Author Topic: Bootstrap FI - who here has done it?  (Read 14453 times)

Sayonara925

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Bootstrap FI - who here has done it?
« on: January 12, 2016, 12:03:30 PM »
Bootstrap (to help oneself without the aid of others).

- No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO
- etc.

If so, please describe your journey.

AZDude

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Re: Bootstrap FI - who here has done it?
« Reply #1 on: January 12, 2016, 12:08:36 PM »
First generation college graduate. Took out $30K in student loans to pay for my education. Definitely no property gifts or significant monetary gifts. I did live at home for almost a year, post-college graduation. Spouse is a teacher, so not exactly making the big bucks.

Early adulthood was a struggle. Once my career got going, it was easy. Parents often ask me for money since they still have not figured things out.

EDIT: Should clarify I'm not there yet, but well on the way.
« Last Edit: January 13, 2016, 08:12:55 AM by AZDude »

wenchsenior

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Re: Bootstrap FI - who here has done it?
« Reply #2 on: January 12, 2016, 12:21:14 PM »
My husband did it. Grew up dirt poor with no expectations in an uneducated, jailed, or addicted family. Left home at 18 and joined the army. Has barely spoken to the family since. Got out of the army and joined the Border Patrol, with the goal of eventually being put on permanent shift so that he could try to go to college (something no one in his family did and no one expected to do). Eventually he quit the Border Patrol when they wouldn't fix a shift for him, and went all in on college using a combo of student loans and working part-time. Still got a Bachelor's in 4 years. He had a Master's program offered to him after 3 (so did an overlap degree in years 3/4). By that point, he was committed to a career in biological research, so went on and did a PhD and post-Doc. FINALLY was done and job-hunting for a 'real job' in his late 30s (still completely broke, owning nothing but a crappy old truck and some hand me down furniture; and of course, in 25K of debt for student loans). Got a career-job 15 years ago with the Feds and is on the way to FI, hopefully by age 60 (since we started so late).

The only substantive help he ever received was a 10K gift to me from my grandmother, which served as the down payment for our house. Without that, we would have had to delay home purchase by about 1-2 years. Oh, and once my Dad replaced the tires on our car for us, to the tune of about 600$. That was crucial at the time it happened. Apart from that, he very impressively dragged himself up on his own, which I continue to find very inspiring.

aneel

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Re: Bootstrap FI - who here has done it?
« Reply #3 on: January 12, 2016, 12:29:01 PM »
I'm doing it!  Well on the path to FI.  I would suspect that this is the case for many on this forum as this our "rebellion".  I had parents who were terrible with money and even ended up homeless while I was in undergrad, so I've never had a safety net. 

I don't see FI as a luxury or a choice, I see it as survival.

big_slacker

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Re: Bootstrap FI - who here has done it?
« Reply #4 on: January 12, 2016, 12:51:02 PM »
On my way to doing it. Grew up poor, college dropout but when in college I was working and paying for it myself. Self taught IT stuff. Rollin right along with a high income and good savings rate.

Although I'm not egotistical to think I got to where I am without a ton of help and luck. My awesome family, friends who helped me when I was down (a couch to sleep on in need goes a long way), colleagues I've played career leapfrog back and forth with, mentors, etc. These things and access to them are more important up to a point than just starting with a little bit of $$. Careers and the money they earn for you are usually built on relationships.

steveo

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Re: Bootstrap FI - who here has done it?
« Reply #5 on: January 12, 2016, 01:20:18 PM »
I find this funny. Yes my parents are relatively wealthy. Dad was a specialist doctor and mum still works part time at 70. My in laws are really wealthy. Admittedly our in-laws paid for 25% of our house but if we sell they want that money back and my parents help out with minding the kids at times.

Overall though we will become FI on the basis of being frugal, myself earning a decent (not great) income and my wife going to work even though she earns a crappy income. I also see us as not ending up really wealthy in that we won't be retiring on a lot of money. We may end up wealthy via inheritance but I can't see us upgrading at that point and we will be FI hopefully a long time before we see any inheritance.
« Last Edit: January 13, 2016, 02:28:42 AM by steveo »

honeybbq

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Re: Bootstrap FI - who here has done it?
« Reply #6 on: January 12, 2016, 02:11:04 PM »
I guess I did it, though I'm not RE yet. Most of you would probably FIRE on my NW.

