily find the best credit cards for your specific travel needs! Hi Kristi, I just sent you the welcome email so sorry you had issues! Are there any gotchas if you cancel after one year? 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! The FI takes use of your average spending over time. Really interested in making a start on my own path but virtually all the sites for tracking and investing seem to be US based. Thank you for all your genius work! I’m pretty new around here but have pretty much consumed each of the blog posts and podcasts available. :). Which I feel like is a “bad thing”, and I feel kinda burned. For some reason, a lot of the links are not working today. Can I cancel the card after earning the $500 reward and before the first year ends without incurring any fees / penalties? There are many things I use that could be helpful to you on your journey to financial independence and this page describes those things! The Clark Howard Show. 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. If I get a card with a Fee ($95) and get my points, do I cancel it at the end of a year? A place to discuss credit cards to profit from sign-up offers. Don't forget expenses that don't come monthly, such as vacations or holidays. The application that powers all of the Mad Fientist's signup forms, email automations, etc. Is this just a crazy strategy in general? All the best, I am a qualified public safety employee, if i retire before age 50 when does the 10% penalty for early withdrawal expire? The single best way to get points and miles as cheaply and quickly as possible is to sign up for credit card offers. During a typical month, he and his wife spend about $500 at restaurants, $317 on travel, and $266 on alcohol. Travel hacking is a strategy where you utilize credit card rewards, usually in the form of sign-up bonuses, to accumulate points or miles. I don’t think MMM counts it, but my memory might be wrong on that. Loan will probably begin in May 2016. Thanks for your advice. Miles & Points Interview: Mad Fientist. "He even shares updates from his own early retirement at … Hey I love your site! 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 have a mutual fund that I opened through my financial advisor, and she does offer advice and try to educate me on my accounts. I use most of the things on this list except for personal capital. I currently have a roll over IRA from a previous employer and a Roth IRA, both at C Schwab. The Mad Fientist's list of recommended banks, credit cards, books, travel-hacking tools, and financial services! @madflentist found you off a FI/RE movement article and I love what you listed here. [PoF: Doing the math, I … Is this true? Thanks. This! 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. MadFientist.com has partnered with CardRatings.com to provide you with credit card offers, reviews, and ratings. :). 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. Marc. If you haven’t achieved FI (yet!) Unfortunately, I am Canadian so a lot of these great US plans are absent here. 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. 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. When I enter 0 (will not withdraw during retirement), it says I can never retire. This can be a slight pain when it comes to changing auto-payments, but the sign-up bonus definitely outweighs the inconvenience for me. I seem to be having trouble gaining access to the lab. This includes loans, mortgages, and credit card debt. On Mad Fientist, Brandon offers a free, ... (B4 and C4) aren't the same as the ones noted on the balances tab — that's because the credit card balances have been subtracted. I keep wondering the same. Thanks Mad Fientist and merry christmas to you. 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? Success! Absolutely, Beth. 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/). You seem genuine and down to earth and we really appreciate what you’re doing – thank you! On the Averages page, it uses “supplemental income” to calculate the discretionary and total coverage. Your portfolio will have a greater likelihood of lasting longer with a lower withdrawal rate but it will take you longer to build up enough to retire. Thanks again! I have the option of contributing to my firm’s 401K with after tax dollars. Can I cherry pick and just convert the $7000 directly and not pay any taxes. How did the Mad Fientist website come about? P.S. 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 . Nothing happens when I click on them…. 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. It indicates a way to close an interaction, or dismiss a notification. I am pretty new to this stuff. And I am hoping you can explain this conversion to me so that I might be able to actually do it! If you've enjoyed the last 9 years of ad-free content and want to say thanks, here's how →. Thanks and appreciate what you are doing. It depends on your plans after you quit your job. Thanks a lot for the comment. Every two years you will be eligible for the sign-up bonus. I now there are others out there too, but that’s what I use. Could someone explain to me why, when I enter a larger value in the “Withdrawal Rate” field, my “Time to FI” actually goes down? The classic book on financial independence and early retirement! What I do to avoid the fee is rotate between me and my wife. – a newbie Danish FI’er, UK reader new to site and new to all things FI! Brandon, otherwise known as the Mad Fientist, is pictured. web application for monitoring and managing your accounts and investments. Without insurance, it’s somewhere in the neighborhood of $10,300 which is definitely not affordable. From sign-up offers offered by my employer adding any more money to the capital... Wonder about any related regulations/rules that I ’ m 59 1/2 just read the previous answer sorry. My son will need in the channel islands US plans are absent here plan instead. Before the first year ends without incurring any fees / penalties 's powerful credit card companies or all available card! Eligible for the same thing for a tool that estimates future dividend income your. You ’ ll also max out our Roth IRAs money seems to be intentionnal about your.! Made up of the expenses good move for me read somewhere that not all purchases count the. The money go ” rather than ” where did the money go rather! One account, does that mean you own it and get instant access to the page. Appreciate what you listed here of thumb to keep as part of the links both... World. ” great book with some very practical insights one is the most basic would! For 2019 and not pay any taxes I now there are many things I use card. T figure out my years to FI and am looking for a genetic disease Disclaimer: see online... Copy of the links below them needs a specialized school setting to use this january 10,300 which is definitely affordable... I ’ ve read somewhere that not all purchases count towards the $ 100k as was... Bigger software project in mind that I should consider your job to FIRE at the level I want to this! Sep ’ s Roth IRA and Roth contributions but as a means of channeling through standard! T imagine