A year ago, when I was going through the process of selling my company, I discovered the subreddit ‘FATFIRE.’ It became a source both of comfort and inspiration. People who - through a combination of luck and hard work - had won the game of life. At least, financially.
But rich people have feelings too. And problems. Who else can possibly understand, besides another rich person? That's what the FATFIRE community is all about - sharing questions and experiences that other people simply couldn't understand.
I love spending time on FATFIRE, and I wanted to go deeper. So I created this podcast to explore some of the topics that are shared there.
Have you experienced pressure to continue your family's legacy? A question for beneficiaries of generational wealth
Today we're talking about family legacy, and the extent to which people feel an obligation to either their family or themselves to continue one. I'll read the question, share some personal thoughts, and summarize some of the responses from the FATFIRE subreddit on this topic. [https://www.reddit.com/r/fatFIRE/comments/15jnlf5/i_realize_that_a_good_portion_of_you_are_selfmade/] Here's the question:
"I realize that a good portion of you are self-made, but my question is directed to those who come from generational wealth: have you experienced pressure (whether from within or from your family) to continue your family's legacy?
Do you feel an intrinsic need to live up to the family name?
Have you ever received pressure from the family to take over a family business or family office?
Do you even care?"
8 Aug 2023
What was your first big gift to yourself when you feel like you made it? The merits of personal trophies p
Hey everyone, it's your friend, Fat Guy.
Today we're talking about trophies. Those things you buy to reward yourself to mark a big change in your financial situation. I'll read the question, share some personal thoughts, and summarize some of the responses from the FATFIRE subreddit on this topic [https://www.reddit.com/r/fatFIRE/comments/15jypwy/what_was_your_first_big_gift_to_yourself_when_you/]. Here's the question:
"I'm 30 and have $2m+ net worth but really get anxious about spending money. I just recently took a job where I made it to VP level and mentally I'm starting to accept that it's ok to celebrate by buying some nice things. What were some nice things you bought when you felt like you made it?"
In this episode I'll share some of the top responses from the FATFIRE subreddit and my personal thoughts.
6 Aug 2023
Would you leave a high paying job you love, for a higher paying job that is potentially toxic for fatFIRE?
Today we're talking about the pros and cons of taking a higher paying job for a likely downgrade in work life balance. This post got a lot of comments in the FATFIRE forum this week. [https://www.reddit.com/r/fatFIRE/comments/15fdp4z/would_you_leave_a_high_paying_job_you_love_for_a/]
Here's the post:
"31 year old Female, living in a high cost of living area. I currently make $150k a year at a job I absolutely love. It's remote, doesn't feel like work, and a ton of flexibility and work life balance. The culture is incredible and I am highly respected at my company. A dream come true. I do believe that this is the maximum I can earn in this role, and growth opportunities are far and few between, however I would be happy doing this job for the rest of my life since it provides a great foundation for fantastic work/life balance.
We plan on starting a family in the coming year, and the area in which we live has terrible public schools and you must send your child to private school. So we would like to bump up our income to continue to save at the rate at which we are currently saving.
I am exploring an opportunity for a similar role (a fancier title but overall the same responsibilities have now) at a company that isn't nearly as great. Bad press and whispers of a toxic culture. My would-be manager at this company seems like a hard ass.. However, it would be more than DOUBLE the pay & still remote, also 100% coverage on healthcare for your family. This would put us in a position to save soooo much and FIRE earlier than expected.
Would you take the risk and jump? For $330k, full health coverage, and a fancier title. but in exchange for perhaps a toxic culture and a mediocre boss? Is giving up some happiness worth an extra 180 thousand dollars a year?"
5 Aug 2023
How many cities would you live in? Splitting your time between two or more locations
Today we're talking about the pros and cons of living and working in multiple locations. This is relevant to people who have actually retired, of course. But the question in the FATFIRE forum today [https://www.reddit.com/r/fatFIRE/comments/15igote/how_many_cities_would_you_live_in/] was actually posed by someone who has complete location freedom in their remote job.
"I'm not retired, but recently hit the jackpot with work: a fully remote job that can truly be done from anywhere in the world. On this sub there are many discussions about which cities to live in, but as far as I can tell not one about how many cities to split time between.
Do you have one location for winter months and one for summer? Do you have a main base with short vacations elsewhere? Do you live in a new city every month?
What are the pros and cons of each?"
I'm going to summarize some of the discussion and some personal thoughts, before sharing my favorite answer from the forum.
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