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Old 02-23-2021, 12:40 PM   #161
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I find it interesting that a lot of people in this thread link the recognition of success to outward displays of wealth. As though they are the same thing.

I think we can all agree that Warren Buffet is successful and is recognized as successful, but he drives a modest car and lives in a modest home.

I have a neighbor that lives in a 1600 sq ft home with a one car garage.
They have 3 Mercedes in the driveway. One is a little red sports coup. They are in their 60s. I think that is their outward display of wealth. The cars a parked most of the time.
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Old 02-23-2021, 01:04 PM   #162
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Originally Posted by couch View Post
I find it interesting that a lot of people in this thread link the recognition of success to outward displays of wealth. As though they are the same thing.

I think we can all agree that Warren Buffet is successful and is recognized as successful, but he drives a modest car and lives in a modest home.
Yeah...not so much.

For stories the photo of his home is usually shot from a low angle from the front, which makes it appear more modest than its actual size of ~6,500 sqft.

Look at an aerial shot and he's got what appears to be an additional two-story house added onto the back, plus a large free-standing garage behind that.
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Old 02-23-2021, 01:06 PM   #163
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Yeah...not so much.

For stories the photo of his home is usually shot from a low angle from the front, which makes it appear more modest than its actual size.

Look at an aerial shot and he's got what appears to be an additional two-story house added onto the back, plus a large free-standing garage off to the side.


And he flies on modest NetJets, as he owns a lot of the company. 🤠
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Old 02-23-2021, 01:14 PM   #164
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Yeah...not so much.
My point is, when I answered before about getting recognized, I didn't take that to mean displaying my wealth.

The recognition I would want is that I am someone you could go to for advice because I succeeded.
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Old 02-23-2021, 01:21 PM   #165
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I think we can all agree that Warren Buffet is successful and is recognized as successful, but he drives a modest car and lives in a modest home.
Modest in terms of his wealth, but at 6,570 sq. feet it's not what I would call modest.

I did find this interesting in regards to him purchasing a beach house in California many years ago:

Quote:
“When I bought it for $150,000, I borrowed some money from Great Western Savings and Loans. So I probably only had $30,000 of equity in it or something like that – it’s the only mortgage I’ve had for fifty years,” Buffett said.

He added, “I thought I could probably do better with the money than have it be an all equity purchase of the house.”
https://www.cnbc.com/2017/03/04/the-...al-estate.html
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Old 02-23-2021, 04:44 PM   #166
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Modest in terms of his wealth, but at 6,570 sq. feet it's not what I would call modest.
[/url]
Pretty spacious for a retired couple
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Old 02-23-2021, 08:02 PM   #167
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As to the original question - I donít want or need recognition for our FIRE as living a life with complete freedom is reward enough.

However, I do wish people would stop telling me how lucky I am or asking me if I won the lottery. It diminishes the accomplishment of us having worked hard, LBYM, etc all those years when others were not.

If people were to say anything, Iíd prefer they acknowledge that itís possible to FIRE without winning the lottery and they just chose not to do the things that were required.

Ok - I guess I am looking for recognition
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Is There Any Yearning to Be Recognized for Your FIRE Success?
Old 02-23-2021, 09:35 PM   #168
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Is There Any Yearning to Be Recognized for Your FIRE Success?

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Old 02-24-2021, 02:18 AM   #169
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Is there any yearning to be recognized for your FIRE success?


Well, I donít care about others, but I do hope my kid (3 of them, all in their 20ís) see what choices we made (and continue to make) and recognize this is the position they will want to be in someday.
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Old 02-24-2021, 05:49 AM   #170
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ďWhen I bought it for $150,000, I borrowed some money from Great Western Savings and Loans. So I probably only had $30,000 of equity in it or something like that Ė itís the only mortgage Iíve had for fifty years,Ē Buffett said.

He added, ďI thought I could probably do better with the money than have it be an all equity purchase of the house.Ē

Carrying a mortgage? No wonder he is not a member of ER.org. The mods would kick him out. LOL
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Old 02-24-2021, 06:16 AM   #171
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My point is, when I answered before about getting recognized, I didn't take that to mean displaying my wealth....
good point, I may have contributed to that divergence.

