Community Builder
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Bowl Leader
Additional Posts in FIRE Financial Independence Retire Early
Anyone follow Millennial Revolution?
Community Builder
Community Builder
Bowl Leader
Anyone follow Millennial Revolution?
You’ll be fine. Prime earning years are 35-50. You’ll be making 200k and putting 100k in the bank if you don’t let lifestyle creep.
What about kids? Does the FIRE community generally not have kids?
The fact that you can take care of family is more important. Money isn’t everything but to be able to take care of those close to you and potentially your own family one day should be your goal. Anything on top is bonus
This ^ but at the same time don’t help others too much to the point you don’t want to. This is actually bad for everyone. You will build resentment
Most of the people posting crazy figures on this app are either (1) extreme outliers - top .1% and/or (2) receive money from family, which is the opposite of you.
A friend of a friend is 30 and recently spent 3M on a multi family home, and it was all his own money. I couldn’t figure out how that was possible, until I learned he worked for Moderna before the pandemic and got rich off of stock options. Those people are the extreme outliers, but they love to post on here for self validation.
Mentor
You are doing great! The first $100k is the toughest. Make sure to maximize your 401k, it will snowball in a few years, and you will feel much better after that.
The fact that you help your family… so many blessings will come your way! Proud of you 👏🏽✨
I was there at 29 - 3 years later I am now at 500k. You will be fine
~200 to ~400
Have to put the family memes first ✌
Mentor
If you’ve only worked about 3 years and are supporting family it sounds like you are doing great. Avoid lifestyle creep as your income increases and eventually your savings and capital gains will snowball very quickly.
It starts slow for everyone and most people on here started at 21 and don’t have the same family obligations. Everyone has a different way to hit FIRE.
Hard truth: you can’t have the cake and eat it too. The more you help your family, the less “fine” you are going to be. Just make sure what’s important in your life and push through.
Community Builder
Family will trump almost always
I’m much older than most people on this app and also married with a kid and about to retire my mom, hopefully next year 🤞🏽🙏🏽Family is first, it’s why I do what I do. They’re my motivation. To me FIRE means I get to give to those who gave me, without my mom I wouldn’t be here. Don’t trip, keep doing you! Put money in those investments, extra income streams etc and keep your eyes on the road! Don’t compare.
Community Builder
Can someone please guide or reassure me that I’ll be fine? People my age have everything together and are Way ahead in savings as well as base comp - absolutely dejected
I had a few hundred k at 28 but most people don’t, you’re prolly average which is ok
Don’t worry. I was too into keeping up with Jones until last year. Had 60k in debt and hardly any savings. I just paid it all off just shy of a year and now have 20k in emergency funds! Pretty proud of myself and try not to get down based on my age and finally coming round. Just focus on you!
You’ll be fine man, been in similar shoes, probably still am to some extent but it gets better and will sort itself out as long as you are careful with your money.
Also is your dad looking for work?
Community Builder
He isn’t and I don’t expect him to either - I owe it to him
You’re fine. But I’d think about one or two core strategies of your own to build wealth actively rather than just saving to make up the loss by family support. Without it, you can be easily discouraged, depressed. When you have to spend more, your focus should be how to make more.
Cut out the memes, they need to stand on their own two legs
You should really look for long term, passive ways to invest like Acorns and Fundrise. Make your money work for you rather than the bank. Not to mention money in the bank is lost to inflation and the declining value of the USD.
You'll be fine. Just keep saving. You're not behind. I also got a late start because of a lot of schooling and student debt. I felt the same way. Now I feel great about where I am. Hang in there. Stay focused on the goal. You got this.
Similar situation at 30. Now I have over $1m just 3 years later. You'll be fine.
Great endeavor & conviction SM 1! I just started the similar strategy. Hope it pans out nicely like your case! Thanks for sharing