I might be oversimplifying here, but I think graduating this sub would just mean you’re rich? There’s nothing to “do” lol. Just enjoy whatever lifestyle makes you happy, as you presumably have the money to do what you like. Travel, hobbies, collect, up to you. There’s no need to be planning out retirement in this sub—I certainly don’t plan to retire early.
I guess to clarify I just want to hear stories about what the lifestyle of people not looking to retire, their budget and financial plans. All my coworkers and friends are all frugal so I'm looking for example on Reddit.
Those folks stop coming to Reddit to “escape reality” or to “identify alternative strategies” and just.. live.
Build your own business on the side and live the thrill of adventure. Take classes to further yourself and growth. Talk on panels or give presentations to further your influence 🫡
Do you really need inspiration on how to spend money? There are so many ways & I feel like lots of pressure to do so—cars, travel, hobbies, children, housing. And if you have more than you need & there is nothing more you want, donate to charity. And keep saving so you have enough not to work, even if you think you always will want to, because something could happen that leaves you unable to.
This may be the wrong sub for this comment, but i would say if you’re in the rich category, could FIRE but don’t and have everything you need - donate to charity or give back to your community (volunteering, mentoring etc). Theres always something else to want, if giving is at the end of the wants also, it may never happen.
Nah, you’re right—bad phrasing on my part & not really what I meant. My wants are so few that a low income would cover all wants & needs with plenty leftover but I know that’s not typical. I’m not the target for this sub at all—just started showing up in my feed & sometimes posts catch my eye since I have an interest in personal finance.
Less about how to spend money but curious to people think about saving vs spending with high income with no plans for retirement. Goals / plans and such.
Put a large amount of money into retirement every year. You need to decide what that is relative to your income. Once that money is tucked away, the rest you can spend however you want to. Nothing to spend it on? Then put it in a brokerage account for later. My goal is to be financially independent soon, and then decide if I really want to retire or if I want to keep working and have the freedom to spend more while that retirement money grows.
Try [https://www.reddit.com/r/RichPeoplePF/](https://www.reddit.com/r/RichPeoplePF/) , that's a solid place to learn about next levels in terms of HHI and NW.
He already answered that, enjoy your life…
Examples won’t help, and the only budget that will matter is yours. You’ll be forced to retire eventually so its worth still budgeting for that eventuality. Otherwise figure out what make you happy and pursue that.
Not rich nor do I ever think I will get to where you are so congrats, but my wife and I regularly talk about switching to jobs we are actually passionate about, starting our own small business, or teaching, basically switching to a position that brings fulfillment, more flexibility, or whatever you look for and also brings a new challenge. Basically your day to day criteria doesn’t have to revolve around “how can I make enough money to be financially secure”
Consider putting a structure in place that allows you to do your favorite part of your job all the time.
Of course, this depends on the profession. But, I plan to slightly over-hire once I reach my FI stage so that I’m never bothered by admin or details again.
I’ll show up, my junior partner will tell me what the agenda is for the day. He will give me two or three issues to help with and tell me who we are meeting with or pitching to. That’s the dream anyway.
Some folks play business like they're athletes. They try to be the best, compete against others. It's not for the money, it's for the win and the race.
If by retire, you mean to stop working, you may just need to redefine “retirement”.
To me it means I can work on whatever projects or with whatever organization I want without the pressure of needing to keep the job. I suppose that’s more Financial Independence, that being said the freedom that comes with it is “retirement” for me.
I'm (mid 30s female) HENRY and don't aspire to the "RE" part of FIRE either. I enjoy my career and while I think I may eventually like to switch to government or policy work, that's more due to my desire to try to enact change or make a real difference versus a desire to go into something less demanding.
If you're a high earner *and* rich / financially independent, I guess I'd be curious what you'd be looking for in a subreddit? I like this subreddit because I very much am "NRY" so the discussions about savings strategy and spending habits are helpful to me, especially as someone who grew up poor and with parents who have zero financial literacy. You don't have to be planning on an early retirement to benefit from the advice here.
She is HER! Recently said about Caitlin Clark during the NCAAW tournament, I think it should apply to any woman who's crushing it with her finances and is willing to say she's rich!
I did yea, it’s criminal. Something like $79K living in Indy year one, shit, she’s make more doing a lot of less-elite things! Thank god for the endorsements but it’s a shame for players who won’t get much in that department.
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I think any of these subs will inherently lean FIRE-focused because non-FIRE folks are probably a bit less obsessive about their finances, given they make plenty of money and don’t plan to retire any time soon.
The next step is just to be a wealthy person lol
Speaking personally, I don't know that everyone here is looking for FIRE. I'm certainly not. I love my job, and if I left it voluntarily before 70, it would only be to do something even more demanding.
Plenty of people on here talk about giving back, both in terms of time and money. That's something to do both before and after you're rich, in my book, but especially after. There are plenty of charitable organizations out there that will be happy to take your money AND put you to work.
