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Old 01-09-2021, 10:45 AM   #61
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congratulations on taking that first step and for sticking with it! well done, sir.
I hope everyone on here realizes how much they help people. It really is amazing to see a community like this so willing to share their knowledge and experience to help others. Makes this hard ass, type A fighter pilot feel good!
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Old 01-09-2021, 11:26 AM   #62
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That's a good insight into yourself. Very easy to overspend on $300K, when you're around the big earners who make a million a year. You look at the cool stuff they have and say, "Hey, why can't I have that too?!"

But you were too smart to follow that path forever, so good on you.

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I make $300k a year, who are they to say I can't afford 4 cars? .
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Old 01-09-2021, 11:32 AM   #63
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That's a good insight into yourself. Very easy to overspend on $300K, when you're around the big earners who make a million a year. You look at the cool stuff they have and say, "Hey, why can't I have that too?!"
At the corporate executive level the peer pressure to consume is unbelievably strong. They definitely want people who cannot afford to leave and are willing to push to the extremes to earn generous stock, rsu and option awards.
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Old 01-09-2021, 11:46 AM   #64
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I recently watched a YouTube video on average savings by age. Essentially 46% of Americans die with less than 10k of savings and the average savings for a 60 yo was around 140k.

Clearly the people on this site are the abnormal ones. Itís good to be abnormal.


Isnít this good that 46% Americans planned so well that they left only less than 10k of savings?....
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Old 01-09-2021, 11:51 AM   #65
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I signed on to savingadvice.com in Oct 2013. I wanted some advice on whether to pay off my cars with my next bonus. Instead of answering my question, they asked a bunch of questions about my overall financial situation. That really irritated me. I pushed back quite a bit, but for some reason, they felt the need to push harder. I make $300k a year, who are they to say I can't afford 4 cars? Someone recommended I read the book The Millionaire Next Door. I did. That changed everything. My wife read it, too. And we decided to stop the madness. I was very fortunate that my high income allowed us to get it all fixed pretty quick and now we are retiring this Mar thanks to this forum and bogleheads.org



I feel so blessed that the folks on savingadvice.com were willing to help me and not dismiss me. Of course I had to make the decision to stop, but they stuck with me and never stopped helping. I am still active there and try to help other folks if I can.



I will say that spending is a lot like addiction. You have to want to stop before anyone else can help. And denial is a salve that helps you ignore the inevitable bad result.


Great story Corn and Congratulations on making a U-turn. Lifestyle creep is very dangerous and I remind myself of this all the time. For us itís the house +RE taxes that was a huge upgrade from our condo.

Your story reiterates the importance of saving and spending side of the equation ( no matter how much one earns).
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Old 01-09-2021, 11:58 AM   #66
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At the corporate executive level the peer pressure to consume is unbelievably strong. They definitely want people who cannot afford to leave and are willing to push to the extremes to earn generous stock, rsu and option awards.
Yes and no. In Sales, I would agree. It's because they're inherently competitive. Other departments vary widely. The CFO and COO at one of my prior companies both drove 15+ year old cars and rarely wore high end suits. They dressed and presented well, and also took nice vacations, but nothing extravagant.

As for equity awards, you're absolutely right that the company wanted its executives to be "hungry" for success. This naturally translated into higher profits for the company.
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Old 01-09-2021, 12:13 PM   #67
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At the corporate executive level the peer pressure to consume is unbelievably strong. They definitely want people who cannot afford to leave and are willing to push to the extremes to earn generous stock, rsu and option awards.
When I first joined my law firm, the oldest partner told me "the firm likes you to have a big mortgage".
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Old 01-09-2021, 12:15 PM   #68
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While I was incredibly fortunate to turn things around while I was making a boatload of $$$, if I had just saved 15% of my income from age 22-42 while I was in the military, I could have retired 5 years ago. So that is what I am teaching my kids.
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Old 01-09-2021, 12:52 PM   #69
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Yeah, we need to know what's the home's value?

At, say, $350k they have a lot fewer options than if it's worth $1,350k.
Yes, I'm always annoyed when one of these articles appear that's missing a key data point.
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Old 01-09-2021, 01:19 PM   #70
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I know a few people who spend every penny they earn, have large credit card debt, expensive car leases, one couple just re-financed for a 30-year mortgage in their late 50's...and they don't care. They just buy what they want when they want an seem to be enjoying life.

Sadly, this is more prevalent than you think. I know a couple that are 74 years old and have zero chance of retiring. They lease new cars every 2 years, spend every dollar they make and are still working to support themselves.
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Old 01-09-2021, 01:33 PM   #71
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I hope everyone on here realizes how much they help people. It really is amazing to see a community like this so willing to share their knowledge and experience to help others. Makes this hard ass, type A fighter pilot feel good!

