Financial Independence Feeling disconnected from friends as we have different views on life |
- Feeling disconnected from friends as we have different views on life
- Daily FI discussion thread - Thursday, February 11, 2021
- Probably a dumb question - How do you retire early with a 401k or Roth?
- Should I tell friends/family I want FIRE or nah?
| Feeling disconnected from friends as we have different views on life Posted: 10 Feb 2021 08:48 PM PST I graduated college 3 years ago and bought my first rental property recently. Ever since, I've felt some sort of disconnect or judged from my friends as they view landlords as "leeches" who are just making housing unaffordable. I grew up in a low income area and a lot of my friends are high school friends, so I do get where they're coming from. I worked really hard as well as a couple of side hustles to come up with this down payment and also had to buy hours away because it was the only thing I could afford but I saw potential there. It really makes me sad because I had a vision of expanding my real estate portfolio and feel like it'll be a big part of my life going forward. Do I just not share this info with them? Anyone else felt this way or have any advice? I plan to FIRE in 10 years at the age of 35 - I've been really invested in stocks and options right now and I feel like I don't really have that in common with them as well. I did try to explain to them about the more basic stuff like ETFs, mutual funds, etc but they see it as gambling... and rather keep everything in cash. I know it's not my place to tell them where to put their money but I just thought that we'd be able to have more in common once they see the effect of their money growing. I've been friends with some of them for 10 years so I know they're really caring and supportive. Edit: ahh thanks for all the responses. I'm overwhelmed lol also, I don't discuss the exact money part with my friends. They just know that I have a house and that I'm renting it out (I had told them this initially not knowing their reaction). I think the most recent situation was that my house had a massive leak and I was pretty stressed, missed a couple of hangouts and I felt like I couldn't tell them the real reason I couldn't make it without feeling weird about it - I had to make up some other excuse. Also, I'm a girl for those who keep calling me "dude" in PMs lol [link] [comments]  |
| Daily FI discussion thread - Thursday, February 11, 2021 Posted: 11 Feb 2021 02:00 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]  |
| Probably a dumb question - How do you retire early with a 401k or Roth? Posted: 11 Feb 2021 04:36 PM PST Say you reached FI at 45. Do you simply accept the taxes you will incur? [link] [comments]  |
| Should I tell friends/family I want FIRE or nah? Posted: 11 Feb 2021 06:36 AM PST I'm currently 30 years old and about 3-4 months ago I hit a personally significant milestone of $1M net worth (including everything, all retirement accounts, real estate, etc.). It was the end of the year so I didn't tell anyone because I was expecting a tax bill that would set me back below the 1M mark. However, since then I have surpassed 1M far enough that even after I pay taxes, I will still be over 1M by a good amount (unless, of course, the market takes a nosedive). I'm planning to work a few more years, but should I get fired, I may just become Uber driver/work part-time. At this point, if someone asks me, I wouldn't lie, but I feel hesitant to tell anyone I've achieved this goal out of fear that they will expect me to pay for stuff or ask for money, etc. I don't think most people will understand that I have a specific goal in mind and I plan to retire earlier than most people. They will say "you can afford to work a couple extra years so you can afford to come play golf with us, or get XYZ a more expensive wedding/birthday gift, get this expensive gym membership, etc." On the other hand, I want to celebrate and tell everyone! This is a huge milestone. Worst case scenario would be my parents asking me for money... which I don't think they'll do outright, but my family has a way of "expecting" things when one person has more than the others - for example, my older sister who lives in NYC, but was staying in my mom's house for the pandemic just expected that she could borrow my car for an 800 mile road trip to her friends house without offering to pay so much as $20 and threw a fit when I said no even though I'm working from home and don't need it... TBH I will probably avoid telling my family for as long as I can - I'm more concerned about telling friends. $1M is a lot to some people, but I'm only 30 so I have to make it last a really long time (hopefully). I have no kids, but want some, and am not married so I have a lot of potential upcoming expenses when the time comes. 1M is not enough to go around for the 50+ years I have left on this earth. TL;DR What is your advice about telling friends/family that you're a millionaire, but you only have enough money for yourself to live within your means? [link] [comments]  |
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