Author Topic: Financial Independence/FIRE Club in College  (Read 503 times)

YoungMoneyMillenial

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Financial Independence/FIRE Club in College
« on: February 05, 2019, 02:57:27 PM »
Hi everyone!
 
I was thinking of starting an organization/club here at my college focused on teaching the principles of FI/FIRE because as students we do not have great exposure on how to handle money or what to do post-college. I have been lucky to discover this community before joining the working world, but many people will never hear of this community and discover it's life-changing principles.

I had some questions that I think will help facilitate the structure of the club and I would love for you to answer them! Feel free to answer all of them, just one of them, or suggest topics to discuss in the club:

What do you wish you had learned about money before leaving college?

What do you wish you had done differently during your college/early adult years that would have set you up better for today?

What are the best parts about pursuing FI?

How do you share your FI journey at a young age?

What would you tell your 18-22-year-old self?

Anything else that you think should be included?


Thanks again!

RyanAtTanagra

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Re: Financial Independence/FIRE Club in College
« Reply #1 on: February 05, 2019, 03:35:55 PM »
Good idea, I'll be interested to hear if it takes off.  Some quick answers:

What do you wish you had learned about money before leaving college?
Debt is slavery.  It will keep you chained to a job you hate because you can't afford to leave.

What do you wish you had done differently during your college/early adult years that would have set you up better for today?
Avoided all those easy free credit card offers that came free shirts or gift cards.  Put more into an IRA.  I started in my early/mid 20s, which is better than most, but should have started earlier and put more in.  No one's ever said, 'I wish I hadn't saved so much for retirement.'  Always learn from those with the benefit of hindsight.

What are the best parts about pursuing FI?
The freedom.  People don't realize how shackled and immobile they are.  Freedom is the ENTIRE point of FI.

How do you share your FI journey at a young age?
No idea on this one, I don't share it.  Lot's of stories from people here on why.

What would you tell your 18-22-year-old self?
Save 50% of your income from the beginning.  This will set you up early with a level of freedom all your peers won't even be able to comprehend.  Keep living like a broke college student if you have to, and if you ever find yourself saying 'I can't live on half what I make', keep in mind there are a million people out there making half what you make.  Quit designing your life to require your entire paycheck.

Anything else that you think should be included?
Do everything you can to minimize taxes.  This is wealth building strategy 101 stuff, but not talked about enough, even in PF circles, other than 'maximize your 401k'.  Money paid to taxes is gone forever.

YoungMoneyMillenial

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Re: Financial Independence/FIRE Club in College
« Reply #2 on: February 05, 2019, 05:29:08 PM »
Good idea, I'll be interested to hear if it takes off.  Some quick answers:

What do you wish you had learned about money before leaving college?
Debt is slavery.  It will keep you chained to a job you hate because you can't afford to leave.

What do you wish you had done differently during your college/early adult years that would have set you up better for today?
Avoided all those easy free credit card offers that came free shirts or gift cards.  Put more into an IRA.  I started in my early/mid 20s, which is better than most, but should have started earlier and put more in.  No one's ever said, 'I wish I hadn't saved so much for retirement.'  Always learn from those with the benefit of hindsight.

What are the best parts about pursuing FI?
The freedom.  People don't realize how shackled and immobile they are.  Freedom is the ENTIRE point of FI.

How do you share your FI journey at a young age?
No idea on this one, I don't share it.  Lot's of stories from people here on why.

What would you tell your 18-22-year-old self?
Save 50% of your income from the beginning.  This will set you up early with a level of freedom all your peers won't even be able to comprehend.  Keep living like a broke college student if you have to, and if you ever find yourself saying 'I can't live on half what I make', keep in mind there are a million people out there making half what you make.  Quit designing your life to require your entire paycheck.

Anything else that you think should be included?
Do everything you can to minimize taxes.  This is wealth building strategy 101 stuff, but not talked about enough, even in PF circles, other than 'maximize your 401k'.  Money paid to taxes is gone forever.
Thanks for the suggestions! I am planning on having teaching advisors that specialize in entrepreneurship and taxes so we can have some expertise.