Really cool to learn about resource generation. These fellows are hardcore. I promote the following to EA type people: -- Donate at least 10% of pre-tax income (I am above this) -- Be as frugal as you can. Certainly don’t spend more than could be supported by the median income in your city. -- Once you have at least ~500K net worth give away all additional income. In my opinion, 500K is enough to fund a lean retirement if you are willing to accept a little risk.
--If you get a big windfall I suggest either putting it in a trust or just earmarking it for charity instead of immediately donating the whole thing; your cause prioritization may change (I regret how I donated a big windfall during the first crypto bull market. )
I don’t think people should have to work if they don’t want to so I think it’s reasonable to ‘save yourself’. But don’t strive for too much security and keep your spending lean. I was objectively raised in a far from top 10% household and have no received much money from my parents. For example, they contributed zero dollars to my college. But anyone who is able to ‘speedrun to 500K while donating’ (or even seriously consider it) must be very privileged somehow.
If you actually take my advice seriously it is quite strict. But RG seems a lot more hardcore than that.
Really cool to learn about resource generation. These fellows are hardcore. I promote the following to EA type people:
-- Donate at least 10% of pre-tax income (I am above this)
-- Be as frugal as you can. Certainly don’t spend more than could be supported by the median income in your city.
-- Once you have at least ~500K net worth give away all additional income. In my opinion, 500K is enough to fund a lean retirement if you are willing to accept a little risk.
--If you get a big windfall I suggest either putting it in a trust or just earmarking it for charity instead of immediately donating the whole thing; your cause prioritization may change (I regret how I donated a big windfall during the first crypto bull market. )
I don’t think people should have to work if they don’t want to so I think it’s reasonable to ‘save yourself’. But don’t strive for too much security and keep your spending lean. I was objectively raised in a far from top 10% household and have no received much money from my parents. For example, they contributed zero dollars to my college. But anyone who is able to ‘speedrun to 500K while donating’ (or even seriously consider it) must be very privileged somehow.
If you actually take my advice seriously it is quite strict. But RG seems a lot more hardcore than that.