FI forums for Simple People

[Out of Steam]

Quote:

Originally Posted by foxfirev5 As long as you don't post "I've got 5 million can I retire" you're good to go in my book.

Somewhere around 2008, I estimated how much in assets (mainly pretax retirement) it would take to walk away from jobs in the DC area in the middle of raising a child, and not do anything to change our lifestyle or reduce our spending rate. We were then in our late 40s.

It wasn't much short of $5 million.

[ShokWaveRider]

Quote:

Originally Posted by travelover You buy your clothes new? You are rich.

"Well we had it tough. We used to have to get up out of the shoebox at twelve o'clock at night, and LICK the road clean with our tongues. We had half a handful of freezing cold gravel, worked twenty-four hours a day at the mill for fourpence every six years, and when we got home, our Dad would slice us in two with a bread knife."

[finnski1]

Quote:

Originally Posted by ShokWaveRider "Well we had it tough. We used to have to get up out of the shoebox at twelve o'clock at night, and LICK the road clean with our tongues. We had half a handful of freezing cold gravel, worked twenty-four hours a day at the mill for fourpence every six years, and when we got home, our Dad would slice us in two with a bread knife."

You had a bread knife? Wow you were rich

[yhoomajor]

Quote:

Originally Posted by REWahoo Only my underwear...

hey - what's wrong with gently used, but thoroughly cleaned under-wears sold at Goodwill store?

[RetiredHappy]

The math is simple, figure out total retirement expenses and then check to make sure that you have enough income to support expenses. If income is less than expenses, work longer or reduce expenses.

We spend $200K a year and we don't live fancy lives, and we still have to balance our books, i.e. income must meet expenses.

[REWahoo]

Quote:

Originally Posted by yhoomajor hey - what's wrong with gently used, but thoroughly cleaned under-wears sold at Goodwill store?

Goodwill and other pre-owned clothing stores in this part of the world only sell outerwear.

[foxfirev5]

Quote:

Originally Posted by Out of Steam Somewhere around 2008, I estimated how much in assets (mainly pretax retirement) it would take to walk away from jobs in the DC area in the middle of raising a child, and not do anything to change our lifestyle or reduce our spending rate. We were then in our late 40s. It wasn't much short of $5 million.

WOW! So sorry for your plight.

[HI Bill]

Most of us here started out modestly. I was fortunate enough to graduate college with no debt and about $2K in the bank. Six weeks later, and I got my first job, making about the same as new STEM graduates make today. Working hard, long, and taking on increasing responsibility, I lived way below my means until I FIRED this year. I lived in an 800 SF apartment until I was moving to my retirement home. Not everyone started out rich here, and most got there after working hard and saving and LBYM. Many did it with blue collar jobs, but more with STEM, IT, or tech jobs; others did it by farming, owning their own business, or investing in real estate. My role models were worth multiple millions, and 23 years after I met them, I made it. I'd highly recommend the Millionaire Next Door, if you want some solid inspiration.

[travelover]

Quote:

Originally Posted by HI Bill .......... Not everyone started out rich here, and most got there after working hard and saving and LBYM. ...........

I woke up after a three day drunk and found a winning lottery ticket in the gutter.

[rothlev]

Quote:

Originally Posted by The Cosmic Avenger Maybe we should supplement our retirement by charging for advice: "Advice": $0.02 Factual advice: $5 Useful advice: $10

this reminds me of this old poster from my teaching career

[USGrant1962]

Quote:

Originally Posted by Out of Steam Of course, it doesn't take much savings to have more than the median amount of financial assets for an American. According to this calculator, $40,000 in assets other than home equity will get you there. https://dqydj.com/net-worth-percenti...united-states/

That's a little misleading in that it doesn't account for age. Averaging in the net worth of all the 18 year-olds isn't too relevant to ER. From the same source, this is a better look at the data - scroll down for a nice summary table:

https://dqydj.com/net-worth-by-age-c...united-states/

Having said that, your point is valid in that it takes a couple hundred $K, but not 7 digits, to have median NW as an older person.

[kgtest]

I know this forum has plenty of simple people. I would search for the "long time lurker" or first time poster threads. This might be an assumption but based off my own experience...but I was simple at one time, and still am. I was also super poor when I joined this forum. I think I was earning about $36,000 a year and had just started my first IT job. This forum pushed me to create more opportunities which has only helped my FI goals. I remember being totally intimidated by some of the folks NW and "current assets" and seeing all these just crossed the 1MM mark etc etc. Folks talking about always getting the maximum Social Security credits etc. I am finally in that boat for the first year ever this year...my father NEVER had a year where he received the maximum social security credits but managed to amass quite a net worth. Everyone's situation is different really but I think if you participate and stick with this forum without fear, you will greatly benefit.

Knowledge is power and there is more knowledge packed into this ER forum than I could read in a lifetime of books. The one thing you don't always get from a book is the healthy debates that come from this forum, and the excellent moderation. Even if someone gets snarky or a negative tone, its always addressed. I have had a few times where folks have crossed the line and moderators were always quick to address it. I probably crossed the line myself and had my hand slapped...everyone is guilty of having a bad day.

I wish you the best of luck and encourage you to ask as many questions as you feel comfortable. Not everyone is going to FAT FIRE...and money is not everything. Health is important. Having what only you would consider a good QOL is important. And avoiding big costly mistakes is huge.

[street]

Quote:

Originally Posted by REWahoo Only my underwear...

.....but they have to be on sale!

[The Cosmic Avenger]

Quote:

Originally Posted by rothlev this reminds me of this old poster from my teaching career

That's very much like the I was thinking of, but the one I remembered had the highest rate for "Useful answers", since they can and often are completely distinct from (technically) correct answers.

[Gumby]

Quote:

Originally Posted by REWahoo Only my underwear...

Quote:

Originally Posted by street .....but they have to be on sale!

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

[pb4uski]

Quote:

Originally Posted by Gumby 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]

Quote:

Originally Posted by HI Bill 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]

Quote:

Originally Posted by Gumby 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]

Quote:

Originally Posted by 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!

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.