Financial Independence Daily FI discussion thread - Wednesday, June 09, 2021 |
- Daily FI discussion thread - Wednesday, June 09, 2021
- Fables of Fortune, Why isn't this book talked about more?
- Weekly Self-Promotion Thread - June 09, 2021
- Daily FI discussion thread - Tuesday, June 08, 2021
- Road to 100k NW at 30 on normal salary.
| Daily FI discussion thread - Wednesday, June 09, 2021 Posted: 09 Jun 2021 02:00 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]  |
| Fables of Fortune, Why isn't this book talked about more? Posted: 08 Jun 2021 10:37 AM PDT The full book title is Fables of Fortune: What Rich People Have that You Don't Want. I'm honestly shocked that this book has been out for nearly a decade and it has almost zero internet presence. How is this? For those curious, here's a quick summary: The lives of the rich and wealthy (the book mainly focuses on massive networths in the 10s of millions) are often idealized as perfect as people assume they can solve all of their problems with money and live stress-free lives. But this couldn't be further from the truth. The wealth causes entitlement from their children and some family members, creates barriers that make it difficult for them to want to connect and form authentic relationships with people of "lower social classes", and removes a lot of the meaning from life as they chase after validation and respect from the items they buy hoping people see them and respect them more solely based off of how expensive their possessions are. The book unveils the curtain to show how this type of life can be incredibly lonely and empty at times, and some of these folks would probably kill to have a simple life back but the current lifestyle they're adjusted to makes it seem impossible to go back. Lifestyle inflation at its finest. This phenomenon is also known as the golden handcuffs, where your high paying job is making you miserable but your lifestyle expenses, such as the mortgages on your houses and cars you have financed, are way too expensive for you to be able to downsize your job without incredible consequences. It really opened my eyes to how much a lot of us can't wait to buy a bigger house and a nicer car hoping that the higher the price tag, the more happiness it will probably deliver when it couldn't be further from the truth. At the end of the day you just get adjusted to these items and want more. It encourages searching for richness in other parts of your life, such as enriching family relationships and friendships to form stronger bonds and have more people you can enjoy life with. It also largely encourages chasing financial security over an inflated lifestyle which is a massive theme of this subreddit and one of the reasons I'm shocked it hasn't made the rounds here. Allow me to clarify, this book isn't saying money in itself is bad. It encourages people to get to a point where they no longer have to worry about food and shelter. Where they can take care of life emergencies as they pop up and provide for their children. But it recommends that once you find that "enough" point, you don't jump off into the deep end of wealth endlessly chasing bigger and more expensive items because it's the only thing you believe can fulfill you. Because you'll just end up empty inside and stuck chasing the temporary high of these luxury items. Would love to hear you guys' thoughts on its message and from anyone who has read the book. If you haven't read it, I highly recommend you do. It's an amazing book to provide you motivation on why not to spend all of your energy chasing luxury after most of your basic needs have been met, and encourages you to instead divert that energy into other places where it matters. Edit: I forgot to mention, the author of this book is a lawyer who works with a lot of wealthy folks. When I say wealthy, I mean the 10s to 100s of Millions types of folks, not just the single digit millionaires. This is how he has so much insight, and he gives plenty of examples to back up his claims. He's not just pulling shit out of his ass. [link] [comments]  |
| Weekly Self-Promotion Thread - June 09, 2021 Posted: 09 Jun 2021 02:00 AM PDT 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. [link] [comments]  |
| Daily FI discussion thread - Tuesday, June 08, 2021 Posted: 08 Jun 2021 02:00 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]  |
| Road to 100k NW at 30 on normal salary. Posted: 07 Jun 2021 06:25 AM PDT Here is a look at someone with a "normal" salary since this site tends to lean towards the higher earners. I should be at 100k net worth by the end of the year. I graduated with no student loans and my living expenses are very cheap, though I do not own any real estate. My current savings rate is around 52-55%. Using most of the calculators my FI number is about $350-400k which I will hopefully be at before i get to 40. 2013 Graduated college in December BS in CS $3k NW 2014 Went full time at job I was working in college then got laid off near the end of the year Out of work for 6 months $15/hr So likely $28k that year $10k NW 2015 Got new job in March $30k/yr $2k NW 2016 Bought new reliable car Got raise to $33k/yr $-12.5k NW 2017 Started looking for new job and got one in November with a state govt agency. $33k to $59k $-10k NW 2018 Got big into FIRE Raise to $61k $7k NW 2019 Market Rate Adjustment to $65k(means a raise so the state agency doesn't lose more people to private industry) $27k NW 2020 Raise to $67k $48k NW May 2021 No raise this year so far. You know how fun state budget fights are. $70k NW so far I like my govt job because of no on call, day ends at 4:30pm, I have a pension that vests in November, If i stay here till I'm 55 i will get a minimum of $42k/yr for the rest of my life. The pension system is 90% funded so little chance of it failing. My Pension savings are 6% of my salary and I cant change it. I am also putting 17.85%($1k/m) into my 401k but it has no match since we have a pension. I am working on getting my liquid savings to a place that I want before I start putting more into my Roth IRA. I expect to have around $1.5m by 55 from just my 401k as well. My biggest vice is cars. I could save more but I like cars so I spend more on them as they bring me joy, plus i have the pension. I have decided however to pair it down to only having 1 car at a time from this point on. So far I have had a 91 Jeep Comanche, 15 Ford Fiesta, 95 Mazda Miata, 87 Suzuki Samurai, 18 Subaru Crosstrek, 17 Mazda MX-5 RF, 99 Toyota Land Cruiser, 20 Hyundai Veloster N, 15 Toyota Avalon Hybrid, and my current only car is a 20 Subaru WRX. I have a 22/23 Ford Bronco on order but so far that is looking like it will show up in 12-18 months... hopefully... So that is a look at the FIRE journey of someone with a normal salary. [link] [comments]  |
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