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[NOTE] My prior ID (DuQvV7) got locked by Blind (for responding too much?!). So this is a repost. I'll answer any questions on the initial thread too but it won't show me as the OP. Admittedly a thin premise to base an AMA on... but whatevs. FIRE: Financial Independence + Retire Early I am retired. [Original: https://us.teamblind.com/s/jNKKtXVa]
How did you made so much? What were your big investments ?
I was never lucky enough to hit big with one thing. So I built the retirement coffers with side hustles and sweat equity. And time.
What was your profession ? Tech ?
My understanding from the other post is that he did lots of real estate investments. Curios to hear his strategy?
RE over time delivers an enhanced power of compounding. I’ve owned rental real-estate for 20 years which has swelled both the equity and rental returns from those units. Also, I have been careful to keep my spend low even as my top line increased.
Are you still acquiring rentals or are you just happy with the mailbox money at this point?
Is rental property better than 401k/IRA/HSA?
For me, it has been by far.
How long were you intentionally pursuing FIRE prior to the exit?
20 years.
Where do you live that you spend only 40k annualy?
Indy
Congrats!
👊
What kind of side hustles worked out best for you? What years were most productive? Have you considered a couple years at Fang to really buff up your savings? Are you concerned that we’re due for a recession which is the worst thing to happen early in a FIRE?
There’s a list of 20 on the original post. I could do with much less sleep in my youth. I had multiple side gigs and main gigs running. However ummm bill rate was much less. So “productive” is subjective. No FANG. No more work for me. Unless ACA falls then I may have to go to FANG just to get health insurance. I’m buffered against a recession. At 2% inflation and 2% return I will burn though my savings in exactly 100 years. I’m skeptical I would live that long...
it's easy as hell to FIRE if you're working in tech industry if you just know how to manage your budget and not pay for stupid shit. my annual living costs in SF from 2012-2017 were $40k/year which included eating out for lunch everyday (~$10 each), dinner twice a week ($20-30 each), and $5k a year in travel. if you're pulling in $120k after taxes that's enough for 3 years of living costs for every year worked.
Things change once you are married and have kids. I think FIRE for those is extremely difficult.
How? Did you have 10 roommates or live in an RV
Read your previous thread. Congratulations! 1. What is OPM wrt Real Estate? 2. Did you invest heavily in 401k? (Backdoor, mega back door and such)
My best guess here is that OPM stands for operating margin. But that’s not a typical metric for real estate. Please clarify. My 401k languishes sadly. I’m not a great stock (or ETF) picker. It sits around 800k. In retirement I will have enough inflow to take good advantage of SEP IRAs though.
Reference was this. Thanks for your reply! @Xyhy51 Best question so far! Yes, I leveraged OPM. I still am. I never earned a ton and I’m a marginal at best stock picker. So, I used a lot of side gigs to build the capital to buy RE. I bought a bunch before 2008, I bought even more after. I’ve never (till today) pulled cash out of RE investments to do anything other than leverage other RE. Is this risky? Certainly. 2008-2011 were not comfortable years. But ultimately RE was the right call and has been very good for the last 8 years.
Where’s the original thread
Added to initial post