I think this is one of the main differences. Along with the expectation of a future of no poverty vs. feeling like there is no hope.
A monk I used to listen to remarked that living conditions in his monastery (excluding the criminals) were similar or worse than what you get in prison, but people joined a wait list for the monastery and dreaded prison.
I think we’ve all seen how two people can have very similar life circumstances but very different emotional reactions to it. And certain ways of entering those circumstances certainly impacts the perception
Honestly, can’t recall anything specific. But, I do remember him making me at least take a step back and perhaps even softening my stance on something. Nothing I can point to exactly, but I can’t think of too many other AFers that have even come close to making a dent in my pigheadedness.
fear of living in poverty is always at the back of my mind. its actually why i wanted to get in the investment industry. i wanted to learn how to play the market to the point where i dont have to work.
Step 1: Determine FU Money. amount you can quit. for me its 500k. traveling to third world countries and living cheaply.
Step 2: Buy insurance. i buy life/disability for the fu amount. so that either i am financial stable if the worst case happens or my loved ones are protected. make sure its term, make sure duration is lowest so its the cheapest. for me its about 15 bucks.
Step 3: Save like crazy. live minimistically minimize taxes. Maximize hsa, ira, 401k or roth. invest anything excess. Use the link below as a benchmark.
bchad had a very rare combination of left leaning politics + knowledge of finance, which made his point of view somewhat unique. It was great to have someone who could argue for liberal financial policy with a point of view other than “fat cats need to pay”.
Personally I don’t have any fear of living in poverty.
My backup of a backup plan, if I ever became financially hopeless and had nothing to lose; sell whatever is left, buy plane ticket to Philippines or Vietnam, live on beach teaching English to natives for $10/hr. A simple life off the grid, marry a hot chick half your age for citizenship, and once you start getting social security it goes a long way in SE Asia. You go from poor to rich with just a plane ticket.
In traveling around Asia I bump into guys who have done this, their life would be financially unsustainable in the West, but they live pretty good over there. And occasionally you bump into someone who “had it all”, and just decided to bail on the West as they like the lifestyle better in Asia.
Seems like there should be restrictions around that, like there is for taxes. You have to live in florida for X number of days per year to avoid paying income taxes, so lots of snowbirds spend exactly that many days there. Seems like the same should apply for qualifying for SS… you want gov money, live X number of days per year in the states.
The plan sounds smart, but sucks for the country as a whole
Meh I don’t know about that. The US are already financial-nazi creeps, taxing those of us who work abroad, even though we never use US infrastructure. We loaned the USG money while we were working in the US, and even while we were working abroad, we want it back. It’s not “gov money”, it’s our money.
But yes, I think as the US ship continues to sink they will close the doors, no moving out, no moving money out. And pay us 60 cents on the dollar, since they lost all the money we loaned them.
^ Haha, well I think this is one of those unhealthy perceptions that keep Americans living on their sinking ship. They think they can’t jump ship due to social perceptions. But if things get really bad, or even before they get bad, they CAN simply exit the ship…screw what people think. A lot of problems are environmental, and are solved by changing environments.
You should be thankful for those unhealthy perceptions. I mean if everyone in the US knew how easy it would be to execute your plan, the supply of hot young women who want to marry old, foreign men would soon run out and the going rate for beach-based English teachers would drop to pennies per hour.