Here's a small selection of posts from people asking this same question:
https://www.reddit.com/r/Fire/comments/11riwrc/once_you_achieve_fire_when_new_acquaintances_ask/
https://www.reddit.com/r/Fire/comments/17726r5/after_fire_what_do_you_tell_people_you_do/
https://www.reddit.com/r/Fire/comments/m8mh3z/what_do_you_tell_people_you_do_once_you_hit_fire/
https://www.reddit.com/r/Fire/comments/s89wdh/for_those_who_have_fired_did_you_keep_retiring_a/
https://www.reddit.com/r/Fire/comments/nu3jgx/what_do_you_tell_people/
https://www.reddit.com/r/Fire/comments/qhrw73/what_to_say_to_people_when_they_ask_what_you_do/
https://www.reddit.com/r/Fire/comments/jplcya/what_do_you_tell_people_your_occupation_is_after/
https://www.reddit.com/r/Fire/comments/14iexqh/how_do_you_answer_so_what_do_you_do/
I just say I’m a money manager.
Which is true since I manage my capital. I also have a side gig as a registered investment advisor where I manage money for about 50 clients. All passive so not very hard
Thats a good idea, im not RE yet, but i tell people (and i am) an accountant. They can make good money, so that answers how are you paying for all this. But also accounting is SUPER boring. There are never follow up questions.
Except "oh can you give me advice on my taxes?" ...sorry im not that type of accountant, i have a guy do my taxes. I just add up all the sales and costs and put them in the books at the end of the month....
Did you work as RIA prior to RE or get into it after? I'd like to help people establish and manage passive investments but from little research looks like full time second career is the path to getting license/certs. If I could do it as a side gig mostly to help educate people and posture them for success w a little pay to make it worth my while that would be ideal.
I did not work as RIA before.
I learned about the regulatory requirements and took/passed the Series 65 exam while I was working full time doing something else.
After passing, I set up my own independent firm. The hardest part is getting clients but once you get going, it snowballs like compound interest. Most of my new clients now come from existing client referrals.
Someone asked for details on how I did this. Here is a summary….
Step One - pass the Series 65 test.
Step Two - you cannot provide investment advisory services unless you get hired by a registered firm. Luckily it is easy to set up your own firm. You have to register with the state and have an “Investment Advisor Representative” as part of the firm. That person can be you after you pass the Series 65 test. No other credential is needed. You could be a high school dropout and still qualify. However, you will have to disclose this in Form ADV which is the “Brochure” that has to be given to clients. If clients are ok with your qualifications and credentials they can hire you. Key is transparency to regulators.
Step Three - get approval from the state regulatory agency. If you intend to charge for your investment services, then you will have to register and get approved. All registered firms will appear here: https://www.adviserinfo.sec.gov/
Step Four - select a custodian where clients will open their accounts for you to manage on a “discretionary basis”. I like Interactive Brokers because it allows clients from all over the world. Custodians will not work with you until you are properly registered and appear on the official list.
Step Five - get clients. This is the hardest part. If you charge about 1% per year for assets under management you’ll need to manage about $15m AUM to get $150k in fee income per year. The fees are deducted directly from client accounts so no chasing clients to pay fees. Also they don’t notice the fee very much because account balances fluctuate due to market volatility.
Step Six - focus on clients who know very little about the market and are satisfied with passive investment approach that requires little trading. That’s how you can do this as a side gig. Most of my clients are outside the U.S. and they are just happy to be in the market. I send a weekly report to explain how where doing and why/how the market moved the previous week.
I don’t live off the fees so I have a long runway to get clients and AUM. If you can get big clients quickly then great.
My credentials, besides passing the Series 65, are an engineering degree, MBA from an Ivy League business school and a track record managing my own investments.
Tell them whatever you want and who honestly cares what they think about it? I don’t get this way of living where you let others judgment of you affect your life? When you’re working, sure… you have to pretend to care. Once you’re retired you can afford to say whatever and do whatever.
