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I'm just surprised at the career diversity of the high income goons. You'd think we'd have all grown up to be Computer Touchers but there are lawyers, doctors, writers, some guy in PYF who designs cars for like a million friggin bucks a year...
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Feb 20, 2019 18:26
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So instead of just one well-known high-earning career, we represent the gamut of well-known high-earning careers.
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Feb 20, 2019 20:03
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Hoodwinker posted:So instead of just one well-known high-earning career, we represent the gamut of well-known high-earning careers. I agree that doctors and lawyers are not rare. But for a goon to collect a paycheck that involves people skills?? That's Hispanic-female-surgeon levels of rare.
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Feb 20, 2019 20:20
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Hoodwinker posted:So instead of just one well-known high-earning career, we represent the gamut of well-known high-earning careers. and writers! 
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Feb 20, 2019 20:23
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GoGoGadgetChris posted:I agree that doctors and lawyers are not rare. But for a goon to collect a paycheck that involves people skills?? I'm a professional engineer and I have direct contact with people all the time. Those people skills are as important as technical skills.
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Feb 21, 2019 01:28
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Devian666 posted:I'm a professional engineer and I have direct contact with people all the time. Those people skills are as important as technical skills.
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Feb 21, 2019 04:37
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I'm a cook at a foster home. *Edit* but I'm married to a computer toucher. And I used to be a videogame artist for 15 years.
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Feb 21, 2019 09:46
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I'm a computer toucher with an art degree. I paint and print in my free time. I'm married to a much more successful computer toucher. Luckiest luck of the draw.
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Feb 21, 2019 16:25
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Hoodwinker posted:So instead of just one well-known high-earning career, we represent the gamut of well-known high-earning careers. Heh, not me boys. Although I completely understand that in a global context I am extremely lucky and privileged and I am grateful for the blessings in my life.
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Feb 23, 2019 10:07
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The only computer touching I do is to play Steam and post on these forums. I'm not a high earner because public education, baby.
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Feb 25, 2019 05:49
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It seems like early retirement might force you to follow a spending budget strictly to not blow past your plans, but a lot of people who can retire early never had to follow a budget during their working life. How does that tension work out?
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Feb 25, 2019 13:58
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smackfu posted:It seems like early retirement might force you to follow a spending budget strictly to not blow past your plans, but a lot of people who can retire early never had to follow a budget during their working life. How does that tension work out? I guess it depends on what you mean by "had to follow a budget." I think most people who retire early do restrict their consumption in some way, to provide for the very high levels of savings required for early retirement. I personally follow a YNAB budget that tracks every dollar.
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Feb 25, 2019 14:01
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Grumpwagon posted:I guess it depends on what you mean by "had to follow a budget." I think most people who retire early do restrict their consumption in some way, to provide for the very high levels of savings required for early retirement. I personally follow a YNAB budget that tracks every dollar. Having a couple million in the bank doesn't mean you can spend carelessly, and being in the process of saving towards that much money especially doesn't mean that. I challenge the idea that "a lot of people who can retire early never had to follow a budget during their working life." FI-type folks may not be clipping coupons, but I assure you many (if not most/all of us here) have a budget and constrain our spending.
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Feb 25, 2019 15:16
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And using mental tricks to convince yourself you didn't want a thing or guilting yourself into not spending or actually just not being materialist counts as having a budget in this context imo even if you don't actually run the numbers
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Feb 25, 2019 15:25
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Bhodi posted:And using mental tricks to convince yourself you didn't want a thing or guilting yourself into not spending or actually just not being materialist counts as having a budget in this context imo even if you don't actually run the numbers
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Feb 25, 2019 15:29
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Heh, clipping coupons is a fun double entendre. Meaning #1: Using discounts from mailers. Meaning #2: Collecting investment premiums. Bonds used to actually have huge sheets of “coupons” on them which you would deposit in a bank like a check (on or after some specified date). If someone’s job was to “clip coupons”, they were wealthy enough to live off of investment income alone — essentially FI.
