It’s a raging bull market, and I’ll confess, I’m a bit of aggravated I don’t have a big paycheck anymore to reap the benefits of extra funding alternatives. Every single day, I see individuals with regular W-2 revenue are funneling hundreds into shares, actual property, and personal offers. In the meantime, I’m sitting right here, asset wealthy however money movement constrained.
In a earlier publish, we mentioned how liquidity is the primary distinction between feeling like a poor versus a wealthy millionaire. For these of us who take pleasure in investing greater than spending, not having a paycheck – particularly after we’re already all-in – creates a sense of deprivation. You wish to make investments, however you merely haven’t got the money movement to take action.
In case you have a job, particularly one which pays effectively, don’t take it without any consideration! Save and make investments as a lot as you possibly can whereas instances are good. Sooner or later, the revenue will sluggish or cease, and also you’ll want you had invested extra whenever you had the possibility.
Since writing about FIRE again in 2009, I’ve all the time tried to share each the highs and lows of economic independence. Escaping a job you dislike to do no matter you need is superb. Nevertheless it’s not all the time sushi and snowboarding in Niseko.
Being cash-strapped throughout a bull market is among the harder realities of FIRE. You will need to be taught to be snug falling behind, or not less than not operating up the rating.
When You Don’t Have Sufficient Revenue to Put money into Alternatives
Proper now, my household faces two existential challenges:
- The potential decline of unbiased on-line media platforms as a result of AI disruption.
- The danger that AI will eradicate hundreds of thousands of jobs – so by the point my youngsters graduate in 2040 and 2043, there is probably not sufficient well-paying alternatives for them to stay independently.
Given these two tendencies, my plan is easy: make investments aggressively and train my youngsters every thing I can about life. I’ll create a partnership with their faculty academics, as a substitute of simply outsourcing 100% of my youngsters’s training to them.
The world is altering too shortly, and the teachings that can matter most – resilience, creativity, emotional intelligence, and monetary literacy – should come from house.
This publish will delve into the emotional facet of cash and FIRE. As a result of even should you suppose you could have sufficient, chances are you’ll lengthy for extra, particularly when you have individuals relying on you.
Did not Have Sufficient Money Move To Make investments Extra In Google
I’ve acknowledged Google’s dominance within the “new media” panorama for effectively over a decade. It’s change into a close to monopoly in search, and as a capitalist, I wish to spend money on monopolies that generate outsized earnings. On the identical time, I’ve seen how one algorithm change could make or break a media enterprise in a single day. Proudly owning Google inventory was my technique to hedge towards that danger.
I’d been steadily shopping for shares all year long however slowed down as soon as the worth hit $250 in September 2025. Valuations have been beginning to make me nervous. The inventory ultimately dipped to $239 on October 9, so I made my ultimate buy of the yr the following day.
Despite the fact that I remained bullish, a part of me questioned if the decline from $250 was the beginning of a deeper correction. The true cause I ended shopping for, although, was easy. I used to be operating low on money and had taxes due by October 15. And not using a large paycheck coming in anymore, I couldn’t preserve including to my place.
My obligation is to pay revenue taxes to assist fund the federal government companies that about 40% of Individuals don’t contribute to instantly, since they do not pay revenue taxes. It is the identical philosophy of understanding and consuming proper to pay enormous healthcare subsidies for individuals who can’t. Go USA!
Missed The Subsequent Ramp Larger
Then, on October 21, one thing fascinating occurred. ChatGPT, one other firm I personal shares in by means of Fundrise Enterprise, introduced the launch of Atlas, an AI-powered net browser designed to compete instantly with Google.
The information despatched Google’s inventory tumbling from up on the day to down sharply. I wished to purchase the dip as a result of it felt like an overreaction, particularly since experiences confirmed Google’s search market share had truly began to rebound.
However I didn’t purchase. With out regular money movement mid-month, like most individuals with day jobs have, I needed to wait till the tip of the month for passive revenue from bonds, dividends, and rental properties. Then, on October 29, Google reported stellar earnings after the shut, and the inventory shot increased.
