facebookHow can one overcome the structural challenge of privilege to pursue FIRE? - Seedly

Zed

Just a Software Developer at Tech Company

23 Sep 2020

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SeedlyAMA

How can one overcome the structural challenge of privilege to pursue FIRE?

We can pursue FIRE with a high savings rate (at least 50%), multiple income streams & investing in a global index fund. However, we need to address the elephant in the room which is the privilege to pursue FIRE in the first place. Compared to my peers, my software engineer career has helped me to do those actions easily but I often struggle to share with my peers who do not have the high income to pursue FI or unwanted financial difficulties which cannot be controlled like the covid situation

AMA The Woke Salaryman

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Wow, the question a bit too noble like trying to address lifting people out of poverty or achieving world peace.

In my opinion, the goal should be helping people to help themselves. If they don't want to change or help themselves, there is almost nothing you can do.

And I won't even try to address Fire. The people often have is overspending beyond their means, carrying a lot of consumer debt, much more than having a side income or fire.

I already have tried to help five friends with consumer debt / credit card problems. Two of them are OK, and know what they have to do to eliminate paying credit card interest. The other three still struggle with their own spending issues, and view me as just being unhelpful or too hard on them to cut their spending. There just isn't much I can do if they don't want to reduce their needless spending (either on women, or pay to win mobile games).

Don't aim too much. Its good enough if you gave them advice and help them just be a bit better than they were previously. Those who want to help themselves be better going forward will ask the right questions.

He Ruiming

23 Sep 2020

Co-Founder at The Woke Salaryman

This is TWS article down the line, but there are basically four things in life that will make you successful.

Privilege is the hot topic everyone likes to discuss these days. It's the advantage you are born with. Not within your control.

Hard work and effort is the how hard you work. Within your control.

Distinction is the ability to be different from your competition. Having rare skills or willing to do unpleasant things will allow you to command high salary. Semi-within your control.

Luck..is just luck. Outside your control.

If you lack privilege, then you'll need to focus on the other things you can control. The more effort you put in, the more different you are, the higher your chances at success.

If privilege was the ONLY factor deciding who was wealthy, then Jeff Bezos wouldn't be the richest man on earth.

The children of the former richest man on earth would be the richest man on earth. Wealth matters yes, but it also matters what you do with your wealth.

I'd say don't write yourself off just because you're not born into a rich family.

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