- BS in a STEM field with no loans. Get good enough grades + Phi Beta Kappa scholarship + military funds = no loans for me.
- Go get PhD in STEM field that has tuition waiver + stipend
- I bought a house with a VA loan in graduate school. Made 20k when I sold 6 years later, which was a fortune for me and great starting point for downpayment for next house.
- First job is 6 figures. Save what you are supposed to. Buy house only 2x salary. Always put >20% down to avoid PMI.
-  Get good job that contributes large $ to 401k.
- Cheap hobbies, camping, hiking, backpacking. No luxury cars, no luxury jewelry.
- Delayed partnership at almost 30 with another person with 6 figure salary.
- Delayed having children til almost 35.
- Being willing to move to improve salary and position. I doubled my salary in 10 years.
- My household NW is around 2.5MM, I'm under 40.

For me, mostly luck in landing in a good field that pays well that I enjoy, and getting through school for free. Also partnering up with someone who was very much like me.
« Last Edit: January 12, 2016, 02:13:55 PM by honeybbq »

MDM

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Re: Bootstrap FI - who here has done it?
« Reply #7 on: January 12, 2016, 02:28:46 PM »
- No inheritance   Check
- No free or subsidized home/housing during adulthood   Check
- No college/private education paid by others   Grades 1-12 in parochial school w/ large class sizes.  You could call it "private" but the implication would be incorrect.  Some help w/ college tuition from parents - rest was work, loans, and some scholarship money.
- No significant financial/property gifts received   Check
- No wealth via spouse/SO   Check.  Spouse had no tuition assistance from parents, public school for grades 1-12, and "check" for everything else.

See comments above.  We don't qualify for the "pure bootstrap" award, but the overwhelming majority of our stash today comes from Living Below Our Means and investing for the long term.

Cookie78

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Re: Bootstrap FI - who here has done it?
« Reply #8 on: January 12, 2016, 02:29:27 PM »
Almost there.

The exception which may knock me off your qualifying list was the $10k my mom gave me after I graduated to help pay off my student loan.

Got BSc on scholarships and loans.
Bought 2 houses, lived in 1/2 of one and rented the rest.
Generally frugal
Job with forced savings through pension contributions
No spouse, no kids
Cheap hobbies
Enjoy cheaper (and slower, long term) travel options

All this before I discovered the world of early retirement. Once I made that discovery I just had to learn about investing, ditch my financial advisers, and track my spending a little better. 13.5 months down, 18.5 months to go.

JLee

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Re: Bootstrap FI - who here has done it?
« Reply #9 on: January 12, 2016, 02:33:05 PM »
Hopefully in ~8 years. :P

Fire2025

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Re: Bootstrap FI - who here has done it?
« Reply #10 on: January 12, 2016, 02:40:25 PM »
- No inheritance - Check - never was, never will be - parents lost the farm a few years ago.
- No free or subsidized home/housing during adulthood - Check - Although I found great rent in HCOL area, woohoo.
- No college/private education paid by others - Check - and I have the student loan to prove it.
- No significant financial/property gifts received - Check
- No wealth via spouse/SO - Check

Left the farm at 18.  Got an art degree, that will never pay for it's self, but it got me off the farm, so no regrets there. 

Did the artist thing until a couple of years ago, when I realized I needed to get serious if I wanted to retire.  Found this site, will retire in 10 years, and go back to doing the artist thing. 

I'm starting to feel my life may make a really good/bad country and western song!

Gone Fishing

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Re: Bootstrap FI - who here has done it?
« Reply #11 on: January 12, 2016, 02:58:44 PM »
Wouldn't say we 100% bootstrapped it, but I don't think anyone would argue with 95%.  Dad was real big on kicking my sister and me out of the nest and letting us fly (or break something trying).  We flew.

Rightflyer

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Re: Bootstrap FI - who here has done it?
« Reply #12 on: January 12, 2016, 04:18:14 PM »
Yes. Did it.

Left home at 19. Could only afford 1 year of college. (1983-84 was not good economically here). No help from family.
No other windfalls. Just hard work.

Got into management when I was 23. Director at 33.
 
Have been a top boss (CEO/Pres) since I was 38.

Now 100% owner...



 

Rural

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Re: Bootstrap FI - who here has done it?
« Reply #13 on: January 12, 2016, 04:22:48 PM »
Not there yet, but unless you count a competitive full ride academic scholarship for undergrad as someone else paying for my college, I did it, and for that matter my parents did it, too ( no college at all for them, and I hope not to inherit anything anytime soon, if ever). Husband ditto unless you have something against the GI bill. He went to war for that.

CassieInVa

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Re: Bootstrap FI - who here has done it?
« Reply #14 on: January 12, 2016, 11:37:01 PM »
Came from large middle class family. Parents couldn't afford college for me as already had two siblings in college.  Started a full time admin job a week after graduating high school due to great typing and steno skills. Never unemployed one day from 18 years of age until recent retirement. No unemployment, welfare, food stamps, no pension, inheritance, family help - None!  Started a business at age 31 without loans or debt.  Built it up and sold in late 50s recently when retired.  Never any debt, paid my own way always.  All this and raised children, mostly on my own. I've travelled the world and have been blessed to be able to experience things I never imagined.