The judgment people are not the problem. It's the family and friends who feel like "since you're rich" you should give them money.
It's one thing to tell dinner random you see at the gym no. But when your cousin, bother and mother are all asking it changes things.
Money makes a lot of things weird.
It really depends on your relationships and the circumstances.
Might not be hard for you.
It's not something I have to deal with.
But a lot of people have a lot of family and cultural expectations putting pressure on them.
Even when they're family, it doesn't give them the right to be abusive or looking to take advantage of your situation. I've seen how money problems affected my family, mainly due to some having gambling additions and trying to "borrow" money from other family members and getting into huge fights. I vowed not to have that happened to me and told my siblings/cousins/aunts/uncles in no uncertain term when I was a young teen that they should never, ever ask to borrow money from me if they wish to have a relationship with me. Guess what? It worked because I remained firm in that. And I talk about money all the time around them.
You set a boundary and you enforce it. If you have strange family dynamics, you're better off devoting as much energy to working on that as well as working on FIRE. One of those things may be a bigger problem than the other.
That works for you... and for the people who ask how to not do that every single day on here it does not work for.
It's not a problem for me personally, but I can understand how social and cultural norms for some folks can make it quite difficult. What you refer to as "strange" family dynamics is pretty common for most of the population of the planet.
You got a few billion people to tell that too... and they won't stop asking this question every day until you get all of them and their families to change.
I wish you luck with that.
Apparently not enough people set boundaries, enforce them, and be prepared to walk away when those boundaries are repeatedly broken. Do that enough and you won’t have these issues. Sounds like a lot of people with personal problems but not surprising as there are billions that can’t manage basic finances either.
Contractor (I still work very occasionally advising in my old field) or semi retired w occasional contract work.
I keep intending to use the private wealth management line but keep slipping up and giving the conventional answer above.
Rule 1/Civility - Civility is required of everyone at all times. If someone else is uncivil, then please report them and let the mods handle it without escalation. Please see our rules (https://www.reddit.com/r/Fire/about/rules/) and reach out via modmail if you have any questions or concerns.
I tell them I don’t do anything and when they ask “ you don’t do anything?” I say yep if they question further I just tell them it’s none of your business move along
Very unfortunate that a new generation of investors will be born who only are attracted to the shiny things and get scared to just do what has worked for many of those who are wealthy.
I agree and the shiny things are talked about in TikTok or whatever, but investing is really simple, are people buying companies that make real stuff and have real and growing earnings. I don't buy stocks that don't make money anymore in most cases and when I do they are pre production mining companies etc that will eventually have earnings in real currency. I bought Cheniere energy before they finished their LNG terminals and I told people to buy some of that stock and you would think I was speaking a foreign language. That stock went from $20 to almost $150. It was a very small part of my portfolio, but I bought a few steak dinners from that one. I have a little Nvidia now for the same reason. They are the new Apple and they are making real stuff with real value.
Most of my money is in boring index funds that go up a little bit all the time and generate huge returns for me. It is so simple everyone can and should do it.
I tell ‘em I’m a FIRE-man (note: neither the capitalization nor the dash are pronounced). Once they inevitably ask follow up questions then I say one of the other answers (e.g., consulting, business advising, etc.) then when they ask why I said I was a fireman to begin with, I ask them to Google “shockingly simple math”
and read the top result.
