Some of you may be familiar with J$ (or J-Money), whom runs the websites www.rockstarfinance.com and www.budgetsaresexy.com (both very entertaining websites/blogs by the way). On www.rockstarfinance.com you can also find a list of net worth updates from various personal finance bloggers. It’s quite diverse as it ranges from as much as -$0,5M to as much as +$4M, and everything in between. The list of millionaires is quickly growing as more people blog about their finances and are open in discussing where they are and how they got there. Albeit we don’t post our net worth (we do have the Cheesy Index of course!), most of you that have been here before and are keeping track of what we do, should have a pretty good idea of what we are worth.
Earlier this week, Mr. 1500 posted another similar and rather personal question to his readers to divulge their net worth’s, what followed next in the comments section was rather spectacular! I was reading it all with awe. There were so many non-bloggers and bloggers that were very open about their finances and many (new?) millionaires-next-door popped up, some folks who’s comments I’ve been reading for a while or others I’ve never seen before.
Feeling a bit like a loser…
But seeing all these millions pop up, it suddenly made me feel like a loser! Although our net worth is nothing to sneeze at, we are nowhere near any of these $1-2,5M numbers. And most likely we won’t even reach anywhere near these numbers in the next decade….
This actually has two reasons, one: we don’t need that much money to live and two: I don’t’ want to be working for a boss so much longer (I simply don’t like my job that much). Will be ultimately hit a 7 figure number, absolutely, just not any time soon (at least I hope not because that would mean someone would have died and left us a sizable inheritance. It won’t be the lottery, since we don’t play :-).
Strangely enough, it was both motivating and demotivating at the same time. On one side you kind of want to be that successful financially, it would really be a pat on the back that you have been frugal, have invested well and have made the “right” decisions. On the other side, we only saw “the light of FIRE” about two and a half years ago. We have made massive turn around in that time, cleaned up our act, moved internationally and nearly quadrupled the value of our income producing assets and added 5 properties to our portfolio. That on its own should be something to be proud of! But it doesn’t feel that way…..
Patience is a virtue
Maybe I want to much too soon, building wealth takes research, efforts, time and patience. Not doing this would actually hamper you efforts to increase your wealth and would probably even make you unhappy. My major problem is patience, it’s not my strongest character trade. I can get really motivated and can achieve quite a bit in a relatively short period of time. When the changes are visible quickly, it really motivates me more, again improving the results in return. But at some point you have done as much as you can and just need to “ride it out” to the finish line (read: keep on saving and investing).
Any words of wisdom?? How do you deal with motivating yourself on the path to FIRE? Do you know that double feeling when looking at others that are already successful on obtaining the status of FI?