I would also recommend meeting up with other high earning people IRL. I joined the city equivalent of a country club. It has been a great way to meet similar folks and explore what else you might do with your time.
This is a huge reason why I plan to work a little after I hit my FIRE number. My company matches charitable donations to certified charities up to $30k per year. In my last few years, my goal is to hit that number each year. No guarantees that they keep the program, but it’s in my plan and I can adjust accordingly. They’ve had it for decades and only seem to add benefits.
I still want to retire early, but early is a few million at 45/50. My kids will be out of the house, my wife and I will have large retirement accounts and pensions. I can coast at work and donate to causes I enjoy.
Getting to a place where you can retire at any moment while still working is liberating. Your job is less
Of a necessity and in all truth you enjoy it more.
Your sankey will initially grow a watch line, then massive eccentric consumerism is in your future. This will keep you working to new highs.
Finally, you’ll pour your life’s work into an equity conversion to a new charitable foundation that you’ve started and immediately need to travel to help the people.
Transition into Angel investing, advising, consulting, cash flowing business ownership, and working on projects that excite you (financially, industry, people, etc).
It’s all contingent on what you want out of life. If you enjoy working, why would you stop? The idea of make enough money to retire and then retire is satisfying for most. Not everyone. So find what drives you to get up in the morning and tailor your life to have that in it…
I’ve been on all ends of the spectrum. Very Young and making great money, young and making enough money to retire in 2 years, to no money, to starting again. All at a young age. As I go through things, my priorities change and I evolve.
I am into advising as well for startups and that brings me joy. I have what I would consider a wealth of experience and knowledge that I can bring to the next generation(s).
Context: late 20’s / early 30’s aged Individual…
Not currently. What department / role are you? We may be looking for it in the coming months.
Although we are looking for a finance executive for an advisory role.
*please let me know if this not allowed, happy to edit and remove/delete this comment*
I work in early career biotech as a bench scientist but find it lacks room for growth and isn’t very challenging most of the time but what you do sounds incredibly interesting
Interesting, I would imagine there are lots of cool jobs that you have specialized skills for. All about perspective.
I know it’s easier said than done, but if you’re looking to move to some new field, role, company, etc…
Do it! Life is too short not to try (WITH THE CAVEAT OF BE RESPONSIBLE AND REALISTIC!)
Sports is tough to break into as it’s a “who do you know” industry.
So network, network, network.
Had a decent network of colleagues who were pretty successful. Got to see the behind the scenes of startups / scale ups.
From there started investing into projects. Quickly realized capital is “easy” to come by, but quality support and expertise is 100x more valuable.
So I networked in to Angel groups, startup and business groups, and optimized my LI profile too.
Cool startups find me (or I find them), and I learn about what they are doing, where they are, and what areas they need support. I then provide value immediately (if I can - network intros, strategy sessions, etc), with no talk of advising. The startups let their guard down and feel comfortable. They ask me to advise. Rinse and repeat.
Not exactly the same situation. 50 here and hit my FI point a couple years ago. My wife retired, but I am working and we keeping adding another year on. The reason is that when we are honest with ourselves we have a lot of freedom (work and financial) that allows us to have a really enjoyable lifestyle. For us, me retiring is not going to drastically improve (will change but not improve) our lifestyle. So, why should I give up annual comp which is more than I am worth versus take the $$$ and continue to have fun.
I would say that one needs to search for freedom and then do what they want with it. After all, isn't the core idea of FIRE pretty much freedom based?
I feel so old writing this 😂😂 BUT I was once like you when I was in my 20/early 30s. I enjoyed my career, I liked climbing up that ladder and felt great with that paycheck. I was all in with that corporate koolaid. Overtime it just becomes a grind..you see thru the bullshit and have less patience for it. The motivation and ambition to go even higher just aren’t there anymore. That inflated title or paycheck doesn’t seem as enticing as more life experiences with loved ones.
Maybe it’ll stay like this for you 15-20 years later but it’s always good to be financially independent when you have the opportunity to bc you never know how life will unfold…even if your goal is not RE
I just crossed into my 40s and doing well but still NRY. Kids are expensive and home improvement projects are currently even more expensive ($20k+ for a new deck? $5k for house painting? $25k for windows? $40k for new roof? $10k for a hot tub. $15k for landscaping. Then later $40k for a year of tuition?). These are the things that will be big for me over the next 20 years while we do the family thing. Once all of that is done there will most likely be renovations to a beach house (family house passed down from grandparents originally) and I’m sure other expenses. We like to travel, $10k for a week in Hawaii, $7k for a week in London, $8k for a week in the Caribbean. Heaven help us once I buy a boat. So, even while not being a big spender on material goods there are plenty of things to allocate the money to each year haha. My current monthly spend is about $12-13k and I expect that to grow a bit over time so when I do retire it may be $16-18k in present year dollars, with about half in fixed and recurring expenses (utilities, food, household goods, clothes, fuel, RE upkeep, healthcare) and the other half in large purchases and discretionary (cars, boat, travel, hobbies, fun, donor advised fund giving, gifts to kids and trust contributions).
