Do you FIRE? Financial Independence, Retire Early

[bluto 4928]

On 4/22/2022 at 1:48 PM, Chewbacca said:

Agreed, although I've found that the number who really want more and are willing to step up to get it is much lower than I would have thought.  

Obviously talking out of my ass to some extent but I think a shit ton of ‘go getters’ see what goes into that and the compensation doesn’t match the time/stress/travel to make it worth while. Or possibly in my case where I have worked 100 hour weeks for extended stretches and came realize it’s not worth it. Then you have the pure lazy who just wanna get by balanced by those who feel like they’re defined by their title/work life taking on those 100 hour weeks sacrificing a personal life. (Again, broad strokes, but main point is a lot capable people don’t care to hard charge up the ladder knowing the cost/benefit as they ascend) 

[686 3449]

Sounds like you’ve crushed it man, congrats. 

I’m a grinder, and we don’t have a super exciting home life. It’s not sexy but I feel ok when I look at our portfolio knowing I can walk away from work if I want and am not a slave to debt. Also, if I quit at 50, I’ll only be at a ~$2-2.6M portfolio balance. Fine for paying for our current standard of living, but noting fancy, and way below some folk’s SoL. My wife is weird/OCD about money and is a real penny pincher, so that is a factor in this. Another factor is all of our immediate family/relatives are set financially and are good with money, so I know I won’t have a bunch of increased expenses dealing with them down the road. I have been very lucky in that regard.

To be honest if I quit at 50 I’ll probably get bored and want some more spending money and may go back to work at some point to basically use all the money for fun stuff. Maybe I’ll just keep working but kick the fun budget up a lot. For me, that was the point of FIRE and what I’ve done, to get a foundation of wealth laid and then have options. I didn’t want to end up like the Jack Lemmon character in Glengarry Glen Ross.

On the wealth building side I missed many opportunities. We didn’t take some risks along the way that many of our cohort did that is bothersome now. We didn’t want to be landlords and sold all the houses we owned along the way that would have been killer Austin rental properties now. Passed on other investment properties that have doubled in value. Should have pushed more money into the market during the covid dip. Also, we hate having debt and have paid off houses at accelerated rates, when a more sophisticated investor would have allocated capital differently and been more leveraged; this has probably cost us a fair amount in the long run.

[686 3449]

Sounds like you’ve crushed it man, congrats. 

Also meant to say:

Thanks, but I don’t think I hit a home run on this. I would say I singled my way onto first, was sac bunted over to 2nd, and am waiting to see if a bat can get put on a ball to get me home. Small ball. Lots of factors and people involved.

[686 3449]

So I’ve been FIRE for a few years. For those of you thinking about whether to FIRE in a few years, the biggest issue many people struggle with is always wanting more. If you have $10m in the bank, you see the guy with $25m and want his toys. The $25m guy wants what the $100m guy has. It’s human nature to always want more. Many people say they only want a very basic retirement, but when they get there they change their minds. They always want more. 

Luckily for me, the only guy I hang out with that has a net worth over $10M drives a pickup truck and smokes $8 cigars, and cuts them in half to save for later if he feels like he won’t be able to finish the whole stick.

[Nice Guy Eddie 13512]

11 hours ago, 686 said:

I’m a grinder, and we don’t have a super exciting home life. It’s not sexy but I feel ok when I look at our portfolio knowing I can walk away from work if I want and am not a slave to debt. Also, if I quit at 50, I’ll only be at a ~$2-2.6M portfolio balance. Fine for paying for our current standard of living, but noting fancy, and way below some folk’s SoL. My wife is weird/OCD about money and is a real penny pincher, so that is a factor in this. Another factor is all of our immediate family/relatives are set financially and are good with money, so I know I won’t have a bunch of increased expenses dealing with them down the road. I have been very lucky in that regard.

To be honest if I quit at 50 I’ll probably get bored and want some more spending money and may go back to work at some point to basically use all the money for fun stuff. Maybe I’ll just keep working but kick the fun budget up a lot. For me, that was the point of FIRE and what I’ve done, to get a foundation of wealth laid and then have options. I didn’t want to end up like the Jack Lemmon character in Glengarry Glen Ross.