After reading this no wonder I get frustrated with the sense of entitlement these days.

Sent from my KFTHWA using Tapatalk


Pancake

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Re: Bootstrap FI - who here has done it?
« Reply #15 on: January 13, 2016, 01:08:50 AM »
Doing it, almost there (FIRE in July).

Moved out 3 days after high school graduation and never went back. Always had hand me downs from my brothers growing up and my parents made us buy our own clothes our last two years of high school, worked and used loans and scholarships for college (first gen college student). Biggest financial gift was a car in high school which I gave back to my parents when I moved out. 

I now own a business with my wife, I'm an engineer for my day job, and I own a bunch of houses. Learned real estate investing through some classes, local club, and school of hard knocks. Just counting down the days now... 191

frompa

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Re: Bootstrap FI - who here has done it?
« Reply #16 on: January 13, 2016, 04:15:34 AM »
Count me in. First generation to go past college high school, left home at 17 and didn't go back to live.  Put myself through college and post-college, came out with some debt, which I paid off quickly on my relatively meager early professional income.  Then, did the usual... had a couple kids, bought a home, worked, spouse worked too but extremely meager income.  BUT, we were frugal, paid off our mortgage in ten years instead of thirty, only once bought a new car (and learned that lesson), stayed out of debt, saved for our kids' college.  Along the way I had bumps -- like unexpected divorce, major illness of one of our kids, but here I am.  FI and about to RE.  Overall, I'd say the positive power of living below one's means is a much much bigger factor in reaching FI than whatever help some people might get in the way of assistance from family, etc.  Because even if one were to secure a large inheritance, for example, without the skills to live within one's means, most people would blow through it and be no better off. 

deborah

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Re: Bootstrap FI - who here has done it?
« Reply #17 on: January 13, 2016, 04:27:12 AM »
Like me, I would expect most people here to have done this. Nothing special about it, just the way life happens. It makes it easier to be frugal, so maybe it is an advantage.

asauer

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Re: Bootstrap FI - who here has done it?
« Reply #18 on: January 13, 2016, 05:59:09 AM »
We have 7 years left.  Paid for own college/ grad school, no financial gifts at any time from anyone.  Never lived at home after college.  Worked 20-30 hours during undergrad, worked full time during grad school to pay for it then got a job in the field.  Both of us worked our butts off and landed jobs in higher paying fields (Technology and Pharma) which helps with the cashflow.  Other than that, budgeting and working side gigs.

kpd905

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Re: Bootstrap FI - who here has done it?
« Reply #19 on: January 13, 2016, 06:52:34 AM »
Pretty close, although my dad did buy me a $2,000 car after the one I bought died. 

Took out about $95,000 in student loans and just got done paying them off a few months ago.

Biggest gifts were probably the $2,000 car, help from our parents for our wedding (around $4,000), and then my dad would give me spending money in college sometimes and he paid my car insurance until I graduated.

dude

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Re: Bootstrap FI - who here has done it?
« Reply #20 on: January 13, 2016, 07:13:54 AM »
Bootstrap (to help oneself without the aid of others).

- No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO
- etc.

If so, please describe your journey.

Product of a lower middle class (broken) home.  Single mom, who was a high school dropout (but got her GED after the divorce) raised three boys alone (okay, lots of family support, thank God) for the better part of 5 years or so before re-marrying.  My step dad was no prince, but he is a good man who put his boots on every day and went to work as a Union carpenter to put food on the table for three kids that weren't even his (a 4th was added when I turned 18).  With no college options at graduation (my grades and attitude toward school sucked), I opted to join the U.S. Navy for some vocational training (electronics).  Spent 6 years training and sailing the globe, and developed the discipline to buckle down and study hard.  Studied for and took the SAT about a year before my enlistment was up, and did very well.  Matriculated at a state university upon discharge from active duty.  During my time in the Navy, the current generous G.I. Bill did not exist.  We had the very shitty VEAP program, which I didn't even bother to take advantage of.  Saved up enough to pay for my first year of college, and worked as a bouncer, and eventually a bartender, during college.  At the end of my freshman year, I worked my ass off bouncing by night and working construction by day (framing houses), desperately trying to come up with the cash to pay for my sophomore year.  By mid-summer, it wasn't looking good and I feared I wouldn't be able to return to school for my soph year.  But then the miraculous happened -- I got a letter in the mail from the University inviting me to join the Honors Program, based on my solid freshman year (3.98 GPA -- got a freakin' B in Golf!!!) and SAT score, and offering me a full academic scholarship.  Changed my life forever.  Graduated magna cum laude (first college grad on father's side, second on mom's), with departmental honors (Econ), crushed the LSAT, and got accepted at several Top 10 law schools.  I had no undergrad debt, and because of my parents' low economic standing, I received pretty generous grants (covered about 1/3 of tuition costs) from one of those law schools.  Graduated with good, though not distinguished grades from that law school, and wound up in the Attorney General's Honors Program, and employment in the Department of Justice, where I've been for 18 years now.

