Encouraging Reddit Thread for Young Lower Income Folks

[ImThinkin2019]

https://www.reddit.com/r/financiali...e_you_motivated_or_irritated_by_fire_success/

In this thread a younger person is asking about acheiving FIRE with a moderate income. He's discouraged by a lot of posters who have tech jobs with higher income, or inheritances, or other "easy money" telling their stories.

He's in a health care job with student debt and wants some encouragement.

A number of people from similar circumstances answer, telling him things like "I was in a similar situation and I just kept investing regularly. Now, 30 years later, I am so glad I did."

A very interesting read, showing the benefit of LBYM and regular investing.

 

[J277]

People seem to gloss over the boring average people who are slowly working their way towards fire. This is just like the problem with social media, you compare yourself to all these people you see online when you really shouldn't. I'm sure that person is a lot better off than most people in their situation if they look at themselves closer. The day I stopped comparing my financial/personal success to others was one of the best days of my life.

 

[braumeister]

People seem to gloss over the boring average people who are slowly working their way towards fire.

I think that actually describes the majority of us here.

 

[RobbieB]

Yeah, slow and steady worked for me. I retired early, but not that early.

 

[MC Rider]

I'm hearing the hare to tortoise ratio here is tilted heavily in favor of the tortoise.

 

[jollystomper]

People seem to gloss over the boring average people who are slowly working their way towards fire. This is just like the problem with social media, you compare yourself to all these people you see online when you really shouldn't. I'm sure that person is a lot better off than most people in their situation if they look at themselves closer. The day I stopped comparing my financial/personal success to others was one of the best days of my life.

+1

One of the best advice my parents gave me was "do not worry about what others have or earn. Focus that energy on figuring out what you want and what skills you want to try to get to impact your earnings".

In addition, the "I FIREd in my 30's, Woo-Hoo!" is a much more attention grabbing headline that has more potential to feed into levels of envy and jealousy than "I worked for 30 years, LBYM, and saved and invested in index funds and retired in my 50s". The latter does not satisfy the "you must have it all NOW" message I find in so much of the social media landscape these days.

 

[jim584672]

The bastion of idiocy that is Reddit. Apparently 30 yo tech bro millionaires are commonplace now. They down vote frugality and applaud lifestyle inflation. And they are all experts on everything, but know nothing.

 

[ImThinkin2019]

One of the best advice my parents gave me was "do not worry about what others have or earn. Focus that energy on figuring out what you want and what skills you want to try to get to impact your earnings".

In addition, the "I FIREd in my 30's, Woo-Hoo!" is a much more attention grabbing headline that has more potential to feed into levels of envy and jealousy than "I worked for 30 years, LBYM, and saved and invested in index funds and retired in my 50s". The latter does not satisfy the "you must have it all NOW" message I find in so much of the social media landscape these days.

+!

Your parents' advice resonate with me. There will always be people with more money than us. And people with less money. Also, as most of us here know, the people that look like they have more money very often don't.

What's important to us is "Are we happy? Are we financially secure?" For us, the answers to both are "yes".

The one comparison that is valuable to us right now is comparing our situation to my in-laws. My DW is becoming familiar with and starting to take over their finances. Comparing our assets to theirs allows us to see that we are in good shape. They have lived on their portfolio for over 30 years, so that gives us confidence we can do the same. Especially since our withdrawal rate will be less.

If we had more money it would just go to our kids. We probably would not change our lifestyle.

 

[ModestNestEgg]

As someone who is not in a high income bracket, I understand what the OP is talking about. And I know that, realistically, the goals that the person with an income well into the six digits per year has aren't going to be the same goals I am going to have.

But had I not heard the good advice of people who are much more financially well off than I am, I don't think I would have the jump on my financial future that I have at this point (which I am still working on). It does feel great that I'm making headway that wouldn't have happened if I had gotten discouraged by trying to compare myself to the person making $300k a year and simply thrown in the towel.

 

[target2019]

Thanks for the link to the Reddit thread. Lots of good advice as well as resources in the sub forum.