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    Financial Independence Daily FI discussion thread - February 05, 2020

    February 05, 2020

    Financial Independence Daily FI discussion thread - February 05, 2020

    Daily FI discussion thread - February 05, 2020

    Posted: 05 Feb 2020 12:08 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.

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    UPDATE: FIRE ≠ Happiness. 1 year into FIRE and miserable. Spending next 30 days trying to live my 'dream' fire life

    Posted: 05 Feb 2020 06:51 AM PST

    UPDATE:

    Hello hello!

    So I wrote this post back in November.

    Tl;dr of the post: I wasn't happy with FIRE, so I set lofty goals of all the things I wanted to do/change about my life and posted to Reddit. The original post blew up way more than I expected and I got some incredible feedback (some good and some bad)

    Here's my update post to see how my experiment went and where I am today. Happy to answer more in comments too.

    Summary

    The good

    • Started dating someone. Did some great traveling.
    • Discovered a great insight. Most of the items that I did e.g. Gym, writing, meditation, etc. didn't feel good in the moment. I also didn't feel that great afterwards. There was no 'workout' high, I didn't feel more relaxed after I meditated, etc. HOWEVER, the interesting part is whenever I reflected back on those days, they were almost always better. My takeaway being that even if it doesn't 'feel' better, doing those mind/body wellness exercises do make a difference. YMMV.
    • I started consulting for my friends company. This was a huge win for me since it was part time, paid well, and actually led me to work on a really fun project. She built a great business but started scaling too fast and her whole company was basically on Google Spreadsheets. I migrated her to airtable and rebuilt her processes. It was great to put my skills to work, even if it was a rather small project. BUT another fun thing came out of it was there was an opportunity! Currently, there's no ability to invoice inside of Airtable! So I built I ideated, wireframed, and speced' custom software so if you have airtable, you can connect with stripe to charge, itemize invoice, and track all of it to airtable. I had a blast building this (teaming up with an engineer, I'm not a coder). I'm currently working on finishing up the beta and putting it into a SaaS in the next month or two. Maybe it'll generate 0 dollars, maybe it'll generate 6 figures, who knows but it was fun to scratch my own itch.
    • A forbes article was written about me from the original reddit post
    • A lot of people reached out to tell me they were in the same situation which really made me feel connected to the world in some strange way.
    • A lot of people asking about partnering up (which was flattering)
    • Helped a couple people with some basic advice on their startups
    • Got a LOT of inbound messages about how they were in the same place which was incredibly comforting. A lot of times when you're

    Bad

    • Boredom strikes: I downloaded instagram again and started redditing again (I detoxed myself on both). I've found i've been spending a lot more time on both, especially in the mornings not getting out of bed. This is probably the biggest drag to my day. It makes me feel I'm wasting a lot of time
    • I didn't finish my goal of 30 days working out, meditation, etc. I knew it was going to be hard because I was traveling and I still didn't prepare well enough. This is a good opportunity for improvement.
    • I generated a lot of ideas but I still don't have something I want to devote 100% of my time to.
    • Still hard to give myself permission to not be working 24/7.

    ​

    Lessons learned:

    • I was thrown into the deep end with RE. Definitily FI is of course a worthy goal. I continue to remind myself how lucky I am that I'm in this position. That said, I give myself permission to allow myself to not be content during the moment. But I can't stay in that space too long. I need to reframe as grateful while allowing myself space to not always be vontent. This has helped.
    • Have faith in the universe that it'll work out. This is a hard one and I think important. When I felt 'stuck' it felt like there was no way out. Reframing in faith that it'll work out, would've made it easier for me to get out of the hole in the first place. Being scared of the hole just makes the hole deeper. Sometimes that fear is 80% of the hole that you're in. It was for me.
    • I've done a better job figuring out what motivates me. When I reflect on why my friends project is fun for me, I've identified the following reasons:
      • I'm helping my friend get out of spreadsheets and operate in a scalable way. Her business is now operating 2x better. In other words, I love adding value. Kind of obvious when you write it, but it wasn't so obvious for me.
      • I'm being mentally challenged
      • I'm solving problems that are hard and even though I don't know the solution, I know I can get there. I think that's pretty fun (although probably not sustainable in all projects)
    • Empathy — when reading my post a significant amount of people said the same thing, you should be happy, or you are clearly missing something else in your life. Honestly, if i had read my post, i would've said the same thing. I clearly pictured me saying the same exact thing with the feeling that I know exavtly what the other person needs. I realized, that thought process doesn't serve me. There were a lot of people who (understandly) jumped to conclusions and thought they knew the situation. I'm not sure how I can retain this insight of not judging too fast or being empathetic moving forward but it was a good lesson.

    Overall, I think my experiment was a success in that I wrote down what I wanted and got what I needed. On the flipside, there's so much more I can do. The biggest WOW for me is that I wrote intentions down and real change happened. Setting intention AND taking action is a meaningful way to make change.

    I'm thinking I should start another experiment to get more results.

    tl-dr; did a 1 month experiment and results turned out way above my expectations. Learned a lot. Still room for imporvement. Looking forward to doing a similar experiment.

    Hope this was helpful/interesting! Happy to answer any other questions

    Edit: I designed the software (idea, wireframe, product specs) engineer did the coding. Thought that was clear in engineer coded it. ITT: A lot of people who haven't gotten credit for building things. My apologies!

    submitted by /u/askkanye
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    Weekly Self-Promotion Thread - February 05, 2020

    Posted: 05 Feb 2020 12:08 AM PST

    Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread.

    Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely.

    Link-only posts will be removed. Put some effort into it.

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    Retiring early is a bad idea

    Posted: 05 Feb 2020 01:18 PM PST

    I have recently read a book that made pretty good arguments against retiring early. Here are the points. What do you guys think about these?

    - The word "Retiring" itself means to go out of sight or out of visibility, to disappear. It is such a negative word. Why would anyone want that for themselves.

    - Instead of retiring altogether, you can always change jobs. Change the thing about your job that's stressing you out. Why totally stop working?

    - Most people will get bored without work. Your work may not be curing cancer but it has a value and gives you something to keep you engaged and feeling alive.

    I feel all of these are valid points. I personally am not very motivated and getting myself to work is pretty hard. I do it as I need money. But I wonder once I become FI and quit the job, sitting at home all day can become quite boring too. People talk about travel, hobbies etc but they get boring too and won't be able to replace full time work (keeping you engaged, feeling valued, networth growing etc. ). Changing jobs frequently (so that you avoid the same stressful things) and continuing to work seems to be the way to go? Also may be choosing jobs that are junior or entry level so that we are not required to take more responsibility.

    submitted by /u/guergeb
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