Author Topic: What happens if you strike it rich?  (Read 50194 times)

grantmeaname

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Re: What happens if you strike it rich?
« Reply #50 on: January 21, 2014, 03:58:44 PM »
Michelin starred dinners are not a waste.
Did you actually read what I wrote?
But "not using every dime you have for consumption" is not a problem - it's the whole point of FI. If you're okay with having money and not spending it while you're alive, why is it sensible to have a problem with having money you didn't spend when you die?

StetsTerhune

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Re: What happens if you strike it rich?
« Reply #51 on: January 21, 2014, 04:02:08 PM »
 

But doesn't it mean then that you will live your live in FIRE with regrets that you could not do some of the things that could be achieved with the windfall?  VS the person who it wouldn't impact at all who clearly wouldn't have any regret.


We all make trade offs all the time. Constantly. Some things are worth the cost, some things aren't. Deciding something isn't worth the cost does not mean you will regret it later. It'd be great to have a private jet to go everywhere I go. Super convenient. And if I had made different, less lazy, life choices I could have had that jet. But it wasn't worth the cost.


 There's no such thing as the life you want. Only a life you want. I'm not going to work until I can have a perfect life. There is no such thing. I'm going to work until the gains of the money I'd get from working further dont exceed the gains of the time I'd get from quitting.

dragoncar

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Re: What happens if you strike it rich?
« Reply #52 on: January 21, 2014, 04:08:08 PM »

But doesn't it mean then that you will live your live in FIRE with regrets that you could not do some of the things that could be achieved with the windfall?  VS the person who it wouldn't impact at all who clearly wouldn't have any regret.


We all make trade offs all the time. Constantly. Some things are worth the cost, some things aren't. Deciding something isn't worth the cost does not mean you will regret it later. It'd be great to have a private jet to go everywhere I go. Super convenient. And if I had made different, less lazy, life choices I could have had that jet. But it wasn't worth the cost.


 There's no such thing as the life you want. Only a life you want. I'm not going to work until I can have a perfect life. There is no such thing. I'm going to work until the gains of the money I'd get from working further dont exceed the gains of the time I'd get from quitting.

I'm always going to regret not having my own private superyacht.  It would certainly be fun!  How does working until I'm 70 fix that?

Saverocity

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Re: What happens if you strike it rich?
« Reply #53 on: January 21, 2014, 04:15:34 PM »

But doesn't it mean then that you will live your live in FIRE with regrets that you could not do some of the things that could be achieved with the windfall?  VS the person who it wouldn't impact at all who clearly wouldn't have any regret.


We all make trade offs all the time. Constantly. Some things are worth the cost, some things aren't. Deciding something isn't worth the cost does not mean you will regret it later. It'd be great to have a private jet to go everywhere I go. Super convenient. And if I had made different, less lazy, life choices I could have had that jet. But it wasn't worth the cost.


 There's no such thing as the life you want. Only a life you want. I'm not going to work until I can have a perfect life. There is no such thing. I'm going to work until the gains of the money I'd get from working further dont exceed the gains of the time I'd get from quitting.

I'm always going to regret not having my own private superyacht.  It would certainly be fun!  How does working until I'm 70 fix that?

Well, going back to the original question... if you had already achieved FIRE and suddenly found a 'job' that unexpectedly provided enough money for a super yacht - would you buy it?

StetsTerhune

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Re: What happens if you strike it rich?
« Reply #54 on: January 21, 2014, 04:17:32 PM »

I'm always going to regret not having my own private superyacht.  It would certainly be fun!  How does working until I'm 70 fix that?

Don't sell yourself short dragoncar! I'll bet if work 100-120 hours a week till you die you'll be able to afford a down payment on that super yacht!

Saverocity

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Re: What happens if you strike it rich?
« Reply #55 on: January 21, 2014, 04:20:39 PM »

I'm always going to regret not having my own private superyacht.  It would certainly be fun!  How does working until I'm 70 fix that?

Don't sell yourself short dragoncar! I'll bet if work 100-120 hours a week till you die you'll be able to afford a down payment on that super yacht!

Just for discussions sake, do you think that the people who can afford a superyacht work 100-120hrs per week?

StetsTerhune

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Re: What happens if you strike it rich?
« Reply #56 on: January 21, 2014, 04:23:13 PM »
No, but I think it's a safe bet that that's the only path for random guy typing on the Internet of whom I know nothing

Saverocity

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Re: What happens if you strike it rich?
« Reply #57 on: January 21, 2014, 04:24:35 PM »
No, but I think it's a safe bet that that's the only path for random guy typing on the Internet of whom I know nothing

It certainly is an option, but it is a little negatively skewed.  Another option that is more viable is starting your own business I imagine.

grantmeaname

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Re: What happens if you strike it rich?
« Reply #58 on: January 21, 2014, 04:31:40 PM »
Just for discussions sake, do you think that the people who can afford a superyacht work 100-120hrs per week?
Yes, do you not?

StetsTerhune

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Re: What happens if you strike it rich?
« Reply #59 on: January 21, 2014, 04:34:49 PM »
No, but I think it's a safe bet that that's the only path for random guy typing on the Internet of whom I know nothing

It certainly is an option, but it is a little negatively skewed.  Another option that is more viable is starting your own business I imagine.

I doubt most of us could get our own business up to super yacht levels without working that much, at least for a while. Especially now that 'Russian kleptocrat' is largely off the table.

