Weekly FatFIRE Update (3/4/23)
Weekly summary of net worth updates | TenWilsons 1st month on Twitter & Substack | What is your income vs house price? | What did you do upon hitting your FI number? |
Weekly Net Worth Updates / Stories:
This week we have 12 different net worth progressions / updates / stories. From a 31 year old saving 50% of his salary in Colorado ($1.2M net worth) to a couple that downsized at age 41 (and moved from NJ to FL) to accelerate their retirement savings contributions ($2.1M net worth). We even have an update from an economics professor / trader / blogger that is living in Australia ($4M net worth). Clicking on the net worth number brings you to the original source of the data. We also provide links to our twitter recaps as well.
20s/30s:
$1,200,000- [#58BO] - motivated saver saving 50% of his gross income (age 33) living in Colorado (read full article here) 👇
$2,700,000 - [#56ESI] Real Estate Investor (age 39) with 90% net worth in Real Estate
40s:
$2,076,748 - [#61NWS] - Best decision buying a condo at age 22 - Twitter Post
$2,111,130 - [#63NWS] - engineer (age 41) moved and downsized before retirement 👇
$2,715,473 - [#59NWS] - 17 year net worth progression from $108K - Twitter Post
$2,900,000 - [#54ESI] MS couple increases savings rate from 25% to 45% - Twitter Post
$3,309,784 - [#60NWS] - Doctor leveraging big into real estate - Twitter Post
50s:
$2,016,268 - [#57NWS] - retired early at 51 - 5 years later at age 56 - Twitter Post
$2,936,530 - [#62NWS] - only 25% of 401k balance is contributions - Twitter Post
$3,100,000 - [#55MU] “non-starving” artist (age 51) & real estate investor - Twitter Post
$4,041,239 - [#64NWS] economics professor in Australia - Twitter Post
60s:
$3,779,984 - [#10NWS] - Aussie pursuing PhD www.enoughwealth.com - Twitter Post
NWS - NetWorthShare | MU - Millionaires Unveiled | PoF - Physician on FIRE | ESI - ESI Money | BO - Bogleheads.org |
The FatFIRE subreddit (r/FatFIRE)
The FatFIRE subreddit is a community of individuals who are interested in achieving financial independence and retiring early with a high level of wealth. The subreddit covers a wide range of topics related to personal finance, investing, entrepreneurship, and lifestyle design. Below is a recap of two of the most popular topics this week with a quick summary snapshot from hundreds of comments received for each topic.
What is your income relative to your home price?
What is your income vs your home purchase price. [r/FatFIRE] - Overall, it seems that home purchase price is a complex issue that is influenced by a range of factors, including income, net worth, personal values, and location. While some individuals follow the standard rule of purchasing a home that is three times their income, many in the fatFIRE community choose to purchase homes that are less than 1.5 times their gross annual take home income. Some individuals on the thread prioritize experiences and travel over investing in a large home. They choose to purchase more modest homes that allow them to have the financial freedom to travel and engage in other experiences. Overall, it is clear that home purchase price is not a one size fits all issue. It is a complex decision that is influenced by a range of factors, including financial goals, values, and location.
What did you do when you hit your FI (number)?
What did you do when you hit your number? [r/FatFIRE] - While some commenters celebrate by buying materialistic items, such as a new house, new car, others recommend creating a budget to allocate spending based on the amount of money earned. Others recommend setting up a dream account, where a certain percentage of income or investment earnings is stashed away for guilt-free spending on celebration/big purchases after 12-15 months. It's worth noting that some users have expressed that they haven't raised their number or bought anything significant after reaching their FI number. This highlights the fact that everyone's definition of financial independence and what to do after achieving it is different. For some, reaching financial independence may mean having the freedom to work on passion projects, travel, or spend more time with family and friends. Overall, the discussion provides a glimpse into the mindset and behaviors of people who have achieved financial independence or are on the path to it. It offers a range of perspectives and insights that can be useful for anyone looking to reach their financial goals.
Ten Wilsons officially launched in February 2023
Thanks to all of you for being early followers of TenWilsons either on Twitter or Substack. We have been profiling the net worth progression of people in their 20s, 30s, 40s as they become millionaires and multi-millionaires. As we build this in public and in the interest of transparency (just like the folks that are sharing their net worth publically), we will be providing a monthly snapshot of TenWilsons stats from both twitter and substack. Feel free to follow along as well as provide feedback/comments on what information or segments you like most and what you would like to see more of. Growth is massive on a percentage basis month over month but mostly due to law of small numbers!
Feedback or comments?
DM on twitter OR send directly to tenwilsons22@gmail.com. Thanks!
