{ "media_type": "text", "post_content": "Are any of you guys interested in financial independence? I’ve been reading articles about saving more of your income and buying less consumer shit to 'retire’ after <10 years of work. Thoughts?", "post_id": "5ace54da0b7d140018d20a14", "reply_count": 27, "vote_count": 4, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance" }

Are any of you guys interested in financial independence? I’ve been reading articles about saving more of your income and buying less consumer shit to 'retire’ after <10 years of work. Thoughts?

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I’m trying to spend 10k on watches AND retire/chill by 40....

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I think you’re talking to the wrong crowd. Very few people get into this business with the desire to have an average lifestyle and not work much. Most people here aspire to have a great lifestyle and work a lot to attain it. (By lifestyle, I’m referring to mainly material things)

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Everyone here is misinterpreting OP’s question. He’s asking about the approach toward spending lavishly vs. living modestly in order to reach financial independence at a young age (i.e. have the ability to retire because the nest egg is large enough to last ). And while it may be possible to do both, the math is pretty simple in that every $10,000 spent on a watch delays one’s ability to retire by X days / month / years.

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Isn’t everyone trying to be financially independent? Why else would you work?

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My target lifestyle keeps going up, it’s a moving target. I know it’s a trap, but I know I’ll never retire

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I live off 80% of my salary and invest 100% of my bonus. A decade in and nowhere close to retirement.

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Why do so many banker douche types want expensive watches? I make seven figures and have been in this game a long long time, but I can’t think of anything less interesting to spend $10k on than a watch. Wtf - you carry a phone with the time on it every where you go so why do you need a watch?

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Unfortunately most people who have a great lifestyle in your eyes don’t think so themselves.

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^this. I grew up modestly and find the idea of excessive financial displays quite baffling

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Nah I’m kind of set on working for the rest of my life

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The dude above is the man. Same boat

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The longer you’re in this industry, the harder it will be to leave...

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I never understood the 10k watch or the Hermes tie thing either. Does anybody really look at someone with an expensive accessory and go, “Wow, look at that guy’s extraordinary display of excessive wealth! I’m going to respect him because he’s clearly capable of making wise financial decisions”?

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I grew up in the latter scenario and have zero interest in buying Hermès ties. I would argue that growing up in a modest household leaves one with a greater appreciation for the value of a dollar and a conservatism that skews against spending excessively on clothing etc.

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It’s all relative. If you’re making decent money, is a $10k watch really going to break the bank? If that’s what gives you joy, and you appreciate it, why not? I don’t get watches to flaunt, I get them because I appreciate the history, the quality, and the beauty of it

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That’s kind of sad :(

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Part of it might have to do with how you grew up. If you grew up with Hermes ties in your closet, then you probably don't really aspire to that. If you've never seen one before and can finally afford it, it's probably self fulfilling to some extent to be able to walk into the store and pick a few out. This is as someone who grew up in between the two scenarios above.

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And when you want to retire

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Many thoughts here. First, who wants to retire? Golf is boring. Sitting on a beach is fun for a few months.....I came from nothing and enjoy the life. Money, H—-, and clothes. All a .... knows.

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Standard wisdom of nest egg size is 25x annual expenditures plus a house to live in, so it will vary with lifestyle. And financial independence is not about packing up to play golf or sit on a beach somewhere. I’d hate that. It’s about having the freedom to do whatever you want to do with it having to work for someone else, in order to get the money. Invested money works for you, leaving you free to start a business, raise a kid, travel the world, whatever you want.

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