Sunday 14 August 2022

F.U. Money | What’s the right amount?

At work, do you ever feel like saying, “Fxxk this, I am gonna quit!” due to maybe some issues faced at work that made you upset? Well, I have and I don’t think I am the only one. Of course, we will still continue to stay in our job as we rely on it for income and hopefully the issue faced is solved and forgotten.

 Maybe in extreme cases where the job is gruelling and tough with low pay and a lousy boss where you are suffering mentally and physically as energy is being sucked out of you then having a F.U. sum of money can be helpful. The F.U. money can help you improve your well-being as you can quit and provide you with some buffer time before embarking on a new job search or career.

I have heard of this F.U. money but recently I came across mr-stingy where he released an article called, “What’s Your “F.U. Money” Number?”. It was interesting to come across this article where the author is based in Malaysia which is close to Singapore. The author wrote that F.U. Money would allow you to not work and retire early where you can throw in your resignation letter and do things that you would like.

Why we all should work towards attaining F.U. Money?

Similar to trying to achieve FIRE, attaining F.U. Money might be easier and allows you to take a break or if you get a substantial amount of F.U. Money, you can have a longer time to look out for better opportunities. I am sure many of you know that you can be desperate for a job if you do not have enough finances to last you a few months without a job and if it is a high unemployment environment, you would need to take any job that comes.

However, if you have a F.U. sum of money, you would have a bargaining power on hand as you are not that desperate depending on how the nature of the job is and whether it is something you want, you have choices. Having a sum of F.U. money gives you CHOICES and it is so important.

Besides choices, it also gives you a peace of mind knowing that you have a sum of money that can last you some time. Thinking about money and the shortage of it can be very stressful and can take a toil on your body.

What is my F.U. Money number currently?

A lot of people have been saying that a million is no longer enough for retirement as we are faced with rising costs, longer life expectancy and also access to travelling and experiences would make retirement more expensive although it has been shown that retirees tend to decrease their spending as they grow older. My F.U. money number is currently about $300,000 which is like to take a short break before getting back into work or to not worry about being retrench or let off as I know I have a sufficient buffer and can afford to also take a break. Of course, 1 million is a nice goal although at the moment, it is a little far unless I strike lottery.

For me, I think at the moment work is all right, it is not high pressure and of course, I am paid average or lower in relation to my peers. I do enjoy work and find it a way to learn things and most of my peers are working as well so retirement now is not on my mind. But if I were to have a number in my head, 1 million seems great although we do not know 30 years down the road if that will be sufficient.

If you have been a frequent reader, I am aiming to achieve $100,000 in investments by age 30 so $300,000 is still a distance away and after I lost quite abit in the LUNA crash. All in all, I want to have the financial backup and ease of mind as I know that expenses will increase inevitably as I grow older and my mum ages as we will have more commitments.

Besides aiming to achieve to an amount of money, I think experiencing life and incorporating adventures while I am young is important too and spending money is all right. I do have to admit I have been controlling my spending and the pandemic has limited me from venturing out coupled with inflation. I will need to improve in that aspect, what is your F.U. amount and have you achieved it?


1 comment:

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