So I guess you'd have to clarify what "financial gift" means.  I feel pretty strongly that while I was very lucky to receive the scholarship for undergrad and grants for law school, I did my part to earn them, or at least to put myself -- i.e., by my own bootstraps -- in the position to take advantage of them.  In the end, I still took on $80,000 in student loan debt, of which I still owe about $14,000 (could easily pay them off today I chose to). Will be FIRE in @3 years, have a current net worth -- built solely by DW and I -- of @$1million (though in truth it's significantly more if future stream of income from vested pension is considered, and additionally, DW is heir to her parent's modest house).

Last Night

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Re: Bootstrap FI - who here has done it?
« Reply #21 on: January 13, 2016, 09:02:11 AM »
Immigrated to the US with my parents as an early teen from the developing world.  Lived in the projects for close to a decade, it was even worse when my father became violent and my mother and I left him.  Double edged sword for me, I had more freedom and less supervision while my mother was struggling to pay the bills, I hung out with the wrong crowd, started skipping school, etc.

Fast forward a few years later after a few bad events happened to me (self inflicted through stupidity and bad influences) I slowly started getting my act together.  Put myself through school (barely) was working a lot, had a hard time maintaining a decent GPA, was on probation one of my years...due to working full time. It took me 2 extra years to graduate college with a ton of debt. 

Once in the work force life was so much easier, I had all the free time in the world relatively speaking to my work/school days that even a 60 hour work week was a walk in the park.

Met a partner who I later married (middle class, her parents are regular working class people).  Fast forward nearly a decade since college, I have no student loans, net worth is nearing half a million and we make 250k gross/annually.

Never want to be poor again, the fear has definitely helped accelerate the boot strap process.
« Last Edit: January 13, 2016, 09:06:14 AM by Last Night »

Sayonara925

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Re: Bootstrap FI - who here has done it?
« Reply #22 on: January 13, 2016, 09:08:55 AM »
I don't see FI as a luxury or a choice, I see it as survival.
It makes it easier to be frugal, so maybe it is an advantage.

Interesting thoughts.  For some, lack of support triggers a survival drive within, becoming an advantage rather than a detriment. 

We don't have children, but if we did, it would be a quandary deciding how financially supportive to be.

Then there's the question of why it becomes an advantage to some, but not others.

Sayonara925

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Re: Bootstrap FI - who here has done it?
« Reply #23 on: January 13, 2016, 09:26:43 AM »
Regarding financial gifts, I'd say it's not a gift if earned, such as receipt of a scholarship.

APowers

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Re: Bootstrap FI - who here has done it?
« Reply #24 on: January 13, 2016, 10:49:44 AM »
We're on our way. If all goes according to plan, we'll be FI in 8 years or less (by the time I'm 35).

- No inheritance - Nope. Parents aren't dead yet, and hopefully not for a long time.
- No free or subsidized home/housing during adulthood - We did buy a cheap ($70k) fixer-upper with a loan from my parents, but the seller also offered to hold a note for us as well, so I don't see this as an actual subsidy. House is currently fully paid off.
- No college/private education paid by others - College was fully funded by FAFSA financial aid, so not any more subsidized than anyone else could get.
- No significant financial/property gifts received - Nope
- No wealth via spouse/SO - We each brought about $10-$12k to the table when we got married 5.5 years ago.

We also haven't lucked into any special jobs/fields like a lot of folks here have. No high-paying STEM fields, high finance, or sales jobs. I worked at a grocery store ($15.25/hr max) and currently deliver pizza (~15/hr average).

HenryDavid

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Re: Bootstrap FI - who here has done it?
« Reply #25 on: January 13, 2016, 12:28:55 PM »
Totally! It is possible here in the land of excess wealth and opportunity (Canada).
At uni from 17 to 29 with a couple breaks to work and replenish cash. Never qualified for student loans! As first in family at Uni I supposedly had access to parental cash so no government hep for me. . But the parents saw 3 siblings right behind me so kept the lid on tight. No worries--just cheap living, roommates, no trips/vacations until age 30 when I got first real job. Except . . . . 6 months hitchiking Europe! Even had a car, cheaper than lots of bikes, though. Rarely used. No major debt until 40, and then an easily affordable mortgage. Paid now, age 55, FI in one year-ish. That's 10 years of uni and 25 years of decent but for many years pretty unspectacular pay. Wasted the first 5, then slowly figured it out. In other words, a financial moron who simply avoided debt. EZ.
If you start at 25 and are smarter, you can be done by 40, bootstrap or no bootstrap.

