The F.I.R.E is on FIRE.
https://www.cnbc.com/2019/03/0…e-fire-movement.html
Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!
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I believe @rob.loftus has some experience with this.
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Wow, haven’t heard of that specifically. But my fiancee is on track to retire early (not that early though!) and I couldn’t be more excited.
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KellyFromKeene posted:
Wow, haven’t heard of that specifically. But my fiancee is on track to retire early (not that early though!) and I couldn’t be more excited.
Is he doing anything specific that has helped him be able to retire early? Would love to hear more!
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@briana He lived at home till he was 42! (Unusual circumstances, death of a parent, etc., but still.) He is a lineman, and saved so much money. He will have the house paid off this year, and has been contributing about a third of his income to his retirement for most of his career. He saves up for everything, pays cash, and is careful about his spending. He drives a 20+ year old truck. He’s just good with his money!
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@kellyfromkeene That is really great! GaryVee has actually recommend some people move back in with their parents because it is a good financial decision.
While it may be uncommon for some people, sometimes uncommon ways are the smartest!
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@moore.income, it did work out well. He was able to be there for his aging mom, and I just found out that he was able to save $100,000 for the down payment on his house! I knew he put a chunk of change down, but wow.
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The real question for FIRE is not how to get enough money to retire early. There are many ways to do that, especially if you start young. On the other hand, if you put this goal off too long, there is no safe way. So here the simple answer is: start relatively young!
The BIG question is what to do with all of those years. You may think you can lie on a beach sipping pinacoladas for 25 years, but I assure you, if you are human you cannot. Same for that cabin in the Maine woods. Boredom and suicidal thoughts will intrude. Humans are a bit like sheep dogs - they are made to work - to use their bodies and brains for some purpose. Relaxation is great and necessary to restore and renew. But it is not a human lifestyle. Same for leisure. The Greeks saw clearly that leisure was necessary for a human life. But what was that? To learn, to think, to create, to engage in the political life of the community.
Bottom line: you not only have to create a solid financial plan for FIRE, but also a solid creative life plan.
I retired 15 years ago at the more or less standard early retirement age of 62. I could have retired a decade earlier from a financial point of view, but there were certain advantages for me in staying in the workplace (as a professor, I didn’t qualify for emeritus status until 62, and important benefits like access to the university library came with that status).
For the last 15 years I have become an expert on an important topic (active learning) and have been invited all over the world to give lectures and workshops. Becoming an expert: a master craftsman, an artist, a writer, sportsman, cake baker, designer - all of these are well within reach in a decade of concentrated effort. That is what concentrated leisure is for!
But like the financial plan, it is important to start the creative life plan reasonably early. If you want to be a writer, sports fisherman, artist, collector of whatever, you do not need endless leisure to get started. Take active steps and get a solid start at the same time that you start saving for retirement.
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@leonard.j.waks Sounds like you have quite a bit of valuable experience under your belt! Look forward to seeing you around and the knowledge you will share with us.
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I have never heard of F.I.R.E until now. F.I.R.E has me very excited, though.
Even those of us that have missed the time period for early retirement can leverage the techniques for F.I.R.E to catch up or retire earlier than we thought possible. In my case, I will be leveraging it to catch up and make up for poor investment choices made in the past. (I was on track for early retirement but made a very poor investment and now all my retirement savings are in danger of being lost. By using the techniques for early retirement, I should still be able to retire at a decent age. YAY!!!)
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I have read about FIRE within the last few years. I wish I could have started this in my early years. I am in my 40s now. I have some retirement savings but I’m sure it wont be enough with social security detereracting.
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I created an account just to be able to follow this discussion. I’m 31 years old and I’m self educating myself exactly on this been completing revising my entire life plan for exactly 595 days and counting.
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Theodora posted:
The F.I.R.E is on FIRE.
https://www.cnbc.com/2019/03/0…e-fire-movement.html
Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!
Forced retirement at 57–now 63 and still pursuing jobs to no avail after five years! Living off savings and waiting to collect S.S. when I run out of $. Collecting EBT for food and Medi-Cal for medical. If society doesn’t want to give us older people jobs–then they can support us!
Live simply is the answer.
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Yes! I learned about this in my 20s from reading “Your money or your life” and stared saving as much as I could. This book changes your view on money and spending. I’m on track to retire in 3 years at 50.
I recommend a great new book called Financial Freedom. It’s an invaluable resource for FIRE folks. https://financialfreedombook.com
Happy Reading!
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It is relatively easy to cut back on expenses. Every time you think about an optional purchase, think about the 20 year return on that money split between stocks and bonds. You can immediately see the cost in a more realistic context if retirement is your aim.
I also have found a vision board helpful. This has kept me focused on the things I want to do. And I read the Wish List Book by Barbara Ann KIpfer, which helped me get an even more specific sense of these things.
But oddly enough, I gravitated mostly back to the things I got good at when I was working, and with less pressure and more leisure, just continued getting better at them in retirement.
This led to many unexpected opportunities. At 76 I have just re-entered the workforce in a job that enables me to do many things I want to do without imposing typical job hassles.
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Thanks to everyone that has shared what they are doing, which books they found helpful, etc. I am making a list so I can follow in your footsteps.
There is a website I came across that others might find interesting and useful. (To give proper credit, I found out about it from a Penny Hoarder newsletter – YAY Penny Hoarder folks. You all rock!!)
Some of the suggestions on the website I already do. However, there is much that I am in the process of implementing. For example, right now I am doing the “21 day makeover”. I already have no car, but I am living in an apartment costs more than others in the area that I desire to live in. So, apartment hunting I go. I should be able to shave off at least $100 per month in rental fees, if not more, and still live within walking distance to the church my son and I are so very rooted in. That is at least $1,200 in savings per year that could be used to pay off debt and then put into investments. Once I get the apartment situation figured out and handled, I will be moving onto the next makeover task.
The links to the website and its wiki are:
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Here’s a link to a blog I follow daily. Lots of good info for anyone looking at F.I.R.E
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@kmd That is AMAZING! The catch is to get on this early enough! Congratulations for pursuing such an effective strategy! We need to spread the word to Gen Z!
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I retired at 32 due to a chronic medical condition…But I intentionally chose my career because they had a robust disability retirement program so if my medical condition escalated, I would be fine financially.
I am not rich by any means, but I am comfortable. I have enough to invest, and own investment property as well.
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@pax Awesome resources! Thank you!
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