LogFAQs > #930876319

LinkPizza posted...

I guess it works for some. Though, you have to have a good enough job to do it. Not everyone has a job like yours where they make 140K-200K. And definitely not right out of school for most. And depending on where they live, most of their money might go to other more important things. Not to mention some dont like living frugal if there is no reason to.

That being said, how long do you think itll take until you reach 30K passive a year? From the way you explained it, that means you need to save up $750,000 (3/4 of a million) to do that. And that seems like it would take a while...

It honestly sounds like a humble brag more than anything else...

Less of a humble brag and more of an update (why I said about my part) and wanting to let people here know this idea is out there and seeing if any PotDers are also FIers. I hate my days and schedule, it's not enviable. I've never heard of FI before a year ago and it really changed how I think about things. I mean even coming straight out of high school and doing a well paying associates like dental hygiene, a person would hit 30k about the same time as me because they had more time for compounding while I was in school.

You're right definitely not for people who don't want to live below their means. If someone has really high means they could still live on a lot and save a lot until their passive income hit 100k (or higher, it grows exponentially). It's typically known as fatFIRE.

I expect it to take about 7 years for me to hit 30k assuming I don't get any raises. But if I keep working I'd hitting 60k will take another 5 years, and 120k passive will take about another 5 years. Or if I stop working at 30k and just support myself with a part time job or something it'll take 10 more years for 60k if I just sit and let it compound. Ballpark numbers.