Here is the question from a listener that we featured in episode 265. We called him Carl, which was a mistake since it made it confusing. But here we are…I changed up and summarized the question for the episode.
*Any summary mistake or omitted detail was my fault, or intentional to create a more general question. Probably laziness.
Original Message:
I’m 38 years old, currently single and have a net worth of around $2M. Of that, $1.5M is invested in low-cost ETFs, with the remainder in my primary residence and superannuation. I consider myself coast FIRE at this point. My living expenses are around $45-50k per year (excluding mortgage payments), and I have about $300k left on the mortgage, which I hope to pay off in the next few years.
While I’ve been able to live on a lot less in the past and have the capability on living on less, I have been enjoying experimenting on spending more and would eventually like to live an even more luxurious lifestyle—a “champagne lifestyle,” so to speak. I’ve spent a lot of time reflecting on this goal, and I feel motivated to work toward it because I believe my future self will be incredibly grateful and it’s something I would like to experience.
I grew up poor and have always had a strong desire to be filthy rich and experience a champagne lifestyle.
On top of that, I want to help my parents and sister. I’d like to help my sister pay off her mortgage and possibly help her buy a larger home, and eventually, I want to ensure my parents have access to top quality healthcare and a good quality nursing home.
Ultimately, I guess my goal is to reach FAT FIRE or build my nest egg as high as possible while I’m still young, energetic, and motivated. I’m planning to scale back drastically in five years to enjoy luxury travel, focus on finding a partner (if I’m still single by then) and live a more relaxed life.
I currently earn between $100K–$120K annually from my job, depending on how much work I take on, bonuses and commissions. The majority of this goes back into my investments (paying of my house at the moment). My portfolio generates around $50K in dividends which covers my living expenses.
While I don’t mind my job, I do find myself feeling a bit flat and bored. I’m not interested in climbing the career ladder and currently in a lower middle management position which suits me well – I have a small team that I have to manage, little stress and can work hybrid.
I guess work is important to me as it gives me something to do and provides a pay check but I am not sure if it’s something I want to continue doing long-term specially if I don’t have to. I have taken mini retirements/extended time off and whilst they been fun initially, I eventually get bored and crave routine and having something meaningful to do (work has been an easy fall ball to fill the gap). I think for now work serves a purpose, but I guess I probably don’t want to be doing it beyond the next 5-7 years if I don’t have to.
I have also been exploring ways to make money online, particularly through content creation. I’ve dabbled very slightly in creating faceless YouTube videos which I have found fun and creative and a good way for me to share my knowledge and provide value. Also, the business model around online content creating appeals to me greatly. But so far I have spent very little time on it now (<10 hours in total) and I have a lot to learn. A part me can’t really be bothered.
Also if I am completely honest, I’m mainly doing it with the hope that it could eventually lead to additional income. I don’t like sitting in front of a computer screen and I’d prefer to be doing other things in my downtime such as exercising, chilling, hanging out with friends and family or even just kicking back and watching some netflixs, a good movie or listening to a good audiobook or podcast.
Given my goal of achieving FAT FIRE but also to enjoy the fruits of my labour given my current financial situation (and sacrifices I have made up to this point) I’m wondering if it would be best to just for me focus on my current job and enjoy my downtime, or if I should dedicate some of that downtime to learning how to make money online?
Follow up
Since our last message, I’ve been doing a lot of reflecting on my goals and long-term vision. I’m feeling more energized than ever about the idea of creating content online.
I’ve been diving deep into learning everything I can about YouTube and digital content creation, and it’s become clear to me that—even though it’s not a quick or guaranteed path to wealth—I genuinely want to give it a shot.
It feels like it could be a fun and fulfilling journey, and I’m excited to see where it might lead and will be good for my skill set.
That said, I have unfortunately gone back to my old ways a bit and have started operating from a scarcity mindset again. I feel now that I’ve found a passion project I want to pursue, I really want to achieve FIRE as fast as possible so that I can concentrate on this passion project without having to worry about money or cutting back or be a struggling artist.
I’ve kind slipped back into my frugal habits, trying to save every dollar and constantly thinking and worrying about money which is a bit unfortunate.