Fire

bugslett

robatwork wrote: »

I'll miss your stories now on the Employment forum!

I expect what really tipped you over the edge was when you lost "bugslet".

Seriously - hope you enjoy the retirement, I envy you.

Haha, you sussed me:p

I'll pop by the employment board, though I miss sangie a lot.

I hope you can bring your retirement forward. Any plans?

Novice_investor101

I'm 37, so I'm in the aiming for FIRE camp but I don't obsess over it.
I have plans & a strategy in place to hopefully be able to fully retire at 60, or go part time if I want to.

I kind of already consider myself to have made a bit of a nod to FI already - in that I quit a well paid but very stressful job with no work/life balance 3 years ago to retrain in one I enjoy, is not stressful & gives me time to live my life.
I was in a position where I'd gotten myself on the property ladder, had savings & could manage on less money. I'm not able to afford to live without an employed income, but I can now afford to live by earning a living on my terms, in a job that stays at work when I finish for the day & finally gives me a life I enjoy. I've even turned down promotions because quality of life is more important.
I have a hobby that is both expensive & cheap! I go hiking, camping & long distance walking, so kit is expensive but once you have it you're good for years. I'm not fussed about expensive long haul holidays or meals out etc I prefer walking holidays in the UK.
My new job affords me the time to indulge in it without taking any stress with me.

Nowadays, I am saving/investing £900 a month by maximising all the free money I can get (works matched pension, free shares, tax relief, LISA bonus etc) - the cost to me is half that amount. & The end game is to steadily build a good enough amount to transition from full time, to part time, to fully retired when I choose to.

JoeEngland

cfw1994 wrote: »

Some good comments so far.

I think the real key is the FI part: once you have that, the world is your lobster!

Even work can be more fun (you have the “f*** you” money if it isn’t, as the Americans sometimes call it!). I’m kind of at that phase (which could be disrupted by any impending stock market crash!), & in itself, it is liberating

What you then chose to do with your time is up to you. Which is tricky for many, given how it is often 30+ years since we had an element of real freedom in our lives:rotfl:

I know most would say no to daytime TV, but the occasional afternoon quiz show (Pointless, Chase, heck, even Tipping Point!) can help keep the brain active....just mix it up with some physical activity where you are able. Volunteering, walking, gardening can all help as much as going to a gym.
Maybe even find hobbies that can generate an optional income....

& I strongly agree with those who say or imply “don’t forget to have a decent life when you are young” - strikes me as being fairly pointless being the richest in retirement (& the graveyard) with no memories to enjoy!

I'm not sure that quiz shows do keep the mind active, and the show called Pointless may be the most accurately named on TV. Answering and/or watching other people answer random fact questions isn't really that good for the brain, especially as the questions and answers are likely to be soon forgotten. A better way to keep the mind active would be to do things which require problem solving, play games which involve mental skill, and solve puzzles.

cfw1994

DairyQueen wrote: »

This blogger has an interesting take on the contemporary FIRE movement. For him, success depends on 'luck', 'grit' and 'above average earnings' but, of these, 'luck' is by far the biggest determiner of success.

An interesting read for a lazy Sunday.

Fire is for the Few, not the Many

"The extrovert wing of FIRE started around the same time (i.e. the financial crash) and have been riding the wave of a decade of rising asset prices and are now writing books saying ‘Look Ma, anyone can do it’. No. Just no. If you want to make these books work right for you, get into your underground lab and build a time machine. Set the controls for Q1 2009 and buy into the market like gangbusters."

Interesting indeed.
I do agree that luck will definitely have a big chunk of impact for many during their lives/careers.....& I certainly agree that any who FIRE below 50 have done something extraordinary (or not had kids: they are expensive things:eek:)...lol

.....but I also agree with whoever said “I am a great believer in luck. The harder I work, the more of it I seem to have”.

JoeEngland wrote: »

I'm not sure that quiz shows do keep the mind active, and the show called Pointless may be the most accurately named on TV. Answering and/or watching other people answer random fact questions isn't really that good for the brain, especially as the questions and answers are likely to be soon forgotten. A better way to keep the mind active would be to do things which require problem solving, play games which involve mental skill, and solve puzzles.

I don’t disagree with your suggestions, for those who like those sort of games, but we will have to agree to disagree about quiz/game shows.
But then, I also like pub quizzes, so what do I know :rotfl:

bostonerimus

I enjoyed my career as a physicist/astronomer. I worked with lots of interesting people in interesting places. But towards the end of my work life it was more about grants, budgets and resource management than great science, so it was a relief to step back from that. But if work is all you have to keep you busy then maybe early retirement wouldn’t be a good thing. For me it’s great as I have more time to ride my bike, do the garden, go to the theatre and cinema and just read. I also volunteer at the local university astronomy department doing bits of research that don’t involve wrangling MRP systems and meeting NASA and MIL specs.

bearshare

Working in the communications technology sector, I saw hardly anybody among my colleagues much older than 45 and assumed I needed to plan to be doing other things by that age. As it turned out, this was partly due to it being a young industry: there are more older employees now, particularly with larger companies. However, although my finances would have allowed me to retire by then, I carried on, as my own boss, doing consultancy for another ten years. The FI part of FIRE removed a lot of th stress!

fred246

I have earned good money for years. We always research items for a long time before purchase. We actually tend to buy more expensive items but keep them for longer. We have to get good value for money. Just couldn't pay £3 for a coffee that should be 30p on a regular basis. Mainly lots of European holidays. Could never pay a fortune for posh car because it doesn't interest me. We have never tried to save. We just saved what we didn't spend. It always sounds awful when people give themselves targets and then deny themselves what they want just to retire early.

Andyed201

itwasntme001 wrote: »

I imagine many (nearly all?) have not accumulated enough to actually retire in their 20s/30s/40s when they have potentially 40-60 years as they are basing their assumption on the "4%" rule and ignoring sequence of returns risk completely.

What is sequence of returns risk?

cns06

I have been quietly saving for 15 years in the hope of retiring at 50. Then about 3 years ago (in my late 30s) I found out about FIRE on here and it was basically a much better planned version of what I was trying to do. So then I started to follow the ideas of FIRE a bit more and reading MMM etc. Also meeting a few like minded people from time to time.

I am now in the final stages of "the plan" and about 70% towards my number. I have paid my mortgage off and I am now saving almost all my income as a result. This is really giving my FIRE plan a kick up the backside. Hopefully I will reach my goal at 45, latest. Whilst not really super early like some who FIRE in their 30s its still a good age IMHO.

As for who we are... the average follower of FIRE, IME, is motivated and generally quite active. To follow FIRE you need to have a positive and motivated attitude.

Again IME most are outdoorsy and sports types who like to be active. Sitting on the sofa is something that I am certainly not a fan of.

When I FIRE I plan to travel (on a budget) and maybe do some charity work and stuff like that. Keep up with my sports and gym routines and maybe try some new things. I hope my time will be taken up with positive things.

Paul_Herring

Andyed201 wrote: »

What is sequence of returns risk?

Briefly, it's the risk that the stockmarket takes a plunge early in your retirement then rockets, reducing your pension fund early on, rather than rocketing early on then plunging later on in your retirement.

https://www.thebalance.com/how-sequence-risk-affects-your-retirement-money-2388672

https://www.moneycrashers.com/sequence-returns-risk-investments-retirement/