StetsTerhune

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Re: What happens if you strike it rich?
« Reply #60 on: January 21, 2014, 04:38:18 PM »
P.S. Matt, I've been reading your site for a while now and I hope it comes through in my tone how much I like and respect you/disagree with virtually everything you say.

Albert

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Re: What happens if you strike it rich?
« Reply #61 on: January 21, 2014, 04:40:08 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

Saverocity

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Re: What happens if you strike it rich?
« Reply #62 on: January 21, 2014, 04:45:11 PM »
P.S. Matt, I've been reading your site for a while now and I hope it comes through in my tone how much I like and respect you/disagree with virtually everything you say.

Thanks!  I'm totally fine with people thinking I am bonkers, and I am here to learn what Mustachianism means.  It isn't necessarily something that I agree with thus far, but I think there is a commonality in that we both share a desire to reduce waste, increase efficiency and not give a dime to 'the man' the difference for me is what I want from my lifestyle.

Saverocity

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Re: What happens if you strike it rich?
« Reply #63 on: January 21, 2014, 04:46:11 PM »
Just for discussions sake, do you think that the people who can afford a superyacht work 100-120hrs per week?
Yes, do you not?

Nope, I think they have pre FIRE mustachians doing that for them :)

Saverocity

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Re: What happens if you strike it rich?
« Reply #64 on: January 21, 2014, 04:48:50 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

An additional annual income of say $150,000 when you have already built a plan that kicks off $30,000 per year on a spend of say $27,000.

tooqk4u22

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Re: What happens if you strike it rich?
« Reply #65 on: January 21, 2014, 05:01:32 PM »
There are some things that I've always wanted, but will likely never have the money to purchase. I would think I would let loose a bit with 2-3x the amount of money I would need in a lifetime and buy a few fun things.

There are also some hobbies (golf and others) I'm passionate about but are expensive and I've put them aside for now in order to FIRE quicker. I'm more passionate about not working than I am about these hobbies, so they may fade into black forever. If I hit the figurative lotto I would certainly pickup the costly hobbies again.

This view resonates with me.  There are a lot of things that I enjoy doing but don't do as I work to FIRE and don't factor into the budget when I FIRE.  These things are not necesseties and I am happy without them or happy doing them infrequently, but I also realize that I would absolutely enjoy doing them. 

Of course I also like the helping family and safety margin arguments as well.  AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).   Even MMM has expressed lifestyle inflation via having better food, more entertaining at home with friends, and more/better booze.  It is human nature but I also beleive he doesn't need those things to be happy.


Albert

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Re: What happens if you strike it rich?
« Reply #66 on: January 21, 2014, 05:03:37 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

An additional annual income of say $150,000 when you have already built a plan that kicks off $30,000 per year on a spend of say $27,000.

That's not an amazing amount of money. Depends a bit on how confident I'd feel about this extra income being there long term not just this year and next. I said before no major changes, but probably there would be some smaller ones. For example, I'd only fly business class if I had that much free money.

Saverocity

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Re: What happens if you strike it rich?
« Reply #67 on: January 21, 2014, 05:07:08 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

An additional annual income of say $150,000 when you have already built a plan that kicks off $30,000 per year on a spend of say $27,000.

That's not an amazing amount of money. Depends a bit on how confident I'd feel about this extra income being there long term not just this year and next. I said before no major changes, but probably there would be some smaller ones. For example, I'd only fly business class if I had that much free money.

$150K extra income when you have crafted a plan to live on $27K isn't a lot?  Explain

arebelspy

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Re: What happens if you strike it rich?
« Reply #68 on: January 21, 2014, 05:11:22 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.
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Emilyngh

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Re: What happens if you strike it rich?
« Reply #69 on: January 21, 2014, 05:14:00 PM »
I have thought about this a little because the reality is that there will come a day where my siblings and I will split at least one (if not 2) large universal life insurance plan(s) and very likely a substantial inheritance.

I have considered the fact that I will probably scrimp and save for many years, in order to retire in my 40s living on around $25k a year, only to eventually have more money than I could spend.   I've wondered if I will regret the scrimping and saving (but then I remember that if I have enough, then spending more would do me no good anyway).

So, I doubt much will change.   Enough is enough.   Maybe we'd take one extra trip a year or something.    And we may put some in a fund in case we or other family members have major health problems or large sums of money for some other emergency type reason (eg, long-term care, etc).   But, otherwise, pretty sure I will do some research regarding the best ways to use the money to help others/the world, and put it towards that.

Saverocity

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Re: What happens if you strike it rich?
« Reply #70 on: January 21, 2014, 05:15:41 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

I think that is proper planning.  My feeling from this forum thus far is that people might be making too many shortcuts to escape that they create a FIRE situation that is not desirable since they cut off too many things that make the life in retirement pleasurable.

Not everyone can retire on water, if you can that is cool, but if you miss the Grand Cru enough to make you sad, it is no retirement.

tooqk4u22

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Re: What happens if you strike it rich?
« Reply #71 on: January 21, 2014, 05:16:35 PM »
2. fund the opening of a restaurant that i think my town needs.  i don't actually want to work there, i'd just be the money man.  and it wouldn't be a chain restaurant and it would have a no denim requirement.  i would love to have somewhere around here for special occasions that people dress up to go to.  and if i'm super rich i'd fund it for a while and not care that it lost money.  bc i think my town needs a place made with local foods and quality ingredients that are made to order

Funny because I would like to open a restaurant that HAS a denim requirement and where I would WANT to work - fine awesome food but very casual and family/community friendly and affordable - and if I could hire people in need and just breakeven that would be perfect.

arebelspy

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Re: What happens if you strike it rich?
« Reply #72 on: January 21, 2014, 05:17:50 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

I think that is proper planning.  My feeling from this forum thus far is that people might be making too many shortcuts to escape that they create a FIRE situation that is not desirable since they cut off too many things that make the life in retirement pleasurable.