Retire-Canada

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Re: Bootstrap FI - who here has done it?
« Reply #26 on: January 13, 2016, 02:01:17 PM »
Bootstrap (to help oneself without the aid of others).

- No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO
- etc.

If so, please describe your journey.

- lived on my own since 15 with parents support.
- joined army at 17
- army paid for my education and paid me to go to school
- first job was army
- started my own consulting business after army
- been self-employed since
- my GF and I keep separate finances and split stuff 50/50
- I'm planning for FIRE based on my own $$$ not including GF's $$

I might get a ~$100K inheritance from my mom. Nothing expected from my dad as he has a new younger wife.

I never had any consumer debt beyond a car loan and mortgage.

BTDretire

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Re: Bootstrap FI - who here has done it?
« Reply #27 on: January 13, 2016, 02:31:21 PM »
My wife and I have, although after the wedding presents we had $632 in cash.
The first year we were married we earned $18,000 and saved $6,000 includes the $632.
 We were probaby FI by MMM standards, 8 maybe 10 years ago. however, are more mature at 55 and 60 years old. So retirement will be only a little early.
 I did get a couple thousand from a life insurance policy 4 years ago when mom died, but I gave her much more than that over the years as she was living on a minimal SS check.
 I give most of the credit to my wife and some great years in the stock market.

 

onlykelsey

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Re: Bootstrap FI - who here has done it?
« Reply #28 on: January 13, 2016, 02:38:12 PM »
I'm in that camp, although I'm just on the path to FI (currently worth ~325K at 29).  I mean, of course I'm still an able-bodied white woman growing up in the western world, so I may not have all that far to bootstrap.

I think I had enough horrific familial experiences at a young age to make me realize I never wanted to be reliant on someone else.  I worked my ass off in college (and, full disclosure, ended up with ~20K in debt because Ivies did only need-based aid... so I'm not sure how bootstrap it is).  I started an IRA then, but only put a few hundred or a thousand in per year. I made some poor financial decisions and never learned about investing or stocks or taxation (until the last few years), but was luckily pretty programmed to work 60+ hours a week and be debt-averse, so I never got myself in over my head.

This is sort of sad, but I think being orphaned as a teenager pushed me out of the life I may have been destined for.  I love my family dearly, but if I had stuck around and hung out with them, I would have internalized their choices as good ones and made very different choices for myself.  Getting out and in to a top school threw me WAY out of my element but made me reevalute everything I knew and figure out what I want, which was very valuable.  Autopiloting through life is dangerous, even if you're from a stable background.

soccerluvof4

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Re: Bootstrap FI - who here has done it?
« Reply #29 on: January 13, 2016, 02:51:38 PM »
Went in the Military at 17. Got out and bounced around from job to job until i found one that I seemed to be good at. Moved up in the company then industry until I ended up working for a company that screwed me so I started my own. No help anywhere other than I helped myself. No college, no inheritance or anything else on that list. In fact when I got out of the military I had to pay rent to stay at home for awhile because my parents could barely make ends meet.  End of story.

mathlete

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Re: Bootstrap FI - who here has done it?
« Reply #30 on: January 13, 2016, 03:37:44 PM »
Bootstrap (to help oneself without the aid of others).

- No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO
- etc.

If so, please describe your journey.

If and when I become FI, I'll probably qualify under that list.

That list is pretty arbitrary though. Everyone gets help. Even if it's just from the childless couple down the street who paid tens of thousands in school taxes so you could be educated.

Also, everyone who has ever taken a mortgage has subsidized housing IMO. With that nifty interest deduction tax break and all.

2Birds1Stone

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Re: Bootstrap FI - who here has done it?
« Reply #31 on: January 13, 2016, 03:52:55 PM »
I'm well on the way but not there yet.

I had no help during college, but I never finished so it wouldn't have mattered much.

Found a job I was good at, make a move into a new field that paid much better.

7-8 years away from barebones FIRE which will put me at 36-37 y/o when the time comes.


Cassie

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Re: Bootstrap FI - who here has done it?
« Reply #32 on: January 13, 2016, 03:54:32 PM »
First generation college grad with 4 degrees and paid cash for 3 of them by saving $ while working. The other one I got my tuition paid for by the Feds and a small stipend of $350.00/month because there was a shortage of people in the field. It was forgiven after I worked in public for 3 years. Total was worth about $10,000 back in 1992. At 1 point I was a young single mom with only a high school education but did not accept any public support. A few times my parents fixed my car etc so I could get my son to daycare and me to work.  I was mostly frugal and I really wanted an education.

