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I don’t know anything about financial engine but I do have a cautionary tale. I pay poor people, teach them coding and help them move into middle class. I spen

I don’t know anything about financial engine but I do have a cautionary tale. I pay poor people, teach them coding and help them move into middle class. I spent Most of my money doing that. 10 years of Bay Area swe pay, I only have $2k in my bank account. (Currently negative because of cc debts and holiday shopping). Don’t be like me. I originally thought if I helped others become as wealthy as me (relatively) they’ll be able to lend me money whenever I end up in hard times. Turns out, most people don’t save up and instead just end up spending more. Their relatives suddenly appear with “investment opportunities” etc. So now I’m just as broke as the other guy. The only bright side is I got to meet and marry another swe through doing this and our combined TC is over 600k. We plan to put everything we earned into a savings account, by a house next year and retire a few years after that.

jki275 7y ago
You invested in other people's future. That doesn't seem like a bad thing, and it seems like you could afford to do it. Don't beat yourself up over not having a lot of money in the bank, it seems like you've still got your financial life mostly in order. I often have to remind myself of this, as I send a significant amount of money to another country to help my spouse's family -- It's a significant amount for me, but it's generationally life changing for them to be able to get advanced education. Doesn't really make me feel happier when I look at my bank balance, but there are other things that are more important than a bank balance.
- travisjungroth 7y ago
  > it seems like you could afford to do it They have a negative net worth. They could not afford to do it.
  - fersho311 7y ago
    Technically true. Depends on how long my wife lets me mooch off there, and I’m also winding down the number of people I help. I should be net zero starting next year and really positive when my RSU vests in a few months
  - jki275 7y ago
    While perhaps pedantically true, he just said he’s got RSUs and certainly he’s got a 401k and probably other savings if he’s making 300k a year. You could look at my bank balance and make the claim that I’m “negative net worth” too, but it wouldn’t be accurate because that bank balance doesn’t tell the whole story.
newnewpdro 7y ago
You essentially gave people grants with no strings attached. Why not add some strings to make it fair and potentially sustainable?
- fersho311 7y ago
  I don’t think poor people will trust things with strings attached. It’s what screwed them in the first place. I wanted strong relationships built on trust.
  - newnewpdro 7y ago
    May I suggest starting with the volunteering and teaching, costing only your time initially, then only offer financial support (with strings attached) once you've established a rapport and earned their trust? This isn't some predatory act, just have something in writing that they will actually pay you back for what you loan them financially. Your call if you pursue interest. Part of learning to manage your finances is honoring debts. There's less incentive to save and budget if you're always receiving handouts without any expectation of reparation. You'd be helping them learn valuable lessons beyond IT.

jki275 7y ago

You invested in other people's future. That doesn't seem like a bad thing, and it seems like you could afford to do it. Don't beat yourself up over not having a lot of money in the bank, it seems like you've still got your financial life mostly in order. I often have to remind myself of this, as I send a significant amount of money to another country to help my spouse's family -- It's a significant amount for me, but it's generationally life changing for them to be able to get advanced education. Doesn't really make me feel happier when I look at my bank balance, but there are other things that are more important than a bank balance.

travisjungroth 7y ago
> it seems like you could afford to do it They have a negative net worth. They could not afford to do it.
- fersho311 7y ago
  Technically true. Depends on how long my wife lets me mooch off there, and I’m also winding down the number of people I help. I should be net zero starting next year and really positive when my RSU vests in a few months
- jki275 7y ago
  While perhaps pedantically true, he just said he’s got RSUs and certainly he’s got a 401k and probably other savings if he’s making 300k a year. You could look at my bank balance and make the claim that I’m “negative net worth” too, but it wouldn’t be accurate because that bank balance doesn’t tell the whole story.

newnewpdro 7y ago

You essentially gave people grants with no strings attached. Why not add some strings to make it fair and potentially sustainable?

fersho311 7y ago
I don’t think poor people will trust things with strings attached. It’s what screwed them in the first place. I wanted strong relationships built on trust.
- newnewpdro 7y ago
  May I suggest starting with the volunteering and teaching, costing only your time initially, then only offer financial support (with strings attached) once you've established a rapport and earned their trust? This isn't some predatory act, just have something in writing that they will actually pay you back for what you loan them financially. Your call if you pursue interest. Part of learning to manage your finances is honoring debts. There's less incentive to save and budget if you're always receiving handouts without any expectation of reparation. You'd be helping them learn valuable lessons beyond IT.