Are They Typical?

[UnrealizedPotential]

Well, some people are very good socially. They have abundant communication skills. They get married, have children. The problem? They are terrible with money. Why is that? Some people are blessed with athletic skills. Some with social skills. Some with money skills,etc. Some people are just not wired to understand or in the very least , be interested in money and security. It would be great if everyone had natural talent in what they needed or were interested in on lifes journey. It is not given to man that he can be great at everything in life.

[dallas27]

Somewhere there is a forum and a thread where typicals talking about us as extreme savers that don't know how to enjoy life now, fearful if the future, and failing to carpe diem. Endless running calculators instead of spending time homeschooling the kids....


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[Music Lover]

Quote:

Originally Posted by dallas27 Somewhere there is a forum and a thread where typicals talking about us as extreme savers that don't know how to enjoy life now, fearful if the future, and failing to carpe diem. Endless running calculators instead of spending time homeschooling the kids....

They should check out MMM forums if they really want to see what extreme budget living looks like.

[eta2020]

Quote:

Originally Posted by dallas27 Somewhere there is a forum and a thread where typicals talking about us as extreme savers that don't know how to enjoy life now, fearful if the future, and failing to carpe diem. Endless running calculators instead of spending time homeschooling the kids.... Sent from my iPhone using Early Retirement Forum

Well even Warren Buffet belongs there living in same modest house for last 35 years.

What if you make 500k and live on 80k with no mortgage payment? Is it not enjoying life?

[hnzw_rui]

Quote:

Originally Posted by retire2020 +1. I can't sleep at night if I do not have at least 50K in my savings account…been through 2000 and 2008 market crash, lost job in 2008 and that surplus was God's grace(did not force me to sell anything until I found an other job three months later).

Since I can't afford to max out my 457b, I choose to direct extra savings there as my "emergency fund" in case of job loss (there's no early withdrawal penalty as long as I'm separated from service). For non-job loss emergencies, I can take out a loan from the 457b or withdraw contributions from a small Roth IRA CD at the local credit union. That does mean I keep a rather large allocation in stable value fund and cash for my age but given the alternative is contributing much less to my tax-preferred accounts, I can live with that. When I'm maxing out my 457b (already maxing out the Roth IRA), that's when I'll build a cash emergency fund in taxable accounts and maybe some I-bonds.

That said, I don't count the "emergency fund" as part of my retirement savings when doing projections.

[eta2020]

I think successful FIRE people have usually 2 out 3 skills that make people FI.

1) They are good/exceptional in their job.
2) They are good in investing money.
3) They are good in dealing with people....influencing people.

Skill number 2 is a must . Skill number 1 or 3 will make you lot of money Almost nobody is good in all 3.

The number 2 is also easiest, but requires immense discipline which at least 90% of people lack.

[NW-Bound]

Quote:

Originally Posted by eta2020 I think successful FIRE people have usually 2 out 3 skills that make people FI. 1) They are good/exceptional in their job. 2) They are good in investing money. 3) They are good in dealing with people....influencing people. Skill number 2 is a must . Skill number 1 or 3 will make you lot of money Almost nobody is good in all 3. The number 2 is also easiest, but requires immense discipline which at least 90% of people lack.

Make it 1.5 for me. Item 1, yes. Item 2 is the 1/2. Item 3 rates me a 0.

[Nemo2]

Quote:

Originally Posted by NW-Bound Make it 1.5 for me. Item 1, yes. Item 2 is the 1/2. Item 3 rates me a 0.

OMG...I have none of these!

[NW-Bound]

Well, did you actually ER?

[Nemo2]

Quote:

Originally Posted by NW-Bound Well, did you actually ER?

I always say I had nothing to retire from.....I 'stopped working' at 46, (I'll be 73 in September), and now have 3 1/2 times as much money as I had then.....(4 times if you count the quarter I found today. )

[Cassius King]

Same here. Know a family on FB who are constantly posting pics of them out doing things. Ballgames, travel, partying, etc. Just last week, on this same FB, they are now posting a GoFundMe post and have a pic of their family on it. Asking friends and family to fund them for a shoulder surgery the husband is having. WTF? You're constantly posting (bragging) on FB about what you're out and about doing, then want to ask people to give you money. I will never get it.

