Financial Independence Daily FI discussion thread - June 07, 2020 |
- Daily FI discussion thread - June 07, 2020
- I stopped caring about FIRE the instant I RE'd
- FIRE Safety?
- Feeling inspired, get my financial life in order
- Growing your net worth besides real estate
- 16 and willing to gain knowledge through books
- Why do you make more than what you need?
| Daily FI discussion thread - June 07, 2020 Posted: 07 Jun 2020 01:07 AM PDT 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]  |
| I stopped caring about FIRE the instant I RE'd Posted: 07 Jun 2020 12:11 PM PDT I discovered FIRE about 6 or 7 years ago. At first, I was obsessed with it. I read all the blogs, tried all the super-frugal tips, made plenty of excel spreadsheet projections, checked my investment balance daily, etc. But after a while, it became repetitive and my interest waned. There really wasn't much to this whole FIRE thing. But no matter how boring or repetitive the content on this sub was, I checked it every day because my thoughts always drifted back to FIRE. FIRE was hope for me. Every day I woke up and as my consciousness miraculously reconstituted itself and I recalled who I was, where I was, and what I'd soon be doing with this precious and limited gift of life I'd once again been granted, there was a 5 out of 7 chance my first thought would be "Oh god...not another one of these..." My job was miserable, but the people who set the salary knew it was miserable and paid appropriately high amounts in order to keep some poor schmuck doing it. The dominant, rational part of me rejected changing careers or fields. Maximizing your earnings is the most efficient way to minimize your career length. You can endure this! So whenever work became too much to bear, I always found myself fantasizing about FIRE. The day I could buy my freedom. The day I would own myself. Somehow I made it six years on pure fumes and cynicism. Looking back, I'm not sure how I did it. I'd always planned to make a "I just RE'd!" post here and get told to go fuck myself. But the moment I retired I just allowed myself to be swept up by life. I let my whims guide me for the first time in over a decade, rather than carefully rationing out available time. I started doing things I "didn't have time for" before. I started writing for fun, I paid more attention to relationships I'd been neglecting, I played the same video game 3 times through back to back just because I wanted to, I went down wikipedia rabbit holes for hours, I and a friend became obsessed with a board game and sunk over 100 hours into it (and counting), etc etc. Today was the first time since I RE'd two months ago that I remembered that I used to be really into FIRE. Used to. As soon as my career was out of the picture and my hope was realized, I had no further reason to fantasize - I was living it. Upon returning to this sub and browsing through these familiar-looking threads, I found they held no appeal to me. If anything, they make me feel uneasy. They remind me of a bleaker time. I'm not sure if I made a mistake. Maybe I'd have been better off on the whole if I'd taken a lower-paid, less miserable job. Maybe it would've made those years easier to bear. But if I did that, I wouldn't be retired right now. And I wouldn't wake up each weekday with a smile, deeply appreciating just how lucky I am. [link] [comments]  |
| Posted: 07 Jun 2020 06:33 AM PDT I literally have spent the last few hours watching the True Crime Daily YouTube channel. One common theme I noticed across the videos I watched is people being murdered over finances. One of the more recent cases - which some may already know of - is the case of Daniel Wozniak. For those who don't know, he heartlessly killed two people, killing the main victim (Samuel Herr) over $62k because he was in 'financial distress' and had an upcoming wedding he couldn't afford. At some point in the friendship, Sam must've been transparent to Daniel about his funds because during Daniel's eventual confession, Daniel admits to killing Sam solely because of the money. Now I'm not trying to turn this sub dark with this post, but analyzing these various stories made me truly understand why so many folks are silent about their financial situation in life -- being too open can make you an unknowing target and put you in indirect grave danger. So to turn this into more of a discussion, how transparent are you guys about your financial situation/wealth in real life? [link] [comments]  |
| Feeling inspired, get my financial life in order Posted: 07 Jun 2020 02:26 PM PDT Can I just say how inspirational you guys all are? 33 here, soon to be divorced. I've always had this vague idea of early retirement to get a camper van and travel the country, then the world. My soon to be x was never really sold on the idea. He doesn't trust the stock market so only saves cash really, plus talking about money was always a bit/really awkward. I have taken this new chapter to really buckle down and plan, now that I am the only one I am accountable to. My net worth is -90k! This is mostly due to a large student loan debt of 260k. However that large student loan has allowed me a 4 day a week job making about 200k a year. My plan of attack is this:
Ideas I am throwing around to help money wise ~ get a roommate ~ pick up a day or two a month Any input or advice/constructive criticism is always welcomed. I am just starting on this financial literacy path. I feel a lot of people in the financial world see a title and see dollar signs, but I'm learning no one is going to take care of my money better than me! So here's to learning! [link] [comments]  |
| Growing your net worth besides real estate Posted: 07 Jun 2020 03:23 PM PDT Assuming that someone has hypothetical savings of 100k, what are some solid investment opportunities to grow your net worth passively? I have dabbled in stock market, but have been on the sidelines recently because of the intense volatility. Real estate is something that I have never been able to wrap my head around because of debt that it involves. (Maybe I am wrong here?) Any suggestions on how to have a steady passive cashflow each month to FIRE? [link] [comments]  |
| 16 and willing to gain knowledge through books Posted: 07 Jun 2020 03:05 PM PDT Helli so I recently turned 16 and I want to gain as much knowledge through reading books especially on topics such as self development stock market investing real estate and general personal finance books I have started doing this for the past month after my birthday and I have read rich dad poor dad and how to win friends and influence people and I am looking for more suggestions Thanks in advance [link] [comments]  |
| Why do you make more than what you need? Posted: 07 Jun 2020 07:01 AM PDT I can retire comfortably in the country I grew up in. It's pretty nice here. Much better than US for me. But I want to be able to retire in any country and any city. What if a war starts and my investments lose value too much value in the midst of a situation where its really hard to make money here? I also want to be able to fatFIRE because... why not? I am trying to come up with a definite number to aim. I went through some calculations and scenarios but just got frustrated. How do you decide on the number? My primal brain is like hey you have enough so just chill but I think my primal brain is stupid, yet in control sadly. [link] [comments]  |
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