Late_Bloomer

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Re: Bootstrap FI - who here has done it?
« Reply #33 on: January 13, 2016, 04:07:03 PM »
Not FI or RE yet, still saving and investing. Started off in the military at age 19, used GI bill to fund Bachelor's degree, then onto a Masters. That one I paid for myself. Other than the assistance my spouse provides, I've had no free rides, lunches, or walks in the park. It's been a long drudging road of work, which is where I'm still at now. About another 14 years to go before I can say I'm FI and able to RE. If I could do it all over again, it would be so different.

Retire-Canada

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Re: Bootstrap FI - who here has done it?
« Reply #34 on: January 13, 2016, 04:15:12 PM »
If I could do it all over again, it would be so different.

Amen! :)

onlykelsey

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Re: Bootstrap FI - who here has done it?
« Reply #35 on: January 13, 2016, 04:19:13 PM »
Quote
Everyone gets help. Even if it's just from the childless couple down the street who paid tens of thousands in school taxes so you could be educated.

Also, everyone who has ever taken a mortgage has subsidized housing IMO. With that nifty interest deduction tax break and all.

Agreed 100%.  Not to go too Liz Warren on everyone, but, truly, all of us have had some sort of help or otherwise won the lottery in some way.

mozar

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Re: Bootstrap FI - who here has done it?
« Reply #36 on: January 13, 2016, 08:46:59 PM »
But I still like hearing about peoples struggles. IRL people tend to gloss over the hard parts.

Zikoris

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Re: Bootstrap FI - who here has done it?
« Reply #37 on: January 14, 2016, 01:21:00 AM »
I got a $5000 inheritance last year. My net worth was already approaching six figures at that time, so it was certainly nice, but not life changing.

Nobody's paid for my shit since I turned 18 and moved out on my own. I still have a few years to go before pulling the plug on work, but I  don't forsee and difficulties.
« Last Edit: January 14, 2016, 01:22:38 AM by Zikoris »

Fastfwd

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Re: Bootstrap FI - who here has done it?
« Reply #38 on: January 14, 2016, 06:16:33 AM »
Started from nothing but thankfully school is cheap here in Canada. Lived in 3rd world like conditions during my studies and then found a 40k job almost right away. Climbed salary regularly for the first 10-15 years and always maxed my retirement contributions.

After maybe 10 years it occured to me that I could save more than my max contributions instead of spending the rest so here I am now on the path to slightly earlier FI. I had started doubling mortgage payments before that so it was not all lost in expensive cars and electronic toys.

Separation last year and losing my job just before that took me a few steps back but I am in the process of moving forward again. I think I should be FI at around 50 when I stop having to pay alimony to my ex. Right now I would not be "allowed" to retire as the government would force me to pay alimony out of my investments at the same rate as if I was still working.

iwasjustwondering

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Re: Bootstrap FI - who here has done it?
« Reply #39 on: January 14, 2016, 07:59:04 AM »
Bootstrap (to help oneself without the aid of others).

- No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO
- etc.

If so, please describe your journey.

I grew up in a middle-class home (physicist father, SAH mother), but my dad started a company that failed when I was in high school.  .

I went to school on a full-tuition scholarship.  I paid for room and board with loans and work (I worked 40 hours a week as a waitress my senior year).  When I moved into an apartment my senior year, I slept on the floor until I could earn the money for a mattress.  My parents came to my graduation, and their credit card was declined for the U-Haul back to their home (where I lived for three months after graduation).  So we had to leave my bed and other stuff behind. 

I paid for my MPhil with a grant and loans. 

Got married, got divorced.  Was 38 with no assets, two young kids and student loans, which by now had ballooned to $44K.  I got serious, paid them off in 20 months, bought a house, saved money, and kept increasing my earning power.  Right now I'm focused on college savings for my kids, and plan to save around $40K for them this  year, in addition to the regular $18K 401K, HSA, and investment savings. 



Clever Name

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Re: Bootstrap FI - who here has done it?
« Reply #40 on: January 14, 2016, 08:17:30 AM »
- No college/private education paid by others

Does a scholarship count? I'm not FI yet, but my trajectory would probably be significantly different if I hadn't gotten a (merit-based) scholarship worth nearly $100,000.

