Weekly FatFIRE Update (4/22/23)
Weekly summary of 8 net worth stories / progressions | 2 ultra savers in their 20s | $1M+ before 30? (no house, no car, no debt) | Savings rate of 80-90% for 5 years | Guts to FatFIRE |
Weekly Net Worth Updates / Stories:
This week we have 8 different net worth progressions / updates / stories. Including 2 different examples of extreme savings in their 20s. One lived at home for 4 years and saved 80-90% of takehome pay and the other has $1.4M net worth and no house, no car and no debt at age 29. Then we have a couple that FatFIRED at 51 and 6 years later has $1M+ more than when they retired.
20s/30s:
$550,000 [#120-R] - lived at home 4 years with 80-90% savings rate (age 28)
$817,000 [#114-R] - 37 year old. Lives in DC. 10 year history of net worth.
$1,400,000 [#116-MU] - consultant. no debt, no house and no car (age 29).
$1,485,000 [#115-ESI] - East coast dual-income suburban couple (age 38).
40s:
$2,030,000 [#121-BO] - Boglehead investor married with 2 kids/MCOL (age 44)
50s/60s:
$1,100,000 [#117-R] - divorced at age 44 with $0. now $1M+ at age 53.
$2,832,219 [#118-NWS] - early 50s - decides to try timing the market
$4,800,000 [#119-ESI] - early retired couple living in the mid-atlantic region
NWS - NetWorthShare | MU - Millionaires Unveiled | PoF - Physician on FIRE | ESI - ESI Money |
BO - Bogleheads.org | R - Reddit Profiles | TW - Twitter Profiles | BI - Business Insider
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.
Apparently, being ready to retire early is a difficult decision for many reasons. In this first example the subject is not sure if $9M net worth is enough to retire (current spend 20-30k/month)? Read more in Guts to FatFIRE. The second is an individual that has an offer to sell his company but he wouldn’t be able to actually retire under the current terms which require him to remain CEO to get $5M earnout. Read more in Turning down $20M offer because it has no RE component. Can't figure out how the RE!
Those that are contemplating FatFIRE also wonder how much is enough. Interesting post on what is the real difference between $10M vs $20M? Most think the utility of money decreases pretty quick especially if your closest family and friends are at a lower level.
Ten Wilsons launched 60 days ago…
We have been profiling the net worth progression of people in their 20s, 30s, 40s as they become millionaires and multi-millionaires (121 profiles so far!). As we build this in public and in the interest of transparency (just like the folks that are sharing their net worth publicly), we will be providing a monthly snapshot of TenWilsons stats from both twitter and substack. Please provide feedback/comments on what information or segments you like most and what you would like to see more of. Thanks! tw
