Financial Independence Daily FI discussion thread - February 27, 2020 |
- Daily FI discussion thread - February 27, 2020
- Blue collar guy FI
- If you've retired in the last 3-6 months...
| Daily FI discussion thread - February 27, 2020 Posted: 27 Feb 2020 12:07 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Posted: 27 Feb 2020 09:20 AM PST FI is almost an exclusively white collar pursuit. I think a lot of that comes down to cultural values and differences. For the purposes of this thread, we will define "blue collar" as middle income people with some post-secondary education who live in the suburbs, ex-burbs and rural areas. This is the bulk of my social circle. (I'm a little different in that although I have a "grey-collar" job, I have "white collar" tastes and values). There's no doubt that there is a big problem with consumerism and materialism in the blue collar world. People who make good money end up blowing it on vehicles, houses, and toys that they finance on credit. However, what gets lost is that a lot of times blue collar people really do get more value out of these things than an urban professional might. Cars are a big topic in the FI community, but they are something that can really provide value to the blue collar worker. A lot of these jobs require commuting: if you work in construction you will often have to drive a great distance to the job site, cops don't like to live in the same neighborhood/town where they work, etc. If you have to spend hours and hours per week in a car, you probably don't want to sit in a beat-to-shit 15 year old car where you constantly have to worry about the AC dying. Many blue collar people who make a good income don't value retiring early either. They tend to take a lot of pride in their work and working hard is a big part of their identity. I think a approach to get buy-in from blue collar folks would be to encourage saving 20-30% of their income. Another key is figuring out a way to optimize their expensive hobbies so that they don't cost as much money, or maybe even make them money. Common hobbies I see include: -Hunting / guns -Boating -Working on cars -Fishing -Dirtbikes / four wheelers These hobbies can be extremely expensive if done on finance, but I imagine that taking on a project jonboat or ATV doesn't necessarily have to break the bank. Hell, if they get good enough at fixing up stuff they might even be able to flip it for profit. There are probably other ways to optimize these hobbies or do them for cheap that I haven't thought of. Another "hobby" / interest that can work to blue collar folk's advantage is home improvement. Blue collar people tend to be very handy and encouraging putting a ton of sweat equity into a house instead of buying the biggest and baddest house they can afford can go a long way. I think these are a couple ways we could spread the values of our community to a group of people who normally wouldn't be receptive. Any thoughts or feedback is greatly appreciated. [link] [comments]  |
| If you've retired in the last 3-6 months... Posted: 27 Feb 2020 01:27 PM PST How much does this corona-virus correction (potentially bear market by the end of the week at the rate we are moving down) make you second guess your decision? Would you have went into retirement with different allocations? Making any changes now or riding the roller coaster? [link] [comments]  |
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