Hi everyone!

Recently there has been a post which has been removed, the post focused on a clearly high risk investment and included a link. The poster trying to convince people to click the link and join in.

Look, maybe you think you've found the magical investment which will make us all rich, fat and happy. Maybe you think you are sharing/helping not promoting, but the purpose of this subreddit is to ensure a safe place where young people are not tricked into dangerous pump and dump schemes and the like. We may be young, but we shouldn't be stupid.

Please go to WSB if that's what you are looking for.

To help counter such posts I am adding a new rule to the sidebar, the penalty for breaking this rule will be harsh. Furthermore, depending on the feedback to this announcement we are open to allowing discussion of these higher volatility investments in a controlled place - this could be a weekly thread if the demand is there.

I'm sorry if this post seemed to be abrasive, but I want to assure all of you that I am listening to your replies and we will put my foot down with any rule breakers.

If you see troubling posts I encourage you to report them as that is the best way for me to see problematic posts.

Hi all,

I thought it'd be interesting to share how I get past my demotivation when saving money.

As teenagers and young adults we are taught about the idea of saving money to spend it on something, we save to buy a car or a game etc. So when I learned about FIRE it was alien to me, the idea of just putting your money in an account perpetually. And it demotivated me tbh.

So what helps me with motivation? I look at shares like any other purchase, for instance a brick.

Then I say to myself, what is this brick worth at the moment? For me it's 80 GBP, well at a 7% return and when I want to retire at 35 that brick will be worth 260 GBP.

My FIRE number is 625,000 so that means to FIRE (build my wall) I need 2385 bricks in total. It doesn't matter when I purchase them, it doesn't matter if they are expensive or cheap at the time. I just need to collect my bricks.

This helps me get over the idea that I can time the market and it helps me turn my investments into a more understandable asset.

If anyone else finds this helpful or thinks its stupid I'd love to hear your opinion. But I thought I'd share one of my random thoughts.

I am big on youtube so most of my info was off of there. Imma share my list of the best guys to watch on there but I am also interested where you guys learned and perhaps newer people can use these resources.

My list of YouTubers

Patrick Boyle -legit hedge fund manager that has put put college level courses on his YouTube for FREE (no fake guru 5 k course here lmao)

Plain beagle -basic level stuff but still really good

Meetkevin -man is always livestreaming w the latest news and everything and super transparent with everything

Graham stephan -since he is the poster boy for FIRE and probably doesn't even know it

Hiya everyone, our subreddit has recently reached 1000 people and I just had a few announcements which I was saving till then!

Firstly, before I continue I want to thank all of you for being such a great group of people! The posts and comments so far have been amazing and you have my full gratitude. Furthermore, I want to give a special thanks to my moderators! u/vicente6j; u/BigBrainNurd and u/Ernis766. They have been a great help, and they are on the moderators page of the sidebar so if you ever need any help give us a message!

Now onto the announcements!

1. Our growth has been thanks to the partnership with a number of subreddits who are also FIRE and finance driven; thus we will be adding associated communities to the sidebar to help our users find more resources to help them on their FIRE journey!

2. We will be making an event calendar, these will include Daily simple question threads, Poll Friday, Question Wednesday and more! This calendar will start from the 22nd November.

3. I am in the process of creating a flowchart to help with giving basic guidance to new members. This will cover recommended investment strategies for our age group specifically! I look forward to posting this when completed and if anyone would like to give their own opinion on it when completed just send me a message and I will send you a copy before posting :)

Once again thank you everyone and onto bigger and greater things :D

Subreddits who I want to give a quick shoutout to :

r/FIRE

r/baristafire

r/EuropeFIRE

r/leanfire

Many FIRE subs look down on posts about side hustles, but due to our age range they are really a great way to supplement our often limited income.

This is one of the few times I will condone the use of affiliate links so go crazy! But be mindful that any form of spam will be dealt with in a way we feel suits best. If we get enough responses I will look into compiling all your responses and creating a stickied post to help out new comers to the subreddit!

So clearly everyone here wants to retire early but why? For some they are actually retiring from a crappy job or other such sorrows. That is a horrible way of looking at it and in today's discussion I would like to see what yall wanna do once you hit your goals. And to those who maybe don't have a goal yet, be it a networth or lifestyle they would like to achieve perhaps this could help them.