Greystache

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Re: Bootstrap FI - who here has done it?
« Reply #41 on: January 14, 2016, 05:43:52 PM »
 No inheritance
- No free or subsidized home/housing during adulthood
- No college/private education paid by others
- No significant financial/property gifts received
- No wealth via spouse/SO

My parents let me stay at home during the summers when I was not away at college between the ages of 18 and 22, so I guess I received some subsidized housing as an adult. This allowed me to save almost all of the money I earned during the summers and apply it to my college expenses.
I went to a state university, so my education was subsidized by the taxpayers of the state.  I also received PEL grants from the federal government.  My masters degree was paid for by my employer.  So while I did not receive any financial help from my family, I did depend on the taxpayers and employer for much of my education.
Most of the previous posts don't seem to acknowledge how much of their college education is subsidized by the tax payers if they went to a state school. Tuition payments are only a fraction of the total cost at most state schools.

TheNick

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Re: Bootstrap FI - who here has done it?
« Reply #42 on: January 14, 2016, 07:54:36 PM »
I'm pretty close to it.  Soon as I graduated high school I started working early mornings at UPS and continued working weekends/afternoons at a retail job I had had already for a couple years.  UPS had tuition reimbursement that covered my school while I was working there, and most of the money I earned from working I saved up and put a big down payment on condo at 21.  Left my parents house and never went back.  Picked up a third job working fill in coverage in a warehouse around 20, and around 22 quit the other two and went full time there...did that for the next 7 years while I paid cash for college, and continued to pay down my mortgage.  UPS and the other warehouse job were both teamsters so I accrued 11 years in the pension fund, so I'll be getting some cash from that when I'm older which is kind of nice considering I was more focused on getting paying for school/mortgage during these years than retirement savings.  Spent about a year and a half job hunting after finishing up a second degree at 29, and at 31 finally got my first real career oriented job that pays six figures:)

Since then I've been continuing living just the same as I was when I was paying for college, and have been banking some serious money.  Turned 32 recently with around 100k net worth and no debt whatsoever.  Depending what the market does I'm expecting to be bare bones FI by 34...which I'm calculating would be about 15k a year in passive income right now.  Would have been nice to be a little further along in terms of net worth but I bought my condo right before the crash so that made a little money dissappear, and when I finished up my first degree I graduated into a terrible job market so decided to continue on with an unrelated degree because the last thing I wanted was to get stuck where I was at for life.

I definitely made sacrifices to get here...haven't gone away on a real vacation since the last one I went on with my parents when I was 16, and from 17 until 31, I hadn't taken a week off of work, I sold all my vacation time back to the company so I didn't have to take student loans.  The biggest gift I got was I got to live at home for free a few years after high school...but in the long run had I got an apartment with some room mates and delayed buying for a few more years I'd probably have been in a better position right now because I could have bought something for much cheaper.  Oh well, ya never know.  I'll probably get some inheritance at some point as well but its not really needed or factored into my FI estimates, whatever I do get will just be a bonus, and preferable I won't be seeing any inheritance money for a long time for obvious reasons.

jim555

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Re: Bootstrap FI - who here has done it?
« Reply #43 on: January 15, 2016, 02:26:28 AM »
Worked in the same company almost 30 years, no formal education.  Self taught coding.  No inheritance.  FIREd at 49.

Greenback Reproduction Specialist

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Re: Bootstrap FI - who here has done it?
« Reply #44 on: January 15, 2016, 03:35:29 PM »
Yep, doing it... parents a fairly well off, but have never asked for a dime from them... Except the one time when I just moved out at 18yrs old, the engine in my car needed to be rebuilt, and I borrowed $1000, which I paid back over about a 2yr period.

Now I am 30 and 5 yrs away from FIRE, without a college degree mind you.

Just work hard, and dont expect anything from anybody.

Lyssa

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Re: Bootstrap FI - who here has done it?
« Reply #45 on: January 16, 2016, 05:54:32 AM »
- Grew up in a working class home (not broken, not abusive, just not financially comfortable and no academic background)
- First generation "Abitur"
- Moved out at 19 to study law
- lived on Bafög (state sponsored little student loan for costs of living while attending state sponsored university)
- repaid it within months after starting to work in BigLaw and receiving a discount for graduating in the top 10% of class
- first job had an annual salery of EUR 100,000
- now EUR 155,000 fix plus bonus of around 25,000
- about 5-8 years away from FIRE depending on market performance (keep in mind the much higher taxes before facepunching me ;-) )
- inherited a total of maybe EUR 10,000, current networth of a litte over 300,000

Gunny

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Re: Bootstrap FI - who here has done it?
« Reply #46 on: January 16, 2016, 06:13:27 AM »
I suppose I did the boot strap thing (although many may disagree since dear Uncle Sam took care of me in exchange for some seriously hard work and life). Enlisted in the Coast Guard at 18, learned job skills I could use to get a good government job once a civilian, they paid for college too. Saved most of my pennies while in and when out, lived very frugally (i.e. no debt or fancy stuff) and was FI at 38 and RE at 42.

