Financial Independence Daily FI discussion thread - Wednesday, July 07, 2021 |
- Daily FI discussion thread - Wednesday, July 07, 2021
- Anyone feel similar? I wasted my teens and 20s focusing narrowly on savings money that translated into FIRE. The conditioning of age and goals that are constantly changing.
- Us older folks might be closer than we think...
- FIRE and mental health
- Weekly Self-Promotion Thread - July 07, 2021
- Hedonic treadmill
| Daily FI discussion thread - Wednesday, July 07, 2021 Posted: 07 Jul 2021 02:02 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]  |
| Posted: 07 Jul 2021 08:23 AM PDT I hit my coast FIRE number recently ($200k) at the age of 28 while earning $30,000 or less per year. However, I regret my entire life. Why? Because of my unhealthy fixation with money. I would simply never spend it. I always like seeing the numbers increase from the age of 8 years old (allowance money, selling candy, bank account matching by my parents to encourage saving). I did not take any risks in life. I did not look for a high paying job. I did not experiment socially with dating, networking, or travel. Saving was easy because I didn't do anything. I spend most of my time thinking about my savings, trying to reduce expenses, bored, or working. I don't think of greater opportunities for self-improvement. No social growth. Never kissed a girl, etc. When I got my first job, I felt so aimless after hitting a certain saving metric (maxing my IRA). What now? What's the point of working? I was clueless and native but still, the issue was a lack of deep fundamental purpose in life. So now I have this somewhat big amount of savings, technically coast FIRE, but with no goals. What would you recommend? [link] [comments]  |
| Us older folks might be closer than we think... Posted: 06 Jul 2021 03:52 PM PDT I feel like my situation is not wildly different from quite a few people around here:
Pretty simple math here. With continued aggressive saving I'm looking at roughly another 5 years to retire right? Maybe... The thing is, I'm 17 years away from two huge events:
This is a HUGE swing taking my annual withdrawal from my investments from $80k to $30k. My wife also works part time in the library of our local school (with summers off) making roughly $20k a year and is in no particular rush to quit. Once she does her SS (she can get 1/2 her spouses amount) plus her school pension should easily equal $20k once she hits 62. So we started with an $80k need ($2 million) and with my wife's income reduced it to $60k ($1.5 million). This means I could retire right now at a $20k a year loss for 17 years which would leave me with over $600k left and annual withdrawal needs of only $10k ($250k). Yes, I know I'm ignoring inflation but I'm assuming expenses that are $80k when current is $60k and also not factoring in any inheritance from our currently 70+ year old parents. Also, our house is worth $650k currently (not counted in any of the above numbers) so if shit went sideways we could sell to move to a LCOL area. __ TLDR Thought I was a million dollars away from retirement then ran the numbers and could retire today. [link] [comments]  |
| Posted: 07 Jul 2021 06:21 AM PDT Hi everyone, I have embarked on being FIRE for the past 12 years. I am very close to reaching a decent level of income on my investments. This has surely given me a lot of calm and comfort at first. Ie, if I would get fired, I wouldn't stress too much about it. I also wouldn't worry about underperforming. So surely, FIRE has helped me be more calm. However, now that I am just a few years away from not having to work anymore, I find myself having a pretty serious existential crisis. I do have hobbies but I am unsure if I actually will be happy doing them over actual work. FIRE, in a way, is like collecting some sort of universal basic income and having the freedom to do whatever you want with your time. But I find myself skeptical that it's a healthy way of living in the long run. I cannot refer to any good high quality and long-term studies on UBI, but data shows that long-term unemployed people in Europe (where they get unemployment benefits) have poor mental health. Could long-term FIRE cause mental health issues? Curious to hear your thoughts. [link] [comments]  |
| Weekly Self-Promotion Thread - July 07, 2021 Posted: 07 Jul 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]  |
| Posted: 06 Jul 2021 08:25 PM PDT https://www.reddit.com/r/financialindependence/comments/izrix7/near_yet_so_far/ Follow up and update from my last year post. I was able to find a new job with almost 80% more money (new salary $350K) but with very bad work life balance. Last 6 months has been a difficult ride but with stocks doing great, I have now touched my target goal of $2M (2-3 years earlier than target) But here is something strange, even after reaching the goal, my worry and fear seems to have some how increased. I fear, I am stuck in hedonic treadmill and there is no way for me to come out. I had decided earlier that once I hit $2M, I will take a break but its so difficult to do that. It seems to me quitting a $100K job is much easier than quitting a $350K job. I am now thinking if it makes sense to move my target to $2.5M or even $3M and with that all my stress and worry has come back to haunt me. I was supposed to be worry free once I hit $2M. It was not even my FU money, it was my Fire goal and yet I am unable to free myself up from my worry and whatifs. I understand, deep down its all because I had very little when I was growing up and that feeling of not having enough has never gone away. I am writing this up in the hope of hearing from other FI folks who were able to retire and quit a high paying job. [link] [comments]  |
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