Fun Stuff > CHATTER
financial independence
fatty:
--- Quote from: fatty on 22 Jul 2008, 11:34 ---This was discussed briefly in previous threads such as the college one, but in a narrow way, I didn't feel there was enough complete debate of the topic. I'll set up a few points/parameters, but please let this not be a 'list thread' or 'everyone tell your story but don't comment on anything else' kind of thing. Also, lets avoid debates about semantics, I hope I'm not asking too much?
--- End quote ---
I'll quote my original post, because Oli is spot in pointing out what this thread is in danger of becoming. Surprisingly, this is not a thread for your life story. The first set of questions is actually just a set up for a discussion on the second set of questions. I can't generate this discussion myself, but I am interesting in what a lot of people have to say, and have been reading all these posts.
--- Quote from: Ozymandias on 23 Jul 2008, 19:34 ---I was pretty much independent until about two months ago, when I got kicked of school and subsequently lost my job. It basically sucked horrifically. I was naive enough to think that that would take a couple of weeks at most to fix, so now I'm dependent on my parents again until I get this mess sorted out. Once I get things back in gear, I'll pay my mom back and hopefully keep it together this time, but I feel pretty terrible that this happened because I am 22 and should have my shit together a bit better than that.
--- End quote ---
I get why you feel terrible, but I don't think you should! It's not like we all go to a school for dealing with Life Giving You A Hard Time, I hope it gets better for you soon! I know I would have no experience with those kinds of things, so I would say, take it as a case of 'live and learn!'.
--
I think if anyone should look down their noses at someone because of money and an easy life, it should be me. I mean, my parents are pretty well off and I've got a credit card, a car and an investment portfolio to play with. HECS covers most of the uni fees, and my parents pay the gap because it's 20% cheaper than tkaing out a loan for it myself. The investments are mine, and the money I have a second credit card on my own account which is a no-fee one that I'm not allowed to use. My parents pay my car insurance and medicare and my mother wants me to get lazer eye surgery before I turn 21 so it can go under her insurance.
So bascially when I'm 21 I would have graduated from my first degree, Have maybe a bunch of money in investments and savings, 5 years of no-claim car insurance and 3 years of clean credit background and probably be able to take a year off study to work and travel before doing my Masters in Architecture. Considering that I expect to be paid rubbish for the first 5 years I work in the architecture industry at least, it's important to me that I work super hard to get financially stable so that I can committ to my univeristy and work and move into financial independence when I can. Having a mum with a finance degree and an MBA helps.
The fact is, I probably won't struggle as much as a lot of other people, but I'm not going to make excuses for that. I think striving for independence because it means you're a better, more experienced and worldly person is bullshit. The concept of 'inheritance', raised earlier in this thread is an example. Would you say 'no' to that money because you didn't earn it? I know what I would do with inheritance, I'd invest it, set aside a chunk for philantropic investments and a chunk for the future.
I will re-phrase my earlier inquiry, what does having 'financial independence' suggest to you about a person's worldly experiences?
Edit:
--- Quote from: RedLion on 23 Jul 2008, 20:48 ---So how exactly do you define financial independence, then? Complete and total self-sufficiency, including housing, education costs, and such? Or does paying for all your discretionary spending, your food, clothes, gas, car, etc, count?
--- End quote ---
I'd say it was complete self-sufficiency, but then consider the above questions on inheritance and shared investments? Is independence more focused on the social independence, or maybe the emotional independence that 100% financial issues? Does having school bills paid but living on your own earnings count? The situation is probably just as relevant.
Thlayli:
--- Quote from: fatty on 23 Jul 2008, 21:04 ---
I will re-phrase my earlier inquiry, what does having 'financial independence' suggest to you about a person's worldly experiences?
Edit:
--- Quote from: RedLion on 23 Jul 2008, 20:48 ---So how exactly do you define financial independence, then? Complete and total self-sufficiency, including housing, education costs, and such? Or does paying for all your discretionary spending, your food, clothes, gas, car, etc, count?
--- End quote ---
I'd say it was complete self-sufficiency, but then consider the above questions on inheritance and shared investments? Is independence more focused on the social independence, or maybe the emotional independence that 100% financial issues? Does having school bills paid but living on your own earnings count? The situation is probably just as relevant.
--- End quote ---
I'm sorta of two minds on this stuff. As someone who studied finance and accounting in college, I see complete financial independence as unattainable; we all have to use some amount of debt as a bargaining chip to get what we need from the people we trade with in society. A little bit of debt is healthy, such as carrying a tiny amount on your credit statement, or owing a good friend from the time they let you crash on their couch for a week.
But I also tend to look down on people (including myself) who just don't pull their own weight. When someone is an able-bodied person with a full education and a good job, it strikes me as lazy if they still live with their folks for free rather than striking out on their own. You can't call yourself independent if you rely on other people for one of the base blocks of Maslo's hierarchy.
Social Bacon:
I'll add more to what pissed me off about evernew later perhaps, as Oli suggested. But now is not the time.
On the note of inheritance: my grandfather was an incredibly wealthy man, but he lived modestly and honestly. He died before I was born. I've just recently found out that I'm due to receive inheritance from him in the amount of $100,000 when I turn 30 (he left this amount for each of his 10(!) grandchildren). I can claim it earlier if I need it for school. I've tried to deny this money, but I can't, all the legal business has been sorted out and I get it whether I want it or not. How do I take $100,000 from I man that I never met? How can I take that in good conscience knowing, with my economic education, that it's because of inheritance that the world is unfair? How can I accept $100,000 that fucks over every else who's not getting it? Inheritance fucks the entire economic model on which our society is based. My parents call me insane because I keep trying to get rid of the money, but that money is the reason that the rich stay rich and the poor stay poor. When I receive it I'm going to give it all to charity. Fuck that shit, I will not be responsible for adding to the ruin of a just society.
est:
Give it to me.
est:
I will invest it in hookers and also gin.
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