Do you make a budget and stick to it? How important do you really think this is? My concern to a certain extent is that doing so will drive my SO crazy. We both work. My SO doesn’t really follow FIRE, we both acknowledge we spend too much, but at the same time we make enough that we are making good progress to our FIRE number (even if the goalpost keeps moving).

like
Posting as :
works at
You are currently posting as works at

Your budget should reflect your priorities.

You are balancing short term wants vs long term wants vs freedom from work.

Then it’s just discipline to be strong enough to avoid spending which doesn’t align with your goals, and will cause regret.

You say you are making good progress to FIRE, so I don’t see a problem.
Make a budget that allows a large amount of “fun money” and carry on
If you spent less you could retire much, much earlier. But that’s your choice!

like

Life is too short to not enjoy the time you have now. Make sure you're not limiting your fun too much.

like

One perspective: Depends on how much asset you have now. Savings matter a lot when just getting started.

It matters less when the amount you target to save is roughly equaled to your expected rate of return.

You can really relax when your expected return largely exceeds your savings rate.

I don’t agree with this. At one extreme you could start spending so much that you push out your retirement by many years, or ruin it altogether. When you say “relax” all i hear is work (a lot) longer

When you are close to your actual FIRE number (25x spending) then perhaps you can think about working longer to increase the amount you can spend, and make it pretty stress free.

like

I see the budget as a tool to help you understand how much you can spend while still meeting your financial goals. That said, my wife doesn’t really use it (though we review it together), but she is just very frugal. I don’t stick to it religiously, but I can see if I am going way off track and correct. I used to do it fairly conservatively so was generally beating it. Now it can go either way as I changed when I finalize it and things are relatively consistent.

Also, getting on the same page as your space is about way more than the budget. Prioritize some kind of alignment.

Related Posts

NWA❗️

Got the call for this piece yesterday.

Post Photo
likeuplifting

Preference and viewpoints on B2B vs B2C ?

like

Happy Wednesday! I am trying to plan with our AP and climate lead on what we can do in distance learning as a school wide event. I suggested we still host our multicultural club assemblies on zoom for the school. Anyone have experience with zoom assemblies to promote a positive climate in DL? Thanks!

like

My ECD keeps changing our work before it goes to client and it's cost us making good work. Our books are suffering because he can't get his hands off the tools. Our books are only full of spec now.

like

How much support staff is reasonable to expect? Plaintiff PI, med mal/aviation and we’ve lost 2/4 “paralegals” in the last month. Lack of support staff really beginning to feel like it will limit my ability to handle the usual caseload. Was on an island before, and only going to get worse…

like

Where is a great place to find Graphic Designer positions, with solid companies that are willing to compensate at fair market value? I’ve tried Indeed and LinkedIn, but no luck landing even so much as an interview.

likefunny

Hi folks,

Is wfh ending soon in capegemini?
And do they provide any wfh allowance and office setup allowance?

like

Hi sharks,
How to book cab for Capgemini return to office. Any app or portal?

like

Advice on negotiating a scholarship offer with a R2 school after already enrolling to a R1 school with a full ride?

like

Can anyone please refer me to Transaction services role in London? I have 5 years of audit and 9 months of Transaction Services experience. Thanks!

like

Anyone play fantasy football? Would anyone be interested in a bowl / mini league? I’m guessing there are some good data analysis skills being put to good use out there.

Hi! Any art directors or creative directors open to giving some feedback via DM on my portfolio? I have mostly in-house experience, and could use guidance on what I might do to get in with agency work and more branding.

like

Anyone find it cute when your co-workers get excited about establishing a "war room"?

likefunny

Journalism is the best job in the world but I feel like people are less likely to take my work seriously because I am female. So it's like they automatically think the only things I would be good at writing about are fluffy little human interest stories. I'm just a reporter like everyone else. Is there some way I can tell my supervisor that yes, I do like those stories, but I like being a serious reporter even more?

like

I teach Economics and Personal
Finance at a specialty school. I use NGPF for personal finance but I am seeking Economics lessons for G&T