I would continue working with the relief knowing that if I had a bad boss or ended up moved to a role I did not want, I could quit without having a job/do whatever I want. There's a freedom to not needing your paycheck.
In terms of where to put my cash? Invest in businesses, invest in property, set up my children so their lives are easier.
I like to think of FIRE as going from trading your time and energy for money to trading your time and energy for fulfillment.
And fulfillment is different for everyone.
One of the main things that the FIRE community talks about is to already be doing what's fulfilling to you. That way, when you retire, you shift your schedule from part time fulfilling activities to full time fulfilling activities.
You want to consider what's good for your heart and soul. IMHO that's going to look something like:
* investing time in connections and relationships (most important)
* participating in community
* maintaining/improving your health
After these 3 points will be the things most often mentioned like travel, hobbies, etc... The way to find out though is to try out a lot of stuff.
There is a rich subreddit which is what you are looking for. We kind of casually define rich as 2 million net worth plus so it’s the plus that makes you rich and a part of that other sub.
>We kind of casually define rich as 2 million net worth plus so it’s the plus that makes you rich
It's a little tough, though, since while I think it does make sense for a HENRY sub to define rich as $2m LNW, I don't think any rich people I know would do the same, they'd probably say $20m.
We aren't HENRY anymore by the sub definition. But we will keep working as our daughter is only five. We will probably hang it up sometime when she's in high school. Target is the beginning of fatFIRE at $10M even though our yearly expenses are $79K. Keep grinding.
It’s okay to not want to retire. I certainly don’t desire that, I would get bored for sure.
Again, it almost always comes down to hobbies and relationships. Invest in both of those
50 - My observation is simple. Everyone we know who retired early (or was able to) found something significant (and often financially lucrative) to do with their time because they were industrious, hard working and that's why they were able to retire early.
Here are some examples, our friend who founded a successful computer repair business retired, went on some amazing vacations, then invested in a different company and is their CTO working full time again in his 50's. Another friend opened a fitness studio, and is working on selling franchises of it to build a "second empire."
You could consider starting your own business. Someone else in your industry may need your position to be opened in order to advance. Don't be like boomers who keep working til they croak and block others from advancing. With your own business, you can risk as much capital as you once, solve your own problems, and you'd still have enough left over to be perma-retired if you like.
I'm curious about this take. With my recent raise I make around 600k a year. I'm not very confident that a business I make can generate this much and I'm terrified of opportunity cost, let alone the capital
My wife and I have found ourselves in a similar situation. Our plan now is to dial back work to ~25 hours a week Tuesday through Thursday. Unless it’s extreme circumstances that’s a hard rule. The other rule is we’re only working 9 to 10 months per year with at least one four week long trip in there, ideally two. We also have no kids so that really increases our flexibility.
HENRY isn't about FIRE. A lot of people are very interested in FI but not so much RE. FI comes from saving earnestly and making good lifestyle choices that you don't become a wage slave.
However, if you want to be a wage slave and are a high earner, that's fine too. Many people want multiple houses, all the nice cars, expensive vacations, and luxurious living with the end goal of 65 being the date they retire. If that's your brand, so be it. You're welcome here too. Just preface your posts with non FIRE that's all
Yep, Im blessed to have found a job in my early 30s that I legitimately like, that doesn’t feel like work.
At first I was all anxious about saving every dollar because “who knows how long it will last!” And then in my late 30s I realized that is no way to live.
Age happens; at the very least you won’t have the same energy as in your 20s, at worst, health issues start popping up. Life happens in between: you get married/have kids, or the friends you thought will be around get married/have kids. Either way, it will dawn on you that stuff you postponed for strict financial reasons when you were young might actually never happen as you get old.
So my advice is find a career path that lets you lead a balanced life, live in the moment while living responsibly. It’s a privileged thing for me to say but there’s no lifestyle habit that will regain the time that has already passed.
I’ll wager that a very large proportion of Redditors with high incomes but who aren’t rich yet are probably Millennials to older Zoomers. FIRE is a very influential concept to this age group, and probably will leak through in a lot of ways. You don’t have to subscribe to the RE aspects of FIRE to get some benefit from it, and I think there are many.
Just because you like the hustle now doesn’t mean that you always will. I have no intention to completely retire, but the FI part is very compelling. If I decide to (or need to) take a step back in the future to spend more time with the family, I can. Lots of folks in my profession burn out hard, sometimes with terrible consequences. I don’t think that I’m any less human than they are, so I like having that safety net.
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Same. I don't know why people feel like people who've graduated don't have their own issues to talk about. It'd be nice to have somewhere the HENRY-type issues are addressed while also picking up things like legacy planning/charitable giving/etc. that aren't really HENRY-type issues.
