Author Topic: Average household income of FIRE success stories?  (Read 12721 times)

Metalcat

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Re: Average household income of FIRE success stories?
« Reply #100 on: August 20, 2019, 09:00:45 AM »
Project your savings rate results if you were to work until 65 and then you will see how rich you are compared to Gen Pop.

I think about this sometimes too. I could create generational wealth if I wanted to. Though I currently have no heirs.

Me too, it's the main reason I said "fuck this" and quit my job that was killing me. I don't need 7 figures of net worth.

DadJokes

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Re: Average household income of FIRE success stories?
« Reply #101 on: August 20, 2019, 09:41:08 AM »
@BicycleB @Greenback Reproduction Specialist - Very welcome!  I know I didn't need to reply, but it is nice when folks on the forum take the time to say thanks

You bet!

24hrs later..... I still cant wrap my head around where the article suggests we are in relation to our age group, sure doesnt feel that way most days. Its really just a grind and makes me wonder if it will ever feel any different. I imagine when we FIRE it might, that could be a real game changer.

That's because the goal posts get moved drastically by trying to retire early.
Project your savings rate results if you were to work until 65 and then you will see how rich you are compared to Gen Pop.

Yep, comparing ourselves to the general population is like playing a video game on the easiest difficulty setting. You feel good, but are you really winning?

Granted, I'm still pretty surprised at what it takes to be in the top 10% for some of those age groups. I could hit my FI number and still not even be in the top 10% if I were 55+. I plan to hit the number around a decade earlier, but it's still interesting.

SpareChange

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Re: Average household income of FIRE success stories?
« Reply #102 on: August 21, 2019, 09:36:24 AM »
Another anecdote. I've hit 90k twice. Didn't hit 20k until 2012, as I was a perpetual student before that. Net worth reached 0 in early 2014. Now I'm about 80% to FI in a MCOL city. I'm a saver by nature, so focusing on expanding my savings rate has been important to me. It hit 80% of net last year, my best. I live comfortably. Small apt, no roommates. I don't own any real estate. Didn't get lucky with equities...my asset allocation is very tame compared to most here. Had setbacks along the way...thousands in auto repair/maintenance in 2012. Dropped $5,600 on a new car in 2016, after the tranny in my old one decided to die on the interstate. The math works. Stay disciplined. Value conscious. Flexible.

Bloop Bloop

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Re: Average household income of FIRE success stories?
« Reply #103 on: August 21, 2019, 01:41:51 PM »
@BicycleB @Greenback Reproduction Specialist - Very welcome!  I know I didn't need to reply, but it is nice when folks on the forum take the time to say thanks

You bet!

24hrs later..... I still cant wrap my head around where the article suggests we are in relation to our age group, sure doesnt feel that way most days. Its really just a grind and makes me wonder if it will ever feel any different. I imagine when we FIRE it might, that could be a real game changer.

That's because the goal posts get moved drastically by trying to retire early.
Project your savings rate results if you were to work until 65 and then you will see how rich you are compared to Gen Pop.

Yep, comparing ourselves to the general population is like playing a video game on the easiest difficulty setting. You feel good, but are you really winning?

Granted, I'm still pretty surprised at what it takes to be in the top 10% for some of those age groups. I could hit my FI number and still not even be in the top 10% if I were 55+. I plan to hit the number around a decade earlier, but it's still interesting.

It's not very helpful to compare yourself to population norms unless you also want to be about 40 pounds overweight and have an IQ of 100.

ecchastang

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Re: Average household income of FIRE success stories?
« Reply #104 on: August 21, 2019, 01:55:31 PM »
@BicycleB @Greenback Reproduction Specialist - Very welcome!  I know I didn't need to reply, but it is nice when folks on the forum take the time to say thanks

You bet!

24hrs later..... I still cant wrap my head around where the article suggests we are in relation to our age group, sure doesnt feel that way most days. Its really just a grind and makes me wonder if it will ever feel any different. I imagine when we FIRE it might, that could be a real game changer.

That's because the goal posts get moved drastically by trying to retire early.
Project your savings rate results if you were to work until 65 and then you will see how rich you are compared to Gen Pop.

Yep, comparing ourselves to the general population is like playing a video game on the easiest difficulty setting. You feel good, but are you really winning?

Granted, I'm still pretty surprised at what it takes to be in the top 10% for some of those age groups. I could hit my FI number and still not even be in the top 10% if I were 55+. I plan to hit the number around a decade earlier, but it's still interesting.

It's not very helpful to compare yourself to population norms unless you also want to be about 40 pounds overweight and have an IQ of 100.

So True.  I would rather compare myself to my past self in order to become a better future self.

mathlete

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Re: Average household income of FIRE success stories?
« Reply #105 on: August 21, 2019, 02:00:04 PM »
If FIRE people shouldn't compare themselves to the average fat troglodyte, then don't we have our answer to the thread's question? By and large, this works much better for exceptional people.

EscapeVelocity2020

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Re: Average household income of FIRE success stories?
« Reply #106 on: August 21, 2019, 11:19:19 PM »
If FIRE people shouldn't compare themselves to the average fat troglodyte, then don't we have our answer to the thread's question? By and large, this works much better for exceptional people.

Ironically, one of the reasons I'm finding not to ER after FI is so that I still get to hang out with PhD's and exceptional people where I work!  If I'm going to choose to gather around a "private water cooler" or "public watering hole" (metaphorically), then a vast majority of the time, I'm finding the private water cooler to be more substantive.  There's always online interaction as a filler, but face to face should be at least half of real life, and the more the better.