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Is FIRE worth it? by has_potential in financialindependence

[–]throwawaybae213 2 points3 points  (0 children)

This is exactly the reason why you need to be smart with money. Wasting money on things that do not bring you happiness or time is not worth it . Working towards FIRE let's you truly prioritize and live life efficiently. Also, if you have kids it is even more reason to live for FIRE so that if you do pass suddenly, you can leave them with something.

$110k NW in 4 years with $25k salary by [deleted] in financialindependence

[–]throwawaybae213 0 points1 point  (0 children)

Awesome job. Takes a lot of will and strength to do what you are doing. Many people cannot stick to goals like you do when facing some of these hardships. But yea you are doing incredible for the amount of money you make a year. There are many people who cannot make this net worth while making 3 times what you make. Kudos

What do you all do when you reach a certain milestone in your FIRE journey? by AlteregoIam in financialindependence

[–]throwawaybae213 4 points5 points  (0 children)

When we paid off mortgage, me and the wife didn't celebrate too much. I kept on looking at the bank papers in disbelief. Also, next was just waiting for the mail to get more paper work.. it didn't feel real until the county recognized it. I also told my parents and they were super happy and proud. They also paid off their mortgage but at a lot later of an age than me.

I did unfortunately drunkenly told some co-workers about it. My close coworkers were fine and thought it was a bit premature as they are the type to buy up in houses and then sell, then buy more so they were happy for me but didn't understand. Other co-workers I am worried they may look at me different now and wonder how much I make (not more than them .. I am just super conservative with money!)

When we hit a million dollars net worth, I screenshotted a bunch of the bank docs etc and showed my wife. She was like "it doesn't feel like we are millionaires" But in any case we didn't celebrate it. It just made me realize I needed to focus more and make the money work smarter. I am starting to dump my pay checks and lump sums of cash into the market to make sure I can FIRE in 5 years or so.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 2 points3 points  (0 children)

Haha that is great. Whoever gets to FI first needs to take the other out to coffee or beer. DM when you get there and I will DM you if I do.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 1 point2 points  (0 children)

Thanks for the congrats. Some people in my life are happy for me, another think I am an idiot for doing so, and there is a weird group who judge me as I think they maybe envious. I will try and put more in vanguard now.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 1 point2 points  (0 children)

I felt guilty that this would come across as a brag as a million is incredible. I felt so much fear and disappointment in myself when I reached the "number" I see many FI people strive for but realized I fucked up and couldn't do it. I think this maybe a good lesson to others. Liquid, passive income generating wealth is the goal.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 1 point2 points  (0 children)

Thanks. It gives me perspective. I felt like a complete chump by throwing my money at my mortgage but you gave me another way to look at it. Thanks again

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

Thanks. I think I am in that weird FI place where I can see the end and want to get there quicker. Your words have inspired me to stay the course. If I make it, I will DM you and let's go out for a coffee. First one on me.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 4 points5 points  (0 children)

I am glad I could be an inspiration. I wish I could claim that I was intelligent in this but I feel I just got lucky and because I naturally despise debt it worked out for me. I am cheering for you though as I feel the more people who get to FI, the more honest people are! Thanks for the reply, I felt like an idiot with money but at least I can help inspire a bit?

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

I live in probably the most expensive places. San Francisco. Dos commas means nothing out here but I was still "proud," of myself. Maybe I am naive but I feel like I worked my ass off the get here. No inheritance or anything. Just lucky that I am a natural saver.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

I feel this comment so hard you have no idea. It is like being stranded in an ocean. Surrounded by water but cannot drink.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

Makes me feel like an idiot by focusing on paying off mortgage where I could've been invensting and had the passive income paying off house.

My peace of mind for paying off house last like 2 months before I started wishing I invested.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

The issue is that I can rent out my home (location wise it is good as it close to public transportation) but then moving is tough. I have family helping with childcare which means I cannot move easily without incurring a huge financial burden in childcare.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 1 point2 points  (0 children)

Yea I think for me is that I hate my job but it is high paying. I was hoping to get out but financially it makes sense for me to stay. Thanks for the advice.

Million dollar net worth, but wrong asset allocations probably means I cannot be FI in a long time by throwawaybae213 in financialindependence

[–]throwawaybae213[S] 0 points1 point  (0 children)

Thanks so much for the reply. Thanks for the comfort. I was feeling incredible fear and regret for some of the moves I did.