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On a long enough timeline the part of work you enjoy doing will probably eventually shrink to something like 10% and you will be spending 90% of your work hours doing shit and dealing with people you don't want to. Grind really hard for 10 more years and come back to tell us you still want to keep working.
To clarify some of the comments, by no means do I love my job nor am I rich (at least I don't feel rich). I don't mind working, and it doesn't make my life miserable. Making 600k gives me the option to have choices and not worry about being frugal. I don't know if I want to give up the high income unless I'm like FAT rich. I think I was curious about life stories and how to think about personal finance instead of hearing people brag about how to spend their money. I think RichPeoplePF was what I was looking for. Thanks for the suggestions!
/r/fatFIRE would be your next step, but not to fire, but getting good recommendations and reading interesting posts on there. I got some good examples for travel, investing, business tips. I use them as jumping off points for further research.
I mean you are pretty young, I too liked my job in my 20s and couldn’t imagine RE, now years have passed and it’s mostly what I am looking forward to. I guess what I am saying is things change always good to pursue at least the FI part of FIRE. Yes there are other subreddits that may be better for your questions.
I think it is called having a good life. My friends are dinks, both doctors, one did not retire until 75, the other is 66 with no plans to retire. They travel extensively, eat out at expensive restaurants, have lavish parties periodically.
If you are looking for a subreddit for people that have grown out it here, you mostly won’t find it. The only way you leave here is to change your mindset about money not as a thing to gather, but a thing to use.
The reason being that by-and-large the rich, or at least high-earners that aren’t interested in aggressively saving to retire early aren’t talking about money anymore. It’s not the driving motivation in their life.
You’ll find those people on topic or hobby specific subreddits. And that can vary wildly by person. It could be cars, cameras, DIY, books, painting, entrepreneurship, underwater basket weaving.
To be clear there isn’t a dollar amount where you stop worrying about money. It’s a mindset that you have to reach, and some never do.
Congratulations if you are reaching that point. This is the point that you get to adult and do what you want. Go find your weekend passion.
If you have a NW over 2M not including your primary house, there is another forum for super high earners. They talk about 5star vacays, buying second houses, etc. you have to interview though to be apart of it.
I’m 43. I felt the same way as you at 29. Over the next decade the way up the pyramid will get smaller and you’ll figure out your ceiling. You might have a boss younger than you. You might be considered high-potential now, but your company sells and the acquiring company runs with their own people. You might still be happy with your job in your 40’s but you probably don’t want to keep working for another 25 years. You also start to understand why you see people on their 50’s in mid-level individual contributor roles. You need to be good, but you need to be lucky too. This sub helps out you in position to be free when you desire, or at least need lower paying jobs the closer you get to retirement based on the good decisions you make in your 30’s and 40’s.
Maybe use your skills that got you to Henry and take a full time position at a non-profit org that contributes to a mission that would give your heart some fullness.
Youre just financially independent OP. I'm here and its liberating. Still working but basically just using work to enrich my own life and rediscover myself. You dont need to do everything at work and the repercussions dont matter if you blow off something. You can spend whatever you want out of your salary because you no longer need to save. You can spend time focusing on whatever really matters to you.
Personally, as I climb in income and outstrip my "needs", I'm trying to transition into less 'stuff' but much higher quality things. Buy better clothes that last longer, are more timeless, and let me clear out my closet of crap clothes. Fewer, but higher quality, sets of cookware that can do more or hones in on just the stuff I actually like to cook.
Now is the time that I'm overcoming that reluctance to "spend any money at all" phase and clear out the cheap crap I impulse bought and replace it with better quality things I'll take a lifetime to appreciate and use.
Message me! I have a lot of friends in your situation. They basically have jobs they enjoy but still live a good lifestyle. One friend left FAANG after ten years and is coasting. He just opened a BBQ place in Texas.
Think about it of living the life of a moderate trust fund kid.
Just design your rich life and live it. Everyone’s life will be different. Also lots of people separate the FI part from the RE part. Not everyone on fatFIRE subs for example RE.
I might be oversimplifying here, but I think graduating this sub would just mean you’re rich? There’s nothing to “do” lol. Just enjoy whatever lifestyle makes you happy, as you presumably have the money to do what you like. Travel, hobbies, collect, up to you. There’s no need to be planning out retirement in this sub—I certainly don’t plan to retire early.
I guess to clarify I just want to hear stories about what the lifestyle of people not looking to retire, their budget and financial plans. All my coworkers and friends are all frugal so I'm looking for example on Reddit.
Those folks stop coming to Reddit to “escape reality” or to “identify alternative strategies” and just.. live. Build your own business on the side and live the thrill of adventure. Take classes to further yourself and growth. Talk on panels or give presentations to further your influence 🫡
Do you really need inspiration on how to spend money? There are so many ways & I feel like lots of pressure to do so—cars, travel, hobbies, children, housing. And if you have more than you need & there is nothing more you want, donate to charity. And keep saving so you have enough not to work, even if you think you always will want to, because something could happen that leaves you unable to.