+1

I started reading this forum 4 years ago. I too appreciate all of the insight & info that is shared here. I am working towards ER and whenever I question myself I just login and start reading what others have posted. In no time, I have my confidence back and ER seems attainable.
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Old 01-09-2021, 02:56 PM   #72
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Originally Posted by corn18 View Post
I signed on to savingadvice.com in Oct 2013. I wanted some advice on whether to pay off my cars with my next bonus. Instead of answering my question, they asked a bunch of questions about my overall financial situation. That really irritated me. I pushed back quite a bit, but for some reason, they felt the need to push harder. I make $300k a year, who are they to say I can't afford 4 cars? Someone recommended I read the book The Millionaire Next Door. I did. That changed everything. My wife read it, too. And we decided to stop the madness. I was very fortunate that my high income allowed us to get it all fixed pretty quick and now we are retiring this Mar thanks to this forum and bogleheads.org

I feel so blessed that the folks on savingadvice.com were willing to help me and not dismiss me. Of course I had to make the decision to stop, but they stuck with me and never stopped helping. I am still active there and try to help other folks if I can.

I will say that spending is a lot like addiction. You have to want to stop before anyone else can help. And denial is a salve that helps you ignore the inevitable bad result.
Great story corn. Reminds me of an old boss I had. He was always telling me I should spend more money. He was a slave to all his stuff. I did not want to be like him.
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Old 01-09-2021, 07:55 PM   #73
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When I first joined my law firm, the oldest partner told me "the firm likes you to have a big mortgage".
Very true. One of the joys of being FI late in my career was that I could say what many people were thinking but were hesitant to say because some of the powers that be didn't want to hear it... but they still needed to hear it. I still needed to be diplomatic about it but I could be more bold than those who more desperately needed the paycheck. Partners and clients loved it.
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Old 01-10-2021, 05:47 PM   #74
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Let's suggest to moderators to open a new forum named 'Funny Dreamers' for stories like this.
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Old 01-10-2021, 06:06 PM   #75
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It is certainly different in the civil service high ranks, especially when security clearances are involved!

If you have too many nice things, people get suspicious.

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At the corporate executive level the peer pressure to consume is unbelievably strong. They definitely want people who cannot afford to leave and are willing to push to the extremes to earn generous stock, rsu and option awards.
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Old 01-11-2021, 03:16 AM   #76
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Very true. One of the joys of being FI late in my career was that I could say what many people were thinking but were hesitant to say because some of the powers that be didn't want to hear it... but they still needed to hear it. I still needed to be diplomatic about it but I could be more bold than those who more desperately needed the paycheck. Partners and clients loved it.
I've occasionally wondered if my Financial Independence at age 51 was one of the reasons I stayed to 58. After FI, I actually felt able to say "no" or "you are wrong" or "I don't have to do that." Short of gross dishonesty or true insubordination, Megacorp would not have suddenly sent me packing. I'm sure I would have been on my way out had we come to true loggerheads over a lengthy period of time. But the few times I stood up to mgmt., they actually backed down! It was a true blessing to be in that position. When mgmt. finally decided they did not need my assistance in my specialty, they offered me another assignment (offered is a technical term which means "You will do this.") That was the weekend I decided to ER. YMMV
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Old 01-11-2021, 06:24 AM   #77
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I've occasionally wondered if my Financial Independence at age 51 was one of the reasons I stayed to 58. After FI, I actually felt able to say "no" or "you are wrong" or "I don't have to do that." Short of gross dishonesty or true insubordination, Megacorp would not have suddenly sent me packing. I'm sure I would have been on my way out had we come to true loggerheads over a lengthy period of time. But the few times I stood up to mgmt., they actually backed down! It was a true blessing to be in that position. When mgmt. finally decided they did not need my assistance in my specialty, they offered me another assignment (offered is a technical term which means "You will do this.") That was the weekend I decided to ER. YMMV
Interesting. There seem to be two ways people handle things in the workplace after reaching FI. Some follow your course, doing what they think is best for the organization, even if it conflicts with the course decided by their management. Others simply go along because they don't want the hassle "it's not that I'm lazy Bob, I just don't care.").
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Old 01-11-2021, 09:16 AM   #78
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Auto loans have interest rates all over the board. A very low rate like 0% is not real because a cash buyer can walk in and negotiate a lower purchase price than a buyer with 0% interest can. There is a cost to that auto loan they have to make up for with the selling price. The 0% is offered because they are having trouble selling all the cars that come off the production line. It's an incentive to buy (and it works). But it should be looked at the same way a discount off the MSRP is looked at. Sometimes you get a discount off MSRP and a 0% rate. This means they really want to move the stock out.
This is very generalized and often not true. Dealers tend to not give a crap about a car being financed or not...yes, they may get bonuses from the lenders, but overall...they make money on the car sale. And the "cash" deal doesn't command nearly the good deal it did a few years ago. Some makes/models it doesn't matter one iota.
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Old 01-11-2021, 09:43 AM   #79
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Stories like this is what make people delusional.
https://www.cnbc.com/2021/01/07/i-le...per-month.html
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Old 01-11-2021, 09:51 AM   #80
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Stories like this is what make people delusional.
https://www.cnbc.com/2021/01/07/i-le...per-month.html
LOL that reminded me of the recent SNL episode with Adele talking about singles moving to Africa.
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