Fire

bugslett

Terron wrote: »

I got dial-up access in 92 (still have the same email address). I sometimes allowed me to handle a call out from home instead of going into work so was well worth it. I got a ISDN line (0.5Mbs) in 96. I had access to the internet from work around 90, and was using email at work in 82 (and abour 78 at university. It doesn't seem that modern to me.

You are talking to someone that thinks carrier pigeon is a good way to communicate , clasping the vellum in its little claws:p

bostonerimus

Marine_life wrote: »

The FIRE debate seems excessively skewed to the underlying assumption that it is about sacrifice.

It depends on your definition of sacrifice. Not wasting money on crap is just common sense IMO and it improves my quality of life as I can look down smugly on all the folks buying pre-packaged meals, taking out car loans rather than just buying one and watching "Love Island"......sorry that last one isn't much to do with money :-)

bostonerimus

Thrugelmir wrote: »

Then you run a political risk. If profit is distributed in terms of increased wages or benefits. Then dividends and the value of companies will fall. There's only one cake to be divided.

Yes that's one way of looking at it, but it isn't necessarily a "zero sum game". Whether wage increases will drastically decrease my capital gains and dividends is just one factor in a multi-variable model. I don't get into that much detail and I'm not smart enough to include such macro-economic parameters. But I do to test my plan with long term negative growth rates and high inflation. Now I know that I'm in a lucky, and fairly rare position, of having my capital assets be so large relative to my income needs that they can stand a ridiculous amount of stress before depletion. I reject the "shinny new" things model even though I could afford the shinny new things; it's something that I've always done that allowed me to FIRE and I'm pretty sure it will allow me to have a very comfortable retirement and leave a large amount to charity and my family when I die.

enthusiasticsaver

Andyed201 wrote: »

What are peoples thoughts on the FIRE movement? It seems to be really going in popularity at the moment and is appearing in blogs, podcasts and the news a lot.

I like the principal of things like saving rates and low cost, tax efficient savings, although I am not so much of a fan of the massive spending cuts a lot of people in FIRE advocate - I like a little money for living!

Is it a realistic ambition for most people?

We planned for early retirement from our 20s. Initially by overpaying into our workplace pensions, keeping our mortgage low by not continually moving as many of our peers did and not taking on debt. We had children, bought cars and went on holiday and made a plan to retire at 60. In the end we retired at 58 when our retirement income more or less matched outgoings with a certain level of savings and investments we were comfortable with. We certainly lived as well but by budgeting and being selective with our spending we were able to do both.

enthusiasticsaver

itwasntme001 wrote: »

Sure it is, however would the same FIRE people really think like that a few decades from now when a new goods or services comes out that is a must have? Attitudes change and when the early retiree sees that they can not afford something that has gained a lot of popularity, they will probably feel like a mug quitting work so early.

There are very few things which are a "must have". What FIRE gave us was time and the means to choose how we spend it. Mostly on experiences, travel and that has little to do with the latest new thing. We like a comfortable home, nice holidays, reliable cars and thankfully can afford that. Also why would you think an early retiree would not be able to afford these things? Our monthly income is above the national average and our outgoings on essentials a small percentage as we have no mortgage leaving us with plenty of disposable income.

bostonerimus

enthusiasticsaver wrote: »

There are very few things which are a "must have". What FIRE gave us was time and the means to choose how we spend it. Mostly on experiences, travel and that has little to do with the latest new thing. We like a comfortable home, nice holidays, reliable cars and thankfully can afford that. Also why would you think an early retiree would not be able to afford these things? Our monthly income is above the national average and our outgoings on essentials a small percentage as we have no mortgage leaving us with plenty of disposable income.

Exactly, I live a $100k lifestyle on $40k/year retirement income in large part because I don't have a mortgage or any other debt.

ermine

Marine_life wrote: »

The FIRE debate seems excessively skewed to the underlying assumption that it is about sacrifice. We need far more discussion about how to maximise physical and financial assets.

Because for most people that is the easiest way to get the win. Increasing your earnings is hard, most of the elements of how much you earn is set by good fortune. Shooting unnecessary spend is an easier win and tax-free.

Anonymous101

Marine_life wrote: »

The FIRE debate seems excessively skewed to the underlying assumption that it is about sacrifice. We need far more discussion about how to maximise physical and financial assets.

That assumption couldn't be more wrong IMO. FIRE is about assessing what is important to you and prioritising that. Most people that follow FIRE come to the position that their financial stability and their time are the most important things to them. More so than shinny new possessions and keeping up with the Jones'. For me there's no sacrifice in FIRE only focusing on buying myself the ultimate luxury, my freedom from having to work.

Anonymous101

ermine wrote: »

Because for most people that is the easiest way to get the win. Increasing your earnings is hard, most of the elements of how much you earn is set by good fortune. Shooting unnecessary spend is an easier win and tax-free.

I'm not sure I agree with that. Whilst cutting your expenses is a quick win, I think that most people don't understand their worth and simply by know what the market rates are for their position are able to either ask for a pay rise in their current role or move to a higher paying one.


Longer term there's an awful lot of information available on the internet regarding what careers or specific jobs earn and therefore if you're motivated about it moving into something else has never been easier. Likewise for starting your own business.
The amount of resource available to people these days is incredible therefore learning new skills which will benefit you in your existing career, or a new one, and aid progression has never been easier.

Zola.

itwasntme001 wrote: »

By the way i consider myself as being FIRE and i am 37. I have £1m investment portfolio and live mortgage and rent free. I will also receive at least £500k in inheritance (hopefully far into the future). Do not want kids and live quite frugally. Just to give everyone context.

Care to prove it?
Let's see your investment portfolio screenshot beside a newspaper from the last week.