On the wealth building side I missed many opportunities. We didn’t take some risks along the way that many of our cohort did that is bothersome now. We didn’t want to be landlords and sold all the houses we owned along the way that would have been killer Austin rental properties now. Passed on other investment properties that have doubled in value. Should have pushed more money into the market during the covid dip. Also, we hate having debt and have paid off houses at accelerated rates, when a more sophisticated investor would have allocated capital differently and been more leveraged; this has probably cost us a fair amount in the long run.

I wouldn't sweat missed opportunities. We have choices everyday that could lead to huge windfalls and losses.

I'm 52 and really can't imagine retiring. I enjoy working to some extent. Obviously work isn't always the best but I like the interaction with coworkers and working on solutions. 

Now does that mean I'm working at the same employer at the same hours (only 40) when I'm 60? I have no idea. The recent switch to WFH several days a week has released a lot of stress which increases my job/career satisfaction.

As far as FIRE, the key is to live below your means. It doesn't mean you have to eat cheese sandwiches every meal but live the life you want within control. Now if someone wants to spend a high percent of their income because they will/plan to earn even more tomorrow, that's cool. To each their one, and there isn't a right path for all. 

 

[StruggleBus 3922]

On 9/26/2021 at 1:21 PM, Telegraph_it said:

I’m never going to retire. Work is too much fun. 

[Texas Jeff 1945]

i would retire in 4 years at 55 if the health insurance thing wasn't such a mess. i imagine a shitton of people around late 50s would retire early if they didn't have to pay a shitton for health insurance.
here's a thought. offer inexpensive health insurance, get the older folks in the senior positions to be able to retire early, create some upward mobility and allow companies to hire more younger people. that's a great fucking idea for the whole economy.

Totally agree…. Lots of folks are working for the insurance.

Decouple insurance from work and make the cost reasonable. You’ll see older folks making room for younger ones and more people starting small companies because they don’t need the health coverage.

[Nice Guy Eddie 13512]

1 hour ago, Texas Jeff said:

Totally agree…. Lots of folks are working for the insurance.

Decouple insurance from work and make the cost reasonable. You’ll see older folks making room for younger ones and more people starting small companies because they don’t need the health coverage.

Or employers can convince their older workers to leave with a package deal that includes health insurance thru 65. 

[burntorangebongos 10710]

Man, these calculators have the default inflation at 2.9%. I think prices are gonna adjust downward some but a more realistic go forward should be something like  4 percent? 

[Snake Diggity 4622]

One thing I have noticed is that FIRE folks seem to have a high divorce rate.  I have read a bunch of stories of FIRE guys retiring early only to find out their wives were really not fully onboard with the lifestyle/materialism sacrifice required to retire that early.  

[686 3449]

One thing I have noticed is that FIRE folks seem to have a high divorce rate.  I have read a bunch of stories of FIRE guys retiring early only to find out their wives were really not fully onboard with the lifestyle/materialism sacrifice required to retire that early.  

Yeah you can’t regularly splurge on stuff and overrun the budget (which large numbers of wives have a propensity to do) and make FIRE work (assuming normal income levels). From what I’ve seen it’s better to have a frugal penny pincher, or a ~Hippy “possessions end up owning you”-type to do FIRE.

Mr. Money Mustache got divorced a few years back, he said it wasn’t related to his FIRE lifestyle, but he seems like a somewhat difficult/inflexible person. That’s one reason why I could never FIRE like him or the “extreme” people; I can’t be that inflexible with kids and the budget. He literally didn’t have a second kid because it would have blown his FIRE budget. That’s a level of austerity that I’m willing to work a few years extra to avoid. Same with vacations, boat ownership, etc.

[Snake Diggity 4622]

6 minutes ago, 686 said:

Yeah you can’t regularly splurge on stuff and overrun the budget (which large numbers of wives have a propensity to do) and make FIRE work (assuming normal income levels). From what I’ve seen it’s better to have a frugal penny pincher, or a ~Hippy “possessions end up owning you”-type to do FIRE.

Mr. Money Mustache got divorced a few years back, he said it wasn’t related to his FIRE lifestyle, but he seems like a somewhat difficult/inflexible person. That’s one reason why I could never FIRE like him or the “extreme” people; I can’t be that inflexible with kids and the budget. He literally didn’t have a second kid because it would have blown his FIRE budget. That’s a level of austerity that I’m willing to work a few years extra to avoid. Same with vacations, boat ownership, etc.

