Author Topic: Immigrated to US  (Read 2088 times)

joeNYC

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Immigrated to US
« on: September 24, 2017, 09:39:20 AM »
Recently immigrated to US, in my "earlier" 30s, single and has a job that pays well. Living in NYC with 2 other roommates, and my monthly expense is about 30% of my gross pay. Rest goes to my savings and retirement accounts.

I just started contributing to my 401k a year ago. How do I catch up and be FI in less than 10 years. I like my consulting job but been obsessed imaging having my own small farm, taking care of chickens, planting vegetables and with a wife and 3 kids.

Being an immigrant though feels like starting from scratch.

terran

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Re: Immigrated to US
« Reply #1 on: September 24, 2017, 09:50:25 AM »
Don't worry about it. You're doing very well compared to most americans, and with a 70% minus taxes savings rate you're probably even doing pretty well by mustachian standards.

Hargrove

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Re: Immigrated to US
« Reply #2 on: September 24, 2017, 10:58:08 AM »
Figure out your total expenses (not just rent) as a % of your salary. For 10 years, you're looking for about 65% savings rate.

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

However, if you plan to move to a lower cost of living country when you have the money, you may be able to do it with much less, depending on the country.

Paul der Krake

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Re: Immigrated to US
« Reply #3 on: September 24, 2017, 11:05:15 AM »
It's no different than for everyone else, but you get the added benefit of flexibility that natives wish they could muster, but won't.

joeNYC

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Re: Immigrated to US
« Reply #4 on: September 24, 2017, 02:38:29 PM »
It's no different than for everyone else, but you get the added benefit of flexibility that natives wish they could muster, but won't.

I agree, and apart the flexibility moving back to my country - I also have the local knowledge in investing in an emerging market where I grew up *relief*