FI forums for Simple People

[pb4uski]

If you knew my net worth precisely, would it change your view of any advice I might provide? I can tell you it doesn't change the advice I might give. Occasionally, I may even be right (I know, a stretch. But it could happen). I manage to learn from everyone here, and I don't know how rich or poor any of them are.

The way I look at it is that rich or less rich we share a lot of common "problems", it is just that some members have an extra zero after each number that I have.

 

[pb4uski]

Most of us here started out modestly. ...

About a month before we married in 1982, DW and I looked at a $40k 2-bedroom condo. Since we didn't have the 5%/$2,000 needed for a down payment we passed on buying it.

Today, if the monthly credit card bill is less than $2,000, I'm

 

[RobbieB]

Yeah. When I drove my used car out to CA from Detroit I had the car worth a couple grand and $2500 cash. Age 23.

Onward and upward!

 

[street]

I'll let you in on my secret - Old Navy boxers; they usually have half-price sales a couple times a year.

LOL!! I won't tell anyone.

 

[street]

Yeah. When I drove my used car out to CA from Detroit I had the car worth a couple grand and $2500 cash. Age 23.

Onward and upward!

Interesting humble start.

Your start in life kind of sounded like mine. I had a wore out Honda civic and 400 bucks in my pocket when I set out to take on the world. I had a plan but that was about it. I slept on the floor for 16 months for little to nothing and a cardboard box with my cloths. We all have come a longways in life with a goal and a plan that we went after. I sometimes think about those early years.

 

[ownyourfuture]

If it has to be a forum, disregard, but over the years, I learned a lot from financial related magazines. Smart Money, Forbes, Kiplingers, Money, Business Week, etc.

Still subscribe to Kiplingers. Very beneficial, especially for those who don't have a full-time CPA @ their disposal. Sometimes it's nice to turn off the phone, and/or computer, & read a physical magazine.

 

[Gumby]

Interesting humble start.

Your start in life kind of sounded like mine. I had a wore out Honda civic and 400 bucks in my pocket when I set out to take on the world. I had a plan but that was about it. I slept on the floor for 16 months for little to nothing and a cardboard box with my cloths. We all have come a longways in life with a goal and a plan that we went after. I sometimes think about those early years.

Well, if we're going to go full Yorkshiremen here --- when I left home on the morning of July 6, 1977, I had the clothes I was wearing and $20 in my pocket. No car. No other possessions. I was 18 years old.

 

[Time2]

I know some Rich people and most of them are very nice. However, they are in a league of their own. They have a lifestyle that a simple person can only dream about. It is difficult for me as a Simple man to relate to a Rich man regarding FI. Hence the reason for my question.

I'm quite surprised by this! Extremely surprised. Our net worth is in the top 5% I'd even say in the 4 something percent.


But I can't live any better than my neighborhood families that have combined income in the $60s and $70s. That is right at the median income for the US. Only difference is they have to work and I don't.
I really have to question the rich people you think you know, there is a thing called looking rich but being underwater with all your debt. I don't know how they display this wealth, but most things can be financed. Many people that display wealth are in debt to display that. Their cars, boats, house and 4 wheelers can all financed. Losing a job in the family could make it all tumble down.
I just looked and $500,000 net worth puts you in the top 20% of US households. For every 100 families you look at, you're doing better than 80 of them! You need not compare, but since you are, compare yourself to the 80 not the upper 20.

I may have this wrong, because I can't find where you said it, Plus! you have pension! Someone even said two pensions.


You don't give your age, but another 7yrs in the market and you could have $1M, plus what ever you save and the growth on it.





PS. I actually live on well below what my neighbors do, but, I have no debt.

 

[street]

Well, if we're going to go full Yorkshiremen here --- when I left home on the morning of July 6, 1977, I had the clothes I was wearing and $20 in my pocket. No car. No other possessions. I was 18 years old.

Gumby, just amazing how far we all have come. Life could have gone south pretty easy for any of us.

 

[Gumby]

Gumby, just amazing how far we all have come. Life could have gone south pretty easy for any of us.

Yes, it surely could have. I count my blessings every day.

 

[Amethyst]

All Is Lost,

I've been a member since 2009. Back then, we had tons of discussions about how to be frugal, stretch the grocery money, how to live well on $20K a year, etc.

We still have very frugal members here, and most of us care a heck of a lot about value for money. If you scan the "sticky" posts, you'll find a lot of distilled experience and wisdom about how to track your spending and force yourself to think about every dollar before you spend it.

As people age, things change. Some members have been lucky enough to inherit money. Others have found that their frugal ways helped them save and invest to the point that they can now afford to Blow That Dough. Still others have not been as lucky.

But regardless of income level, everyone here has one thing in common: We will support and understand you in your quest for financial independence.

 

[Out of Steam]

WOW! So sorry for your plight.

Several things have happened since then to allow us to retire on a fraction of that.

 

[GreenEggs]

I'm looking for a forum that doesn't have so many smart people. I've read a lot here and it's very obvious that at least 49% of the posters have above-average IQs. It's very intimidating!