I don't think so - I just think you have a different idea of what makes "life in retirement pleasurable" than most here.  ;)

Once you get down to it, I think it's easy to find happiness in a simple lifestyle, and that is, perhaps, even ideal.
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Saverocity

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Re: What happens if you strike it rich?
« Reply #73 on: January 21, 2014, 05:19:15 PM »
I have thought about this a little because the reality is that there will come a day where my siblings and I will split at least one (if not 2) large universal life insurance plan(s) and very likely a substantial inheritance.

I have considered the fact that I will probably scrimp and save for many years, in order to retire in my 40s living on around $25k a year, only to eventually have more money than I could spend.   I've wondered if I will regret the scrimping and saving (but then I remember that if I have enough, then spending more would do me no good anyway).

So, I doubt much will change.   Enough is enough.   Maybe we'd take one extra trip a year or something.    And we may put some in a fund in case we or other family members have major health problems or large sums of money for some other emergency type reason (eg, long-term care, etc).   But, otherwise, pretty sure I will do some research regarding the best ways to use the money to help others/the world, and put it towards that.

On that note, some of the most bitter and twisted people I have met are in that same position.  Back in the day they were happy with the knowledge of the income coming 'sometime' but when that time takes too long they become relentless attached to what they deserve.  It is a horrifying thing to watch.

If you are in that situation you need to find a replacement income level and lifestyle that would make you happy without the income from that policy, since if you lean to heavily (even on an emotional level) it can be the most malignant thing in your life.

dragoncar

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Re: What happens if you strike it rich?
« Reply #74 on: January 21, 2014, 05:20:21 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

So there is absolutely nothing you are foregoing for the sake of early FI?  Like if some guy was like "hey man, you want a free slice of pizza?" You would say "no, because if I really wanted that pizza I would have (a) continued working to pay for it or (b) decided a single slice of pizza is unimportant and therefore getting one free will not influence me to eat it".  No pizza!

Emilyngh

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Re: What happens if you strike it rich?
« Reply #75 on: January 21, 2014, 05:20:58 PM »

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

What about (c) kind of "meh" about travel, so certainly not going to delay FIRE to take one more trip a year, but if the money were just sitting there might choose to push oneself to travel a little more?
« Last Edit: January 21, 2014, 05:23:29 PM by Emilyngh »

Saverocity

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Re: What happens if you strike it rich?
« Reply #76 on: January 21, 2014, 05:22:17 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

I think that is proper planning.  My feeling from this forum thus far is that people might be making too many shortcuts to escape that they create a FIRE situation that is not desirable since they cut off too many things that make the life in retirement pleasurable.

I don't think so - I just think you have a different idea of what makes "life in retirement pleasurable" than most here.  ;)

Once you get down to it, I think it's easy to find happiness in a simple lifestyle, and that is, perhaps, even ideal.

I disagree, I think if a person can be happy without the inflow of money, and just pass it straight onto charity or whatnot then they have found a proper retirement level. 

Everyone will have their own level of satisfaction, and the more you see and experience from life likely the more refined that understanding will be.

arebelspy

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Re: What happens if you strike it rich?
« Reply #77 on: January 21, 2014, 05:26:09 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

So there is absolutely nothing you are foregoing for the sake of early FI?  Like if some guy was like "hey man, you want a free slice of pizza?" You would say "no, because if I really wanted that pizza I would have (a) continued working to pay for it or (b) decided a single slice of pizza is unimportant and therefore getting one free will not influence me to eat it".  No pizza!

I'm certainly not foregoing that pizza.  That doesn't mean I'd turn it down, but it does mean if it wasn't free, and I wanted it, I'd get it.


If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

What about (c) kind of "meh" about travel, so certainly not going to delay FIRE to take one more trip a year, but if the money were just sitting there might choose to push oneself to travel a little more?

It is important to you or not.  Spending the money after a windfall on something not important to you because of the mere fact that you have it is ridiculous.

I disagree, I think if a person can be happy without the inflow of money, and just pass it straight onto charity or whatnot then they have found a proper retirement level. 

I'm not sure why you wrote "I disagree" - I'm in complete agreement with that statement.

And I think most Mustachians have hit that level in their planning - but mostly by being happy with what they have, rather than desiring more.

I have learned to seek my happiness by limiting my desires, rather than in attempting to satisfy them. John Stuart Mill
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

tooqk4u22

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Re: What happens if you strike it rich?
« Reply #78 on: January 21, 2014, 05:27:11 PM »
oh man, it would depend on how much is "rich," but for sure I would spend more!  I'd pay to bring friends together for group camping/climbing/skiing/diving trips out west and the Caribbean.

But you aren't planning on doing that anyways when you hit FI?

I mean, I get that people are like "I'd travel a lot," because I love travel... but I'm planning on doing a ton of travel in FIRE already, so the money wouldn't change that.