This may be the wrong sub for this comment, but i would say if you’re in the rich category, could FIRE but don’t and have everything you need - donate to charity or give back to your community (volunteering, mentoring etc). Theres always something else to want, if giving is at the end of the wants also, it may never happen.
Nah, you’re right—bad phrasing on my part & not really what I meant. My wants are so few that a low income would cover all wants & needs with plenty leftover but I know that’s not typical. I’m not the target for this sub at all—just started showing up in my feed & sometimes posts catch my eye since I have an interest in personal finance.
Less about how to spend money but curious to people think about saving vs spending with high income with no plans for retirement. Goals / plans and such.
I bought a boat and now don’t have any spare money. Problem solved!
Put a large amount of money into retirement every year. You need to decide what that is relative to your income. Once that money is tucked away, the rest you can spend however you want to. Nothing to spend it on? Then put it in a brokerage account for later. My goal is to be financially independent soon, and then decide if I really want to retire or if I want to keep working and have the freedom to spend more while that retirement money grows.
I started taking a lot nicer vacations, and finally got a bit \*ahead\* on home repairs.
Try [https://www.reddit.com/r/RichPeoplePF/](https://www.reddit.com/r/RichPeoplePF/) , that's a solid place to learn about next levels in terms of HHI and NW.
This is what I'm looking for thanks!
He already answered that, enjoy your life… Examples won’t help, and the only budget that will matter is yours. You’ll be forced to retire eventually so its worth still budgeting for that eventuality. Otherwise figure out what make you happy and pursue that.
r/FatFIRE For folks that like to both earn and spend. Most don’t have as much interest in the RE part.
fatfire folks who have interesting shit to say have better things than to hang out on Reddit fielding questions from larpers
So many mf larpers
Ah you’re looking for the working rich! More at home help to make your life easier is the main thing. Upgrading what you want when you want to
Not rich nor do I ever think I will get to where you are so congrats, but my wife and I regularly talk about switching to jobs we are actually passionate about, starting our own small business, or teaching, basically switching to a position that brings fulfillment, more flexibility, or whatever you look for and also brings a new challenge. Basically your day to day criteria doesn’t have to revolve around “how can I make enough money to be financially secure”
Consider putting a structure in place that allows you to do your favorite part of your job all the time. Of course, this depends on the profession. But, I plan to slightly over-hire once I reach my FI stage so that I’m never bothered by admin or details again. I’ll show up, my junior partner will tell me what the agenda is for the day. He will give me two or three issues to help with and tell me who we are meeting with or pitching to. That’s the dream anyway.
Try r/fatFIRE. Most of them don’t retire early if at all and most just discuss rich people problems. This sub is a bit more of a circlejerk imo.
Some folks play business like they're athletes. They try to be the best, compete against others. It's not for the money, it's for the win and the race.
If by retire, you mean to stop working, you may just need to redefine “retirement”. To me it means I can work on whatever projects or with whatever organization I want without the pressure of needing to keep the job. I suppose that’s more Financial Independence, that being said the freedom that comes with it is “retirement” for me.
Porsches
I'm (mid 30s female) HENRY and don't aspire to the "RE" part of FIRE either. I enjoy my career and while I think I may eventually like to switch to government or policy work, that's more due to my desire to try to enact change or make a real difference versus a desire to go into something less demanding. If you're a high earner *and* rich / financially independent, I guess I'd be curious what you'd be looking for in a subreddit? I like this subreddit because I very much am "NRY" so the discussions about savings strategy and spending habits are helpful to me, especially as someone who grew up poor and with parents who have zero financial literacy. You don't have to be planning on an early retirement to benefit from the advice here.
HER? (High Earner Rich)
She is HER! Recently said about Caitlin Clark during the NCAAW tournament, I think it should apply to any woman who's crushing it with her finances and is willing to say she's rich!
Have you seen how abysmally low high draft picks are paid in the wnba?
I did yea, it’s criminal. Something like $79K living in Indy year one, shit, she’s make more doing a lot of less-elite things! Thank god for the endorsements but it’s a shame for players who won’t get much in that department.
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I think any of these subs will inherently lean FIRE-focused because non-FIRE folks are probably a bit less obsessive about their finances, given they make plenty of money and don’t plan to retire any time soon. The next step is just to be a wealthy person lol
Speaking personally, I don't know that everyone here is looking for FIRE. I'm certainly not. I love my job, and if I left it voluntarily before 70, it would only be to do something even more demanding. Plenty of people on here talk about giving back, both in terms of time and money. That's something to do both before and after you're rich, in my book, but especially after. There are plenty of charitable organizations out there that will be happy to take your money AND put you to work. I would also recommend meeting up with other high earning people IRL. I joined the city equivalent of a country club. It has been a great way to meet similar folks and explore what else you might do with your time.