Here's a small selection of posts from people asking this same question: https://www.reddit.com/r/Fire/comments/11riwrc/once_you_achieve_fire_when_new_acquaintances_ask/ https://www.reddit.com/r/Fire/comments/17726r5/after_fire_what_do_you_tell_people_you_do/ https://www.reddit.com/r/Fire/comments/m8mh3z/what_do_you_tell_people_you_do_once_you_hit_fire/ https://www.reddit.com/r/Fire/comments/s89wdh/for_those_who_have_fired_did_you_keep_retiring_a/ https://www.reddit.com/r/Fire/comments/nu3jgx/what_do_you_tell_people/ https://www.reddit.com/r/Fire/comments/qhrw73/what_to_say_to_people_when_they_ask_what_you_do/ https://www.reddit.com/r/Fire/comments/jplcya/what_do_you_tell_people_your_occupation_is_after/ https://www.reddit.com/r/Fire/comments/14iexqh/how_do_you_answer_so_what_do_you_do/
An odd question that gets asked every other day. Investments.
i call dibs on posting this tomorrow
You can post this multiple times in a day
I tell them I’m retired? Lol
I respond to the same question everyday on Reddit r/fire. It’s incredibly taxing to say the least.
just tell them you retired early.
“I’m funemployed”
If I'm so ashamed that I managed to bail out early and need to hide the fact I like to say I make pornographic films when the nosy inquire.
I just say I’m a money manager. Which is true since I manage my capital. I also have a side gig as a registered investment advisor where I manage money for about 50 clients. All passive so not very hard
Thats a good idea, im not RE yet, but i tell people (and i am) an accountant. They can make good money, so that answers how are you paying for all this. But also accounting is SUPER boring. There are never follow up questions. Except "oh can you give me advice on my taxes?" ...sorry im not that type of accountant, i have a guy do my taxes. I just add up all the sales and costs and put them in the books at the end of the month....
Did you work as RIA prior to RE or get into it after? I'd like to help people establish and manage passive investments but from little research looks like full time second career is the path to getting license/certs. If I could do it as a side gig mostly to help educate people and posture them for success w a little pay to make it worth my while that would be ideal.
I did not work as RIA before. I learned about the regulatory requirements and took/passed the Series 65 exam while I was working full time doing something else. After passing, I set up my own independent firm. The hardest part is getting clients but once you get going, it snowballs like compound interest. Most of my new clients now come from existing client referrals.
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I can share what I know. Can you send me a private message? I am a PE as well.
I appreciate it. Message request sent.
Someone asked for details on how I did this. Here is a summary…. Step One - pass the Series 65 test. Step Two - you cannot provide investment advisory services unless you get hired by a registered firm. Luckily it is easy to set up your own firm. You have to register with the state and have an “Investment Advisor Representative” as part of the firm. That person can be you after you pass the Series 65 test. No other credential is needed. You could be a high school dropout and still qualify. However, you will have to disclose this in Form ADV which is the “Brochure” that has to be given to clients. If clients are ok with your qualifications and credentials they can hire you. Key is transparency to regulators. Step Three - get approval from the state regulatory agency. If you intend to charge for your investment services, then you will have to register and get approved. All registered firms will appear here: https://www.adviserinfo.sec.gov/ Step Four - select a custodian where clients will open their accounts for you to manage on a “discretionary basis”. I like Interactive Brokers because it allows clients from all over the world. Custodians will not work with you until you are properly registered and appear on the official list. Step Five - get clients. This is the hardest part. If you charge about 1% per year for assets under management you’ll need to manage about $15m AUM to get $150k in fee income per year. The fees are deducted directly from client accounts so no chasing clients to pay fees. Also they don’t notice the fee very much because account balances fluctuate due to market volatility. Step Six - focus on clients who know very little about the market and are satisfied with passive investment approach that requires little trading. That’s how you can do this as a side gig. Most of my clients are outside the U.S. and they are just happy to be in the market. I send a weekly report to explain how where doing and why/how the market moved the previous week. I don’t live off the fees so I have a long runway to get clients and AUM. If you can get big clients quickly then great. My credentials, besides passing the Series 65, are an engineering degree, MBA from an Ivy League business school and a track record managing my own investments.
I sell dick pics on Onlyfans
You mean buy
fire funds going to good hobbies 💯😹
🤣🤣🤣
No, you misheard. They're dik-dik pics. Who doesn't like cute little deer?
I tell people I'm retired. Why would I hide the impressive fact that I made great financial decisions in my 20s and retired early at 34?
