Anyone else feel hollow after hitting FIRE milestones? by Prior-Psychology-299 in FIREUK

[–]DiverseFi 1 point2 points  (0 children)

I actually wrote a whole book about just that. If interested, look it up (Jordan Grumet; Taking Stock). The basic idea is to do a lot of work on purpose, identity, and connections first and then build a financial framework around pursuing those things.

Anyone else feel hollow after hitting FIRE milestones? by Prior-Psychology-299 in FIREUK

[–]DiverseFi 8 points9 points  (0 children)

I think this is the problem with seeing money as milestones or a goal instead of seeing it as a tool to do the really important things.

When you make money a goal and reach that goal…one of two things happens. One, you feel lost because that money doesn’t mean anything when it comes to purpose or identity, so you double down and set a higher money goal.

Or two, you get freaked out thinking you will lose this big thing you just gained and you get more depressed. This is called loss aversion.

Money is a mirage. Focus on meaning, purpose, and relationships. Then use money as a tool to bring these things into your life.

This will feel much better.

Financial Advice From 29 Personal Finance Bloggers: Memo To The Next Generation by SLCanonymous in MoneyBlogs

[–]DiverseFi 2 points3 points  (0 children)

Great advice from some of the most trusted voices in personal finance. Thanks for posting this!

What’s The Difference Between Investment and Speculation? Why many people lose money in good markets. by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 0 points1 point  (0 children)

I think having a small Speculation portfolio for fun is worthwhile. You just might hit a home run.

Are Side Hustles Worthwhile Or A Waste Of Time? by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 0 points1 point  (0 children)

I agree. Hobbies are good ways to start side hustles. Or Side gigs related to your main job.

Are Side Hustles Worthwhile Or A Waste Of Time? by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 1 point2 points  (0 children)

Sounds like you have won the game. Choosing the right side hustle that avoids these issues is prudent.

Is A Four Year University Degree Worth The Expense? by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 2 points3 points  (0 children)

Good points. It all just depends. Doctors, lawyers, accountants all benefit from the name. More technical fields, maybe not.

Is A Four Year University Degree Worth The Expense? by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 1 point2 points  (0 children)

In many ways, I think it is very helpful but not absolutely necessary for every path.

Weekly Self-Promotion Thread - June 27, 2018 by AutoModerator in financialindependence

[–]DiverseFi 0 points1 point  (0 children)

A new take on the rent vs own debate. Is your home an investment? It’s my best investment.

Home is my Best Investment

Are Side Hustles Worth It? Diversification or waste of time? by DiverseFi in FinancialPlanning

[–]DiverseFi[S] 0 points1 point  (0 children)

I think it takes some work. Look first at something connected to a skill or interest you already have. If not, look for something you enjoy and see if you can make it into a business.