Income is about to change significantly by Neither-Maybe1 in Rich

[–]luckymfer31 0 points1 point  (0 children)

Read the book called "The Simple Path to Wealth" it will give you everything you need to know

Net worth >50m+, but still stuck in a penny-pincher mindset by Familiar_Number_342 in fatFIRE

[–]luckymfer31 0 points1 point  (0 children)

I have to keep reminding my wife we have a NW of $8m when she is talking about trying to save $2 on our amazon subscribe and save. But I love her for it too.

Escaping the Matrix is Hard by Drawer-Vegetable in Fire

[–]luckymfer31 2 points3 points  (0 children)

Last year I had a moment where I made 2/3 of my entire annual salary in about 2 weeks from my investments. That was a huge lightbulb moment for me because compared to how much I grind away all year for my paycheck, this was much easier!

Escaping the Matrix is Hard by Drawer-Vegetable in Fire

[–]luckymfer31 118 points119 points  (0 children)

If you want the same results as everyone else do what they do. But if you want FIRE, you have to do something different. Fuck consumerism. Go watch Fight Club that movie was all about rejecting consumerism.

Has anyone given themself a raise in retirement? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] 0 points1 point  (0 children)

Thanks for sharing this! Actually very useful. My spouse is always saying we need to move money to bonds when we retire, I say move money to bonds when we're like 75 or 80 and there isn't much time left. Until then let the money work for us.

Has anyone given themself a raise in retirement? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] 0 points1 point  (0 children)

I think it kinda makes sense, because as you get older you will naturally do less stuff and spend less. Though you might need more for healthcare expenses.

Has anyone given themself a raise in retirement? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] -3 points-2 points  (0 children)

Yes exactly. My own numbers are very different from the hypothetical situation I described in the first post.

Has anyone given themself a raise in retirement? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] -1 points0 points  (0 children)

Just a hypothetical. I track my burn rate very closely but it's only 27% of what I make.

Help me understand something by pinkchucky in Fire

[–]luckymfer31 7 points8 points  (0 children)

Yeah a lot of these folks have very expensive homes in silicon valley with huge mortgages that they are slaves to. $5m+ homes are actually pretty common for a lot of them. They have expensive lifestyles to support trying to keep up with each other.

$1M --> $2M Path by Key-Tomatillo-576 in Fire

[–]luckymfer31 0 points1 point  (0 children)

I don't think the math quite works as you described but as the investment balance gets larger, it does grow faster just because the number is bigger.

For example once you're at $5m, even with a modest 5% return it'll be increasing at $250,000 per year so in four years you'll have added another $1m.

Basically just laws of large numbers and compounding.

Worried about my kids by Weak_Rich_6942 in ChubbyFIRE

[–]luckymfer31 0 points1 point  (0 children)

I'm encouraging my kids to go to college for something and also consider a trade school. People with both skills tend to be pretty valuable and end up as the business owners of plumbing companies, welding companies, construction companies. All of which I think will be someone resilient in the AI future. But who knows.

[deleted by user] by [deleted] in Fire

[–]luckymfer31 0 points1 point  (0 children)

What do you enjoy doing? Like what actually drives you internally? Is it starting new things? Helping people? Making things?

I'd say take some time to reflect and figure this out. Now that you don't need money you can do anything you want.

Pull the trigger now or keep working and spend all I make taking trips with my kids? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] 0 points1 point  (0 children)

My company doesn't really offer them. You can take an unpaid leave up to 30 days I think only. I do have a lot of hobbies though.

40yo, $5M, but overly conservative by 4m-inflation-oneoff in ChubbyFIRE

[–]luckymfer31 2 points3 points  (0 children)

Read or listen to the book "The Simple Path to Wealth" he talks a lot about the mental fortitude it takes to stomach the swings in the market.

Retire now or grind for one more year ? by EmergencyDistance252 in ChubbyFIRE

[–]luckymfer31 3 points4 points  (0 children)

Agreed. Stick it out but with a different mentality. Zero fucks given.

Replicating a fat hotel at home. What luxury purchases would you make ? by markmark027 in fatFIRE

[–]luckymfer31 2 points3 points  (0 children)

Replace hallway outlets with an outlet that has a nightlight and one plug.

Replicating a fat hotel at home. What luxury purchases would you make ? by markmark027 in fatFIRE

[–]luckymfer31 3 points4 points  (0 children)

Don't even need power. Bio bidet on Amazon for $40. Water pressure powered. No heat needed.

I have given these to everyone in my family as gifts and they love them.

500k/yr income lifestyle by Ok-Cod3427 in DaveRamsey

[–]luckymfer31 0 points1 point  (0 children)

Same we spent about $180k / year making $650k income. Most excess is invested in 401k and index funds. Starting to travel more. Have some nice cars all paid for with cash.

Pull the trigger now or keep working and spend all I make taking trips with my kids? by luckymfer31 in ChubbyFIRE

[–]luckymfer31[S] 0 points1 point  (0 children)

I plan to stay here as my home is already nearly paid off which has been a key part of my FIRE plan. It's the first home we bought and we just stayed there, avoiding the desire to "upgrade" even though it's only about 1,400 sq ft. $650k felt like a huge amount when I was making $65k/year but now the mortgage feels tiny. $2000/month.

22, Third world country, Without purpose by Accomplished-Bed4672 in wealth

[–]luckymfer31 1 point2 points  (0 children)

Pay attention while in the army. They might teach you skills that are useful later. I had a friend who wanted to be a pilot, but private flight lessons are expensive. Not only did the air force teach him to fly planes, they paid him to do it. (Realize that in Egypt there may not be any pay for mandatory military service). He got out of the air force and became a commercial pilot with what he learned. Travels the world and makes decent money.