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I feel everyone who's in a bad place now, uncertain about the future. My approach has been often to take a mixed-risk approach, and it seems to work out well.
by token8791 4y ago
I feel everyone who's in a bad place now, uncertain about the future.
My approach has been often to take a mixed-risk approach, and it seems to work out well. First, no debt. Second, long-cash. After working for about ten years in relatively low paying roles I have something like a runway of about 25 years - that is I would not need to take on any job for 25 years while keeping mostly my current standard of living (plus be happier, as I would have more time).
I plan to work for about 5 more years, then switch from a high-stress environment to cool projects that do not need to make lots of money.
The key has been to continue to live like a student, we have a small cheap flat, go out eating maybe once a month, no car, no expensive hobby, little distractions.
With a faang salary, I probably could have achieved that not in ten, but in two years.
That's why I'm a bit curious why people are so stressed out.
- UncleOxidant 4y agoYep. Living frugal has big advantages. You can just walk away if you need to. I don't have 25 years saved up (well, maybe I do counting retirement savings and I am getting pretty close to that 59.5 age where I can access them) but I can go a good while without working. Our cars are 20+ years old and still going strong, our mortgage on our very modest house will be paid off in a month or two. You have to be willing to trade status symbols for freedom.
- Knifa 4y agoLife feels too short/uncertain to not make use of the cash you've got, is the other perspective I guess.
- token8791 4y agoWell, I use cash - I buy good food, for example. But just knowing that I can just say bye to any job, if it gets to the point is quite a value to me.
- themitigating 4y ago70 to 100 years is short? You could spend your entire savings in a month if you wanted so I don't understand your advice
- xputer 4y agoFor many people the main concern is not money, but maintaining visa status.
- OliverGilan 4y agoThis falls apart when you want to get married and have kids? It’s certainly possible to find a frugal partner but kids still cost a lot of money in general
- LVB 4y agoI agree but IMO there is still a huge amount of discretion involved. My wife and I are routinely stunned at what other families spend on their kids clothing, hobbies, family vacations, etc. We hear a lot of grumbling from our kids about it too, but we both feel it is better both for our wallets and the kid’s upbringing.
- gahara31 4y agoFeeling enough is something that money can't buy. I'm happy for you.