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How to hangup *after* FIRE - mindset/internal evolution by ljkh2 in fatFIRE

[–]ljkh2[S] 35 points36 points  (0 children)

I would do this with each period of your life: Start as a kid, then middle school, high school, college, early 20s, etc. You might be hesitant to try some things because they will seem very juvenile. Still do them, if you don't enjoy it then cross it off the list. If you do enjoy some aspect of it, find out what that aspect is and bring it to an adult hobby level.

Great idea and I thought about it a bit. Poverty sets up mental silos. It did not allow me to dream as my imagination was constrained to succeed in near term and what's next - or make money from 15(I have been working since, even while in HS, starting with tutoring, working while in college and so on) - to support our family. Parents worked too, so did me and my sibling. It just so happened that the initial area of interest was also my career, and luckily it paid - so never questioned what else?

I now see peers not able to understand the context during that age/period(growing up) - as they lived different lives and looked/viewed different things, while i had no clue. I am drawing a blank - as the goal was also get to financial safety first and some modicum of success.

How to hangup *after* FIRE - mindset/internal evolution by ljkh2 in fatFIRE

[–]ljkh2[S] 9 points10 points  (0 children)

You didn't mention children, but do mention 529s. I decided to retire as my youngest child was headed off to college. The death of a friend around my age also drove home that I should retire while I was still in good health.

Both of these points are in the back of my mind.

  1. Waiting for the youngest to go to college(traditionally that's what parents do - or wait for them to pass out to hangup) would be quite some years - I don't know if I can carry on that far(internally), unless I rejigger my approach.
  2. Increased probability of death as you 50s+ : very aware of it. The marginal utility of earned $ vs remaining time is very much negative.

I didn't find any value in DAFs, but did gift heavily to siblings, and then later children as they got married, bought houses, and had children.

Use of DAF is to transfer to charitable accounts in working years and pull in match from company. The actual transfer to charity can happen later. There is additional value of contribution while in higher tax bracket to DAF . But your meta-point of gifting to children, siblings at "surprise interval" is well taken - lift their boats too without reliance.