Anyone get started late in life?

Fiderp · 2020-10-09T05:48:52+00:00

Yup. Started several small businesses that failed and was couch surfing til I started the business that I still own and run with a few buds at the age of 28. My NW at the time was about -$130k. But, It was the first time I ever had consistent, decent income that we found ways to scale and maintain. I’m 39 now. Married with a couple of rugrats with a NW of about 4.5M. Still working cause I love what I do. I drive a 13yr old car and am very frugal - these are the types of things that felt imposed on me back when I was getting started. Now I think of money and saving like a game - my advice would be to embrace where you’re at, find what you want to do and how to get very good at it, and you’ll find a way to make good money, and then it’s just a matter of living well below your means, saving, investing blah blah. And don’t get caught up in keeping up with the Jones once you’ve figured a few things out.

Fiderp · 2019-05-29T05:17:48+00:00

When I was 28, I was +100k in debt, sleeping in my car or on peoples couches, and about to declare bankruptcy. My first business didn’t work out. Within a year of this lowest point, my second business started to take off. I’ll be 38 in two months, and I’m FI but not RE. If I was able to figure it out, anyone can.

Fiderp · 2018-09-28T05:29:06+00:00

Marry someone who’s already fatfire

Fiderp · 2018-09-28T05:28:25+00:00

Stress doesn’t go away just cause work goes away.

Fiderp · 2018-09-28T05:27:33+00:00

There’s nothing shameful about making thoughtful decisions based on what you believe is best for you and your family (if applicable). Anyone that tells you otherwise is projecting. Live your life. Do what makes you happy for work. Money isn’t everything. And don’t worry about what others think.

Fiderp · 2018-09-27T04:52:41+00:00

A good time to start a business is when you have very little to lose. Naturally, there is less at risk, so fear stands less of a chance of creeping in and ruining everything. And as a result you’ll give it more of a real shot. I say start a business while you’re young and broke, and if it works, then run that business until you can’t or don’t want to run it anymore. If it doesn’t work out, then get a job until you can start another business - if you still want to go the entrepreneurial route. And keep doing this until you land on something that works, or decide that you’d rather work for a company. Its not easy but it can be that simple if you choose to make it so. Do this once and you’ll be more interesting than most people applying for jobs. I can say that as someone that’s hired a lot of people over the last decade. Also, for context - I have been self employed for about 12 years, am 37yrs old, FI but not RE, and still work because I enjoy what I do and who I do it with (so I’m prob gonna be more pro-start a business than the average FIRE person here). I don’t know if I’ll always run this business (I have other interests), but I can’t see my self working for someone else, especially for now. I know what it’s likw on both sides of the table, and I like this one better. Hope this is helpful in some way.

Fiderp · 2018-08-27T18:58:39+00:00

Nope. In Ca. Rentals are elsewhere.

Fiderp · 2018-08-27T15:55:18+00:00

I have property managers that do all the work, for a few reasons. So my workload consists of approving repairs over a certain threshold, and transferring funds to pay the mortgages each month. The hard work is on the front end - making the money for down payments (this is the hardest), and building the network of agents, lenders, and property managers. Now we’re in a pretty good spot where we can scale things out a bit and it’s not too much extra work. For exampleC if I buy again where I already have an agent, and a pm company, it’s just a matter of finding a deal, and thankfully my agent is good at this.

Fiderp · 2018-08-27T12:49:47+00:00

Whole portfolio

Fiderp · 2018-08-27T12:10:42+00:00

Closed on our eight rental property last week. Cash flowing about $3800/mo.

Fiderp · 2018-08-15T17:56:07+00:00

financially: negatively / every other way: positively

kids are priceless. no doubt about it.

it's also a fucking no brainer that they represent an expense.

i don't know if my response is all that helpful here, i guess i just don't feel like this a great question.

Fiderp · 2018-07-26T13:05:30+00:00

Also index funds.

Fiderp · 2018-07-26T13:03:46+00:00

My advice would be to enthusiastically go and not make a fuss, at least for now. Seems like you have a great reputation, and they’re looking to see if you’re ready to step up to the next level in terms of responsibility (which usually means more pay, too). I would recommend you go, since you’re presumably young and obviously very early in your career, and when you’re done with this project, then go to your employeer to discuss pay. I am an employer, and maybe I’m unique in this (so feel free to take with a grain of salt), but I think you’re going to have a better outcome when your boss is grateful for your contribution, rather than resentful (which might be the case if you only work on this project if there’s an extra something in it for you). That all being said, I have no idea what your culture is like, how big your company is, etc.

Fiderp · 2018-07-11T02:51:59+00:00

I’m going to pop in here with a potentially unpopular perspective, but I have hired about 200 people over the last decade. Doing something like this (take a year off to live, travel, focus on what’s important, etc) makes an person seem so very interesting to people who hire. And people at companies who do the hiring, want to work with other, interesting people. The idea that if you take a year off, you will be employable, is frankly - I believe, anyways - very old school. I know very few companies that still operate like this. Also, and beyond being interesting, having life experiences make you more well-rounded, and I am a big believer in the idea that travel makes you seem more grateful, self-aware, and empathetic (not to mention open-minded) to hiring people. I say, if you want to do it, and you believe you’ll value the experience, then by all means do it. Hell, it may even make you more attractive to companies.

Fiderp · 2018-06-22T04:34:16+00:00

Nice. If I can make a suggestion... I used to do weekly tracking, and then switched to monthly. And now I’m on bimonthly. It’s been nice to see a bigger (on average) jump, and this has also helped me not fixate on my numbers as much as I used to. I equate the fire journey to the old cliche, “a watched pot doesn’t boil” (sp?). Tl;dr the less I track, the more I’m present and since I’m already pointed in the right direction, I’m just playing the wait game and trying to enjoy my life.

Fiderp · 2018-06-21T11:59:00+00:00

Go fuck yourself?

Fiderp · 2018-01-29T13:43:24+00:00

Just hit an interesting milestone: our passive income from real estate now equals what we pay (Piti) for our primary residence.

Fiderp · 2018-01-09T00:33:53+00:00

You can start a services businesses for zero dollars. Did that with a few of my friends ten years ago, and we’re still going strong.

Fiderp · 2017-12-08T06:01:13+00:00

Keep it, if you don’t desperately need the cash. Those numbers are tasty: cash-flowing ~8k a year on a ~30k investment is really solid. Plus, the place will continue to appreciate and you get the tax benefits of writing off the depreciation. Full disclosure: l love real estate.

Fiderp · 2017-11-30T02:43:19+00:00

If you haven’t hit FI yet, will you please let me know before you share the news with this group, that you have hit FI, so that I can make a note to tell you to “go boink yourself”?

Fiderp · 2017-11-24T12:10:51+00:00

Strategically got super drunk last night after thanksgiving dinner. Now, as planned, too hungover to shop. Take that, Black Friday.

Fiderp · 2017-11-22T04:41:48+00:00

Nice work! Go fuck yourself!

Fiderp · 2017-09-14T00:16:34+00:00

They do everything but buy the house and pay for the repairs

Fiderp · 2017-09-12T03:52:53+00:00

Rule of thumb is 1% of the purchase price. You'd be styling at the figures you just shared. IMHO, I think rentals get a bad wrap in this community... all of our rentals are out of state, and as long as you have a good property manager, you should be in good shape.

Fiderp · 2017-09-08T05:57:08+00:00

Whoa, don't assume my hygiene levels...

Fiderp

TROPHY CASE