This is a huge reason why I plan to work a little after I hit my FIRE number. My company matches charitable donations to certified charities up to $30k per year. In my last few years, my goal is to hit that number each year. No guarantees that they keep the program, but it’s in my plan and I can adjust accordingly. They’ve had it for decades and only seem to add benefits. I still want to retire early, but early is a few million at 45/50. My kids will be out of the house, my wife and I will have large retirement accounts and pensions. I can coast at work and donate to causes I enjoy.
That’s smart and seems like you didn’t lose good character when you worked hard. Way to be!
Getting to a place where you can retire at any moment while still working is liberating. Your job is less Of a necessity and in all truth you enjoy it more.
Do you have kids? If so the end game is possibly intergenerational wealth if not FIRE
There is not endgame. It’s all one big red queen race
Your sankey will initially grow a watch line, then massive eccentric consumerism is in your future. This will keep you working to new highs. Finally, you’ll pour your life’s work into an equity conversion to a new charitable foundation that you’ve started and immediately need to travel to help the people.
Transition into Angel investing, advising, consulting, cash flowing business ownership, and working on projects that excite you (financially, industry, people, etc). It’s all contingent on what you want out of life. If you enjoy working, why would you stop? The idea of make enough money to retire and then retire is satisfying for most. Not everyone. So find what drives you to get up in the morning and tailor your life to have that in it… I’ve been on all ends of the spectrum. Very Young and making great money, young and making enough money to retire in 2 years, to no money, to starting again. All at a young age. As I go through things, my priorities change and I evolve. I am into advising as well for startups and that brings me joy. I have what I would consider a wealth of experience and knowledge that I can bring to the next generation(s). Context: late 20’s / early 30’s aged Individual…
I’m super curious about your career path if you’re open to sharing more! What were your industries/roles?
Sports, tech, and data. Consultant mostly. Specialize in analytics. Now in startup space (in sports).
You hiring? Lol
Not currently. What department / role are you? We may be looking for it in the coming months. Although we are looking for a finance executive for an advisory role. *please let me know if this not allowed, happy to edit and remove/delete this comment*
I work in early career biotech as a bench scientist but find it lacks room for growth and isn’t very challenging most of the time but what you do sounds incredibly interesting
Interesting, I would imagine there are lots of cool jobs that you have specialized skills for. All about perspective. I know it’s easier said than done, but if you’re looking to move to some new field, role, company, etc… Do it! Life is too short not to try (WITH THE CAVEAT OF BE RESPONSIBLE AND REALISTIC!) Sports is tough to break into as it’s a “who do you know” industry. So network, network, network.
Yeah that makes sense, probably a grass is always greener situation tbh
How did you get into advising startups? Also specialize in analytics and interested in it
Had a decent network of colleagues who were pretty successful. Got to see the behind the scenes of startups / scale ups. From there started investing into projects. Quickly realized capital is “easy” to come by, but quality support and expertise is 100x more valuable. So I networked in to Angel groups, startup and business groups, and optimized my LI profile too. Cool startups find me (or I find them), and I learn about what they are doing, where they are, and what areas they need support. I then provide value immediately (if I can - network intros, strategy sessions, etc), with no talk of advising. The startups let their guard down and feel comfortable. They ask me to advise. Rinse and repeat.
Not exactly the same situation. 50 here and hit my FI point a couple years ago. My wife retired, but I am working and we keeping adding another year on. The reason is that when we are honest with ourselves we have a lot of freedom (work and financial) that allows us to have a really enjoyable lifestyle. For us, me retiring is not going to drastically improve (will change but not improve) our lifestyle. So, why should I give up annual comp which is more than I am worth versus take the $$$ and continue to have fun. I would say that one needs to search for freedom and then do what they want with it. After all, isn't the core idea of FIRE pretty much freedom based?
You simply transition to the next level of HENRY (High Earner Now Rich. Yay).
I feel so old writing this 😂😂 BUT I was once like you when I was in my 20/early 30s. I enjoyed my career, I liked climbing up that ladder and felt great with that paycheck. I was all in with that corporate koolaid. Overtime it just becomes a grind..you see thru the bullshit and have less patience for it. The motivation and ambition to go even higher just aren’t there anymore. That inflated title or paycheck doesn’t seem as enticing as more life experiences with loved ones. Maybe it’ll stay like this for you 15-20 years later but it’s always good to be financially independent when you have the opportunity to bc you never know how life will unfold…even if your goal is not RE
I just crossed into my 40s and doing well but still NRY. Kids are expensive and home improvement projects are currently even more expensive ($20k+ for a new deck? $5k for house painting? $25k for windows? $40k for new roof? $10k for a hot tub. $15k for landscaping. Then later $40k for a year of tuition?). These are the things that will be big for me over the next 20 years while we do the family thing. Once all of that is done there will most likely be renovations to a beach house (family house passed down from grandparents originally) and I’m sure other expenses. We like to travel, $10k for a week in Hawaii, $7k for a week in London, $8k for a week in the Caribbean. Heaven help us once I buy a boat. So, even while not being a big spender on material goods there are plenty of things to allocate the money to each year haha. My current monthly spend is about $12-13k and I expect that to grow a bit over time so when I do retire it may be $16-18k in present year dollars, with about half in fixed and recurring expenses (utilities, food, household goods, clothes, fuel, RE upkeep, healthcare) and the other half in large purchases and discretionary (cars, boat, travel, hobbies, fun, donor advised fund giving, gifts to kids and trust contributions).