You certainly bootstrapped it and thank you for your service.  You took advantage of the military as I did.  Me--left a lower middle class blue collar family at 18 with 20 bucks in my pocket.  Joined the Marines.  Retired an E7 and took a gov job.  After 34 years total years of service I ER'd with a nice pension and high six figures n the bank.  And it was hard work, but I loved serving. 

Enlisted service is a tough life, not that I regret it.  Earned a bachelors, worked hard, learned frugal living, raised three kiddos, put my wife through college. I've been to war three times, deployed 13 times, and spent years away from my family.  I damn sure earned my pension and the nice ER it affords me. 

BTW, I particularly enjoy your posts.  You have certainly figured out how to live a full life living frugally. 

totesmahgoats

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Re: Bootstrap FI - who here has done it?
« Reply #47 on: January 17, 2016, 02:17:48 PM »

- No inheritance- NOPE
- No free or subsidized home/housing during adulthood- NOPE
- No college/private education paid by others- I went to parochial school through eighth grade?
- No significant financial/property gifts received-NOPE
- No wealth via spouse/SO
- etc.

I don't know that I would say we "bootstrapped" it. I was raised solidly middle class. My husband's family managed to raise themselves to middle class by the time he entered highschool (when his mom finished her degree). I think we started with a lot privledge and a foot up that wasn't monetary.

That said, we both went to college on our own dime. I got knocked up at 20/had a baby at 21 (he was 25 and newly graduated with 30k in studen loans). We got married, because it seemed like the thing to do. I finished my degree and we had another baby by 23. (added another 25k in student loans) We lost what little assets we had managed to scrape together in the NV housing crash circa 2009/2010 on house we frankly had no business owning.  By 2011 we had added another tiny human to the clan. I left my job. Then we decided to maybe get our acts together.

All this to say, nobody has bankrolled anything we've done. We haven't always been Mustachian or even frugal. We've made a helluva lot of bad decisions. Our parents never bailed us out. We're "late bloomers" for this crowd (29/35) but we've managed to go from saving 15% for retirement in 2012 to banking close to 60% of our incomes this (DRAGGING three kids along the way with us).

  We're not FI yet, BUT we should be in 12 years, inspite of all the bad descisions/poor planning we made along the way.

It can be done.

10dollarsatatime

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Re: Bootstrap FI - who here has done it?
« Reply #48 on: January 17, 2016, 03:16:07 PM »
Bootstrap (to help oneself without the aid of others).

- No inheritance  Nothing
- No free or subsidized home/housing during adulthood I suppose I did live at home for free until I was 20...  My parents' deal was that I didn't have to pay rent if I was going to school.  But I still moved out as soon as I had a job that would reasonably support myself.  I had to sell personal items a few times to make rent, but I never missed a payment.
- No college/private education paid by others I did receive about $1600 from my grandfather for tuition, and a few scholarships here and there, but still managed to rack up $24,000 worth of student loans.
- No significant financial/property gifts received None
- No wealth via spouse/SO Not yet. ;)
- etc.

If so, please describe your journey.

It's a bit wishy washy on a couple of those items, but I still consider myself to be bootstrapping.  My family is large and we were on public assistance for much of my young childhood.  My parents bootstrapped themselves out of that, too, so I had good role models.

I managed to work my way into a full time government position... that pays crap, but is one of the few full time positions in my field anywhere.  It also allows me to freelance on a fairly consistent basis.  With the mediocre savings rate and the freelancing, I was able to buy a house less than two miles from work, and when I found MMM, I was able to pay off all my student loans and car loan in 14 months.  At this point, I live off about $20000/year, including my mortgage payment.  All else gets shoved into savings/investments.  I've still got a ways to go to FI, but I don't expect help from anywhere.

Dances With Fire

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Re: Bootstrap FI - who here has done it?
« Reply #49 on: January 18, 2016, 06:27:54 AM »
Dances With Fire has. What a journey it has been... I started with very little in terms of wealth...

...Grew up in a small town with little opportunities. You either worked on the farm, at the dairy, one of the factories in the next town, or you went into the military. (However, it was a wonderful place for a kid to grow up, very close family and friends.)

Except for a couple of "business men" in town, no one really had any wealth to speak of.
 Graduated high school early and went to work at one of the factories, only to face layoffs less than 2 years later.

Got a job offer from one of the local business men, not great pay, however it gave a young 20 year old the chance to travel the country and meet some incredible and talented people.

During those gigs I found about this little company named Vanguard...

Worked my ass off (looking back the hours were indeed crazy) I saved what I could and invested... Stayed out of debt...FI today...