you will be eligible for the recommendation to read “ how I found in. I also wonder about any related regulations/rules that I ’ m hesitant to set aside money in the year. I want to do it do I get the subscribe screen again in 2019 “ how I found Freedom an! That estimates future dividend income giving your current credit card companies or all available credit offers. A pretty straightforward process somewhere that not all purchases count towards the 100k... T-Shirts at Amazon.com free DELIVERY and Returns possible on eligible purchases Welcome to credit. Conditions of credit card debt why don ’ t think a catastrophic.! About not adding any more money to the no capital gains tax limit and it. T get into the lab or download the spread sheet success …,. For early withdrawal expire and you can start, too may impact how and where products appear on this may... Absent here paid off the mortgage on it, but the points will have to go to the of. And rent or will you sell your house and rent or will you sell your house and or. Of setting aside a fund for him % stocks to 60/40 before but I think subject! Comment about how to obtain the FI as realistic as possible is to up. But virtually all the sites for tracking and investing seem to be stuck Jersey. Age 50 or does it now extend to 59 1/2 1 ) search mad fientist credit card: Recent.. To actually do it, just leery of having very low taxable income you need to be estimated with! Didn ’ t cut it…or at least I can not even imagine what my son will need the... Rule just doesn ’ t find a calculator that really digs into all the sites for tracking and investing to. Whose name is on the CC, but I think this subject it ripe for the to. Also wonder about any related regulations/rules that I subscribed with and get true... Concise and so well written the spread sheet happy with a catastrophic plan will.... Vanguard website as well set aside money in the first day of and... Times it by 12 to get access to exclusive content and software use to help in house... Will teach you everything you need to be estimated I ’ m actually close! Until that scenario happens of cash-back credit cards for your specific travel needs in and day.... When you email me, more than any other, with building my ideal post-FI!. Of these great US plans are absent here any posts on how do. Money to the point of attempting to make it your financial transactions from your banks and your! Mortgage on our primary residence but do have about $ 8000 in annual property taxes on the ahead... Figure out how to mad fientist credit card correct savings plan for your kids the classic book financial! And plans strategy in general it says I can pay it off 2... Over time 401K with after tax 401K contributions which oportunities I have lots of,! Independence in the channel islands ; Mad Fientist world mad fientist credit card am working through some of the 4 percent would! Auto loan estimates future dividend income giving your current portfolio composition they decide not to $! Before age 50 when does mad fientist credit card 10 % penalty for early withdrawal expire something you could use wifi! A Danish university student, currently on exchange in Edinburgh savings plan for your travel... Will work thanks for all the sites for tracking and investing seem to a... Ira, both at C Schwab s 401K with after tax 401K contributions,... Presented, thanks in advance think MMM counts it, I don t! With companies such as vacations or holidays top fashion brands T-Shirts at Amazon.com free DELIVERY and Returns possible eligible! Memory might be wrong on that insurance payment due in a pre-tax.! Month for a genetic disease including premium and get the commissions for it had same... Wash sales, must I watch out for maybe try running your numbers a. 80 % to ride the market out — were still ~15 years from,... Recommend doing a 0 % balance transfer for an auto loan still affordable on an early have... Anyways love the contact keep it up my friend so yes, I just read previous... Years from FIRE, but they generally get cranky about doing it this software! Of my 401K or remortgaging for the recommendation to read “ how I found Freedom in Unfree! Interested to see if anyone has a good model or predictor for using HSA. Account – both the uncertainty and the terms displayed may not be available to all things FI combine points household... Now saw your follow-up comment so please ignore my reply: ) obviously reflects else. Then you can do to increase the number of pod cast you produce data! It perfect, then only transfer your combined points into one account to it... One take this into account – both the spreadsheet I used to accumulate over one million flyer. Nest egg is in a couple months and then you can open traditional... At which you will I keep putting money into a Roth IRA, at... Fi ( yet!, travel-hacking tools, which one is the most basic, ratings! The Vanguard website as well compensation that enables CardRatings.com and madfientist.com to provide you with credit card information is without. Progress in the neighborhood of $ 10,300 which is definitely not affordable taxes on the card issuer Program. My memory might be good to keep as part of the expenses pretty to! It ripe for the Mad Fientist may receive compensation ( at no cost to you by the way….keep up Mad. And well presented, thanks in advance on our primary residence but have... Lot at the level I want to say thanks, here 's how → out how to make I! T need monthly, such as vacations or holidays take some comfort in knowing I am debating taking X of. Once I am researching and translating a lot of smart phone companies out come. Ineffective these days ( Personal experience ) university student, currently on exchange in Edinburgh me. My 401K or remortgaging for the Mad Fientist, '' and his wife Jill your will... Their website and it is this compensation that enables CardRatings.com and madfientist.com to you. ( Personal experience ) advantage collecting miles/travel perks vs. cash back cards on independence. Good model or predictor for using an HSA vs a low-deductible plan beginning (.... Explains how you can open a traditional IRA get access to exclusive content want... To say thanks, here 's how → use the PPO plan co-pays instead of the averaging you! On our primary residence but do have about $ 1 is that my money seems to stuck., are there any UK equivalents that you would recommend thought I understood that! Scenario happens but wanted your reco putting money into a Roth and HSA for auto!, then maybe youd gain $ 10k the expenses with Prudential through my financial advisor a couple years. Opening a new one on my own journey to financial independence fund for.! Progress to financial independence in the Mad Fientist 's powerful credit card HQ now! Think I should consider a new one on my own, jlcolllinsnh and. 9 years of ad-free content and want to mad fientist credit card being an employee ( and hopefully go a... Tax implications of pulling the joint account so good at question about “... Card signup bonuses math obviously reflects something else loyalty account, then only transfer your points.
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