I definitely wanted to tell anyone who would listen that I had retired, at the time. I felt something greater than pride (euphoria?) and couldn't shut up about it. {smiley face}

I recall my father-in-law being the same. He had a huge smile on his face for some time and also really enjoyed recognition from others on his accomplishment of being retired!
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Old 02-24-2021, 06:59 AM   #172
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like family? (or that sounds like the mafia)

Family, friends, neighbors, people reading about it in the media who know where one lives... and yes, depending on where one lives, even organized crime .
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Old 02-24-2021, 07:10 AM   #173
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My point is, when I answered before about getting recognized, I didn't take that to mean displaying my wealth.

The recognition I would want is that I am someone you could go to for advice because I succeeded.
But... the proof of one's success will be viewed by many as one's "wealth". Whether or not one wants to display it, people will want to know, or make assumptions about it if they come to you for advice. And more folks will tend to focus on that more, since that is "right now and real", than the steps, which are "long term and not guaranteed".

These days, if one yearns for recognition, one starts a blog, or a website, or a twitter account, or a Facebook page, or a Linked in account, or an Instagram account, or a YouTube channel, or all of the above, and starts sharing one's advice, and telling people to go to those resources for the details of one's success.
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Old 02-24-2021, 07:47 AM   #174
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While it would be nice if people were so impressed with my FIRE achievement that they came to me for advice, in my experience that won't happen. People might want to have what I have, but they don't want to hear from me how I got it. Most people prefer (or perhaps need) to learn from their own mistakes.
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Old 02-24-2021, 11:51 AM   #175
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As per Maslow's hierarchy of needs, after Basic Needs are met, humans tend to seek Esteem Needs such as Sense of Accomplishment.


Those who are well known/famous in their fields get their Esteem Needs naturally, and they don't need to 'show off their wealth'



For others, huge houses or fancy cars are symbols to show the world that they have 'achieved'



After all it is hard to show bank balances!
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Old 02-24-2021, 12:10 PM   #176
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Iíd prefer the opposite, in fact. At 8 months in and at 54 y.o., Iím finding it a challenge to say ďIím retired.Ē I donít think Iíve really declared those words to anyone but my wife and mother. The reason is, it is effectively saying ďIím financially richer than you, since you are still waking up to an alarm clock and slugging it out every day.Ē Or, at least I fear thatís how it might come across. I think it will get easier in time after people realize I havenít had a job for a while and after I get over myself and adjust better to my new phase.

I canít say it out loud yet, so I have been saying ďIím on a sabbatical after finishing a project successfully at my last job. Itís hard to do what I do during Covid, so Iím waiting until thatís over to see whatís next.Ē Itís ďtruthyĒ, at least.

I wonder if itís a different mentality when one officially retires with a pension? No one imagines a big nest egg in that situation, just a fair reward after decades of hard work.
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Old 02-24-2021, 12:24 PM   #177
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I'm reminded of the term "Stealth Wealth." Think I first saw it on Financial Samurai, but I like this interview with an anonymous doctor: https://www.iwillteachyoutoberich.co...tealth-wealth/

Additionally, I'm reminded of cars called 'sleepers,' which look like ordinary commuter cars (or total hunks of junk!) but are actually very fast. I've always thought it would be cool to build a 'sleeper' https://www.carthrottle.com/post/3-r...ar-is-awesome/
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Old 02-24-2021, 01:04 PM   #178
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Which one are you? LOL

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We winter in Fort Lauderdale. After 40 years, you get a feel for the place and my observation of our neighbors is "a third are truly (super) wealthy, a third are swimming like hell to stay above water and a third are outright crooks with no intention of ever paying for anything"
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Old 02-24-2021, 01:11 PM   #179
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Which one are you? LOL
Like the old Smith Barney ad: I made my money the old fashioned way.....I inherited it!

(I had been waiting for someone to tee that one up for me!)
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Old 02-25-2021, 01:00 AM   #180
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The only "recognition" I get is from the older retired folks hiking on a couple of the trails I ride every weekday morning. A lot of them know me as the "young guy" who "retired early" and rides his mountain bike every day. That's all the recognition I need
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