Financial Independence Just Hit $1 Million NW by 28! The Boring Way: Decent Income & Frugal Lifestyle. |
- Just Hit $1 Million NW by 28! The Boring Way: Decent Income & Frugal Lifestyle.
- Thoughts on deferred compensation plans to for cash flow in early retirement?
- I wanted to share what it’s like being born into financial independence. Is it all it’s cracked up to be?
| Just Hit $1 Million NW by 28! The Boring Way: Decent Income & Frugal Lifestyle. Posted: 09 Jun 2021 10:36 AM PDT Hello everyone! This might be an unpopular opinion, but I've been a subscriber here for 7+ years and one of my favorite things to read are the humblebrag "how you got to where you are" milestone stories. This is the 3rd milestone story that I've posted: I made this post once I hit $300k and then I made this post once I got married and we hit $500k. Those older posts have some great background on our childhoods, parents, college years, monthly budgets, and advantages along the way. I won't rehash those things here and keep this post more numbers-oriented. Feel free to ask any questions you have. Current Net Worth: $1,005,850
Current Household Income: $197,000
Annual Spending
General Habits Worth Mentioning:
Feel free to ask me any questions you may have about our life or FIRE journey. TLDR: 2 like-minded FIRE people fall in love, make decent money, live a very frugal life, and save $1 million by age 28. [link] [comments]  |
| Thoughts on deferred compensation plans to for cash flow in early retirement? Posted: 09 Jun 2021 05:54 AM PDT What are folks thoughts on using deferred comp plans especially if you'll still have a working spouse after you retire? My employer offers a deferred comp plan. Just like a 401k you can defer income taxes and gain. Minuses - if the company tanks you're an unsecured creditor. Still need to understand investment fees and find a low risk fund. I'm thinking this could be a strategy to avoid sequence of return risk for the first 5 years of retirement. I'm about 3 years out. Also, a tax strategy as we are near the top tax bracket. When getting the funds out at a lower income level our tax rate will be much lower. What am I missing? Any tools/formulas people have used to make the decision? MODS - yes, this is exclusive to EARLY retirement since I have limited options for fixed income as SS won't be available to me at time of retirement. [link] [comments]  |
| Posted: 09 Jun 2021 08:17 AM PDT Essentially I'm a trust fund baby but I'm still very miserable with life. So I never grew up wanting to be a leech. I was just molded into one. After moving in with my foster family who were very loving they just let me do whatever the fuck I wanted all the time. Which I would just drown my childhood sorrow in to video games. I would occasionally snap out of it and ask my foster mom. What am I gonna do with my life? Everyone else is school is picking stuff and I'm lost? Pretty much she'd say don't worry about it. Something in me was like that's just wrong. She knew my family had a lot of inheritance. But I wasn't concerned about that I was yearning for a purpose. But eventually she just told me well open a business or something! Or you got so much money you don't have to worry about any of that stuff. Even as a teenager I knew whatever she was telling me was a terrible for me. She meant well and was super loving! But no masculinity no structure no guidance. My foster dad is very kind and soft spoken Albert Einstein genius type and he has problems socially. So I don't blame him for not really parenting me. As my mom controlled the house pretty much or the family I should say. So I think she would kinda say no I got it honey don't worry about it. At the time I think I resisted those answers cause I was aware of the damage they could cause. Lo and behold here we are I guess.... So for the past 3 years I've had the freedom to do whatever. I can buy food whenever I want. I can buy games whenever. I got my rent covered if I don't have a job. I can essentially do whatever. I've never had much interest in abusing it. IT IS A BLESSING AND A CURSE. It is very nice that I don't have to work a job I hate to scrape by. Regardless over these past few years I've pursued this Esport. That I was chasing regardless of circumstance. When I've been working or when I haven't been working I've felt the same. Purposeless. One of those paths is just a lot tougher and more stressful and restricting time wise. When I had a job I was still just thinking can't wait till I can get out and chase my esport dream. Now I'm not working and I have all the time in the world to pursue that dream. Still fucking depressed either way. Still NOT HAPPY. Money has only provided me comfort. I can eat whenever awesome! I can think about my problems all day awesome! I have the freedom to choose any path I'd like AWESOME!!! And comfort is just a sweet reminder of the dreams you haven't obtained yet. Job or jobless I'm stilling thinking about my dreams and how I haven't achieved them even tho I have the luxury of fully pursing them. Jobless I have more time to think about it but honestly I spend roughly the same time pursuing my dream employed or not. Which goes to show the problem is not a lack of freedom and free time. I HAVE ALL THAT. But yet I'm not not getting closer to my goals as if I have a 60 hour a week job. So it's not the lack of freedom mostly. It's YOU. Recently I was working a job for a few months that I really didn't like that much. Almost to "punish" myself. Or to bear the same burden that others have to carry. Because it felt unfair having the privilege well others struggle by. From doing that I learned some good skills. Doing shit I don't like. Working through the pain and finding good things about the job. Recently I quit. Why? Partly cause I didn't like it. But also because well I was at work all I would think about is my esport dream. So I think I decided that I was living for others. I know what I want inside my head yet I'm not pursuing it full time. So I quit my job to pursue it full time. Guess what? I still put in roughly the same time and overall effort as before. MY POINT IS THAT THE PAIN IS THERE REGARDLESS. From reading posts on here and my own thoughts I think we attribute money as the freedom to that daily burden we have in our head. BUT IM HERE TO TELL YOU ITLL STILL BE THERE. MONEY CANNOT PROVIDE YOU FULFILLMENT. ONLY ACCOMPLISHING DREAMS CAN. I could live on a cruise my whole fucking life probably. That sounds great doesn't it? But all nice things like that all they really do is distract you from those thoughts in the back of your head. I would probably have a great time. But every once a while I'm sure I'd think about my true dreams. Then I'd probably take a sip of my pina colada and forget about it for a little while longer. At the end of my life I'd be a man that's experienced 100 lifetimes of fun. Actually could you even call me a man? What makes a man? I think it's someone that actualizes their dreams. If I lived that lifestyle what will I have accomplished at the end of it? You think I'll die satisfied life because I have a lot of money and didn't accomplish anything? IS THAT REALLY THE BEST WAY TO LIVE? Or would I just die a boy on a boat with a lot of money. Is that really winning in life to you guys? I won't lie I fall into the same trap of thinking. But deep down I think we know that's not it. I think our dreams so unobtainable sometimes that we place the misery of life outside of ourselves.... if only I had money.... or this job.... I'm a prime example I have all the things that people say they need to be happy and yet I'm not happy. The reason I wrote this is because this lifestyle if anything has given me plenty of time to think and reflect on the meaning of life. Trust me fulfillment is not on other side of money. Or let me phrase that better. FULFILLMENT ONLY LIES IN THE FULL PURSUIT OF YOUR DREAMS Regardless of employment I still have the same esport dream. I still gotta put in the same amount of work to make it a reality. I could never and will never accomplish this dream until I pursue it like I'm BROKE. Having money doesn't help me accomplish this in fact It probably hurts it. Now I can do all the fun things but the fun things won't get me closer to my dreams. [link] [comments]  |
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