The mind set here is skewed crazy-town. The amounts people seem to think they *need* are more than what 98% of the country have saved, and they are traveling, eating, going out and having fun living their lives on much, much less.

Anonymous wrote:OP go to r/ChubbyFire on Reddit.

Also r/CoastFire (mentioned upthread).

OP go to r/ChubbyFire on Reddit.

Anonymous wrote:

Anonymous wrote:Maybe make a baby or foster a child/adopt a child for a better world?

I don’t think I can improve on bad genetics

I don’t get it. How is saving a million by 30 years old over saving? My children inherited from grandparents $3 million plus, one in college, one in high school. College is paid for. They are so young that they can’t think that they are all set. You are young, congratulations on doing a great job but the more the better.

research costs on care for the elderly. that should get you over your fake problem.

When I would previously post about needing 20M in today’s dollars to retire comfortably, people would disagree with me. I’m glad to see that the tides are turning. Having 4M at 45 is nothing.

Anonymous wrote:OP, read up on the FIRE community. We didn't start off trying for that, but we are almost there now. You don't have to make any decisions, even after you get there. But the freedom that we have each day to decide if we want to continue to go to work, to decide to buy a new car, to decide almost anything, is amazing. Keep going but don't bank on it until you actually have what you need, not what is projected that you'll have.

+1 We reached CoastFIRE about 5 years ago and while we're not making any big changes to how we live or planning to retire super early, it has removed a lot of my stress around work.

You are not giving it away at the right rate for your income. It's your moral obligation to help people with less money since you most likely work in something that either takes advantage of poorer people or excludes them entirely.

So, use your skills and your money to bridge the gap.

OP, read up on the FIRE community. We didn't start off trying for that, but we are almost there now. You don't have to make any decisions, even after you get there. But the freedom that we have each day to decide if we want to continue to go to work, to decide to buy a new car, to decide almost anything, is amazing. Keep going but don't bank on it until you actually have what you need, not what is projected that you'll have.

Anonymous wrote:

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

4m is oversaving? Work to get to 10 by 50

I was going to say something similar… we are tracking towards $25-30M by 50 without any windfalls, just living substantially below our means while working high paying jobs like the earlier PP.

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

4m is oversaving? Work to get to 10 by 50

In between the nonsense there are some nuggets here -

- re-evaluate your goals and progress on a regular basis
- if you are earning enough and are relatively happy with how things are, think about what else makes you happy. Loosen the purse strings a bit, go on vacation, pursue a hobby, buy a beach house, whatever. Do something that makes your well-rounded life better.
- consider how having children impacts your budget. If/When you have kids, build memories.
- live a well rounded life. Don't just live to work. Develop hobbies, pursue interests, donate to good causes, make the world a better place. Explore passion projects, and consider if downshifting could involve working a lower paying job that is more meaningful to you.
- never forget helath insurance.

Anonymous wrote:4M at 45 is not enough to fund retirement of 40+ years. 4M at 65 would be fine. Also you’re not factoring in job loss between now and then which could dip into savings and switch up your sense of security altogether. And, You need health insurance. Consult, do a side gig, keep yourself busy doing something.

It's more than enough, it will keep growing with time. What do you spend all your money on exactly?

A lot can happen between 30s to mid40’s.

4M at 45 is not enough to fund retirement of 40+ years. 4M at 65 would be fine. Also you’re not factoring in job loss between now and then which could dip into savings and switch up your sense of security altogether. And, You need health insurance. Consult, do a side gig, keep yourself busy doing something.