Ugh. For an investor, few issues are extra painful than having the best funding thesis however failing to execute. But once more, a prickly reminder that chance usually favors these with regular revenue and ample liquidity.
Diversifying Non-public AI Investments
Now for the following case examine on why having a pleasant large paycheck throughout a bull market is most well-liked.
Public market investments are my bread and butter for investing since it is easy to do. Nevertheless, I’ve been targeted on constructing extra personal AI funding publicity for my youngsters. The bull market has been variety to oldsters who make investments, however the future is unsure for his or her offspring. So I see investing for them now as a type of safety.
Up to now, I’ve allotted $193,100 to my youngsters’s Fundrise enterprise account, with publicity to non-public AI corporations like OpenAI, Databricks, Anduril, and Anthropic. My objective is to contribute a complete of $300,000 over the following two years by means of dollar-cost averaging for the reason that funding minimal is just $10. Nevertheless, as a result of my lack of money movement, I really feel like I am too sluggish to catch the prepare.
However Fundrise, which invests in later-stage personal progress corporations, isn’t my solely enterprise publicity. Inside the enterprise house, I wish to diversify throughout the corporate lifecycle, from pre-seed to later phases. The sooner the funding stage, the better the danger, however the better the reward.
The Temptation to Preserve Diversifying My Non-public Investments
An present VC agency the place I’m an LP is launching one other fund that focuses on seed and Sequence A rounds. They only employed a brand new GP who I personally know and suppose he is very sensible, and I’d like to again them. However the minimal funding is $500,000, and even with a loyal LP low cost, I’d nonetheless must commit $250,000.
Then there’s a fellow faculty dad elevating a cybersecurity fund. He bought his final startup to a significant public firm and now desires to spend money on pre-seed and seed-stage safety startups. He’s well-connected, sensible, and genuinely likable. Supporting good individuals is all the time a pleasure. And his minimal funding is $100,000, which is way more palatable.
Nonetheless, investing in each would require not less than $350,000 in commitments, cash I merely don’t have except I dump different property or return to buying and selling my time for cash. Then, in fact, I wish to proceed shopping for the dip within the S&P 500 and different particular person tech shares in the event that they do dump. If solely I had a giant paycheck once more. I might spend money on all three funds with ease.
Capital Calls and Actuality Checks
Good factor capital commitments aren’t drawn immediately. Sometimes, funds name capital over a 3–4 yr interval. The cybersecurity fund, for instance, will name 25% upfront, then the remaining 75% over three years. Which means I’d must plan for about $35,000 a yr in capital outlay.
If I have been nonetheless incomes a number of six figures, this wouldn’t be a giant concern. My passive revenue already covers our primary dwelling bills. However as twin unemployed mother and father, an additional $75,000–$100,000 a yr in enterprise commitments, if I spend money on the opposite fund as effectively, is a stretch. Our passive revenue does not have a big sufficient cushion.
Writing books doesn’t pay a lot (although it’s deeply fulfilling). I’ve deliberately restricted my consulting work to only one consumer a month. And I actually do not wish to get a job. The tradeoff is peace and suppleness, however the draw back is much less dry powder to take a position.
So as a substitute, I’ll must reallocate capital, probably from expiring Treasury payments fairly than promoting appreciated shares and paying capital positive aspects tax. However doing so shifts a few of my danger profile from ultra-safe to speculative, which could possibly be harmful if we’re coming into a late-stage 1999-like market. Simply take a look at Meta’s inventory drop 14% to this point after 3Q2025 outcomes. However I wish to purchase a few of that inventory too.
These late-cycle portfolio shifts towards extra danger are sometimes what result in hassle as soon as the following bear market hits. Then once more, if we’re nearer to 1994 than 1999, possibly going all-in isn’t so loopy in spite of everything.
Takeaways Of Incomes And Not Incomes Throughout A Bull Market
I’ve shared two funding case research – one public, one personal – illustrating how missing energetic revenue throughout a bull market might be suboptimal. Listed below are some takeaways for these of you lucky sufficient to have well-paying jobs.
1) For those who’re working, double down on saving and investing now.
