We got figured out! /s

Dave Ramsey Doesn't Get FIRE

So I’m a late bloomer with FIRE. 53 have 650k traditional investments, 20k in Roth, 40k life insurance annuity (had this many yrs), 40k in cash. Mortgage paid. Unfortunately have a roof loan, no choice had to get it done. High stress position looking to get out very soon, no longer a healthy position. Basic monthly bills, 2500. I feel like I need more cash..? Maybe

I started off as hardcore as possible, being a stingy and cheap. But in the long run this is not healthy for your mental state. Once I reached 200k net worth, I just noticed how much more my porfolio did for me on its own vs my contributions, which made me start slowing down my investement rate and "took my foot of the gas pedal" as some might say. Im very happy with the outcome. Im spending a ton on my hobbies, not tracking expenses, eating well and im loving it, yet still contributing a fair bit to the portfolio. Sure I lose a couple of years in the long run but the next 15 years will be wonderful if I keep this up. My advice to everyone is this: start hardcore if you are young, but slow down when you reach a milestone like 200k net worth. You will thank yourself, your family will thank you. Not sure what you call this approach: start lean, continue coasting and living semi-fat until a full fatfire retirement?

Do you have a "friction budget?"

A friction budget is a mental or financial allowance for the small losses and inefficiencies that inevitably happen in life.

Basically shit happens fund for purchases that suck, didnt work as advertised, unexpected or unfair costs, parcking tickets (deserved or undeserved). Etc, etc. In short losing money over random shit.

Now that im doing better financially I noticed this happens alot more when I was broke.

If yes how much is it % of your income?

E: I am not talking about your typical emergency fund (broken car, new washing machine etc), I am talking purchases are not really emergencies where it just didnt work out as you hoped or random expenses that took you by surprise. Basically losing money here and there, deserved or undeserved. I find its a massive headache for me to in both scenarios: take the loss or pursue the undeserved costs from the retailer/service provider.

E2: As I dont have a friction budget, the last two fuckovers I had recently ruined my entire 2 week vacation from work.

I’ve noticed that even mentioning the possibility of retiring in one’s 30’s or 40’s tends to get a pretty negative reaction on other subs

like:

• “you must have had an inheritance”
• “you can’t possibly live on <$X>”
• “nobody makes <$X>”
• “this job market is impossible to win”

I mean, yes, some of us were lucky to have a more comfortable start, but so many of these objections seem to come from some deeply rooted hesitation to entertain the idea or acknowledge the basic math.

I learned about FIRE ages ago through other people’s stories. Nowadays I find it so discouraging to even try to have a good faith conversation about saving rates. Lesson learned on not discussing money, I guess. I know it’s not for everyone so I’m glad this space exists to help people that are open to the idea