It seems odd to me someone who is like "I'd love to travel a lot... but instead I'll hit FI and not do that thing that I love."  - I feel like you should work the "camping/climbing/skiing/diving trips out west and the Caribbean" into your plan anyways, so that you craft your ideal life for FIRE (and the money, then, probably wouldn't really change anything).

So what am I missing?  (Not just targeted at you, dude, but anyone who's said they'll do X if they had the money - but implying they won't do X, even when they hit FI, without a big windfall of money. Why not just build the stache a bit more to support your ideal lifestyle?)

Actually, a feeling I get from many folk on here is that they would do many things to ensure FIRE, making sacrifices to escapre the life they live, but it really isn't the life they want to have.

Huh, interesting.  That probably warrants a thread of its own.

I'm planning on having my ideal life in FIRE, and assumed the same of most people.  The general sentiment around here is that most of us aren't sacrificing anything living the way we do.

Since many of the posts in this thread also have a "wouldn't change much/anything" sentiment, I'd assume the same for them, too...

I'll have to think about that.

See my other post but I interpret that travel is absolutely necessary to you, and as you say it should then be included in your FIRE number.  For me travel is interesting and fun, but if I don't do it I still will be happy and won't feel that I "sacrificed" or "am not living the way I want" -  Should this view change for me then I will have to change my FIRE budget, but note that I do have some travel factored into the budget.....boils down to needs and wants. 

Saverocity

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Re: What happens if you strike it rich?
« Reply #79 on: January 21, 2014, 05:30:30 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

So there is absolutely nothing you are foregoing for the sake of early FI?  Like if some guy was like "hey man, you want a free slice of pizza?" You would say "no, because if I really wanted that pizza I would have (a) continued working to pay for it or (b) decided a single slice of pizza is unimportant and therefore getting one free will not influence me to eat it".  No pizza!

I'm certainly not foregoing that pizza.  That doesn't mean I'd turn it down, but it does mean if it wasn't free, and I wanted it, I'd get it.


If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

What about (c) kind of "meh" about travel, so certainly not going to delay FIRE to take one more trip a year, but if the money were just sitting there might choose to push oneself to travel a little more?

It is important to you or not.  Spending the money after a windfall on something not important to you because of the mere fact that you have it is ridiculous.

I disagree, I think if a person can be happy without the inflow of money, and just pass it straight onto charity or whatnot then they have found a proper retirement level. 

I'm not sure why you wrote "I disagree" - I'm in complete agreement with that statement.

And I think most Mustachians have hit that level in their planning - but mostly by being happy with what they have, rather than desiring more.

I have learned to seek my happiness by limiting my desires, rather than in attempting to satisfy them. John Stuart Mill

True, I wrote I disagree to cover the question if my specific idea was way out of line with others, and my point was that everyone's was different.  As such your comment that my idea is different is a somewhat moot since we both agree that they all are different, and I am not trying to project my idea of what is right or wrong based upon what I want onto someone else.

So i disagreed with the concept that it could be implied I was coming at this from a 'YOUR retirement must meet MY criteria' perspective.

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Re: What happens if you strike it rich?
« Reply #80 on: January 21, 2014, 06:12:45 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

So there is absolutely nothing you are foregoing for the sake of early FI?  Like if some guy was like "hey man, you want a free slice of pizza?" You would say "no, because if I really wanted that pizza I would have (a) continued working to pay for it or (b) decided a single slice of pizza is unimportant and therefore getting one free will not influence me to eat it".  No pizza!

I know it is a metaphor, or at least I think it is, but I LOVE pizza and have on many occaisons turned down free pizza...sometimes because I wasnt hungary, sometimes because I only want to eat the pizza that I feel is the best and I have the resources to do it.  Metaphorically speaking though I am sure there are other "pizzas" that I would eat.

tooqk4u22

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Re: What happens if you strike it rich?
« Reply #81 on: January 21, 2014, 06:18:25 PM »
It is important to you or not.  Spending the money after a windfall on something not important to you because of the mere fact that you have it is ridiculous.

This is where we disagree....there is absolutely a level that is important to an individual and therefore is important.  But I also think there is a level beyond this that is desirable but not required.....I can be pefectly happy camping in the mountains and taking an international trip each year, and that would be great......but if I could take multiple international trips with the $1000+ airfare that it requires then that would be great too, but I don't NEED it.

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Re: What happens if you strike it rich?
« Reply #82 on: January 21, 2014, 06:22:37 PM »
AREBELSPY said it shouldn't change a thing, and a I agree with that, but IIRC he is number is a good size number as it includes a big number for travel = in that case if travel or the passionate hobbies are so important to a person that that person wouldn't be happy without them then they absolutely should be part of the FIRE budget (even if it ups the number).

Right, exactly.   I'm of the opinion one ought to design their ideal life and budget in FIRE and not deprive themselves of a dream, if it's really important to them.

So then it, naturally, wouldn't change anything.

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

So there is absolutely nothing you are foregoing for the sake of early FI?  Like if some guy was like "hey man, you want a free slice of pizza?" You would say "no, because if I really wanted that pizza I would have (a) continued working to pay for it or (b) decided a single slice of pizza is unimportant and therefore getting one free will not influence me to eat it".  No pizza!

I know it is a metaphor, or at least I think it is, but I LOVE pizza and have on many occaisons turned down free pizza...sometimes because I wasnt hungary, sometimes because I only want to eat the pizza that I feel is the best and I have the resources to do it.  Metaphorically speaking though I am sure there are other "pizzas" that I would eat.