Yep, my ambition is/was nowhere near what MMM and most of the famous FIRE guys did. There is a gigantic difference in the sacrifice required to retire in your 20s-30s vs 40s-50s.  I like eating in restaurants.  I like doing fun shit.  The main areas I have no problems cutting are that I am totally unbothered by driving an extremely modest car and living in a (relatively) modest home.  I am also not a gadget or fashion guy and got my international travel fix very early so don’t have dreams of expensive travel later in life.  And I have found that the older I get, the less I really want/need in order to be happy.  I want my time.

[686 3449]

 I like eating in restaurants.  I like doing fun shit.  The main areas I have no problems cutting are that I am totally unbothered by driving an extremely modest car and living in a (relatively) modest home.  I am also not a gadget or fashion guy and got my international travel fix very early so don’t have dreams of expensive travel later in life.  And I have found that the older I get, the less I really want/need in order to be happy.  I want my time.

This is pretty close to my current mindset. The main exception is that I don’t mind spending my time working when I can just be creative and design stuff/build stuff/solve problems. Running the business/dealing with clients/arguing with upper mgmt I will gladly forgo once I don’t need the money.

[closetohumping 17441]

2 hours ago, 686 said:

 

This is pretty close to my current mindset. The main exception is that I don’t mind spending my time working when I can just be creative and design stuff/build stuff/solve problems. Running the business/dealing with clients/arguing with upper mgmt I will gladly forgo once I don’t need the money.

 

Yep.  I don't mind working but I'm not a fan of my current job.

[fattyflattie 4639]

4 hours ago, 686 said:

Same with vacations, boat ownership, etc.

You're gotdamn right.   Is life even worth living without one (or three)?

[Cajun 11705]

Retired here at 55.  I don’t mind work, but LOVE not answering to anyone.

[Cajun 11705]

On 4/25/2022 at 10:44 PM, fattyflattie said:

You're gotdamn right.   Is life even worth living without one (or three)?

Because I own a boat, there’s all sorts of shit on weekends that I don’t spend money on that a lot of my friends do.

That said, the myths that get perpetuated keep the waters less crowded, so rock on with your anti-boat ownership selves financial gurus!

[txduck87 985]

Retired here at 55.  I don’t mind work, but LOVE not answering to anyone.

56 for me. It’s the best!


Sent from my iPhone using Tapatalk

[Cajun 11705]

Nothing better than waking up in the morning with all options available.  
 

“I’d better do some cleaning up around here.  Naw, fuck it, I’m hittin’ the lake!”

Edited April 27, 2022 by Cajun

[txduck87 985]

Nothing better than waking up in the morning with all options available.  
 
“I’d better do some cleaning up around here.  Naw, fuck it, I’m hittin’ the lake!”

Save me a seat. I’ll be there in an hour .


Sent from my iPhone using Tapatalk

[fattyflattie 4639]

1 hour ago, Cajun said:

Nothing better than waking up in the morning with all options available.  
 

“I’d better do some cleaning up around here.  Naw, fuck it, I’m hittin’ the lake!”

You’d be back to work in a hurry when my girl in the black there put a hurt on those accounts.  Other than the pose, not a single thing about that says cheap. 

[Cajun 11705]

25 minutes ago, fattyflattie said:

You’d be back to work in a hurry when my girl in the black there put a hurt on those accounts.  Other than the pose, not a single thing about that says cheap. 

 

[686 3449]

Nothing better than waking up in the morning with all options available.  
 
“I’d better do some cleaning up around here.  Naw, fuck it, I’m hittin’ the lake!”

Cajun’s FIRE plan seems pretty solid. I may need to plan on another year of work to fund upgrading my 21’ to a 23’ to haul additional bikinis.

[Cajun 11705]

26 minutes ago, 686 said:

 

 

Cajun’s FIRE plan seems pretty solid. I may need to plan on another year of work to fund upgrading my 21’ to a 23’ to haul additional bikinis.

 

 

23’ is what I roll with.

Well, float with.

[CHIEF 5082]

11 hours ago, Cajun said:

Nothing better than waking up in the morning with all options available.  
 

