Financial Independence Daily FI discussion thread - Tuesday, January 11, 2022 |
- Daily FI discussion thread - Tuesday, January 11, 2022
- What’s your perspective on how “independent” you are after a very long bull market?
- Once you reach financial independence, you need to have a game plan for friends and relatives that demand money from you (and yes, I mean demand).
- What are the FIRE community's views on generosity during the boring middle?
| Daily FI discussion thread - Tuesday, January 11, 2022 Posted: 11 Jan 2022 02:02 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] |
| What’s your perspective on how “independent” you are after a very long bull market? Posted: 10 Jan 2022 07:49 AM PST Hi all, Just curious on your perspective on a topic. What is your perspective on your overall financial independence after a long bull market? I only ask this question as my wife and I have hit our CoastFIRE number ($500k) but in the context that the market hasn't really seriously corrected. During the quick draw down of COVID in 2020, my wife and I kept regularly investing and didn't change our strategy but I won't lie that seeing our net worth drop 35-40% was very sobering. I realize there's always different versions of "what if" but realistically, I don't feel like we've reached CoastFIRE level, especially if the market corrects (20-30%) and has a longer recovery than in 2020. EDIT: Well, you've all certainly participated in this question and discussion, SO THANK YOU!! As much as there seems to be a wide variety of perspectives and opinions, it's all helpful information to consider [link] [comments] |
| Posted: 09 Jan 2022 07:35 PM PST Most people that reach financial independence have friends or relatives that are fiscally irresponsible. The plans, scams and schemes they will resort to in an attempt to get your money are astounding (at least in my case). Saying no is not enough, they will try to recruit a parent, sibling or spouse. You could have half a dozen relatives gang up on you are for not sending them money. Just yesterday I was added to a meeting to help in-laws with a problem within my field of expertise. What they wanted was for me to buy them a house. My response was "That is never going to happen, put that out of your mind. And that answer will never change." A few relatives were surprised by how blunt I was, but that is how it has to be. So no, don't waver and give no hope. Note, I do not mean actual emergencies, that is different. Update: Thank you for the responses, many of you gave great advice. I am letting the thread go now and moving on, thanks again. [link] [comments] |
| What are the FIRE community's views on generosity during the boring middle? Posted: 09 Jan 2022 07:51 AM PST Hey all, longtime lurker and first-time poster here. Thanks in advance for considering my question. I only recently discovered the concept of FIRE and I love the idea of retiring early to have more time to do the things I love. However, when I got married recently, my wife requested that we give away about as much as we save each month. She feels that the FIRE is a bit selfish as a general concept, and she doesn't like the idea of hoarding money now in return for future time to do generous things. (For example, what if we die before we FIRE and we never did anything selfless with our money.) I agreed to her request. We now give ~1/3 of our take-home pay to charities, our church, and random generosities toward family/friends/strangers. Clearly, this has extended our time-to-FIRE by a considerable amount, but we feel it is currently worth it because we both value generosity more than financial independence. In addition, our VLCOL area plus our incomes mean that we're still saving a good amount. My question is this: Have you struggled with balancing generosity and saving-as-much-as-possible? If so, what was your "solution" or compromise? These are my perceptions of the most common answers, but I'm likely overgeneralizing and would love to hear how you nuance these or how you have a different solution entirely:
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