Also, IQ too low for many occupations does not preclude considerable financial success or ER.
Ha
Darn! That's just as easy as my plan of buying stocks low and selling high.... he said "Easy. I buy a steak for $10 and sell it for $20. That way I always make fifty percent."
Intelligence, determination, luck, work ethic and life experiences. Grew up in a middle class household. Watched my Father work hard. We lived a comfortable but not extravagant lifestyle. Moved out in my lost and irresponsible late teen years and learned it wasn't fun eating egg noodles and tuna for dinner. Got lucky and got a job for a good company that has good benefits. Worked hard, lived well below my means, saved and now knocking at the door of FI. Easy
Probably because I know a whole lot of people who have had all the same "luck" and advantages that I had and aren't FI.
I also know a few people who have had some of the bad luck you listed and still overcame it to be FI.
And it's not just luck that I was never laid off, nor that I got into a dotcom company with good stock options. I saw signs on the wall that the first mega corp I worked for was heading for trouble, and my skills weren't that well suited to go elsewhere. I figured out what I was lacking and worked on getting more marketable skills, and a year or two later those skills got me a job at a smaller company that took off. Some luck involved there, but I made a good choice and worked hard to put myself in position for that luck.
And you didn't answer my question, would you advise young people that it's mostly luck, or that there are actually useful things they can do to put themselves in much better position to FI?
You are obviously pretty down on things. I certainly agree that things could definitely be improved but all my suggestions would just have the moderators slapping me again for "political comments."
From your post, my father should have just given up when he lost his steel industry job in the 1950s and then again when Boeing laid him off in the 1960s. I should have stayed on food stamps when I was on them in the 1970s. There's no way I had any hope of finding a new job when the plant I worked at in 1982 shut down and laid 1,100 people off (including me). This should have been my plan when I lost another job during a buyout of my company in 2002. There's no way I could now possibly be making more than I ever did before and have more than enough money to retire.
Most people that have crap happen to them have a choice. You can pick yourself up, dust yourself off and move forward. Alternatively, you can wallow in your despair, complain how life isn't fair (it isn't) and wait for the blue bird of happiness to magically appear.
Opportunities are presented to everyone. When someone is prepared and willing to use these, the people that aren't call them "lucky." I've worked side-by-side with people that were as smart or smarter than me, made as much or more than me and had the same opportunities or better ones put in front of them. Some of these people are really well off and others are living paycheck to paycheck thinking they'll work forever.
More likely we have to be 'tetched in the head just a particular way.
The math behind all of this is something my 5th grader would readily understand. The harder parts are the ability to work on a long term plan, and the willingness to do something considered strange/bizarre/antisocial/un-Merkin.
That's me. When I first took the test at a corporate HR event, I was maxed out on INTJ. Looking at those traints make it much more likely someone would tend to save and follow their own path.
Well, you're getting there. You've seemed to back off of saying "luck is a huge factor". I agree some luck is involved.Certainly getting an education and doing anything and everything possible to put yourself in position to succeed comes first.
That would be my main advice to a young person. I think many young people already understand that some luck is involved in life.
I have a millennial in college right now and he and his classmates are well aware of the challenges they face in this new economy.
He is fully aware that many companies now view employees as temporary and disposable and they just aren't really hiring many new people.
Luck also comes into play with actors,athletes,musicians,artists,etc.
There are people with incredible talent that just didn't get that lucky break.
Being at the right place at the right time. There is some luck involved.
Its all about timing.
I do think this has something to do with it. Certain personality types seem predisposed to overspending and others, like INTJ, to FIRE. Being willing to not follow the crowd is a big deal.
Well, you're getting there. You've seemed to back off of saying "luck is a huge factor". I agree some luck is involved.
Then you come back with "It's all about timing."
BS. Timing also play a part, but for many here, it's mostly about day after day LBYM. Skip that Starbucks and keep money in your wallet. Take your bonus that you got from being in the right place at the right time and invest it, rather than buying jet skis or a new Porsche. Take your raise and invest it instead of upping your lifestyle.
FIRE is 33% perseverance, 33% serendipity, 33% genetics and 11% math skills.
FIRE is 33% perseverance, 33% serendipity, 33% genetics and 11% math skills.
I don't care about youse guys' math as long as youse put 110% luck in there.
Luck beats everything, and I mean everything.
If there's a sole thing that can give a guy success, it's luck. Look how many people buy lottery tickets everyday. No need for hard work, savings, LBYM. Nothing. Just luck is what they need.
PS. Why 110%, some asked. Heck, I said luck is everything, but to be sure I threw in an extra 10% as reserve. You have problems with that?
I actually have a friend who won powerball a few years ago. His cut was $6 million. He bought the ticket for his office group and he was on local tv with the big fake check.
I guess he used his 10%. But sadly he got into a fight with his brother about buying a gift for their mother. He hasn't spoken to the family for several years. So much for luck. Its a pathetic situation.
Anyone born in the US without a major disability starts out on 3rd base if you look around the rest of the world. Somehow, people from the poorest of countries manage to become billionaires. These tend to be from the elite of these countries but it's still a major accomplishment. In the US there are lots of people from poor families that become mega rich. Rich people become poor. The old saying of shirt sleeves to shirt sleeves in three generations is very true.
Where else but the US are the "poor" typically overweight, have smart phones and have cable access with a HDTV.