“I’d better do some cleaning up around here.  Naw, fuck it, I’m hittin’ the lake!”

CHIEF Jr. said if you need some routine boat maintenance, he would be down. Just haul him around for the weekend.

CHIEF

[Cajun 11705]

@CHIEFCanyon Lake baby!  He’s welcome anytime.

We’ll call it, “Wrenches & Wenches”.

Edited April 28, 2022 by Cajun

[Hornbeliever 712]

On 4/21/2022 at 3:48 PM, Chewbacca said:

We'll see if I actually follow through, but I've always been interested in going to culinary school.  Not to work in the restaurant industry, but because I want to.

I'll be at FIRE at 52 if the current stench of market just gets to even like 5-6%.  

Anyways, I already have list of jobs I want after I make the move.  Working at a bakery at minimum wage for a few months to learn that skill is at top of list.  Something culinary -ish is 2nd.  Mechanic or something in that vain is third.

I value learning skills that I want to have far more than money*

 

*easy to say after I continue to do something I feel blah about for 5 more long years in order to have X amount of said money that I supposedly don't value much

 

[tbone_ 14118]

Money’s value is in the options it gives you.

[txduck87 985]

Money’s value is in the options it gives you.

Sent from my iPhone using Tapatalk

[USCATX 1078]

On 4/25/2022 at 10:44 PM, fattyflattie said:

You're gotdamn right.   Is life even worth living without one (or three)?

No. That’s why I have two and plans to be the commercial fishing equivalent of a gentleman rancher when I retire.  

[fattyflattie 4639]

25 minutes ago, USCATX said:

No. That’s why I have two and plans to be the commercial fishing equivalent of a gentleman rancher when I retire.  

I recently acquired another for smaller stuff, when it’s too much to drag the other sled out. I haven’t gone without since my first at 15.  I don’t think I would be able to take it. Wife was thrilled 😆 

[wackawacka 179]

My wife is obsessed with fat-fire and likely do it in next year or two. I will likely work until I die, but I am am a masochist.

[UTGrad98 2272]

We reached what I would consider our minimum retirement amount this month. I physically feel the relief. I now find myself thinking about going part time almost daily. I'm trying to slug through another 9-10 months to hit a couple more milestones but its weighing on me pretty good. I started looking at wfh part time positions as well. I will say it's harder than I thought to pull the trigger and go part time though.  A lot of financial security to give up. Oh well. I'm thinking in terms of months not years now. Already started working on my video game with my brother and best friend a few months ago too so my brain knows it's time and I feel like I can start these new ventures where beforehand I felt like they were too much to even think about. Almost there.

[Post Oak 20213]

4 minutes ago, UTGrad98 said:

We reached what I would consider our minimum retirement amount this month. I physically feel the relief. I now find myself thinking about going part time almost daily. I'm trying to slug through another 9-10 months to hit a couple more milestones but its weighing on me pretty good. I started looking at wfh part time positions as well. I will say it's harder than I thought to pull the trigger and go part time though.  A lot of financial security to give up. Oh well. I'm thinking in terms of months not years now. Already started working on my video game with my brother and best friend a few months ago too so my brain knows it's time and I feel like I can start these new ventures where beforehand I felt like they were too much to even think about. Almost there.

That's awesome.  Congrats.  Life is too short.  

[Parliament 14258]

Check out the prospects of an OnlyFan account.

[Snake Diggity 4622]

17 hours ago, UTGrad98 said:

We reached what I would consider our minimum retirement amount this month. I physically feel the relief. I now find myself thinking about going part time almost daily. I'm trying to slug through another 9-10 months to hit a couple more milestones but its weighing on me pretty good. I started looking at wfh part time positions as well. I will say it's harder than I thought to pull the trigger and go part time though.  A lot of financial security to give up. Oh well. I'm thinking in terms of months not years now. Already started working on my video game with my brother and best friend a few months ago too so my brain knows it's time and I feel like I can start these new ventures where beforehand I felt like they were too much to even think about. Almost there.