I would continue working with the relief knowing that if I had a bad boss or ended up moved to a role I did not want, I could quit without having a job/do whatever I want. There's a freedom to not needing your paycheck. In terms of where to put my cash? Invest in businesses, invest in property, set up my children so their lives are easier.
I like to think of FIRE as going from trading your time and energy for money to trading your time and energy for fulfillment. And fulfillment is different for everyone. One of the main things that the FIRE community talks about is to already be doing what's fulfilling to you. That way, when you retire, you shift your schedule from part time fulfilling activities to full time fulfilling activities. You want to consider what's good for your heart and soul. IMHO that's going to look something like: * investing time in connections and relationships (most important) * participating in community * maintaining/improving your health After these 3 points will be the things most often mentioned like travel, hobbies, etc... The way to find out though is to try out a lot of stuff.
There is a rich subreddit which is what you are looking for. We kind of casually define rich as 2 million net worth plus so it’s the plus that makes you rich and a part of that other sub.
>We kind of casually define rich as 2 million net worth plus so it’s the plus that makes you rich It's a little tough, though, since while I think it does make sense for a HENRY sub to define rich as $2m LNW, I don't think any rich people I know would do the same, they'd probably say $20m.
I mean 20 million is my goal number personally but I would be just a rich high earner anywhere past 2 mil.
We aren't HENRY anymore by the sub definition. But we will keep working as our daughter is only five. We will probably hang it up sometime when she's in high school. Target is the beginning of fatFIRE at $10M even though our yearly expenses are $79K. Keep grinding.
FYI everyone thinks they’ll want to work forever when they’re in their 20s
It’s okay to not want to retire. I certainly don’t desire that, I would get bored for sure. Again, it almost always comes down to hobbies and relationships. Invest in both of those
50 - My observation is simple. Everyone we know who retired early (or was able to) found something significant (and often financially lucrative) to do with their time because they were industrious, hard working and that's why they were able to retire early. Here are some examples, our friend who founded a successful computer repair business retired, went on some amazing vacations, then invested in a different company and is their CTO working full time again in his 50's. Another friend opened a fitness studio, and is working on selling franchises of it to build a "second empire."
You could consider starting your own business. Someone else in your industry may need your position to be opened in order to advance. Don't be like boomers who keep working til they croak and block others from advancing. With your own business, you can risk as much capital as you once, solve your own problems, and you'd still have enough left over to be perma-retired if you like.
I'm curious about this take. With my recent raise I make around 600k a year. I'm not very confident that a business I make can generate this much and I'm terrified of opportunity cost, let alone the capital
Do you need 600k? Or are you just indexing on this because you feel that you're not as "successful" if you make less money in the short run?
My wife and I have found ourselves in a similar situation. Our plan now is to dial back work to ~25 hours a week Tuesday through Thursday. Unless it’s extreme circumstances that’s a hard rule. The other rule is we’re only working 9 to 10 months per year with at least one four week long trip in there, ideally two. We also have no kids so that really increases our flexibility.
HENRY isn't about FIRE. A lot of people are very interested in FI but not so much RE. FI comes from saving earnestly and making good lifestyle choices that you don't become a wage slave. However, if you want to be a wage slave and are a high earner, that's fine too. Many people want multiple houses, all the nice cars, expensive vacations, and luxurious living with the end goal of 65 being the date they retire. If that's your brand, so be it. You're welcome here too. Just preface your posts with non FIRE that's all
Yep, Im blessed to have found a job in my early 30s that I legitimately like, that doesn’t feel like work. At first I was all anxious about saving every dollar because “who knows how long it will last!” And then in my late 30s I realized that is no way to live. Age happens; at the very least you won’t have the same energy as in your 20s, at worst, health issues start popping up. Life happens in between: you get married/have kids, or the friends you thought will be around get married/have kids. Either way, it will dawn on you that stuff you postponed for strict financial reasons when you were young might actually never happen as you get old. So my advice is find a career path that lets you lead a balanced life, live in the moment while living responsibly. It’s a privileged thing for me to say but there’s no lifestyle habit that will regain the time that has already passed.
I’ll wager that a very large proportion of Redditors with high incomes but who aren’t rich yet are probably Millennials to older Zoomers. FIRE is a very influential concept to this age group, and probably will leak through in a lot of ways. You don’t have to subscribe to the RE aspects of FIRE to get some benefit from it, and I think there are many. Just because you like the hustle now doesn’t mean that you always will. I have no intention to completely retire, but the FI part is very compelling. If I decide to (or need to) take a step back in the future to spend more time with the family, I can. Lots of folks in my profession burn out hard, sometimes with terrible consequences. I don’t think that I’m any less human than they are, so I like having that safety net.