Looking for job change in DB2 LUW DBA profile.. do have 3.5 years relevant experience and total 8 years experience. Please let me know for any opportunity. I am taking care of L1 and L2 tickets

like

Accenture is in the full gear military recruitment season. I was hired on through the process a few years ago and it’s been great ever since. They have paths for officer and enlisted. DM if interested

likehelpful

What agencies are hiring financial analyst

like

What is the biggest "burden" about your jobs? The research of stocks, funds, bonds, etc. or putting together a portfolio for customers during the busy seasons?

like

Additional Posts in FIRE Financial Independence Retire Early

Anyone here from NYC? Be cool if there was a meetup.

like

Question about what to do next. I’ve maxed out everything—401k, HSA, IRA, backdoor Roth 401k. My bills are all paid. I’ll probably make about 16,500 more this year to do stuff with (ie money that isn’t going to taxes or insurance or anything). What should I do with it? Crypto? Set it on fire? Get a hair transplant?

like

Turning 28 and hit $300K NW today. Never formally FIRE’d but want to set out a plan for here onwards. What’s some good material / easy reading to start with?

like

Thoughts on potential business ideas or investment opportunities where I can live the life I deserve now and not in retirement? I’m always trying to think of potential business ideas and come up with nothing. As far as interests, it doesn’t matter what it is. As long as it makes money I’m interested.

like

I consolidated grad loans in ‘15, kept federal separate from private (w SoFi @6.75%). Can I refinance w SoFi or w Earnest? Should I combine the federal and lose the protections for better %?

Is anyone else worried about an upcoming market crash, similar to the dot com bubble?

like

Just watched office space again and realized it’s actually about the FIRE movement (without explicitly saying it)

likefunnysmart

Any good ideas to keep your day job and start a business that allows for enough freedom to take taxable income from 350k to 0?

like

I'm a Canadian on the TN visa working in the US and planning on maxing my Roth IRA (6k) and will have enough left to max my 401k this year, but am not sure if I should just use a taxable account over 401k due to tax considerations when I move back to Canada (likely 1-2 years from now). Any thoughts here? I don't think I'll have enough RRSP room to move 401k>IRA>RRSP and I would prefer to not have to file US taxes every year in retirement for withdrawls if I left the 401k in the US.

like

Feeling grateful & proud as I reached my goal ($50K by 25) 5 months early. But I can’t help feeling a bit overwhelmed. In the lifelong scheme of things, $50K doesn’t seem like much. I worked really hard and sacrificed a lot (including mental health) to get to this but it seems a little tiring knowing I still have so long to go. I recently moved out and in with my BF so my expenses are split, but nonetheless they are still expenses. Any tips on continuing this journey and keeping the drive?

Post Photo
likehelpfulfunny

What is your socioeconomic background and how much NW do you consider “enough” to be able to live comfortably?

like

For any real estate investors

22 years old and currently focused on using my left over income to invest and pay off my debt. I am set to pay off my college loans by next year and, when I do, I want to look into investing into real estate. Does anyone have any suggestions on how to get into/learn more about real estate investing? Or how I can have enough knowledge on the topic to be able to invest wisely when the time comes?

Any books? youtubers? etc. How did you all learn about it?

like

I would like to hit fire between 40-50. Currently 27, 185k total comp (125 for me and 60 for partner). Like my job don’t hate it don’t love it. Does an MBA make sense? I’m guessing it could take me to 170ish with that schools I’m looking at but wondering if the 40-50 retirement range makes an mba not make sense since I’d only have 10-20 years to save vs 12-22.

Would have to finance the whole thing myself. Current net worth is 140k. Thoughts?

like
likeuplifting

What is your savings rate for the year?
I am saving 66% of my take home pay and I’m pretty satisfied with it.

likeuplifting

Does anyone pursuing FIRE actually like their current job? Trying to get a grasp of how much of the FIRE movement is driven by escapism from unfulfilling work.

like

I’ve been reading a lot of FIRE books lately and want somewhere to discuss. What are the biggest takeaways from your FIRE journey/ research?

like

Which is the best brokerage to get into Pre-IPO?

like

The unending cycle is for real. Reached my LeanFIRE number 2 months ago, yet I don’t feel satisfied. Still reaching for the stars… when will this human desire end?

like

FIRE newbie here. Is it possible to reach FIRE with a special needs kid? Has someone done it? Are there any alternatives to fund therapies beside insurance?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal