JL Collins Explains FU Money vs. FI Money
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- Опубліковано 25 тра 2024
- Author JL Collins shares the difference between FU Money and FI Money -- two life changing financial freedom strategies. Pathfinders (Book): amzn.to/3RRHECV (affiliate)
JL Collins (Website): jlcollinsnh.com
JL Collins (UA-cam): / @jlcollins
CHAPTERS
00:00 - Intro - JL Collins Explains FU Money vs. FI Money
01:45 - FU Money Definition
02:30 - Good uses for FU Money
06:15 - JL Collins FU Money Story
07:55 - FU Money Examples
09:23 - Define Financial Independence
12:15 - Lifestyle options with FI Money
14:07 - Views on Retirement
17:11 - Purpose During Retirement
18:49 - Homeownership
22:50 - First step Toward Financial Independence
25:12 - Pathfinders
30:36 - Final - JL Collins Explains FU Money vs. FI Money
#FUMoney #FinancialIndependence #FIRECommunity #FamilyFinance #personalfinance
GUEST BIO - JL Collins
JL Collins is the international bestselling author of The Simple Path to Wealth: Your road map to financial independence and a rich, free life. He has been called “The Godfather of FI” in the financial independence community.
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JL Collins Recommends This One Fund on a FIRE Path
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CREDITS
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Check out Pathfinders by JL Collins here: amzn.to/3RRHECV (affiliate)
My wife and I bought too much house initially, as soon as we realized we’re were spending more than we made, we put the house up for sale and bought a house where the mortgage was 1k less a month. It was the best decision we ever made, our incomes increased and now we have no worries
Homeownership has so many emotions tied up with it. Your decision sounds like a great one for your family!
Good job.
I bought an extremely cheap fixer upper for my income (141k selling price @ 3% APY mortgage) and put 10% down. For all the work I put into it (most of the work by myself), it should be worth about 220k if I got it appraised again. My monthly cost is only 800$ and my income is over 100k as an individual. Could literally live on 1,800$/month if I had to and it makes it so easy to save for FI.
Meanwhile I have friends who make less buying 300k houses when they don't even have children or anything yet.
The problem I see is that in this current financial climate down sizing is not possible. IE if I tried to sell my home at 450k on my 2800sqft home here in Florida. I guess I could find a trailer at about 1500 sqft but the interest rates and the location of those trailers wouldn’t make me feet very safe to live there. And if I looking for a home that was 300k or less I would be brought to fixer uppers and/or dangerous neighborhoods. And the home would still be 1500SqFt or less.. it’s a scary move unless you have enough equity in your existing home to put a huge chunk down on the smaller home. In a nice neighborhood where you don’t have to worry about being robbed to shot or the noise of party animals in all hours of the night. 😅 I don’t know these are just my thoughts am I wrong?
@@Lolatyou332 weird that you share so much information about stuff no one here really cares about. What makes people do this?
@@howtoinvest4yourself241 this is like a back door brag that you got a good deal with a low interest rate. Once again, the propensity for people to beat their chests and yell “look at me” is unbelievable these days. Lmao. I made 3.2 million in stocks since 2013. I could buy your house 7 times over if I wanted. Doesn’t mean I’m out here in the comment section whacking my c*ck to it. 😂
Im a physician. I got burned out last year. I quit. The director gave me a few options but I decided to just leave in good terms. I came back 5 months later on my terms and they did not even put up a fight. They agreed to my requests.
Taking breaks like that can be just what you need.
So happy to hear you were able to take care of yourself.
I’m a pharmacist and I did the same thing due to burnout. Went from 44 hours a week as manager to just two 8 hour shifts a month now.
You’re needed in your field of work which is great. If your a retail working you would just quit and look somewhere else to work. Cause retail workers are a dime a dozen. Low skills required, just people, organization, and hard work skills are the only things required. But I am very happy that you had those options to take a break
5k in 1972 would be $36,447 now in 2024 .....according to inflation calculator
I’m so grateful for JL Collins and Jack Bogle. Been on the path with a median income for 8 years and I can see the finish line. The numbers changed when I did!
Two heroes for sure!
I am $160K away from FU money. That will take 1.5 to 2 more years. Retiring in summer 2027 at 62 and just to be sure we have that FI topped off!
Great planning! Congratulations!
@@MarriageKidsandMoney Thank you. I must admit though... retiring to South America because the USA is no longer viable for retiring in.
@@randymillhouse791 I understand! Your money can probably go a lot farther down there. Buena Suerte!
i grew up in a part of the world where opportunity and employment were not guaranteed. I've never regarded any job as permanent and once i got to a point where i was making more than just enough to survive, i put the vast majority of the surplus into retirement and cash savings. One observation. I think most people assume they are going to be able to work at their careers until full retirement age. They won't. Odds are they'll be forced out long before then. If you shave 20 years off your retirement age and consider that to be the point when your employment will become much less secure, you'll prepare accordingly. The main benefit of having financial freedom is that you build an exit door for yourself. Your employer doesn't hold your fate in their hands. Leaving that kind of work to do work or whatever you want that hold meaning for you is a good life.
Wise words right here!
People talk about coasting and taking it easy early on (20s). And while a single sabbatical probably won't break you and will be worth it.....I feel a strong urge to strike when the iron is hot. I work in software and have done this for over a decade now and can see that my skillset and industry and overall job market just aren't what they were 4-5 years ago. I'm under no delusion that this will even be too much of a thing in 10-15 years or perhaps even less.
I'm glad to have hit it pretty hard and earned and saved to leanFI levels because none of these jobs are guaranteed.
@@MN-wg8qd Great point! I took a similar path. Earned a lot and saved a lot in my 30s. Now enjoying more time and margin while my kids are still young.
Weak leaders are threatened by older workers regardless of how effective you are. Trust me, I know.
Rather than say, "if $40k yearly is needed ..", we should discuss our actual needs.
For us, it's 1) property taxes 2) utilities 3) groceries yearly. Everything else is optional. A luxury. Toys, at best. Wasteful, at worse. Then, back into discussions about these, where they're higher and lower. What brings more joy vs headaches. For example, Where do we get more amenities in exchange for the property taxes. Beyond the beach and mountains, I find the property taxes of being in the DC area offer more than any other places in the US. The quantity and quality of free museums. The volume of top schools. The moderate weather. Access to both beach and mountains. Generally half the cost of NYC and California.....
Or... Does a car or unlimited transit pass bring more joy.
I'm looking for these discussions...
Not enough thought is given to these types of discussions.
I had a conversation specifically on this subject with Joshua Becker that you might enjoy -- ua-cam.com/video/xYGyJ5Cc6t4/v-deo.htmlsi=gIu4lWvn-wOwndPr
@@MarriageKidsandMoney awesome 😎👍😎👍😎👍
I crossed the FU stage about 9 years ago. I said it would not make a difference - HUGE LIE!
No, I started telling everybody what I actually thought about everything, and it's been GREAT!
FU is a great philosophy of life!
How much is this?
I’ve been out of debt most of my adult life. I had a VERY high stress and low work/life balance career, and one day (with the support of my wife) I just quit. The key? No debt and a pile of FU money. Now I work remote for less, but through budgeting and long-term planning, still achieved paying off the mortgage and now in the best spot we’ve ever been in.
Upgrade cars? Start a small business? The world is our oyster.
I love it! Congratulations on this smart life decision!
My wife pushed me to quit too.
Financial advice from Optimus Prime! Love it
Glad you enjoyed the chat!
The Simple Path to Wealth is an amazing book. I recommend everyone read it.
Got it on my shelf too!
Look up Within Heaven's Gates by Rebecca Springer. Page 64.😇
ok what is it
@@JC-du6snwhat’s with you and this book? Did you write it? Stop already.
I love this man. He has a gorgeous voice and a no nonsense approach, which is clearly a double bill. Thank you both. ❤❤❤❤❤❤❤❤
Couldn't agree more! Our FI hero!
I always put FU money as a step past FI. FU money by my definition would be the point where if an employee at some company was rude to you, you can buy the company and fire the person.
Same here to some extent. To me FU money was you could leave at anytime and have an upper class lifestyle without working. That is FU money to me.
There is FU, FO, and then FI. Haha😂
it goes FI money so you dont have to work again, to FU money were you can do stupid shit like buy a new car to crash it for fun, to F everyone money, to change the worl money like bill gate and elon musk.
A year before I quit my last office job (have been self-employed for 10 years now) I told my boss I wanted to reduce my work to 32 hours a week. I wanted to devote more time to my side hustle to see if I could eventually make that my full time job. I could tell he didn’t like the idea, but he agreed to it because in his words “we don’t want you to quit.” He knew I had enough FU money to walk if he didn’t reduce my hours. I have friends who live paycheck to paycheck and they end up being hostages to their employer. FU money is FREEDOM.
What a great testimonial for the power of FU Money!
Mi was really aggressive in real estate as a young guy, always using other peoples money. Technically, at 32, I could have retired. I’m 52 now, had a great 20 yr career as an airline pilot, and I farm at scale. I’ll qualify for a reserve retirement and benefits soon. I never stopped investing, I work on aircraft as a side gig.
It is and was always the FU factor for me. I was never beholden to the military, my airline, the farm, or fixing and fabricating things. The farming operation is set up as a legacy item. My mark on the world long after I’m gone. It’s set up to where I can’t even sell it. It’s it’s own being.
Im living 6 pack to 6 pack.
JL's good people
Absolutely! The Godfather of FI!
20's FU Money < FI Money
I’m new to your channel and had heard of Collins in passing, but had never looked further into his work. He has a lot of good thoughts - now I want to check out his books. Thanks for a good interview!
So glad you enjoyed the chat!
I'd recommend checking out The Simple Path to Wealth first -- amzn.to/3UqMoAK (affiliate)
So glad to have stumbled on JL’s blog back in 2012, his mission to provide simple guidance to investing helped set us up for financial success. Just today (first of the month) I updated our monthly portfolio tracker and was looking back to 2012 when we first started compared to our portfolio today… simply incredible the difference. Thanks JL and LOVE Pathfinders. I share my copy with whoever will read it!
I love your story! He shared a simple path when everyone else was complicating it!
Loved the Ben Carlson shout out. 19:13
JL: I am struggling with respect for my parents. I love my parents but as I gain financial literacy I’m starting to have trouble respecting people with terrible priorities. As I make all the sacrifices for my family it’s become evident that my parents did the exact opposite. It’s getting hard to respect anyone who has terrible, childish priorities. Who threw their life away because of car commercials.
That’s just how it goes.
Awesome that John Goodman could stop by, Just kidding, this was great nice to see JL Collins he is awesome.
17:00 minutes of the video: Yes, calling it FI opposed to FIRE is probably a better use of the acronym. I have to constantly tell people "retire early" means retired from being an employee. I'm barista FIRE working 2 days a week for the last 2 years. Working 2 days a week including stat holidays covers all my monthly expenses and I even save some money on top of that. Currently, I'm not interested in starting my own business or anything like that at this point and find leanFIRE/barista FIRE works great for me. I did spend the last 2 years playing the options trading and high yield dividend investing. I've quit all that for collecting 5.11% interest in money markets, which is great for the 4% rule. I hope that interest rates don't go any lower but we all know they will and I'll have to go back into the stock market and further out on the risk curve.
I'm 58 and was burned out from the job. Told my boss I quit and he asked me what can he do to keep me? I said 1 year of sabbatical leave to travel. He came back in two days and said OK... Woo hoo! Leaving in 3 weeks for Asia, Europe, Central/South America trip!
Incredible! You must be a major asset to the company!
Well deserved!
Awesome. Read the autobiography Within Heaven's Gates by Rebecca Springer on your flight.Gift.😇
Nice. I doubt you're going to want to go back after the year though.😊
@@travis1240I do think the same! LOL
29 saved 162k thinking of doing this.
Where I live, there is no capital gains on real estate profit (provided you live in the property for 2 years), hence borrowing to buy property makes sense!!!
I love some JL! Looking forward to watching this video.
I hope you enjoy it!
Love it ! Have had FU money for decades now. It allowed me to take some chances, switch jobs or move within a company to things that may or may not work out, etc. Take longer vacations working with my mgmt team to do so. And of course when a couple places I worked went dark ( out of business ), it was now a buffer and allowed me to take some time to look for what I wanted to do next. Now have hit FI and going into the RE part of it with early retirement.
I’ve always bounced around seeking whatever job challenged me so FU money was a rather foreign concept until I started a family. Then, it was about $1M net worth, which took me until age 33 to reach, for the second time.
For FI, I’d only heard about that in the past few years. I figured that’s what everyone was naturally aiming for and didn’t need to be stated. I don’t agree with the generally stated rule of 4% draw per year. That doesn’t cover rapid inflation or potentially explosive health costs in later years when the main reserves are gone. I live by -4% draw per year. That mean each year, after I take my 4-6% for living expenses from passive investment returns, I would still add 4% to the reserve funds. This way, I can build up a sufficient base to sustain myself in case I have huge health bills.
I love this guy
He's easy to love!
I hear you loud and clear
Glad you enjoyed it!
This video came just at the right time. Definitely "feeling trapped" right now.
It's time to take the power back my friend.
Pure wisdom!!! Lots of lessons I’m learning
Great to hear!
Thanks for having JL share his insights! I love both of his books❤
He's an incredible guest and I learn so much from every time we chat.
Ran portfolio visualizer on my house payment for the last 20 years. My Monthly payment put into VOO would have gained 20% more than current house equity. Interesting
But you would have slept outside on Wall Street 😂
@@yestohappiness2721 therein in lies the problem. 🤷🤣🤣🤣🤣🤣🤣
Where can I find this portfolio visualizer?
Did you subtract the rent you'd be paying? You'd really only be investing the difference between the mortgage payment and rent. Also, rent would be forever, a mortgage eventually is paid off and you have an asset.
Adjusted for purchasing power parity, also known as adjusting for M2… the money supply divisor… the S&P index and housing, after taxes, etc., both only maintain purchasing power. They do not get us ahead in a purely financial sense…
FU money has allowed me to choose my clients. I have run across a true criminal who treated his employees with awful contempt. On average people still worked for him for a year. I was out in 2 months, and I was mad I stayed that long.
FU Money gives you confidence and strength to make the best decisions for you!
@15:49 RE = recreational employment is my preferred terminology
Love that guy! JL rocks!
Couldn't agree more!
Achieving financial independence is indeed a journey, and your practical insights provide valuable guidance for those looking to take control of their financial future. Keep empowering others with your wisdom!
Thanks SB! JL continues to impart valuable wisdom to us all!
My wife and I bought too much house but.....in size alone . We never planned on buying a 4100 sq/ft home (we wanted to build a 2200 sq/ft home) however, the price difference to build a smaller home vs buy a larger home was too great. We had no choice but to buy the bigger, yet much cheaper home. I figure that house will out grow us in about 20 years or so. We'll downsize then.
Great advice about not buying the most expensive house. You will become a slave to your house and even worse...your employer.
FU > FI I now have FU money from years of investing and inheritance. I am completely unemployable at this point. If someone at work disrespects me, I am incapable of holding back. I encourage everyone to invest as much as you can. Nothing you can buy will give you the dopamine rush, like telling your project manager, supervisor, or employer to go F' themselves.
@14:30 Very true. How many people who actually accomplish FI (not inheritance) don't have the drive to continuously improve? You have to have a good income while also significant drive to accomplish FI and many people can't even comprehend how people get wealthy and think it's 100% income based.
When I invest my money I see it as a way to immediately increase my overall income rather than just saving it for retirement. Having 1x salary saved is basically like increasing my income by 10%, if you save 25% of your income you're basically increasing your income 2.5% every year, 50% is 5% per year, etc.
Just can't imagine not wanting to put money into things that build you as an individual through appreciation, rather than buying things to show off that depreciate.
FU and FI are initialisms, not acronyms. An acronym is a pronounceable word created from the first letter of several words.
Thanks for the feedback!
Although I hate using the term FU money, I see it as the level of wealth where I can say and do almost whatever I want to do and I don't care about pissing off others because their actions have little to no impact on me. Of course I wouldn't commit a crime, but with FU money I have the freedom to communicate any opinion, live wherever makes me feel comfortable, and sue whoever pisses me off. FI is being able to live the typical standard of living you planned to live without working, but you still have to play by society's and government's rules, systems, and norms. Essentially with FI you still have to bend to those with much greater power and authority than you.
I will be working on FU money to open opportunities for me to take a leap if needed. But I would keep building to get to FI
Love his calm voice.
Agreed! He's meant for the audiobook hall of fame
Been FI a while and love this. Excellent video👍
Way to go! Freedom!
I wish I would have started this before having kids . I’m a work from home dad now and would have loved to be FI so I could homeschool but they are young we will see how fast we can do this
I understand how you feel. I never reached Financial Independence, but hitting Coast FIRE then using FU Money to transition into part-time work allowed me to buy more family time.
Have you heard of Coast FIRE?
ua-cam.com/video/B33AH4hGltQ/v-deo.htmlsi=0sz4Zu1JQbDI5SkI
I'm 46 with 4 kids. The building up FU train left long ago.
I feel ya! Life with kids can become quite expensive.
I have 3 kids. If you save something and never touch it you'll be that much ahead in your old age. I worked 46 years in trucking. Got them all through college with no debt. No dumb ivy league costs to become a school teacher. Never, ever a new car, unless your income allows it. You have choices. BTW... I did work way too many hours, but my wife was able to stay home with the kids until they were grown. I plan to fully fund a Roth IRA for each untill their 30+. Good luck, always save something & invest wisely. You'll be surprised.
I’m 22 and live with my mom. She wants me to do all these chores which is too much. I can’t find a job worth my talents. Then if things couldn’t get worst we had a power surge and my play station 4 won’t work now. Life is much harder for my generation and all these boomers have taken the good jobs
Although I like and agree with JL Collins, i disagree with his definition of FU money. FU money is not a step above paycheck to paycheck. In fact it’s more money than FI. FU money is defined by urban dictionary as “The point at which an individual, after acquiring absurd wealth, ceases to care about his/her reputation, and ceases to be concerned with the economic repercussions of his/her future actions. Otherwise know as "f*** you money". Most people think of FU money is like Elon Musk buying twitter. He didn’t like it, it wasn’t for sale, but he bought it to prove a point. Or using your money to get retribution. Someone won’t let you buy their business? You buy the building they work in. It’s having so much money you can waste it just to spite someone else.
I agree, but what he's describing is *still* a different kind of FU, just a lot less dramatic and powerful.
This is also a useful step between paycheck 2 paycheck and FI. But either it or the situation you describe should have a new name to distinguish them.
FU money is defined by the extent of the influence and impact you wish to achieve. For most, it means possessing sufficient funds to avoid having their daily, weekly, monthly, or yearly time strictly controlled by an employer. Employers, accustomed to holding the upper hand, often take for granted that employees rely on them for survival. Essentially, FU money grants individuals the freedom to decline requests or opportunities that they would otherwise accept out of financial necessity.
That explained why Elon Mush is so irrational & full of himself.
I think of it as WOW money - Walk Out Whenever.
I Agree that FU money gives the freedom to not Need to just do anything an employer want. It's having a 3 months - 1 year run way. This is way different than FI . Fi is when your money is working so you don't need to.
Pathfinders is a great read 👍
So glad you enjoyed it! Love the stories and the author
👏🏾🔥
Even better buy closed ends funds that yield 10%. Take profits constantly and reinvest into CEFs on discount. That should boost your returns to 15% approx P/A then live off 8%.
❤❤❤
Thank you for watching!
Oh my god, i love his voice...( remind me to Jack Bogle)....
It's soothing!
Anything is negotiable. I've been in my company for 26 yrs. I have taken 2-4 months unpaid (FU money) leaves and looking fwd for a 3rd leave soon. Never gotten push back from mgt team except for cutting it short (ie getting 4 months instead of 6)
Incredible what FU money and the confidence to ask can do!
@@MarriageKidsandMoney FU very important but so are relationships and excellent work ethics. I seldomly get asked by co-workers how hard it would be to get a leave of absence approved.. I reply it should not be too hard (if a hard worker asking) then the usual follow up question is "a paid leave?" :-)
The truth is, if you don't save anything you'll never be able to retire. Now if you want to be financially independent in 20 or 40 years is up to you and you can save accordingly. Your options are to make more or spend less, preferably both 😜
Middle class that I am a part of pays the most taxes and doesn't get the breaks the wealthy or poverty do.
The Retirement Police Are so adamant, if you do Anything for money after quitting your job. YOU ARE NOT RETIRED! I Rretired🎉 took 6 months OFF and then went back to work Part-time as I had planned. Easing into Retirement. But if someone retires; and then does something else that may be their choice? Work as volunteer? Work PT At golf course or learn the beach? You don't have to stay in your rocking chair
Excellent perspective! Thank you!
I enjoy listening to Collins, but I always find his advice on homeownership to be cringey. Renters do not escape what he calls "ancillary expenses" like taxes and repairs. Rather, they are just baked into your rent. Also, once your house is paid for, it becomes far cheaper than renting. My parents live comfortably off their social security because their home is paid for.
Good points here. I prefer combining the mortgage-free lifestyle with the FIRE lifestyle.
It feels good.
Depends on the individual. If you like to change locations often renting is far cheaper. If you founda place you can see living for a long time buying would be better. Closing costs will eat away at any equity gains. Your primary home is not an investment but can be a great savings vehicle.
Yep, it is the only thing I think he needs to re-look at properly... Renting is an inflation risk and you get less house per monthly cost of rent vs mortgage cost... mortgages don't go up with inflation, that is never factored into the thinking and like you say, how much maintenance cost is hidden in the rent? also maintenance costs are small if you look after your house properly.
Love this! But "FU money" already has a different meaning. I propose "FI, FO, FUM"
FI: Financial Independence (4% rule, etc)
FO: "F*** Off" money (what JL described here. You can't "retire" at this level, but you're not in debt, not paycheck to paycheck, and have enough to hold you over for 6-12 months if you want to walk away from a bad job/boss/situation... You can "f*** off" for a while, but not forever)
FUM: "F*** yoU Money" (This is a level far above FI. You have enough to live fully at the lifestyle level of your choosing without being dependent on any job or business or even market conditions).
Group these together into the mnemonic, "We FI, FO, FUM"... a twist on the Giant's saying from Jack and the Beanstalk. As in "We" are each striving for one of these levels at any given time.
I love it!
❤
FU money is not just the amount but the makeup of your money and how you make money going forward. When you can say FU to anyone and your $$ is safe then you have achieved FU money
Taxes and insurance are putting fire out of reach for many of us.
Im poor, i have f-me money.
New Stages of Financial Independence
1. F Me Money
2. FU Money
3. FI Money
In all seriousness, your new stage one starts with slowly growing the gap between your income and expenses.
Then you can build up your emergency fund, eliminate high-interest debt, and begin saving for retirement.
These are the important steps you can start today. And then you go for bigger goals like financial independence.
And while you’re at it, find some people who are on the same path as you. Community makes this FI game so much better.
😂
Maybe getting a month of without pay is possible while they hold your job, but i doubt much longer than that.
to be honest the Godfather of Fire is Financial Samurai Sam Dogen, he dates back to 2009 with all due respect. with that clear, quality content here!
Sam is awesome for sure!
I had a chance to interview him recently too -- ua-cam.com/video/UTMGdNUow5E/v-deo.htmlsi=vu2jsWpgg0VgqfH6
No he isn’t.
Not a big fan. Too much clickbaity content, which is certainly not the case with JL.
FURY 👊🏼 > FIRE 🔥
What is FU and FI money?
Financial Independence as opposed to FU baller $
F@ck you money vs financial independence.
“FU money” means you can “give the finger” to your boss and walk away anytime, because you have enough money to maintain your lifestyle until you get another job. Financial independence is even better. It means you don’t need to work anymore.
What country do you live in?
ua-cam.com/video/rJjKP8vYjpQ/v-deo.html
Its all very relative... i know homeless guys with no money saying FU to their boss annyway 😂
What is FI Money?
9:27
I thought FI money is being able to buy whatever you reasonably need to live,
while FU money is being able to buy whatever you want even if it's unreasonably expensive
silicone is not silicon. the valley is the latter. Signed, -- Internet Pronunciation Police
I think of FI and FU $ oppositely. FI means I can leave my job. Maybe work part time (leanFIRE, BarristaFIRE). FU money means I can say, F U boss, I quit! Instantly unhirable in my field. No job reference. So… you have to be able to live without a job ever again.