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Feb 25, 2019 15:31
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Bhodi posted:And using mental tricks to convince yourself you didn't want a thing or guilting yourself into not spending or actually just not being materialist counts as having a budget in this context imo even if you don't actually run the numbers "[J]ust not being materialist" is a game changer.
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Feb 25, 2019 16:28
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I think budgets are like diets. There's no inherent need to be on one, but if your intake/output are out of balance, you better get on one ASAP. And some people have unfairly high metabolisms and deserve the guillotine
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Feb 25, 2019 18:33
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I know so many doctors living literally paycheck to paycheck, if you want to make it to financial independence or the prospect of retiring early and you've earned your wealth from salary, you're going to have used a budget.
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Feb 25, 2019 19:37
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I had a stomach surgery that required me to be on a soft/liquid diet for some months. Not only did I lose a bunch of weight, it was the lowest food bill I think we've ever had. Costco brand ensure is the best of all terrible liquid meal replacers, btw.
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Feb 25, 2019 19:37
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smackfu posted:It seems like early retirement might force you to follow a spending budget strictly to not blow past your plans, but a lot of people who can retire early never had to follow a budget during their working life. How does that tension work out? One more year syndrome definitely comes up, but ultimately anyone who can claim to be financially independent is going to be either potentially deluded or fairly familiar with their yearly spending amounts and savings necessary to maintain that spending level.
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Feb 25, 2019 20:18
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baquerd posted:One more year syndrome definitely comes up, but ultimately anyone who can claim to be financially independent is going to be either potentially deluded or fairly familiar with their yearly spending amounts and savings necessary to maintain that spending level.
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Feb 25, 2019 20:43
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One of the things I'm planning for is more spending therefore I'm putting away a lot more than what will be needed for a minimalist lifestyle. I always find it odd when someone retires on $1m, that doesn't leave a lot of room for changes that could impact income or capital gains, especially when retiring early.
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Feb 26, 2019 00:04
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Devian666 posted:One of the things I'm planning for is more spending therefore I'm putting away a lot more than what will be needed for a minimalist lifestyle. I always find it odd when someone retires on $1m, that doesn't leave a lot of room for changes that could impact income or capital gains, especially when retiring early. Unless you're doing some serious geo-arbritrage, a "safe" withdrawal rate on $1 million in today's dollars won't get you much. And I've got a young child so permanently resettling to Thailand or Costa Rica or wherever isn't really going to be a great option anytime soon.
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Feb 26, 2019 04:40
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silicone thrills posted:I had a stomach surgery that required me to be on a soft/liquid diet for some months. Not only did I lose a bunch of weight, it was the lowest food bill I think we've ever had. PBUC
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Feb 26, 2019 04:48
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Virigoth posted:PBUC I googled this and only came up with a professional baseball umpire corps. For some seriousness - We're looking at retiring with about $75,000 a year ish. This is about what we spend yearly right now including our mortgage and we're going to pay off our mortgage and reduce down to 1 car so we should have some more play money. I'm in total agreement that I can easily see us spending more money because we will have more time to do cool poo poo.
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Feb 26, 2019 04:53
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silicone thrills posted:I googled this and only came up with a professional baseball umpire corps. Praise Be Unto
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Feb 26, 2019 05:07
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SpelledBackwards posted:Praise Be Unto Ah. Yes. Agreed. I'm also looking at buying a new mattress from costco and the deals look ... too good.
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Feb 26, 2019 05:09
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There's quite a few fire bloggers that travel the world full time as a couple for 40k a year or less and don't do it on the super cheap. I know from my own experience there's many many places around the world I can live very well without feeling like I'm denying myself for 1500-2000 a month. If you spend half of the year living in SE Asia or Latin America or the cheaper parts of Europe or even just not expensive parts of the USA on say 2k a month, you could then spend the other half of the year in more expensive places and still come out to less than a 4% withdrawal rate with 1 million saved. It's easily doable without living on rice and beans. There's nothing wrong with wanting to live on 75k or 200k a year or whatever your desires are, but it's doable for a lot less too. 40k puts you easily in the top 1% of income earners in the world, even if it seems very modest by American standards.