[eta2020]

facebook envy

Similar to majority of BMW drivers. (but certainly not all)

[LinCella]

Oh, typical. I had a friendship with someone who complained so much about being broke and living on practically nothing and then she told me spent $800 at Nordstrom's. We're no longer friends.

I am also friends (over 40 year friendship) with a gay couple who spend so much money on only high end things and brag about it all over FB. They CAN afford it but it makes me weary to see such shallowness.

[tmm99]

Quote:

Originally Posted by LinCella Oh, typical. I had a friendship with someone who complained so much about being broke and living on practically nothing and then she told me spent $800 at Nordstrom's. We're no longer friends. I am also friends (over 40 year friendship) with a gay couple who spend so much money on only high end things and brag about it all over FB. They CAN afford it but it makes me weary to see such shallowness.

Many people are like that. That's the way they can feel their worth - by bragging how much more spending power they have over other people. Shallow is right. And sad.


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[2017ish]

I am so glad that I do facebook only when a kid or a sibling says: "I have pictures up for you to look at." (Even though I joined it very soon after it opened up to non-edu addresses, I've never even uploaded a picture of myself.)

And, doubly glad that I don't think I know anyone who fits in these categories. (Or, if I do, I don't notice....)

[Danmar]

Quote:

Originally Posted by eta2020 I think successful FIRE people have usually 2 out 3 skills that make people FI. 1) They are good/exceptional in their job. 2) They are good in investing money. 3) They are good in dealing with people....influencing people. Skill number 2 is a must . Skill number 1 or 3 will make you lot of money Almost nobody is good in all 3. The number 2 is also easiest, but requires immense discipline which at least 90% of people lack.

Good at 1 and 2 for sure. Fairly good at 3 but that is hard to self assess. If you put 1 and 3 together you will very likely make a ton of money.

[scrabbler1]

Quote:

Originally Posted by eta2020 I think successful FIRE people have usually 2 out 3 skills that make people FI. 1) They are good/exceptional in their job. 2) They are good in investing money. 3) They are good in dealing with people....influencing people. Skill number 2 is a must . Skill number 1 or 3 will make you lot of money Almost nobody is good in all 3. The number 2 is also easiest, but requires immense discipline which at least 90% of people lack.

#1 and #2, yes. As for #3, while I consider myself a loner at heart, I have been able to manipulate and influence people in some special ways to get what I want. At my former job, I used #1 to gain leverage over my bosses to reduce my weekly hours worked (i.e. "semi-retirement") and get a mostly telecommuting deal in the 2000s. Also with #3, simply building up goodwill with others can earn special, favorable treatment.

[Theseus]

Quote:

Originally Posted by eta2020 I think successful FIRE people have usually 2 out 3 skills that make people FI. 1) They are good/exceptional in their job. 2) They are good in investing money. 3) They are good in dealing with people....influencing people. Skill number 2 is a must . Skill number 1 or 3 will make you lot of money Almost nobody is good in all 3. The number 2 is also easiest, but requires immense discipline which at least 90% of people lack.

Quote:

Originally Posted by Danmar Good at 1 and 2 for sure. Fairly good at 3 but that is hard to self assess. If you put 1 and 3 together you will very likely make a ton of money.

Good way to think about that. Of course if someone fails miserably at #2, they are no further ahead of the curve than the spendthrift beggars.

Agree that self-assessment can be biased, but reflecting on my career, I'd guess I was judged to posses #3, which "hire" authorities used in deciding to promote me to a position with improved benefits that assisted in the implementation of my eventual ER. Over the following decades #1 was judged in the eyes of various others via the annual reviews, etc., but I outlasted those with the bad opinions. And for #2, well sometimes I'm just lucky.

[FUEGO]

I've always prided myself on my ability to avoid letting others in the workplace take #2's on me. Sometimes that required wearing a hard hat and a hazmat suit, other times nothing more than quick reflexes and a nimble mind.

[Sarah in SC]

Wait, Fuego, you are also the person I famously attribute that you always DID your #2s at work, so you got paid to poop!