Financial Independence Daily FI discussion thread - July 07, 2020 |
| Daily FI discussion thread - July 07, 2020 Posted: 07 Jul 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]  |
| Considering spending 100% of my income for 6 months Posted: 07 Jul 2020 09:53 AM PDT Quick stats on myself: *28M, single, no kids *LCOL area *$100k income *$680k net worth (little over half the hard way, other half is private equity that has increased a lot in value, but is currently relatively illiquid) *$30k estimated annual spending (I don't keep close track of this number) I've been thinking lately that I don't have a good handle on what I am trading to sustain a high savings rate. I know there must be some limit where spending more money won't bring me any additional happiness or satisfaction, but I suspect I'm not at that point. How much would I enjoy eating out at nicer restaurants, buying higher cost items or home upgrades, getting nice gifts for people I care about, donating more to causes I think are important, etc etc. At work, I've also been going through a pretty stressful time. I recently acquired a lot more responsibility, and while I enjoy my job, it has really been weighing on me as I work to build my skillset for this new role. I wonder if getting more satisfaction from my income in the short term might give me a better outlook on difficulties I experience in the workplace. Rather than wonder forever about these things, I'm strongly considering going on a 6 month trial period where I spend every dollar I earn. I don't mean trial in the sense that I would sustain this spending level forever, but instead that I would have better information on where the marginal benefits of spending start to taper off for me. This wouldn't be a complete spending frenzy. I'd plan to make a list of things that I might want to spend my money on, and be pretty thoughtful about trying to get decent bang for my buck, in addition to being a little more free with spontaneous spending. I've already maxed my 401k for the year, and my saving put me in a pretty good spot no matter want happens with the market or my job. After tax this would put my spending around $35 for the next 6 months, which is about a 20k increase over what I would spend if I keep the status quo. Not a drop in the bucket, but certainly not devastating even if it all went to waste with no extra benefits. Have any of you ever thought about doing something like this or tried it yourself? I'd love to hear people's thoughts, criticisms, experiences, ideas about where spending could add most to happiness...whatever ya got! [link] [comments]  |
| You are subscribed to email updates from financial independence / early retirement. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment