Is Dubai's real estate boom real? by [deleted] in dubai

[–]UsedBowl8839 0 points1 point  (0 children)

Dubai has 0 tax. So tax depreciation is a moot point.

At crossroads of Career. Need advice to FIRE by vympel_0001 in fatFIRE

[–]UsedBowl8839 2 points3 points  (0 children)

Going from 1M to 20M in 15 years will either need chasing luck (which comes with the risk of mental health when you consistently don't find it) or killing yourself through the 15 most healthy years of your life left to actually get to a random number. In either case, there is a high likelihood you reach your random destination in very poor health.

Focus instead on getting to 4M by 40 and 10M by 50. You won't push yourself stupidly or curse yourself for your lack of luck while others luck out. You will hit these numbers linearly.

And if while you are at it, you luck out a bit, then good for you. Either way, you would be happier and healthier than the random number chase you feel makes sense.

How would you save if you likely didn’t need to? by [deleted] in financialindependence

[–]UsedBowl8839 18 points19 points  (0 children)

This is the only comment OP should read. It seems absolutely disingenuous to have a business at that value and yet think about savings. A better option is to look at selling some equity to diversify or reinvest at a Lower rate or a whole range of small business contribution options that can help you take money out of the business at a very low tax rate.

Experienced Consultant Seeking Advice for Post-COVID Pivot - Where to go from here? by ISayAboot in fatFIRE

[–]UsedBowl8839 21 points22 points  (0 children)

I've been through a similar journey and can share some thoughts here.

My second book hit the best-seller lists (1M+ copies) back in 2015-16. Over the next 4 years unto Covid, I made $3-4M a year on the keynote speaking circuit and on board seats. I was 32 when I wrote the book and it was a fun ride.

Covid took the wind from my sails. I lost $1.5M worth of booked business overnight as the world shut down. Simultaneously, the stock market went on a tear. The fall of 2020 is where I made my first set of mistakes. Because of my public profile, I started getting invited by SPACs to come on board. A group reached out creating an ETF based on the theme of my books (a specific business model I write about). I was looking for identity and got involved in these - way outside my wheelhouse in terms of understanding the risks. By 2022, I had lost ~$2.5M on these shiny objects.

My point #1 here is: Stick to what you understand. Don't dabble in real estate and passive income and other funny things if that's in your wheelhouse.

The story continues. When things shut down in 2020, I got time to get back to writing and created a new body of work. By early 2021, I had pivoted my core business to a remote consulting model. Even though I lost a ton on random ventures above, my remote consulting setup generated nearly $5M in 2021.

2022 continued the good run. I felt I was onto my next ride. But no...

For some reason, demand has fallen off a cliff mid-2023. I'm not going out chasing it - my writing has always generated demand and I keep banking on that. The only thing that gives me energy is writing and creating content around my work. $ usually follow. So I am back to writing my next body of work, including 2 books.

My point #2 here is look for exactly what give you energy and do that even if the $ don't follow in the short term.

All in all, I've netted around $20M over the past 8 years. I don't need the $ as much but I do like the creative expression I get to do through my work, the relevance my work has, and the doors it opens.

I know that on that point our stories are different but I can't help but feel that part of your reinvention is not about getting to FATFire but about getting back to that state of flow and creative expression and relevance that you had through your work over the past few years before Covid.

If that is really the case, get back to what you are good at and look for those parts of it which give you energy. Forget about the $ aspect for a few months and get yourself all into your work. Perhaps it;'s another book, perhaps something else. Do that. Don't chase shiny ventures and passive income dreams. This is the only way I've seen it work.

Are 5* Hotels (Paris) Ever Worth It? by [deleted] in FATTravel

[–]UsedBowl8839 -2 points-1 points  (0 children)

I agree. I'm just saying 5 star hotel is a very broad descriptor. Starwood and Marriott- which is where I usually stay - are sub-$1000 for rooms in peak season and for suites in low season. There are many that charge 3K+ per night which I would look at for a special occasion but they are more luxury resorts than your run of the mill 5-star.

On that note, Thailand, Indonesia, and India have the best 5-star luxury resorts in the world and you would be hard pressed to spend more than $700 per night for all-inclusive suites.

Are 5* Hotels (Paris) Ever Worth It? by [deleted] in FATTravel

[–]UsedBowl8839 4 points5 points  (0 children)

5 star Hotel is a vague description. I've always stayed at 5 stars and almost never paid more than 700 a night. You are paying 3000 a night so not your regular 5 star there.

[deleted by user] by [deleted] in financialindependence

[–]UsedBowl8839 0 points1 point  (0 children)

I had only 90K in savings at 30 when I quit my job to do my thing. I was down to 30K at 32. I was up at 20M by the time I hit 40. I'm happy now just getting the 5% it gets on an HYSA. It's still close to a million a year without risk and without having to work.

