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Community Builder
Best mentoring advice you were given?
Additional Posts in FIRE Financial Independence Retire Early
Sooo AMC.. who’s in?
😂
Mentor
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Bowl Leader
In my eyes, the book aligns perfectly with this group’s purpose.
I loved reading it personally. I agree with 80-90% of the contents - and have modeled a lot of my lifestyle choices accordingly.
Investing in experiences, time-bucketing my life, and knowing my peak were my biggest takeaways. I actually lowered my FIRE number after reading it.
Thanks for sharing!
It’s a good framework. But dying with 0 is very hard to do. Still, the principle is good.
Agree!
I am glad you bring this up because while I don’t think I need to specifically ‘die with zero’, I do want to live my life and enjoy it and travel and have wonderful experiences. I am also setting my kid up for success in terms of having a healthy, stable childhood + skills and education around money and longterm success that I never had. It’s my life and it’s been hell so I want to have things to look forward to. I’m not waiting til I retire because we can die tomorrow.
I also am a ticket building wealth, increasing salary, making good investment decisions.
It is great to read that people with FIRE approach still can maximize their life, even in the earlier stages, when supposedly you need to save most aggressively!
Subject Expert
Definitely a large overlap.
We are all trying to balance 2 things
- Retiring as early as possible
- Spending as much money as possible.
Dying with (close to) zero means you balanced it perfectly.
Some people might adjust zero to an amount they want to leave their children.
For most people it’s definitely possible to die with too much money, and it means you worked too long or didn’t spend enough.
Subject Expert
One method to try to balance is to figure out your desired annual spending for the rest of your life,
Then figure out how many years you’d need to work to achieve that.
You can increase or decrease either lever and see how you feel.
Recently read it and it changed about how I was approaching my FIRE number. I agreed with the author that if your # is an amount you’d literally never be able to spend down that maybe you’ve set the goal post too high
Same for me!
Yes great book. While I don’t think I’ll die with zero, I do put greater emphasis on spending money on meaningful moments now and will help my kids in meaningful ways where I can see them enjoy it.
Doesn’t change that I’m also a great saver and was especially thrift when I was young while still finding a way to prioritize cool life experiences.
That balance is the key!
An almost impossible goal but it's an excellent read for most of the people in the FIRE community.
Agree SAM1. You may not pass away until your kids are 50-60 if you’re lucky. Imagine all the impact you can have by giving them money and experiences during that time as opposed to stocking it away for them to get a large check.
That money could go toward memories created as a family, relieve pressure, and give them a better quality of life.
Subject Expert
It's a nice thought but not very actionable in practice. I also think the people who espouse this philosophy are often rather callous about the value their assets could have to their heirs as bequests.
Subject Expert
Right, that is silly too.