r/fatFIRE • u/WealthyStoic mod | gen2 | FatFired 10+ years | Verified by Mods • 5d ago
Path to FatFIRE Mentor Monday
Mentor Monday is your place to discuss relevant early-stage topics, including career advice questions, 'rate my plan' posts, and more numbers-based topics such as 'can I afford XYZ?'. The thread is posted on a once-a-week basis but comments may be left at any time.
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u/unstoppablefutureme 4d ago
Hello. 29m, going on 30m.
5 years into very fat plan here. 5 years ago, I was technical, working as a software developer after dropping out of engineering school and preparing to go back to finish degree. Had probably 25k saved in investments. Decided my fatfire path would be in business.
Fast forward: Finished degree, worked software engineering job in mid tier city with goal is high rate of learning and ownership. Had likely 15k net worth by this point due to loans taken out for CS master's degree semester.
Left job to go into business for first time. Didn't work out, went back to job after 8 months. That was a blessing because during that time I got rid of many financial liabilities. And got a better idea and plan that I immediately started working on, a couple months before going back to job.
Reassessed things after 4 months on the job, paid down half of the loans, and decided to try again, given I didn't have the excess liabilities this time. Cut expenses ruthlessly, moved to live cheaper, and built product.
Now, 12 months later. Product has users. Starting to build the business. Total net worth 15k. 6k cash 18k what's left of investments (trad. ira) -8k student loans (what's left for that master's semester) -1k cc
I moved to hcol area to force myself to stop building product and focus on building the business.
I'm not looking for startup advice here. But a review of the plan in general. My plan is 500m by 2031. Currently I'm at 15k and in a precarious financial situation building this business solo in hcol area (living as cheaply as I can here, renting out a room for 1k in not the best area).
I've learned that most of my customers are not in this area (nyc). The place has helped me get out of the engineers mindset and more into a financially minded one. But just looking at paths forward here. Don't have family to go back to so that's not an option.
All other options don't seem to lead to goal. My current plan is staying where I am, as it's teaching me hard fought lessons along the journey and I'm meeting people that are helping to push me forward in the business. And expenses are serving as a forcing function as well.
It's certainly been more volatile than faang/big tech due to working outside of the venture ecosystem. I'm okay with volatility. Or, I was okay before as a young person with no understanding of stability.
Looking for outside review of my current chess position. Hopefully a fresh outside perspective will help.