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Old 04-20-2019, 03:51 PM
 
Location: Aurora Denveralis
6,743 posts, read 2,360,489 times
Reputation: 10481

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Quote:
Originally Posted by Magic Qwan View Post
My main goal is working less so I can have more personal freedom.
Nothing I would argue with. But trying to use Warren Buffett (or Jimmy Buffett) tactics to get there, on a modest income, may not be the best path.

Consider working at the other end: reducing your life costs so that you don't have to make $100k just to have some flexibility.
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Old 04-20-2019, 04:22 PM
 
Location: Denver CO
20,511 posts, read 11,318,879 times
Reputation: 30762
Quote:
Originally Posted by Magic Qwan View Post
It really depends. I live in a LCOL area and make 50k. It covers all of my expenses, including my embarrassingly inflated food budget (I’m aware of the problem and have made inways into spending less on food, but I have self-control issues with food, specifically).
That is not responsive to my point though - to follow in this woman's footsteps, you'd need to keep living in that LCOL area and stick to your current budget but also find a job there that will pay somewhere in the $400,000 to $600,000 range
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Old 04-20-2019, 04:56 PM
 
Location: Canada
5,611 posts, read 4,041,649 times
Reputation: 14985
Anyone who works and makes decent money can save through the years. The main problem is, is that the more you make, the more you seem to spend, JUST BECAUSE YOU CAN.

Eating hotdogs, Krappy Dinner, and burgers at home isn't too appealing, when you can order take-out, or do a nice steak, pork chops and prime rib pn your BBQ at home.
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Old 04-20-2019, 08:43 PM
 
Location: Shreveport, LA
1,245 posts, read 947,651 times
Reputation: 594
Quote:
Originally Posted by Quietude View Post
Nothing I would argue with. But trying to use Warren Buffett (or Jimmy Buffett) tactics to get there, on a modest income, may not be the best path.

Consider working at the other end: reducing your life costs so that you don't have to make $100k just to have some flexibility.
Iíve considered that too. Food expenses are the main thing I overspend onóif I could improve my self-discipline and do what I know I need to do to eat responsibly, I could easily save $500 a month or more. Instead, I either spend everything (if I binge a lot that month), or I only save about $100 (if I exercise a little more self-control). I liken it to a drug-addict knowing the drugs are killing them and they want to stop, but they keep coming back to the drugs. Iím like that with food.

Honestly, though, what Iím putting in front of me as my reward if I get my finances right is to sell my house and car, buy a trawler, drop anchor in a port like Salinas, Ecquador or Arica, Chile (or some other cheap tropical place with clear water thats not too hot or cold), and being free to sunbathe/fish/swim whenever I want, and have lots of seafood around me. Above all else, Iíll be able to not be bothered. I could just have my boat on the water and my three toy poodles (probably different ones by then, since I need to find a way to do passive income.

Iíve just always hated work in general and never will like work, so I obviously want it out of my life as soon as possible, but I put up with working in the meantime with the dream of saving enough to retire.
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Old 04-22-2019, 11:55 AM
 
2,222 posts, read 1,501,792 times
Reputation: 2861
If someone is making mid 6 figure in their 20s, that person has to be amazing at their job. If someone is making low low 6figure in their 20s, that person is AMAZING at their job. But being that young means you only had very very short time in the field to show your worth. Why would someone who is doing AMAZING quit? I can see giving up investment job that requires 20hrs of work/day for something more simple but then it is not challenging.
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Old 04-22-2019, 12:08 PM
 
Location: on the wind
6,377 posts, read 2,549,871 times
Reputation: 21711
Quote:
Originally Posted by Magic Qwan View Post
It really depends. I live in a LCOL area and make 50k.
Getting there with this income, not wanting or willing to work a lot harder, and an addiction to food on top of it? And no, just getting the "right" degree isn't going to get you there either. Something you are ingesting is interfering with reality OP.
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Old 04-23-2019, 04:44 PM
 
3,799 posts, read 2,466,678 times
Reputation: 8006
Quote:
Originally Posted by Magic Qwan View Post
I just need to get a masters or doctorate in the right field. I’m good at school.
No, it's not that simple. The right degree can get you in the door but you need to have the right work ethic, be able to apply what you learned in school to real life scenarios and have the soft skills to be super successful in a high paying job.

I've seen people who are very smart and at the top of their class in school not do very well and even fail in the workplace. I've also seen people who were in the middle of the pack at school have a very successful career. Doing well in school doesn't always translate into success outside of an academic setting.

I think 99% of the people out there would like to work less and have more time to pursue personal interests.
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Old 04-27-2019, 05:48 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
16,153 posts, read 16,233,524 times
Reputation: 12143
Good for them, I do not begrudge them their success.

Everybody has their own path in life.

I am a motel-bandit/van-dweller..............works for me, I accept this reality.
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Old 04-28-2019, 06:04 AM
 
25,710 posts, read 28,088,293 times
Reputation: 24258
Quote:
Originally Posted by Magic Qwan View Post
I just need to get a masters or doctorate in the right field. I’m good at school.

My main goal is working less so I can have more personal freedom.
School takes time away from ability to work and save, and it's even worse if you have to incur debt to do it. There seems to be a bit of magical thinking in your post, as if getting a new degree will be some kind of magic.
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Old 04-28-2019, 06:06 AM
 
25,710 posts, read 28,088,293 times
Reputation: 24258
Quote:
Originally Posted by Quietude View Post
Nothing I would argue with. But trying to use Warren Buffett (or Jimmy Buffett) tactics to get there, on a modest income, may not be the best path.

Consider working at the other end: reducing your life costs so that you don't have to make $100k just to have some flexibility.
If he only makes 50k, he's not going to reach financial independence quickly. Even if he's uber frugal it's probably going to take him 15 years to get there.
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