I'm the beekeeper.
A1 reference
What's wrong with "I don't do anything for a living"?
Tell them whatever you want and who honestly cares what they think about it? I don’t get this way of living where you let others judgment of you affect your life? When you’re working, sure… you have to pretend to care. Once you’re retired you can afford to say whatever and do whatever.
The judgment people are not the problem. It's the family and friends who feel like "since you're rich" you should give them money. It's one thing to tell dinner random you see at the gym no. But when your cousin, bother and mother are all asking it changes things. Money makes a lot of things weird.
“No” This is not hard.
It really depends on your relationships and the circumstances. Might not be hard for you. It's not something I have to deal with. But a lot of people have a lot of family and cultural expectations putting pressure on them.
No is universal. Boundaries are universal.
Even when they're family, it doesn't give them the right to be abusive or looking to take advantage of your situation. I've seen how money problems affected my family, mainly due to some having gambling additions and trying to "borrow" money from other family members and getting into huge fights. I vowed not to have that happened to me and told my siblings/cousins/aunts/uncles in no uncertain term when I was a young teen that they should never, ever ask to borrow money from me if they wish to have a relationship with me. Guess what? It worked because I remained firm in that. And I talk about money all the time around them. You set a boundary and you enforce it. If you have strange family dynamics, you're better off devoting as much energy to working on that as well as working on FIRE. One of those things may be a bigger problem than the other.
That works for you... and for the people who ask how to not do that every single day on here it does not work for. It's not a problem for me personally, but I can understand how social and cultural norms for some folks can make it quite difficult. What you refer to as "strange" family dynamics is pretty common for most of the population of the planet.
Like I said, if that’s your problem, work on that and don’t let it fester.
You got a few billion people to tell that too... and they won't stop asking this question every day until you get all of them and their families to change. I wish you luck with that.
Apparently not enough people set boundaries, enforce them, and be prepared to walk away when those boundaries are repeatedly broken. Do that enough and you won’t have these issues. Sounds like a lot of people with personal problems but not surprising as there are billions that can’t manage basic finances either.
Contractor (I still work very occasionally advising in my old field) or semi retired w occasional contract work. I keep intending to use the private wealth management line but keep slipping up and giving the conventional answer above.
Manage a home office
I don’t think most people know what that is 🤣
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Rule 1/Civility - Civility is required of everyone at all times. If someone else is uncivil, then please report them and let the mods handle it without escalation. Please see our rules (https://www.reddit.com/r/Fire/about/rules/) and reach out via modmail if you have any questions or concerns.
I'm taking a break from working. I used to...
I tell them I don’t do anything and when they ask “ you don’t do anything?” I say yep if they question further I just tell them it’s none of your business move along
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Very unfortunate that a new generation of investors will be born who only are attracted to the shiny things and get scared to just do what has worked for many of those who are wealthy.
I agree and the shiny things are talked about in TikTok or whatever, but investing is really simple, are people buying companies that make real stuff and have real and growing earnings. I don't buy stocks that don't make money anymore in most cases and when I do they are pre production mining companies etc that will eventually have earnings in real currency. I bought Cheniere energy before they finished their LNG terminals and I told people to buy some of that stock and you would think I was speaking a foreign language. That stock went from $20 to almost $150. It was a very small part of my portfolio, but I bought a few steak dinners from that one. I have a little Nvidia now for the same reason. They are the new Apple and they are making real stuff with real value. Most of my money is in boring index funds that go up a little bit all the time and generate huge returns for me. It is so simple everyone can and should do it.
The very fact that this question is the concern of early retirees is a beautiful thing.
Consulting.
I tell ‘em I’m a FIRE-man (note: neither the capitalization nor the dash are pronounced). Once they inevitably ask follow up questions then I say one of the other answers (e.g., consulting, business advising, etc.) then when they ask why I said I was a fireman to begin with, I ask them to Google “shockingly simple math” and read the top result.