Congrats.  I have hit the number that I targeted when I first started adulthood and made plans to retire early, but my priorities have shifted since having kids.  Between that, lifestyle creep, and inflation, I will likely be working another ~10 years and only retire 10-15 years earlier than normal.  The fear of being unable to re-enter the workforce after sitting out for years if things go poorly also has played into my plans more as I get older.  The upside to that is that I should have far more wealth than I ever imagined I would and will have options to have/do some things I would have had to sacrifice had I retired now.  But knowing that technically I could likely get by forever without working has lifted a great weight off my shoulders over the last couple of years, so I have no regrets over the sacrifices I made as a young person to accumulate the wealth I have so far.

[Nice Guy Eddie 13512]

@UTGrad98 Congrats on reaching minimum retirement #s. My goals are still 7-8 years out depending on the market but then I plan to continue working just to hit some big final targets like a second home.

[Archer 474]

4 hours ago, Snake Diggity said:

Congrats.  I have hit the number that I targeted when I first started adulthood and made plans to retire early, but my priorities have shifted since having kids.  Between that, lifestyle creep, and inflation, I will likely be working another ~10 years and only retire 10-15 years earlier than normal.  The fear of being unable to re-enter the workforce after sitting out for years if things go poorly also has played into my plans more as I get older.  The upside to that is that I should have far more wealth than I ever imagined I would and will have options to have/do some things I would have had to sacrifice had I retired now.  But knowing that technically I could likely get by forever without working has lifted a great weight off my shoulders over the last couple of years, so I have no regrets over the sacrifices I made as a young person to accumulate the wealth I have so far.

This is pretty much me minus the kids

.
Other than the early mornings the job isn’t too bad so I’ll try to get another 5-10 years out of it and really get a good safety cushion built up. I have started spending a little more freely with a good nest egg in place. 

[PilotsError 2287]

On 4/24/2022 at 9:19 PM, 686 said:

 Also, we hate having debt and have paid off houses at accelerated rates, when a more sophisticated investor would have allocated capital differently and been more leveraged; this has probably cost us a fair amount in the long run.

 

NO!  You are the sophisticated one.  By paying off your home you eliminated risk, which the sOpHiStIcAtEd investors never never never never discuss.  

You absolutely did the right thing.  No one telling you NOT to pay off your home but invest instead is sophisticated nor do they have your best interest in mind.

You did good.

[txduck87 985]

We reached what I would consider our minimum retirement amount this month. I physically feel the relief. I now find myself thinking about going part time almost daily. I'm trying to slug through another 9-10 months to hit a couple more milestones but its weighing on me pretty good. I started looking at wfh part time positions as well. I will say it's harder than I thought to pull the trigger and go part time though.  A lot of financial security to give up. Oh well. I'm thinking in terms of months not years now. Already started working on my video game with my brother and best friend a few months ago too so my brain knows it's time and I feel like I can start these new ventures where beforehand I felt like they were too much to even think about. Almost there.

Congrats . The one more year syndrome is indeed very real but sounds like you are committed to hanging em up.

Retired two years ago and it’s glorious. Did I leave money on the table? Absolutely.

But when you have your “enough”, what difference does it make? Well done.

[Gatorubet 30234]

I do WFFAS Anybody else?

[Parliament 14258]

I'm more PIIHB, but you do you 

[Gatorubet 30234]

1 hour ago, Parliament said:

I'm more PIIHB, but you do you 

Parliament invests in historic bubble?

 

[CleverNickname 1308]

Wife and I can take TRS and ERS at age 52 - in 8.5 years. Should have enough roth/403b/457 to make it until SS kicks in. Really just need enough to act as inflation adjustment to the defined benefit. Probably wouldn't need to touch it for a couple years. Saving a good chunk means ~60% pension covers as much or more than we spend now. 

Kids will be in college, so I'm not so sure about the timing, but trying to fund 529s to cover at least 120k each. Would love to be able to pass on 100% of whatever inheritance I may get onto the kids or load up 529 for potential grandkids. 

I'd like to go part time, so I could dig my hole Sunday afternoon til maybe Tuesday or Wednesday, and then be in Austin (low maintenance townhouse or condo?), have some hole money, and be available for dinner with friends and such. 

[Not a cat 5655]

On 3/21/2023 at 10:29 AM, txduck87 said:

Congrats . The one more year syndrome is indeed very real but sounds like you are committed to hanging em up.