Haha yeah it's a metaphor.  Maybe a better one would be getting a free upgrade to first class air travel.  I would never base my FI on affording first class travel, but I sure as hell wouldn't turn down a free upgrade.

tooqk4u22

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Re: What happens if you strike it rich?
« Reply #83 on: January 21, 2014, 06:30:39 PM »

Haha yeah it's a metaphor.  Maybe a better one would be getting a free upgrade to first class air travel.  I would never base my FI on affording first class travel, but I sure as hell wouldn't turn down a free upgrade.

I knew that is what you were getting at, and BTW that is a far better example....like you I don't need or plan for first class, but there is no way in hell I am turning down an upgrade if offered - and in fact I will ask for an upgrade if it isn't offered. 

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Re: What happens if you strike it rich?
« Reply #84 on: January 21, 2014, 07:02:43 PM »

If I was planning to FIRE on less (nothing in my budget for travel, for example), then got a windfall, either I should have decided that a) the travel was important, and I'll FIRE with more, and will already have the travel in my plans, and the windfall changes nothing or b) have decided the travel wasn't important, I FIRE'd with less, and the windfall changes nothing.

I get what you're saying here and it's cool, but in practical terms I think this is perhaps a little too idealistic and rigid.   It seems like you want to make the point that if you're doing FIRE correctly that having a truck-ton of additional money shouldn't change a single thing in your life. 




I'm not going to work until I can have a perfect life. There is no such thing. I'm going to work until the gains of the money I'd get from working further dont exceed the gains of the time I'd get from quitting.

This mindset jibes more with me, i.e. continuing to work until additional passive income is providing dramatically reduced returns on investment.  Note that I'm not talking about giving up dreams here.  That'd be crazy talk. 

I feel like the whole point of this FI journey is to look at it the other way.  The want of more money and improved QOL gets in the way of your real dreams, your real life.

Consider: my own dream is to never do any work for anyone else that I don't absolutely want to do, i.e. I'd do it for free.  And I won't give that dream up for some marginal improvement that barely registers on my levels of happiness.  I can't see myself lamenting on my deathbed that I wish I took trips to Disneyworld or bought every series of Lost on Blu-Ray.  I can absolutely see myself being pissed at myself for working more years than I had to before I left my industry. 

Still, even after saying all of the above, I acknowledge that reduced returns on happiness are not zero returns, and if presented with a ludicrious amount of money, some spending lines might get blurred a bit from time to time. 
« Last Edit: January 21, 2014, 07:04:48 PM by Q_Train »

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Re: What happens if you strike it rich?
« Reply #85 on: January 21, 2014, 09:06:17 PM »
I have various stages in my FIRE plan and it seems that's where I differ from OP and Arebelspy. I guess I would equate the stages (spending levels) to MMM's family annual spending reports. At the bottom he lists everything, but then backs off the fancypants stuff to get to a bare bones budget. Therefore, my first stage of FI = passive income exceeds bare bones budget.

At this point I will be eagerly awaiting the RE stage, but will likely hang on for 1-2 years to grow the stache. It will be very difficult since I really don't like my job or the stress it brings, but these last 2 years of accumulation will get me beyond the bare bones level and into the comfortable/happy level of spending. Ok, time to retire when passive income = maybe 120% of bare bones budget, so I have room for a few fun luxuries that aren't too fancypants. I think this is about the level OP was speaking of where you have a happy life and things are going well.

However, I have one more stage that I hope will afford me the ability to enjoy semi-expensive hobbies and other things that are the "dream" level of FIRE that Arebelspy seems to be referring to. My difference is that I want to quit the 9 to 5 before I get to that level. To me, quitting the 9 to 5 is the official point of FIRE. However, moving into the "self-employed"/low risk business investment type situation keeps you achieving a higher level of luxury after you FIRE.

2 MMM posts come to mind that might help explain my thinking a bit:
http://www.mrmoneymustache.com/2012/05/14/first-retire-then-get-rich/
http://www.mrmoneymustache.com/2011/06/08/the-joy-of-self-employment/

These might not be a perfect fit, but my point is that just getting to FI won't be enough for me. Getting to RE will happen before I feel like I have everything for the dream retirement, but it will allow me the freedom/confidence/ability to move to a more self-employed role that will eliminate "the man" from my life.

At that point OP, the money would no longer "change my spending habits" because at some point enough is enough, but the $27K spending level you mentioned at one point is not enough for me and my family to enjoy the dream retirement arebelspy speaks of.

And great post btw OP.


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Re: What happens if you strike it rich?
« Reply #86 on: January 21, 2014, 10:06:33 PM »

Haha yeah it's a metaphor.  Maybe a better one would be getting a free upgrade to first class air travel.  I would never base my FI on affording first class travel, but I sure as hell wouldn't turn down a free upgrade.

I knew that is what you were getting at, and BTW that is a far better example....like you I don't need or plan for first class, but there is no way in hell I am turning down an upgrade if offered - and in fact I will ask for an upgrade if it isn't offered.

If it's free, sure.

That's not a good analogy, because in the windfall situation it still costs money (that could instead be put to better use, such as donated to a charity you support).

But if first class travel was important to me, yes, I'd have enough in my FIRE budget for it.

If it wasn't, I wouldn't put it in my FIRE budget.

And if I got a windfall of 100MM, and had to pay for the upgrade, I wouldn't pay for it. It isn't important to me.

In either case, sure, I'd take it free.  But that doesn't mean it is worth paying for, regardless of the money.