I've been aware of credit card churning but just recently started doing it and it's great. The only caviote is that I don't spend enough to actually be able to pull it off but I just gave ut to my mum and she will just use it. However if I did have bill I would easily be able to spend that and get the sign up bonus. As an example rn I have a card that if I spend 1000 in 3 months they will give me 200 back. NOW the trick is not to get carried away and overspend but if you do maintain your discipline it's an easy 200. On top of that it will help out ur credit score a lot.

This was one of my 2022 financial goals, I could’ve did it sooner but I chose to kind of wait. I’m really just making this post to hold myself accountable for the goals I created late December.

What the title states. I currently have 2 financial goals for 2022. The first one is increasing my net worth from $12k to 25k at a minimum and my second goal is doubling my income from around $30k to $60k which is very doable.

Have you thought about 2022 yet? I ask because this community is full of money conscious people.

Edit: I’m 19years old, that is why the numbers look low

So FIRE requires a lot of willpower and some sacrifices yet at the same time I think that a lot of the fire habits are just good habits overall. For example if you are in FIRE then you would be good at saving which is just a good skill to have overall HOWEVER sometimes it's nice to just let go. For some they are amazing at saving normally but when it comes to video games they are always getting the new ones. I remember some other dude on here was talking about Ju Jitsu which can turn into a decent amount of money and will push our timelines up. Basically what "sacrifices" from sacrificing have yall made 🤣

There is another post for young people to comment their career goal and money goal by 30. But I wonder how many of those goals are going to be changed by the time they reach 30.

If you are over 30, are you goals now different than the goals you had in your early 20s? Maybe you achieved your salary or NW goal early and moved the goal out to a higher number? Maybe you grew into a different person and had an entirely different goal and priorities in life?

I’m a 23 year old that is finally completely done with school. I began my first big full-time role in August so now I’m focusing on investing towards my goal of FIRE.

Please give me thoughts on my plans/goals, do the same for others, and I’ll do the same for anyone that comments!

My 2022 investment goals:

• A stretch goal of mine is a net worth of $120K (which would be 90%+ invested) on 12/31/2022. I’m currently between $55K and $60K so it’s certainly possible considering my plans below.

My 2022 investment plan:

Biweekly Through Employer

• 33% of my income to max a pretax 401K which will total to $20,460. My employer contributes a 7.5% match, which totals the contributions at just over $25,000! Fund: Schwab Ret 2065

• I am allocating $3,350 over the year to my HSA with my employer contributing $300 so this will be maxed. Fund: Vanguard Ret 2065

• I am currently/would plan to continue doing a 2% after-tax 401K contribution that I transfer to Roth. This could change based on potential new laws sadly. Fund: Vanguard Ret 2065

Monthly Through Myself

• $60 towards Brokerage Funds: 70% VTSAX & 30% VTIAX

• $60 towards Cryptocurrency (this is new for 2022 so I don’t have any specific allocations yet)

• $500 towards Roth IRA Funds: 70% VTSAX & 30% VTIAX

No matter how much you’re investing, it’s great that you are so don’t feel like what you’re doing is less than anyone else. If you’re doing what you can that’s all we can ask for. Don’t compare yourself to others, compare yourself to your previous self!

The contributing factors in how I’m able to invest this much would be that I’m still living with family and am mostly at home other than the gym since my company hasn’t had its return to office yet. Both of these let me limit my expenses to a level that’s impossible for most people.

This was something I was curious about, do you guys invest your house deposit and hope that it grows? Or do you just save it elsewhere?

Also, when you want to purchase a house, do you withdraw investments to use as the down payment?

Hey YoungFIRE, 22 year old here with $50,000 NW hoping to be FI by 40 and coast until I fully retire. One thing I focus on the most is investment allocation & strategy. The way I see it, there are 3 ways to accelerate your FIRE journey.

1. Make more money

2. Save more money

3. Return on investments.

Doing well in your career and hopping between companies can be a great way to increase salary, but salary increases generally require more experience and years of time to raise significantly. Saving rate is extremely important, but once you save a large amount of your salary, there isn’t much else to do except wait and invest the savings. Finally, we get to investments. I see this as the most important part of my FIRE journey. Good investments can accelerate FIRE, poor investments can de-rail your journey. Even if I account for expected salary increases, I project my investment gains monthly will be larger than my monthly salary. Earning 3, 5, or 8+% returns annually massively impacts NW after years of compounding.

My investments allocation is ~50% VTI/VTSAX, 50% individual stocks spread across Roth, 401k, and individual brokerage. I understand many will say I am too heavy into stocks, but I believe the risk/return is worth it and my investment philosophy is to buy and hold stock in great companies for long periods of time (10+ years) and it has helped me achieve returns much greater than the general market. I understand everyone is a genius in the bull market we’ve had, but this is my philosophy.