These are your golden years, a uncommon overlap of regular revenue and booming markets. Don’t squander it. Each further greenback invested throughout a bull run compounds quicker and units you up for when the inevitable downturn comes. The window of alternative by no means stays open eternally.
Automate your contributions, front-load your retirement accounts, and reap the benefits of employer matches when you can. Sooner or later, you’ll look again at this era as “the straightforward mode” of wealth constructing.
2) For those who’re FIRE, embrace enoughness.
You received’t be capable of spend money on each scorching alternative, be taught to be OK with it. You have already got investments which are compounding within the background. The very last thing you need is a liquidity crunch that forces you to promote property or, worse, stress about cash whenever you’re presupposed to be free and relaxed.
It’s disappointing to really feel left behind when markets roar and your revenue is little or zero. However remind your self that you just’ve already received a distinct sport, one the place freedom and autonomy matter greater than W-2 earnings. Your present investments are already doing effectively in a bull market.
Enoughness means understanding you possibly can take pleasure in a slower morning, a late-morning tennis match, or a noon nap with no need anybody’s permission. Your wealth is not simply monetary; it’s measured in time and selection.
And should you proceed having hassle embracing enoughness, then the one answer is to construct up your passive revenue massive sufficient to have a much bigger weekly money movement buffer.
3) Don’t chase each shiny deal as a result of many will not work out.
You’ll all the time see somebody making a killing in some funding. Allow them to. Chasing yield or FOMO-driven investments usually results in self-inflicted ache. Preserve your powder dry in order that when true alternatives come up, you’ll have the arrogance and money to behave calmly.
The truth is that nearly each funding appears superb in a bull market. However not each funding will work out. Early-stage enterprise, particularly, has a brutal mortality charge (~90%). That’s why I choose diversifying by means of enterprise capital funds fairly than particular person startups.
If you wish to be an angel investor, you want sufficient capital to unfold throughout not less than 20–50 corporations, plus the abdomen for a lot of of them to fail. The minimal verify sizes are normally $25,000 – $50,000, which poses one other hurdle for many traders who wish to construct a diversified portfolio.
4) All the time steadiness danger with psychological freedom.
It’s straightforward to overlook that peace of thoughts can be a return on funding. The objective isn’t to die with the largest portfolio; it’s to stay the richest life doable with the sources you could have.
In case your portfolio offers you nervousness, you’ve gone too far out on the danger curve. If it makes you complacent, possibly you’ve gone too far the opposite approach. The candy spot is the place your cash works onerous sufficient so that you can sleep effectively at night time—and get up excited for the day.
5) The irony of FIRE in a bull market can result in hazard.
Being FIRE in a bull market, paradoxically, chances are you’ll find yourself taking extra danger to attempt to sustain. Standard knowledge says retirees ought to dial down danger as soon as their paycheck stops. But, as you noticed with my IRA monetary skilled overview, I’ve 99% of my IRA in shares. Partly, that’s as a result of it’s cash I received’t contact till I’m 60+. However the greater cause is psychological. I don’t wish to really feel like I’m falling too far behind.
Since my outdated 401(okay) not receives firm revenue sharing, I went all-in on equities after leaving work in 2012. It’s a wierd irony: the much less you earn, the extra aggressive you would possibly really feel compelled to be, simply to remain even. Watch out because the downturns might be extra painful with an absence of revenue and a severely underperforming portfolio.
In The Finish, Investing is About Tradeoffs
In some unspecified time in the future, you understand wealth isn’t about chasing each scorching funding, it is about constructing sufficient wealth the place you possibly can push cash into the background so you possibly can stay your life freely. Whether or not you’re incomes or not, the hot button is to align your cash along with your values, shield your time, and make peace with the truth that you’ll by no means seize each alternative.
Freedom, in spite of everything, is the last word dividend.
Every other retirees or FIRE of us really feel a twinge of envy watching this bull market roar with no paycheck to feed it? It’s unusual to have achieved monetary freedom, but nonetheless really feel a touch of FOMO when new alternatives seem. How do you handle the urge to chase, or the sense that you just’re falling behind—though, technically, you’ve already received the sport?
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