Today’s Summary Sunday theme is “Past Is Not Prologue.” That is, the things you’ve done in your past don’t have to dictate your future. You can learn a better way. You can change, if you want to.
We all know someone like Billy B. Someone who wasn’t really a bad person, but got caught up in something bad. In many cases, that thing – whatever it is – can ruin the person’s life. This is the story of how Billy B. didn’t let that happen.
I don’t want to ruin the story; I want you to read it for yourself. So I won’t say much. Just…past is not prologue. What you’ve done in the past doesn’t have to be what you are in the future. You can change, if you want to. This is true for financial things and everything else. I’m not the same person I was in college, or at age 25, or 2 years ago. If there is something in your life you want to be better, you can do it.
The Lady In The Black – September 21, 2017
There is another blogger I follow who goes by LITB, or The Lady In The Black. Unlike many of the personal finance bloggers who have it all figured out (that’s a joke, we’re learning alongside you), LITB is very open about the fact that she is stepping into this game late – but eager. She’s using the blog to document her journey from debt to a profitable life.
LITB recently started investing for the first time, and in this post she shares her early experiences. Everything from which programs she is using to which stocks she choose.
The Top 5 Takeaways at the end is brilliant, btw. Every one of those things is true and important. And I am impressed that a newbie investor learned them so quickly. Congrats, LITB.
ChooseFI – September 18, 2017
This is a podcast, not a blog post, so get ready to listen. You can either listen via the website I’ve linked to, or use your favorite podcast app to listen on your mobile device. My preferred method of listening to podcasts is via the Apple Podcasts app while walking my dog.
In this pod episode, the ChooseFI hosts interview Paige and Sam, who are living in Los Angeles (high cost of living area for sure!) while earning sub-$50,000 each per year. Despite that, Sam is technically already financially independent. Meanwhile, Paige didn’t discover the FIRE path until her mid-40s, when she still had student loans and a negative net worth.
Despite her late start and negative net worth, Paige’s plan includes becoming financially independent in only 10 years (2015-2025). Wow! As a low-earner she’s been frugal, but now she knows what to do with her money to achieve her goals.
This week I spoke with a coworker who learned about my goal of FIRE. He, like most, had never heard of this concept and immediately said the typical response of “Maybe it’d be possible if I’d started when I was young but I could never do something like that now.”
I point that out to say – it’s not when you start. It’s that you start. This coworker will be receiving a $50,000+ pension. Maybe significantly more depending on when he retires. That, plus the retirement savings he already has, could provide a comfortable retirement on their own. But if he wants to spend considerably more in retirement, it wouldn’t be too hard to come up with the money if he gets a post-military career for income and invests the pension. I told him he could probably make it happen – if he wanted it – within 15 years, but realistically he could probably do it in 10. If he wanted it, and tried.
Your past doesn’t have to dictate your future. Everybody can change, if they want to.