 

[tmm99]

Those polls aren't perfect, but according to this poll, about 95% of the poll participants here have over 1M in assets (not including pensions, etc).
https://www.early-retirement.org/forums/poll.php?do=showresults&pollid=2031

And about 93% of the poll participants have over 1M or more usable assets (not counting houses, boats, etc).

https://www.early-retirement.org/forums/f28/poll-fat-fire-ii-109390.html

According to this,
https://www.early-retirement.org/forums/f28/net-worth-of-the-10-1-and-0-1-households-107377.html
Percentile Threshold Net Worth:

10% $ 1,219,126
2% $ 6,557,023
1% $11,099,166
0.1% $43,207,732

So most people here (who at least participated in the above polls) belong to the top 10% or most likely the top 5% of the whole country. OP is looking for a forum that has people with less money than that. I believe how you achieved this level of success starting with so little or why you think the 1M+ you have doesn't make you rich is irrelevant.

 

[clifp]

One of the benefits of this forum, for me, is that there is quite a wide variety of members with different lifestyles and income levels. Not all of the conversations directly apply to me and that's OK, as I don't have to read them. Alternatively, I can read them, even though they don't apply to me because, well, it's interesting to learn about other people. There's a definite advantage to rubbing shoulders with all types. Much of the advice and information here applies to folk at many different income and asset levels.

I suspect that if you sit down for an hour or so every day and read as many threads in this forum as you can, you'll find much that applies to your situation.

Socially, I'm probably middle class. However, financially, I think my material quality of life falls below that which is normally considered middle class. I live in a HCOL area in a small rented studio (285 sq ft) with my cat, and ride a bicycle for daily transport. For several years, I happily lived on $18K/yr. Then I bought a campervan, and upped my income to just under $28K/yr. I don't think that counts as a typical middle-class lifestyle, but don't you even dare think of me as low class

I have used you as an example many times on other forums, on how it is actually possible to live in HCOL area with a modest income. Lot's of people say you can't live in area X on even $15/hour which is $30K. I've said, well I know this guy that's been doing it for years. Then I typically bring out the statistics, that 20-40% of the families in their area actually manage to make do with less income, and they aren't starving in the streets.

Truth be told, it would be a very painful transition for me to make, but if I hated my job enough, I think I could have done it.

The other thing I will say is you always give high-class advice and if there is a correlation between net worth, and wisdom on the forum, I haven't noticed.

 

[Amethyst]

If they really are that intelligent, then maybe their advice is worth something

I used to work with a few of what were supposedly some of the smartest people in the country. They were down-to-earth, not hard to talk to at all.

It was the wanna-be-the-smartest ones, who acted egotistical about their smarts, successes, fancy college they went to, etc.

I'm looking for a forum that doesn't have so many smart people. I've read a lot here and it's very obvious that at least 49% of the posters have above-average IQs. It's very intimidating!

 

[candrew]

I was up at 6 am shopping the Target black Friday specials for my grandkids.

That act of bravery alone qualifies you for the grandparent hall of fame!

 

[steelyman]

I'm looking for a forum that doesn't have so many smart people. I've read a lot here and it's very obvious that at least 49% of the posters have above-average IQs. It's very intimidating!

I’m doing my level best to personally revert that to the mean.

 

[Badger]

I joined the forum about 14 yrs ago with very little understanding or experience in investing. I also had an income just short of the median in this country. I spent the next few years reading past and present posts to learn who are the most respected members that explain investing methods in simple terms. Their guidance has been appropriate for most any income level and helped me achieve FI. The basics are simple and pretty much the same for everyone. I admit that I am not really one of those who retired early (64) but could have if I wasn't so anxious about it.
Stick around and you will find this to be the best place for advice. At least that has been my experience.


Cheers!

 

[finnski1]

It's good to see a lot of encouragement here and typifies why I am a member also.

To the OP hang around and just lurk here if need be. I did that for a while. Now they probably would like it if I just lurked.

 

[REWahoo]

All Is Lost, if you think this forum is only for the rich, check out this thread on the annual search to find the lowest price for tax preparation software.

Tax software deals

 

[FLSUnFIRE]

If you want to learn how to build wealth, hang out with people who build wealth (like the folks here). The population of this board has a bunch of them. They are hard to find in the wild as they often don't spend "rich" or flaunt (waste) their wealth. This community is the best FIRE community I've come across thanks in part to the mods but, more so, because of some really great contributors and regulars that are passionate about FIRE and helping others achieve and learn from their successes and mistakes. My best friend, earns about half what I was earning but we have similar values and interests... he is on the path to FI as well!


Early in my journey, I learned to say I was "broke" to acquaintances/work colleagues if I didn't want to spend on something they suggested. Never an argument nods and agreement. If I said I didn't want to or needed to save, they would harangue the crap out of me.

 

[ivinsfan]

That act of bravery alone qualifies you for the grandparent hall of fame!

I had my PJS on since it was online...

 

[bobandsherry]

Just to put things into perspective, why would a forum of people who "have less" be any more informative or helpful? The advice here can be applied to any size portfolio. And whose advice would you consider "better"? The ones who struggle to accumulate wealth or those who have attained financial freedom?

 

[TheWizard]

Well, if we're going to go full Yorkshiremen here --- when I left home on the morning of July 6, 1977, I had the clothes I was wearing and $20 in my pocket. No car. No other possessions. I was 18 years old.

Wow!
And you probably walked uphill in the snow to and from work!