$ Financial Independence / Retire Early (FIRE) - Embrace the Sigma grindset

[TheRedChair]

I know a few boomers who unironically think Coke, Pepsi, and Dr. Pepper are great bets.

Granted they are legacy companies that probably have enough staying power (lobbyists) to weather a few more downturns, but at the same time they could go the way of US Steel and never recover from their all time high, even after 15 years (I'm pretty sure it happened with dr. pepper already).

Coke-Cola has diversified very well as a corporation. I don't think this corporation will go away during my life time.

 

[ChaosReignsOnSomeSaturday]

Anything with AI at the moment. The major AI companies are going to grow a metric shit ton. Maybe pot stocks. With it getting decriminalized, and probably becoming as legal as beer, or tobacco I see that one growing a metric ton within 5-10 years.

Idk man my cannabis stock has been tanking hard.

 

[ChaosReignsOnSomeSaturday]

So I work a wagie job atm, but I pull in a little under a K every 2 weeks when I get paid after taxes. I live with my Mom, but still can not afford to really invest anymore. When I had my previous job and was pull 700 a week after taxes I was able to invest quite easily.

So how am I a common goon supposed to invest when it's either invest or starve. Especially with current gas prices.

 

[♦️ King of Diamonds ♦️]

$3 trillion worth of retirement savings was wiped off the face of the earth last week.

I'll stick to my silver stack...

 

[ChaosReignsOnSomeSaturday]

$3 trillion worth of retirement savings was wiped off the face of the earth last week.

I'll stick to my silver stack...

It's the safest investment there is besides beans and ammo

 

[Ahriman]

Highly recommended, a colleague suggested it to me and it's blowing my mind.

Honestly there's a lot that I still don't know about FI so this book is helping me a lot.

 

[Arpharp8976Fire]

What I hate about the FIRE movement is they never tell people that in order to fire you basically have to be earning 200k as a minimum. Makes it impossible for us regular brokies

 

[Tom Nook's Gloryhole]

With FIRE I feel like people are thinking far too big which makes long term planning feel futile.

Ideally you want to be making goals per year based on your interest: Will my interest pay off my spotify subscription, then will my interest pay off my spotify subscription and my phone contract etc. Eventually leading to water bills, gas and electric or even your mortgage repayments (but that's unlikely).

The goal shouldn't be to fully retire, but for basic expenses to be paid which makes you relatively self sufficient and means that you get more out of your money per year. Once your housing/car payments are fully self sufficient, even a minimum wage job means every penny of it is now only being used for food and play (or investing), at which point you can transition towards a 'hobby' based career until you feel like you have a comfortable level of savings.

 

[Peaches the Wonder Cat]

With FIRE I feel like people are thinking far too big which makes long term planning feel futile.

Ideally you want to be making goals per year based on your interest: Will my interest pay off my spotify subscription, then will my interest pay off my spotify subscription and my phone contract etc. Eventually leading to water bills, gas and electric or even your mortgage repayments (but that's unlikely).

The goal shouldn't be to fully retire, but for basic expenses to be paid which makes you relatively self sufficient and means that you get more out of your money per year. Once your housing/car payments are fully self sufficient, even a minimum wage job means every penny of it is now only being used for food and play (or investing), at which point you can transition towards a 'hobby' based career until you feel like you have a comfortable level of savings.

It's in stages.

First you save enough so that you're covered in case you get laid off.
Then you keep saving and investing, and eventually you get enough to cover many of your bills.
Then rent.
Eventually it grows and grows, and if you live frugally (and get used to living that way and stay off the hedonistic treadmill), someday you find yourself with enough that if you lose your job, it's not a big deal. That's Financial Indepedence.
And if you keep going you can retire early.

What I hate about the FIRE movement is they never tell people that in order to fire you basically have to be earning 200k as a minimum. Makes it impossible for us regular brokies

Some people do it on less, it's definitely more challenging. But there are a lot of people who do make $200K/year who blow it all on Experiences and find themselves aged out of the work force and forced to take social security at 62.