So I still maintain that, for myself, a large windfall would change nothing, and I see this as the ideal FIRE lifestyle (enough money for everything you want).
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Re: What happens if you strike it rich?
« Reply #87 on: January 21, 2014, 10:10:26 PM »
I have various stages in my FIRE plan and it seems that's where I differ from OP and Arebelspy. I guess I would equate the stages (spending levels) to MMM's family annual spending reports. At the bottom he lists everything, but then backs off the fancypants stuff to get to a bare bones budget. Therefore, my first stage of FI = passive income exceeds bare bones budget.

You don't differ from me - we exactly agree.  I've hit that first stage of FI (made a post about it last Spring), and now working on doubling that amount so I can afford my dream FIRE lifestyle.

At that point OP, the money would no longer "change my spending habits" because at some point enough is enough, but the $27K spending level you mentioned at one point is not enough for me and my family to enjoy the dream retirement arebelspy speaks of.

Exactly.  That's the point at which I'll FIRE.

(All of this is said with a caveat that I love my job.  If I was in a job I didn't love, I would switch to one I did.)
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Khan

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Re: What happens if you strike it rich?
« Reply #88 on: January 21, 2014, 10:38:22 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

An additional annual income of say $150,000 when you have already built a plan that kicks off $30,000 per year on a spend of say $27,000.

So, instead of having a stash of ~ 675k, I reap a windfall of 3.7 million dollars, kicking off 150k/year?

Our lifespan is measured in years. Nobody knows when you're going to die, but every person that has come before us has, and every machine ever built has a lifespan.

With an income of ~175k/year all but guarenteed for the rest of my life, I would not choose to live my life such that I maximize the spending of that.

However, time. I will never get what I spend of that currency. With an income of 175k/year, I will have an -extremely- reliable car, maybe not brand new straight from the dealer, but most definitely <3 years old, that I will maintain with a good mechanic. I would not keep trading up or anything, but I also wouldn't keep it past the point at which it's better off with someone else, and I'm better off with something more reliable. I wouldn't do my own car work unless I found that I enjoyed doing it, because anything not enjoyable -and- costs me the most important currency of them all, is worth offloading.

I wouldn't say that I'd live my life materialistically, that I'd grow to consume that money, but I also wouldn't fear to tread farther up the scale of it. Nords is happy waking up in Hawaii everyday in surfing, if I am just living to live, and don't find something to put my energies toward, I would be scuba diving. I would live in a nice scuba diving location, and I would travel to others. I think it would be hard to break even 80k/year doing just that, unless you're being really, really stupid with your money.

Albert

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Re: What happens if you strike it rich?
« Reply #89 on: January 21, 2014, 11:14:04 PM »
Depends a lot on how big this extra money is. Wouldn't change too much if it was double or triple of what I expect to have, but if we are talking about millions I'd change many things. No Ferraris or fancy houses for myself, but it would be fun to say buy and restore a medieval castle or finance an archeological expedition etc. I'd also like to donate money towards scholarships for particularly smart students and finance scientific research.

An additional annual income of say $150,000 when you have already built a plan that kicks off $30,000 per year on a spend of say $27,000.

That's not an amazing amount of money. Depends a bit on how confident I'd feel about this extra income being there long term not just this year and next. I said before no major changes, but probably there would be some smaller ones. For example, I'd only fly business class if I had that much free money.

$150K extra income when you have crafted a plan to live on $27K isn't a lot?  Explain

It is a lot in that sense, but not a lot for things I mentioned above (buying castles or investing in spacecraft).

Nords

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Re: What happens if you strike it rich?
« Reply #90 on: January 21, 2014, 11:53:50 PM »
So, I'm wondering about the FIRE mindset, and wanted to ask: what happens if you reach FI and then RE and have done the numbers right and can sustain your lifestyle.  Imagine it's pretty lean, with say an annual budget around $27k.
What happens if you then suddenly find yourself with a 6 figure income from some side gig- is it Mustachian to maintain the low income and build up a massive wealth surplus or should you up the standard of living?
The wife and I have talked about this, and no amount of windfall money would change our plans.  More income = more to charity.
It really depends on your happiness and the concept of enough.  If you're happy with what you have, and you have enough, why would more change anything?
From what I understand, that's not the case for most people.  They'd up their lifestyle.  But then again, they're the type to not be happy with what they have, and want more, and they'll not ever have enough.  This probably isn't the type of person who will be able to FIRE in the first place, however.
If my experience is any indication, there's a significant difference between "What if...?" and "Whoa."  The answer appears to be "massive wealth surplus".

When I ER'd in 2002, my military pension paid for our mortgage and most of our groceries.  We had a rental property that we were keeping for family reasons, but it wasn't making any money.  We planned to spend about 4% annually from our investment portfolio and FIRECalc gave us a 90% success rate.

Nearly 12 years later, my pension has risen 27%.  My parents-in-law finally moved out of our rental property, and after some long-overdue capital improvements we've turned that into a cash-flowing asset that's almost half again of my pension.  Due to serial refinancings, our mortgage payment has dropped 40%.  The net result is that all of last year's spending was covered by my pension and the rental profits.  Not only did we not spend any principal of our investment portfolio-- we didn't even touch the interest or dividends.