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Feb 26, 2019 07:57
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Boola posted:There's quite a few fire bloggers that travel the world full time as a couple for 40k a year or less and don't do it on the super cheap. How does this factor in inflation? 40k might be ok today, but it's not going to stretch remotely as far in 20+ years.
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Feb 26, 2019 08:48
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asur posted:How does this factor in inflation? 40k might be ok today, but it's not going to stretch remotely as far in 20+ years. The 4% rule accounts for inflation. It assumes, basically, that average returns going forward will be 7% with an average of 3% inflation per year - so you can spend 4% of your original investment total per year + inflation safely without depleting it.
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Feb 26, 2019 09:18
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You can travel for $40k a year but it’s not going to look like vacation travel, it’s going to look like living in various countries for a month at a time at long term stays. Otherwise the hotels and restaurants and attractions will eat up your $110 a day in no time.
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Feb 26, 2019 12:05
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It depends on where and how you travel. I've taken month long trips to Thailand, Colombia, Philippines, Spain, Hungary/Czech Republic/Slovakia, and a road trip around the western US in the last year all spending well less than 100 a day. That was using airbnb mostly (and camping a lot on the US trip). But, ya, it's not doable for luxury travel or going on a lot of guided excursions or switching locations every other day or in more expensive places. But if you're retired, might as well slow travel instead of being a short term tourist if it's something that interests you. Again, all personal preference. If you want to budget in more expensive traveling and want a bigger nest egg to account for it, go for it. It's also doable for less.
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Feb 26, 2019 13:10
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I found that even when I was in my 20s, I liked my own bed, shower, and kitchen too much to ever enjoy a long-term travel lifestyle or too many trips in a single year (even if I were able to afford it and had the time off). Plus, I love dogs too much to not have one, and I can't just be abandoning them for 3 months at a time and place them with relatives or whatever to go overseas. That's part of the reason I prioritized paying off my house, so I have a home base at all times with now reduced monthly associated expenses. Taxes, insurance, and maintenance of course are still ongoing factors. I still take the occasional trip, but it's on my terms and definitely never that long.
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Feb 26, 2019 14:06
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I'm sure people manage but skating by on $50 a day per person inclusive of transportation expenses, all carrying costs at home such as a storage unit etc, insurance, and a budget for unexpected emergency expenses doesn't sound all that great for longer than a couple months.
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Feb 26, 2019 15:34
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There's also the huge health insurance issue. If you can get your earned income low enough to get on medicaid or a heavily subsidized ACA plan it helps, but relying on that to stick around at its current rates seems like a large gamble for retirement.
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Feb 26, 2019 16:32
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Health insurance is definitely the biggest concern factor for us. I have pretty severe depression that will need treatment for the rest of my life. Plus we are both very active and like to snowboard and hike and such and accidents happen. Plus I would like to adopt eventually and healthcare for kids is a requirement.
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Feb 26, 2019 16:39
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I think "move to a place with low cost-of-living in a state that doesn't means-test your assets for Medicaid eligibility" is solid advice for those retiring early
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Feb 26, 2019 17:09
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EugeneJ posted:I think "move to a place with low cost-of-living in a state that doesn't means-test your assets for Medicaid eligibility" is solid advice for those retiring early This doesn't really stack up with "enjoying retirement" for me. I really like living in an urban center and around an hour away from the mountains. But that's also why i'm saving more.
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Feb 26, 2019 17:12
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Inept posted:There's also the huge health insurance issue. If you can get your earned income low enough to get on medicaid or a heavily subsidized ACA plan it helps, but relying on that to stick around at its current rates seems like a large gamble for retirement. I'm not a huge expert on Medicaid but I don't think it covers services in Vietnam or whatever. I'm also not sure it is good public policy for Medicaid as currently offered to subsidize FIREees with significant retirement savings.
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Feb 26, 2019 17:23
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