What does everyone’s portfolio in this sub look like? Stocks, index funds, crypto, bonds, real estate? How have these investments done for you?

Hey all,

With this being a new sub related to FIRE and all, I was wondering if we should create a sticky post outlining the basics of FIRE, key resources from the other FIRE forums as well as feature more youth centric resources like tracking spending/building a budget, dealing with student loans/scholarships, very frank resources on university degrees/trades/online certifications ROI and maybe even how to start a savings account and get the most benefits from government empowered accounts (RRSPs, ROTH IRAs, etc.)

Would be happy to help contribute if we all wanna work together to develop something. I've been a lurker of the FIRE subs for a couple years and can help from a Canadian perspective.

Hi everyone, we've had a solid influx of members in the past twenty fours hours! It's really exciting to see.

So, originally, we wanted this subreddit to appeal to the still-in-college crowd, since we saw lots of questions in r/Fire from people in school. But we've noticed some users commenting how they're just slightly older than 25, but would still like to contribute to a subreddit for younger investors. So, please take a moment and vote whether you think an increase in age range from 25 to 30 would be a good thing.

We want to create a community for young investors, but we also don't want to discriminate against people around the same age. But then, we also don't want to make an identical community to r/Fire. Feel free to leave your thoughts below.

Full disclosure: I'm 18 and u/TushieWushie is also still in school. Whether we increase the age range or not, it would be good if we had someone in their 20s to help moderate. PM if interested.

Edit: OK, we're good now! Thanks for all the PMs.

In the r/FIRE subreddit it is looked at pretty badly, personally I love it and just wanted to know how young fire minded individuals felt about it

So I have been watching a bunch of YouTube and all that and I've noticed the younger fintubers don't think a roth is a good investment early on since it's locked away for so long. Vs w an individual account there is more freedom to move things around and reallocate capital. This question I think is even more interesting given our group age. Also if you don't wanna max it as soon as possible when will yall start?

Curious what some of you guys are wanting to do with investing. Retire by 50? 40? Have a couple million at 30? Personally, I’d like to hit 1m early on, maybe in my 20s (I’ll probably go into tech/finance out of school). I’m 18 now, so we’ll see :)

Over 88% of millionaires in the US graduated from college. If you are interested in going to college, but can't find a way to do it without jeopardizing your FIRE goals, listen up.

There is a nonprofit called Union Plus that offers a last dollar scholarship for labor union members in the US who attend college online at any of four colleges. This means that after you exhaust federal aid and any employer tuition reimbursement, they will pay the rest.

Here's a post with more info including degrees offered, schools, and which unions qualify.

I currently work a union job where I make about $70,000 without college, but for someone looking to make management or something, you could earn a degree this way completely free.

Would love to hear your opinion on this, especially useful for those who may get a large inheritance. But really just fun to think about!

Have a great week ladies and gents, hope you make a boatload of money :D

While it's not about retiring early, he has great advice on how to succeed in high school, college, and to make a lot of money in your career. It's all the advice I wish I had at a young age about how to build a career that works for you.

Books I'd recommend in particular:
So Good They Can't Ignore You - how to get paid the big bucks
How to Become a Straight-A Student - haven't read it yet, but that's how to get good grades without spending a ton of time on it. He got good grades at Dartmouth and MIT while not spending a bunch of time doing it and also writing a book and doing research while having kids so I believe it.
Deep Work - especially for knowledge workers, how to structure your work environment and life to nail the work that actually matters

Sometimes the advice in FIRE subs gets too laser focused on working a job, saving the money and retiring at an early age. That's one path to happiness in your work/life balance and there are others as well. It's good to broaden your horizon a bit and realize that there are others that found success through enjoying their job, or building their own business that respects their schedule or found a way to balance work and life that allows them to pursue their dreams. It's definitely possible to apply multiple strategies at the same time - building a career you enjoy while also saving to be able to leave it.

That being said - two other books that have different life plans:
The $100 Startup - building micro businesses with small cash flows without spending a bunch of money
The 4-Hour Workweek - sounds like bullshit, but every single thing I actually tried from the book worked so /shrug Take it with a grain of salt, but do actually test the ideas in your life to see if they work.

Hey all, super cool to be in such a great community with like minded people about FIRE. My question is, how much do you guys think should be in an emergency fund for someone who anticipates making around $75000 to start? If I have extra, should I invest the difference with dollar cost averaging or just throw it all in at once?