Look up the autobiography Within Heaven's Gates by Rebecca Springer. Page 64.😇
Go up your boss and say F U I’m outta here.
Next day the markets crash.
Walk straight back into the office.
“I’m back!
Yea that FLU was pretty bad huh”
YOU COULD BE A CARTOON VOICE :)
fi: 2M
fu: 10M
I disagree FU money have to come after FI not before
Right now I'd say I have F Me money.
fu must mean something else inhere you are from.
"The Office" theme song background music has to go
haha! I'm always looking to improve. Any suggestions?
@@MarriageKidsandMoney Something with Steve Vai type guitar work maybe?
There’s no way anyone can live on $20k-$40k a year. That’s poverty. I think the new formula should be $300,000 as a base X 25= $7,500,000. This formula will create both FI and FU money
I hear ya! Everyone has a different lifestyle.
Our family of four lives comfortably on around $80k per year, but we have no mortgage and we live in Michigan.
Jnj
Let me provide you with a FU money story. Buying a 1,500 acre farm, (with cash). prior to closing you contact that tenant farmer (the farmer leasing the farm that your buying). You inform him your about to buy it and do not plant any new ground, as your about to buy it, and are going to do something else with it, and to save him some money on wasted fuel, seed and time. That tenant farmer says, the deal hasn't closed and might not, I'm planting it. He plants, sale closes, you fly in your helicopter and find the tenant farmer on another nearby farm that he also tenant farms. You inform you bought the place and since he planted it, your now going to contact every land owner he from which he tenant farms and buy all the farms and run him out of business. Then you fly off and proceed to do exactly that, all in cash. THATS FU money, in the literal sense of the word and requires that you have at least 10 million liquid. Minimum this guys are not talking about that kind of money.
FU money is relative to income. If you're flying around in helicopters and buying up farm land, the amount ofFU money you need is much higher than the typical working person. FU money still has the same meaning at all 8ncome levels.
No FU isn't relative to income. That's the point of my story. FU money, do you know what that stands for? The guys on this video or merely talking about financial independence money which is by no means FU money. FU money is the kind of money where you can use it to F someone or something up and do it legally where there are no consequences are repercussions, again within the legal system. Now if someone wants to come after you for ruining their life, then so be it, but FU money and financial independence or financial freedom are not even in the same universe when it comes to income. If someone is flying in helicopters and buy huge tracts of farm land in cash, they have FU money, that's the whole point. Good grief
@@michaelcope2329seems your definition involves the potential to be an asshole, and ruin peoples lives. Most won’t agree with you. But of course, some will.
To me, that's horrible. It's malicious and all about arrogant display of vindictiveness.
When you say FU to someone, or you being nice. NO, FU means FU, so these guys talking about FU money as if its being financially independent is not the definition of FU money. I know several people that have true FU money, and that is how they all define it. FU money and having enough money to be financially independent are 2 totally and completely different things. I'm sorry the poster of the video doesn't understand that. @@SuzanneU
Unless you can live with your parents until you're 40, you will never be able to afford a house with cash.
Sounds like you have given up already. Good luck with that methodology.
@@bigbubba4314 If your parents let you live with them until you can buy a house with cash that's awesome.
@@personnesenki4521 indeed, that is awesome.
@@bigbubba4314 TBH I wish more parents would help their kids out that way instead of throwing them out at 18 with no job and little life training. I hope we become the rule and not the exception. Imagine seeing your own kids not waste their money on rent and go right into building home equity.
@@personnesenki4521 I think this is an issue way more complex that your statement indicates. There are both good and bad parents, and good and bad kids, and many more somewhere in between.
5 minutes in, and I am having a hard time to not lose this guy’s credibility. $37K vacation money and a free 4-month pass from a job (without adding that he most likely paid a few hundred for his university). This guy is not you, you are not in his super privilege position. Get somebody real.
Yeah F this guy. You are most likely to get more wisdom reading Nassim Taleb, or Charlie Munger.
You have no idea what you’re talking about.