This year, I had the pleasure of attending my third Camp FI Rocky Mountains, and as always, it was a weekend filled with engaging conversations and new insights from the Financial Independence (FI) community. Among the many things I learned, one topic stood out to me more than the rest: inheritance law.
Five years ago, my biological father passed away, leaving his estate to my stepmother. My stepmother and I had assumed that upon her passing, her biological son and I would equally share the estate since she had been married to my father for over 30 years. However, I learned at Camp FI that many states do not recognize stepchildren as heirs unless there is a legally binding will that explicitly states these wishes. This revelation was eye-opening.
Fortunately, my stepmother and I have a strong relationship, and when I shared this information with her, she immediately asked me to find a lawyer to correct this oversight. While her estate isn’t large, I am more interested in my father’s personal and family items. Without this knowledge, I would have had to rely solely on my stepbrother’s goodwill to claim anything from my father or stepmother’s estate.
One of the most inspiring aspects of Camp FI this year was the number of young attendees. Seeing so many young people interested in planning for their future was heartening. I wish groups like this had existed when I was in my 20s. The unique and counter-cultural mindset of conscious consumerism that permeates the FIRE (Financial Independence, Retire Early) community aligns well with the values of the younger generation.
I was often the oddball among my friends, avoiding debt, saving, and investing a large portion of my income, and maintaining a frugal lifestyle despite the comments and puzzled looks. I believe younger people are drawn to the FIRE community because they’ve witnessed the toll that overconsumption takes—higher stress, longer working hours, and less freedom. They see their parents living in a constant state of stress, where work is always just a thought away, and they understand that more isn’t necessarily better.
To quote from Your Money or Your Life: “As you take your eyes off the false prize (of more, better, and different stuff), you put them on the real prizes: friends, family, sharing, caring, learning, meeting challenges, intimacy, rest, and being present, connected, and respected. In other words, those best things in life that are free. We shift from comparing ourselves to others to considering our real needs and desires. We shift from ‘more’ to ‘enough’ and ultimately get more of what money cannot buy. Priceless.”
Camp FI continues to be a source of inspiration and knowledge for me, reminding me of the true value of financial independence—not just the monetary aspect, but the freedom to live a life focused on what truly matters.