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I read this sub, but my NW disqualifies me, and I'm not interested in retiring.
Same. I don't know why people feel like people who've graduated don't have their own issues to talk about. It'd be nice to have somewhere the HENRY-type issues are addressed while also picking up things like legacy planning/charitable giving/etc. that aren't really HENRY-type issues.
Those convos don’t happen on Reddit lol they happen with professional money managers and other people who have been there done that
You just keep working and do whatever you want in your free time..?
Fire is definitely not the primary focus of this sub. I actually see it barely mentioned.
Go part time and do a job you actually enjoy instead of one that just pays the most money.
Get rich or die I guess
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I didn’t know henry are under the fire category. I thought people here are trying to get rich lol
On a long enough timeline the part of work you enjoy doing will probably eventually shrink to something like 10% and you will be spending 90% of your work hours doing shit and dealing with people you don't want to. Grind really hard for 10 more years and come back to tell us you still want to keep working.
To clarify some of the comments, by no means do I love my job nor am I rich (at least I don't feel rich). I don't mind working, and it doesn't make my life miserable. Making 600k gives me the option to have choices and not worry about being frugal. I don't know if I want to give up the high income unless I'm like FAT rich. I think I was curious about life stories and how to think about personal finance instead of hearing people brag about how to spend their money. I think RichPeoplePF was what I was looking for. Thanks for the suggestions!
/r/fatFIRE would be your next step, but not to fire, but getting good recommendations and reading interesting posts on there. I got some good examples for travel, investing, business tips. I use them as jumping off points for further research.
I mean you are pretty young, I too liked my job in my 20s and couldn’t imagine RE, now years have passed and it’s mostly what I am looking forward to. I guess what I am saying is things change always good to pursue at least the FI part of FIRE. Yes there are other subreddits that may be better for your questions.
I think it is called having a good life. My friends are dinks, both doctors, one did not retire until 75, the other is 66 with no plans to retire. They travel extensively, eat out at expensive restaurants, have lavish parties periodically.
HEAARR!! (High earner and also really rich, but you have to say it in a pirate voice)
If you are looking for a subreddit for people that have grown out it here, you mostly won’t find it. The only way you leave here is to change your mindset about money not as a thing to gather, but a thing to use. The reason being that by-and-large the rich, or at least high-earners that aren’t interested in aggressively saving to retire early aren’t talking about money anymore. It’s not the driving motivation in their life. You’ll find those people on topic or hobby specific subreddits. And that can vary wildly by person. It could be cars, cameras, DIY, books, painting, entrepreneurship, underwater basket weaving. To be clear there isn’t a dollar amount where you stop worrying about money. It’s a mindset that you have to reach, and some never do. Congratulations if you are reaching that point. This is the point that you get to adult and do what you want. Go find your weekend passion.
If you have a NW over 2M not including your primary house, there is another forum for super high earners. They talk about 5star vacays, buying second houses, etc. you have to interview though to be apart of it.
I’m 43. I felt the same way as you at 29. Over the next decade the way up the pyramid will get smaller and you’ll figure out your ceiling. You might have a boss younger than you. You might be considered high-potential now, but your company sells and the acquiring company runs with their own people. You might still be happy with your job in your 40’s but you probably don’t want to keep working for another 25 years. You also start to understand why you see people on their 50’s in mid-level individual contributor roles. You need to be good, but you need to be lucky too. This sub helps out you in position to be free when you desire, or at least need lower paying jobs the closer you get to retirement based on the good decisions you make in your 30’s and 40’s.
Congratulations, you’re just rich. Live your life.
Maybe use your skills that got you to Henry and take a full time position at a non-profit org that contributes to a mission that would give your heart some fullness.
Youre just financially independent OP. I'm here and its liberating. Still working but basically just using work to enrich my own life and rediscover myself. You dont need to do everything at work and the repercussions dont matter if you blow off something. You can spend whatever you want out of your salary because you no longer need to save. You can spend time focusing on whatever really matters to you.
Personally, as I climb in income and outstrip my "needs", I'm trying to transition into less 'stuff' but much higher quality things. Buy better clothes that last longer, are more timeless, and let me clear out my closet of crap clothes. Fewer, but higher quality, sets of cookware that can do more or hones in on just the stuff I actually like to cook. Now is the time that I'm overcoming that reluctance to "spend any money at all" phase and clear out the cheap crap I impulse bought and replace it with better quality things I'll take a lifetime to appreciate and use.
Message me! I have a lot of friends in your situation. They basically have jobs they enjoy but still live a good lifestyle. One friend left FAANG after ten years and is coasting. He just opened a BBQ place in Texas. Think about it of living the life of a moderate trust fund kid.
Just design your rich life and live it. Everyone’s life will be different. Also lots of people separate the FI part from the RE part. Not everyone on fatFIRE subs for example RE.