Comment by movedx

2 months ago

Just a thought I’d like to share: the finish line to “Fuck you money” (FUM) isn’t even remotely close to the $60m mark. It’s not even beyond $100,000. Once you have no debts nor a mortgage, and you have $100k in savings, you have FUM, because suddenly you need $25k a year to live well.

I say this as a member of this community, who are (generally speaking) relatively well paid folk in IT.

If you have a partner in life then you’re even better off again.

I don’t believe it’s actually that hard to reach FUM if you’ve got your fair share of luck, discipline, a partner, and the stable environment. For those who don’t have those things, I respect your position and wish you the best of luck — I’m sorry life is harder for you.

Edit: I’m aware you need insurance too, for health, life/death, accidental, etc. Again, you need a stable environment to make this work and be easier to achieve — the USA is not a safe nor stable environment.

11 comments

movedx

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fragmede  2 months ago

You need healthcare, you need an emergency fund, you need elder care, retirement. College fund for your kids. if you get hit by a freak meteor and become mentally/physically disabled, you're not going to be able to make $25k/yr.

For it to be FUM is enough to live off the interest at 4% withdrawal for the rest of your life. At an estimate, it takes between $250k and million dollars to get through a case of cancer. You're not getting through it on $25k/yr after you get fired because you can't work because you have cancer, and you won't be able to afford lawers to fight getting fired either.

$25k might be enough for a twenty year old with no responsibilities who can still eat dollar store ramen, but it's not enough for someone with responsibilities past subsistence eating.

Also don't forget inflation.

  • movedx  2 months ago

    You’re describing insurance. And you’re assuming I said you STOP working, when I did not say or imply that.

    • fragmede  2 months ago

      I'm describing insurance not working. I'm explicitly saying you can't assume you'll be able to work the rest of your life. A hit-and-run drunk driver could hit you can run off, and you get paralyzed and your insurance denies your (very expensive) claim. Even if you sue them and win, that could take years before they pay out. $100k ain't gonna go very far.

      1 reply →

    • kelseydh  2 months ago

      I think it's implied with FUM that you have enough money to not work for the rest of your life. This is because without the need to work you have total freedom to set your schedule.

      2 replies →

AI_beffr  2 months ago

i think that would be more accurately labeled as financial independence rather than FU money. im not sure FU money really exists