Retired two years ago and it’s glorious. Did I leave money on the table? Absolutely.

But when you have your “enough”, what difference does it make? Well done.

This right here.

I kept working because my youngest was still in high school so it's not like I could have gassed up the RV and hauled ass. But as soon as I got the year- end bonus in December of 22 (coincidentally enough, during the middle of his senior year), I put in my notice. 

One interesting thing I noted is that when I was getting a consistent paycheck, I obsessively checked the markets.  Now that I have nothing coming in, I don't.  Seems like it would be the opposite, but it's nice not stressing over the market, even if the bulk of my investments are there.

[hornbri 1398]

4 hours ago, Not a cat said:

This right here.

I kept working because my youngest was still in high school so it's not like I could have gassed up the RV and hauled ass. But as soon as I got the year- end bonus in December of 22 (coincidentally enough, during the middle of his senior year), I put in my notice. 

One interesting thing I noted is that when I was getting a consistent paycheck, I obsessively checked the markets.  Now that I have nothing coming in, I don't.  Seems like it would be the opposite, but it's nice not stressing over the market, even if the bulk of my investments are there.

This as well. I am about to hit 18 months since I left the job, one day I just decided enough was enough, and I do find looking at the market less and less now.

Unlike you I have a 2nd and 5th grader taking up plenty of time. 

[Snake Diggity 4622]

19 minutes ago, hornbri said:

This as well. I am about to hit 18 months since I left the job, one day I just decided enough was enough, and I do find looking at the market less and less now.

Unlike you I have a 2nd and 5th grader taking up plenty of time. 

Have you found that having elementary aged kids has limited your ability to fully take advantage of not working?  Or was spending more time doting on your kids part of why you retired early?  I’m struggling with that as I get close to retiring becoming a legit option.  For right now it just doesn’t seem to make sense for me not to work when all it would mean is that I would be Mr. Mom.

[hornbri 1398]

1 minute ago, Snake Diggity said:

Have you found that having elementary aged kids has limited your ability to fully take advantage of not working?  Or was spending more time doting on your kids part of why you retired early?  I’m struggling with that as I get close to retiring becoming a legit option.  For right now it just doesn’t seem to make sense for me not to work when all it would mean is that I would be Mr. Mom.

Being able to pick the kids up daily was 100% part of the plan. I was working in a job that was 80% travel and I felt like I was missing them growing up. 

Prior to that my wife was already not working. Now we split the kid duties (and honestly she still does more). Since they are in school until after 3 every day so it doesn’t stop me from being able to do whatever I want for most of the day. 

Them being in school absolutely limits what we can do as far as travel since we are tied to the school schedule. 

The other thing that limits it is your friends are all still working. So while you might be free to go play golf in the middle of the day, no one else is…

[Not a cat 5655]

7 minutes ago, Snake Diggity said:

Have you found that having elementary aged kids has limited your ability to fully take advantage of not working?  Or was spending more time doting on your kids part of why you retired early?  I’m struggling with that as I get close to retiring becoming a legit option.  For right now it just doesn’t seem to make sense for me not to work when all it would mean is that I would be Mr. Mom.

Not answering for hornbri but in my opinion the elementary school years are the time you can really take advantage of it and spend time with them because they also want to be with you. Pretty quickly after puberty their friends take center stage.  If my high school aged son had any interest in spending vast amounts of time with me I would have retired 3 or 4 years ago.

[Snake Diggity 4622]

3 minutes ago, hornbri said:

Being able to pick the kids up daily was 100% part of the plan. I was working in a job that was 80% travel and I felt like I was missing them growing up. 

Prior to that my wife was already not working. Now we split the kid duties (and honestly she still does more). Since they are in school until after 3 every day so it doesn’t stop me from being able to do whatever I want for most of the day. 

Them being in school absolutely limits what we can do as far as travel since we are tied to the school schedule. 

The other thing that limits it is your friends are all still working. So while you might be free to go play golf in the middle of the day, no one else is…

Word.  My job is extremely friendly in terms of work-life balance.  100% from home and I schedule my own commitments, so I am able to be available to my kids as much as needed.  That has actually made it harder for me to decide whether to hang it up or not.  Hard to justify walking away from a good salary when it’s really not that demanding of a job.