As Arebelspy points out, we're already doing everything we want to do.  I was a little white-knuckled on the purse strings until about 2005, and I've relaxed considerably, yet our total routine spending has still dropped nearly every year of retirement.  Our photovoltaic array and solar water heater paid for themselves over three years ago.  We just cut our phone/Internet bill by over 60%.  We made a couple other major capital improvements on our home, but the renovations have raised the home's value more than the cost of the work.  We replaced our beater vehicles with Priuses, but now we're spending a lot less on gas & maintenance.  We've traveled half of the world, but the cost of living in Bangkok is actually lower than the expense of the plane tickets and our local spending.  In the future we want to get a visa to stay longer in Thailand, and that means the longer we stay the more profitable our trip will become.

While we were there, we checked our attitudes about spending at both ends of the bell curve.  We had drinks with acquaintances at a five-star hotel, where my mango smoothie cost nearly $10.  They were newly married and in the middle of a month-long Asian cruise honeymoon on a small ship-- the cruise had to cost at least $10K.  They'd just spent thousands of dollars that day on art (local dealer) and silk (Jim Thompson House) to ship back to his 4000 sq ft home which houses his entire art collection (and  also now houses her clothing collection).  He was dressed in coat & tie, she had on a dress.  We were wearing t-shirts, shorts, & rubber slippers.  When we split up, they picked up the drinks tab and went on to a 24-course (!) dinner, which I'm sure was at least $100/plate.  We went out to Sukhumvit for street food at about $2/baggie.

I can appreciate their lifestyle, but they have to take care of too much stuff.  They also have to play dress-up (while they're spending a lot of money), and I don't enjoy that either.  I also have more fun finding dinner on the street than I would at a restaurant trying to replicate some European or Hong Kong fantasy.

This "wealth surplus" trend will accelerate in eight years when my spouse's Reserve pension starts.  If my projections are correct, our annual income will rise by about 80%.  I see our spending staying flat.

Sure, I should've seen this coming.  FIRECalc predicted a 90% chance of success, and that's exactly what happened while we were focused on the 10% failure rate.  However I still feel the "burden of stewardship".  Aren't we supposed to be doing more with that money?

So my spouse and I had the "spend more" conversation, complete with a Quicken printout:
Me:  "We're not burning through it fast enough.  Where should we spend more?"
Her:  (thinking) "I dunno.  You?"
Me:  (more thinking)  "Maybe we should fly business class from now on?"
Her:  "Feh.  The extra five inches in coach is already more than enough.  I don't see the value of being fussed over in business class."
Me:  "You wanna upgrade your 10-year-old 29" Panasonic CRT TV to a large-screen LCD with Internet bandwidth and digital cable?"
Her:  "But it wouldn't fit our wall unit, and I just got the livingroom looking exactly the way I like it!"
Me:  "Well, we should set you up in a home theater."
Her:  "But I like the setup we're using now!  Do you want a new computer?"
Me:  "Eh, I'm happy with the PC and the iPad.  I have them working just the way I like it, and I don't need more."
... and so on.

Everyone says "Why, yes, I'd give more to charity!" but... we've volunteered at non-profits and... it's been an uninspiring experience.  We've also donated more to charity and had more of the same reaction.  We're considering lending a little money to a family member who's going to medical school, but they're the sort of people who will likely insist on paying it back.  With interest.

For now our plans are:
1.  Stop investing.  We'll let the interest/dividends pile up until the markets drop into a recession, and then we'll put that cash back into our asset allocation.  Otherwise we're going to just let the money accumulate without trying to chase yield.  We might not even rebalance any more.
2.  Do one or two more home-improvement projects-- like xeriscaping.  (More conservation, less waste.)  Maybe we'll spring for a professional tree trimmer instead of juggling our own chainsaws.
3.  When I'm flying on my own, I'll upgrade to business class.  But I'll be doing it for years with frequent-flyer miles before I have to start using my own money.
4.  Keep an eye out for inspiring charities, although we're pessimistic.

At probate we'll probably turn most of our assets over to a charitable gift fund and let our daughter hand out college scholarships.  If she's played her own cards right then she'll probably be dealing with her own "massive wealth surplus"-- but that's not my problem.

In the meantime I'll happily write and surf for the rest of my life.  Maybe we'll travel more for longer, or maybe we'll eventually have our fill of that too. 

#FirstWorldProblems, and very good ones to have. 

The lesson learned is that when you plan for success and focus on avoiding failure, then you're probably going to have to end up shifting your attention to dealing with success.

Khan

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Re: What happens if you strike it rich?
« Reply #91 on: January 21, 2014, 11:56:58 PM »
It is a lot in that sense, but not a lot for things I mentioned above (buying castles or investing in spacecraft).

I need >= 6 Billion dollars to build a space elevator.

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Re: What happens if you strike it rich?
« Reply #92 on: January 21, 2014, 11:58:50 PM »
We went out to Sukhumvit for street food at about $2/baggie.

As usual, inspiring post.  But what I'm really going to take away from it is that I should start eating food by the "baggie"

astadt

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Re: What happens if you strike it rich?
« Reply #93 on: January 22, 2014, 12:13:14 AM »
Travel nearly constantly

And get a pool.

arebelspy

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Re: What happens if you strike it rich?
« Reply #94 on: January 22, 2014, 12:14:37 AM »
What a great post Nords!  The kind one wants to print out for inspiration.

(My favorite part was how much he downplayed their charitable contributions, which anyone who reads the E-R.org forums regarding his wife's "job" with the Arizona Memorial is/was far from insignificant.)

Hope Nord's real life example helps explain what I meant when I'm arguing for having "enough" in FIRE.