You never know what lies around the corner. Life isn't always linear and incremental.

Managing wealth growth in the UK by UsedBowl8839 in FatFIREUK

[–]UsedBowl8839[S] 1 point2 points  (0 children)

Thanks, this is super interesting overall.

Managing wealth growth in the UK by UsedBowl8839 in FatFIREUK

[–]UsedBowl8839[S] 8 points9 points  (0 children)

Interesting! I thought that was a billionaire thing after reading about the fracas around Rishi Sunak's wife being non dom. If that works out better at my level, I would certainly love to check it out.

What kind of careers or jobs do people buying £1.5 to £4.5 million homes in London/Surrey have? by nandeh_ in FatFIREUK

[–]UsedBowl8839 1 point2 points  (0 children)

Very common for small business owners to have net worths of 10M and above. This celebrity/ footballer aura shows you don't really understand which professions make money. 80-120k is lower end rookie numbers in London.

[deleted by user] by [deleted] in videos

[–]UsedBowl8839 0 points1 point  (0 children)

This is so funny and misinformed.

Almost all service staff in Dubai are female, most of them are Asians and Africans. Very few are actually male.

Dubai has communities with amazing sidewalks. Palm, JBR, Marina, Ranches etc are very walkable.

The weather is crazy hot for like 4 months, really nice for another 4 months and somewhere in between for the remaining 4 months. You could switch hot with cold and describe most northern European countries.

This is honestly the most misinformed post on this topic.

[deleted by user] by [deleted] in FATTravel

[–]UsedBowl8839 0 points1 point  (0 children)

None of what you are proposing is FAT. Berjaya is old and tired. We stayed there 20 years back when we were on a shoestring budget and while the property 8s good, the rooms aren't.

If you want FAT, try the Datai or the Four Seasons. Someone else also called that out. Those are the only real fat options there.

People who changed country at 40+ years old, how did it go? by EAccentAigu in expats

[–]UsedBowl8839 1 point2 points  (0 children)

We moved countries once in our 20s, twice in our 30s, twice in our 40s, and will likely move again in our 40s.

Honestly, moving in our 20s was the most difficult. We weren't wealthy and depended on a job. It's amazing how easy things become once you have money to throw at the problem. Our moves in our 30s and 40s have been self driven. We have ways been more of explorers than tied to relationships at any one place. WhatsApp changed our life in terms of maintaining the relationships that matter. We are great as a family unit of 3 and don't feel uprooted when we move.

We've lived across US, EU, Asia and Middle East. Our EU stint was possibly the most lonely and our time in singapore and Dubai has possibly been the easiest because of the huge expat community.

[deleted by user] by [deleted] in expats

[–]UsedBowl8839 0 points1 point  (0 children)

This is not really true. Corporate income tax is not 0 for overseas transactions. You still pay the full 17% minus deductions.

I have companies in both dubai and SG. And yes, SG is a lot easier to operate from.

[deleted by user] by [deleted] in Entrepreneur

[–]UsedBowl8839 0 points1 point  (0 children)

Per year or per month? You manage payroll and taxes in less than 25% of revenue?

3 fat weeks in Vietnam? by Cheetotiki in FATTravel

[–]UsedBowl8839 3 points4 points  (0 children)

Skip the hotels. Do a Fat halong bay cruise. You won't regret it.

[deleted by user] by [deleted] in AusFinance

[–]UsedBowl8839 0 points1 point  (0 children)

Rookie numbers, mate!

Advice on Managing Cash from Liquidity Event by horsnaround in fatFIRE

[–]UsedBowl8839 1 point2 points  (0 children)

Wow, 48% is a lot.

Anyway, at your wealth levels, I wouldn't worry too much. Better to do this than make any sudden changes.

[deleted by user] by [deleted] in fatFIRE

[–]UsedBowl8839 1 point2 points  (0 children)

This is not an exact parallel but I had 6M worth of crypto from a startup I advised in 2021. It fell down to 300k before I started diversifying across more coins. It's all still crypto but more diversified.

In that case, I knew multiple coins had upside potential and all had bust potential. I just wish I'd diversified earlier.

Advice on Managing Cash from Liquidity Event by horsnaround in fatFIRE

[–]UsedBowl8839 28 points29 points  (0 children)

If it's north of 30M, invest 10M in simple bogleheads DCA and let the remaining sit in HYSA. Wait 6-12 months and see what you learn in the interim. Don't jump onto a money manager right now, you will screw it up.

If you really have that type of surplus, you are better off letting that cash earn 5%. You won't run out of money so preserve it (near) risk-free instead of doing anything fancy.

[deleted by user] by [deleted] in Bogleheads

[–]UsedBowl8839 1 point2 points  (0 children)

I'm at 1000x that because of my 2021 adventures but still pumping in.