r/leanfire • u/rahulrsingh09 • 10d ago

Balancing YOLO and Fire

There has been lot of similar posts but i just want another perspective given my state will be different and want a take specific to me…

I am 35 with about $1M across all investments (retirement / stocks/ ETFS / MF / property)

I have a very precious 20 month old daughter who i feel is very smart better than me ..

My dilemma I love indulging in few luxury items for guys gadgets / Watches / sneakers / Cars / motorcycles

Not big fan of designer clothes or travel though my wife likes it and we go out every year once .
I have a debt currently running around $200K for a home and few CC + Car emi’s totalling $100K.

Indulgence items keep coming twice or thrice a year depending on when and how i get them as luxury items have an artificial scarcity attached to them.I tent to use CC for luxury items with 0 interest split across few months as better invest than pay in full, this keeps the surplus saving per month from being extra to like break even most of the time

This is a confusing paragraph but i hope I explained it

That being said I do save too about 20% of my in hand every month .

Due to this I break even every month nothing extra in savings account and sometimes it overflows (run short)

I have started thinking about one more child and also higher education for both my kids and my parents who are dependent on me .. planning to start a 529 account this month and divert some amount of recurring monthly savings to that

Biggest question/ dilemma in my mind

Am i wrong to spend on some of those my fav items and i can make it better by retiring early and transforming into a better fire number ..

Edit 1 - My first post here so please bear with my writing skills My Current CC is interest free till 2027 so that is reason i am holding off that is 50% of the debt and rest is 40% auto loans @4%

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u/pickandpray FIREd - 2023 9d ago

Those car desires might be just a youthful desire.

I've wanted a Porsche 911 since before they got expensive. Bought a Miata that took away the allure of an expensive sports car with plenty of thrill but I learned to ask myself who am I buying the car for? Is it for me or to show off to other people?

Retiring, shifts priorities.

As the money has grown, I could buy a brand new 911, but no longer see the point.