The wife and I have had that exact conversation (about how we're not spending enough, should we buy X item or Y experience), with the same "meh, I'm pretty happy as-is" answer.
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Re: What happens if you strike it rich?
« Reply #95 on: January 22, 2014, 06:04:40 AM »
What a great post Nords!  The kind one wants to print out for inspiration.

(My favorite part was how much he downplayed their charitable contributions, which anyone who reads the E-R.org forums regarding his wife's "job" with the Arizona Memorial is/was far from insignificant.)

Hope Nord's real life example helps explain what I meant when I'm arguing for having "enough" in FIRE.

The wife and I have had that exact conversation (about how we're not spending enough, should we buy X item or Y experience), with the same "meh, I'm pretty happy as-is" answer.

That was a great example of someone who is ready for FIRE, I do disagree with 3 points from personal preference but everyone has their own scale, and the impact of money to him in his lifestyle is testament to his readiness for FIRE. 

I truly think that the people who say they want to travel more FIRED too early, and should wait until the nut can cover that lifestyle too.

makincaid

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Re: What happens if you strike it rich?
« Reply #96 on: January 22, 2014, 07:27:39 AM »
Travel nearly constantly

And get a pool.

If you are traveling constantly, who's going to use the pool?

Cheddar Stacker

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Re: What happens if you strike it rich?
« Reply #97 on: January 22, 2014, 09:08:04 AM »
I have various stages in my FIRE plan and it seems that's where I differ from OP and Arebelspy. I guess I would equate the stages (spending levels) to MMM's family annual spending reports. At the bottom he lists everything, but then backs off the fancypants stuff to get to a bare bones budget. Therefore, my first stage of FI = passive income exceeds bare bones budget.

You don't differ from me - we exactly agree.  I've hit that first stage of FI (made a post about it last Spring), and now working on doubling that amount so I can afford my dream FIRE lifestyle.

At that point OP, the money would no longer "change my spending habits" because at some point enough is enough, but the $27K spending level you mentioned at one point is not enough for me and my family to enjoy the dream retirement arebelspy speaks of.

Exactly.  That's the point at which I'll FIRE.

(All of this is said with a caveat that I love my job.  If I was in a job I didn't love, I would switch to one I did.)

Congrats on reaching your first stage, and good luck doubling up! So the only difference is I don't love my job. Coincidently, my self-employed plans include quite a bit of real estate investment which you are obviously a big fan of. My first "big boy" investment into real estate will likely take place in the summer of 2015 once I have a few other things taken care of. This should accelerate my path to FI, but I can't really dive in like I want to until RE due to my young family and my very strong desire to spend time with them anytime I'm not at the job.

dude

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Re: What happens if you strike it rich?
« Reply #98 on: January 22, 2014, 09:10:15 AM »
oh man, it would depend on how much is "rich," but for sure I would spend more!  I'd pay to bring friends together for group camping/climbing/skiing/diving trips out west and the Caribbean.

But you aren't planning on doing that anyways when you hit FI?

I mean, I get that people are like "I'd travel a lot," because I love travel... but I'm planning on doing a ton of travel in FIRE already, so the money wouldn't change that.

It seems odd to me someone who is like "I'd love to travel a lot... but instead I'll hit FI and not do that thing that I love."  - I feel like you should work the "camping/climbing/skiing/diving trips out west and the Caribbean" into your plan anyways, so that you craft your ideal life for FIRE (and the money, then, probably wouldn't really change anything).

So what am I missing?  (Not just targeted at you, dude, but anyone who's said they'll do X if they had the money - but implying they won't do X, even when they hit FI, without a big windfall of money. Why not just build the stache a bit more to support your ideal lifestyle?)

Oh hell yes my plans include all those activities!  But I won't have enough to pay for others to join me -- that's where a huge windfall/lottery win/strike it rich fortune would come in.  I would then be able to gather my friends at my expense to do these things with me, and that would give me far more pleasure than buying houses, boats, etc.

dude

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Re: What happens if you strike it rich?
« Reply #99 on: January 22, 2014, 09:14:28 AM »
oh man, it would depend on how much is "rich," but for sure I would spend more!  I'd pay to bring friends together for group camping/climbing/skiing/diving trips out west and the Caribbean.

But you aren't planning on doing that anyways when you hit FI?

I mean, I get that people are like "I'd travel a lot," because I love travel... but I'm planning on doing a ton of travel in FIRE already, so the money wouldn't change that.

It seems odd to me someone who is like "I'd love to travel a lot... but instead I'll hit FI and not do that thing that I love."  - I feel like you should work the "camping/climbing/skiing/diving trips out west and the Caribbean" into your plan anyways, so that you craft your ideal life for FIRE (and the money, then, probably wouldn't really change anything).

So what am I missing?  (Not just targeted at you, dude, but anyone who's said they'll do X if they had the money - but implying they won't do X, even when they hit FI, without a big windfall of money. Why not just build the stache a bit more to support your ideal lifestyle?)

Actually, a feeling I get from many folk on here is that they would do many things to ensure FIRE, making sacrifices to escapre the life they live, but it really isn't the life they want to have.

Again, read what I wrote more closely!  "I would pay to bring friends together . . ."  My FIRE plans, and I doubt anyone else's, include this kind of largesse.  But if I suddenly found myself with much much more than I could ever need, then I would share the wealth with those I enjoy spending time with the most, i.e., by paying to fly/sail/train them here and there with me on my adventures.