The FIRE revolution

doe808

'Low risk 15% return'. Marked as spam.

Retireby40

The idea is ok if your single, have no ambition to have a family etc etc.

But to live of 30-40% of your salary is impossible for most.

What gets me is the "gurus" who sell the whole idea. If its so good why do you need 1000s of people to pay you to tell them.

Why do you have to put 5 new videos a week on YouTube and beg for subscribers if your making a killing with your investments.

There's plenty of people doing it quietly and fair play if that's what you want.

BananaRepublic

My late father retired at 50, that was back in the days when companies and their pension schemes allowed early retirement. Plenty of people here have retired in their fifties. It is doable but you need to be a decent earner, and invest wisely. I don’t think you could do it on a teacher’s salary unless you had a rich mummy and daddy to help you onto the housing ladder early. 

Retireby40

BananaRepublic said:

My late father retired at 50, that was back in the days when companies and their pension schemes allowed early retirement. Plenty of people here have retired in their fifties. It is doable but you need to be a decent earner, and invest wisely. I don’t think you could do it on a teacher’s salary unless you had a rich mummy and daddy to help you onto the housing ladder early. 

I wouldn't consider retiring in your 50s as particularly early especially if you've been working maybe since 18-20. 50 on the button is probably perfect timing. Young enough to enjoy old enough to have money. To retire at 55-60 is good but a lot of people could retire close to that providing they've been half smart with their money and not living beyond their means.

The thought of having to work into my 60s kills me. I'd rather sell up and move somewhere cheap and live like a king. South America or Asia or somewhere.

HarryGray

I don't think the FIRE revolution is a scam? Its a large movement in America? 

It doesn't necessarily mean retire either, it means having the freedom to do a more relaxed job or your choice without worrying about money. 

Some people are very extreme with it (no holidays etc) but the principles are very sound. Invest often and early when you're young to let compound do the heavy lifting. 

I like 'Barista FIRE' which is knowing how much you need for retirement by age 'x' and then knowing that you never have to contribute again because compound will do the work. This is Barista FIRE.  

grumiofoundation

HarryGray said:

I don't think the FIRE revolution is a scam? Its a large movement in America? 

Many things are a large movement in America.....

Retireby40

HarryGray said:

I don't think the FIRE revolution is a scam? Its a large movement in America? 

It doesn't necessarily mean retire either, it means having the freedom to do a more relaxed job or your choice without worrying about money. 

Some people are very extreme with it (no holidays etc) but the principles are very sound. Invest often and early when you're young to let compound do the heavy lifting. 

I like 'Barista FIRE' which is knowing how much you need for retirement by age 'x' and then knowing that you never have to contribute again because compound will do the work. This is Barista FIRE.  

It isn't the idea that's the scam. Its the people whole sell the idea. Saying pay me x amount of money and I will tell you my secrets.

Or the constant YouTubers posting videos about it all to get likes and subscribers and to make money that way.

Again its a nice idea. Providing you don't want kids. But having 3 kids without big inheritances and youl be working until you're 55-60.

fred246

I think you just have to be flexible with retirement age. Enjoy life but don't waste money. Retire when you can afford it.

BananaRepublic

Retireby40 said:

BananaRepublic said:

My late father retired at 50, that was back in the days when companies and their pension schemes allowed early retirement. Plenty of people here have retired in their fifties. It is doable but you need to be a decent earner, and invest wisely. I don’t think you could do it on a teacher’s salary unless you had a rich mummy and daddy to help you onto the housing ladder early. 

I wouldn't consider retiring in your 50s as particularly early especially if you've been working maybe since 18-20. 50 on the button is probably perfect timing. Young enough to enjoy old enough to have money. To retire at 55-60 is good but a lot of people could retire close to that providing they've been half smart with their money and not living beyond their means.

The thought of having to work into my 60s kills me. I'd rather sell up and move somewhere cheap and live like a king. South America or Asia or somewhere.

Some people like working. I used to. I once worked for some people in their seventies. They had over six million pounds in the bank, but chose to spend their days sitting in an office. I think some people enjoy power and prestige, which I find rather sad. And I suspect their lives are a bit hollow, with no outside interests. 

I had a very lucrative contract for quite a few years in my thirties and forties, and the investments I made then were very beneficial.  Once I hit 50 my career went downhill, companies tended to regard me as too old. I think this is common. At one interview I was asked questions by a foetus, such was the age difference. I tended to get offered roles using obsolete technology, which were not of interest. In retirement I have learnt new technology and created lots of free software, available on a developer’s web site, that would be beyond the ability of many if not most engineers in their twenties and thirties. I also ice skate better than most people half my age. Keeping the mind and body active is good. 

I could have carried on working, I was fairly well paid, had likeable colleagues, but as you indicate, retire late and you won’t have long to enjoy your savings, and it might be too late if you are not in good health. 50 is ideal, 60 is a bit late. I am 57 and very fit, but I don’t have the energy and agility I had in my twenties, and I have minor eye complaints. 

The problem with moving somewhere cheap is health insurance, and later on access to the UK pension. Places like South Africa have high crime rates. Property is cheap in France! 

Retireby40

BananaRepublic said:

Retireby40 said:

BananaRepublic said:

My late father retired at 50, that was back in the days when companies and their pension schemes allowed early retirement. Plenty of people here have retired in their fifties. It is doable but you need to be a decent earner, and invest wisely. I don’t think you could do it on a teacher’s salary unless you had a rich mummy and daddy to help you onto the housing ladder early. 

I wouldn't consider retiring in your 50s as particularly early especially if you've been working maybe since 18-20. 50 on the button is probably perfect timing. Young enough to enjoy old enough to have money. To retire at 55-60 is good but a lot of people could retire close to that providing they've been half smart with their money and not living beyond their means.

The thought of having to work into my 60s kills me. I'd rather sell up and move somewhere cheap and live like a king. South America or Asia or somewhere.

Some people like working. I used to. I once worked for some people in their seventies. They had over six million pounds in the bank, but chose to spend their days sitting in an office. I think some people enjoy power and prestige, which I find rather sad. And I suspect their lives are a bit hollow, with no outside interests. 

I had a very lucrative contract for quite a few years in my thirties and forties, and the investments I made then were very beneficial.  Once I hit 50 my career went downhill, companies tended to regard me as too old. I think this is common. At one interview I was asked questions by a foetus, such was the age difference. I tended to get offered roles using obsolete technology, which were not of interest. In retirement I have learnt new technology and created lots of free software, available on a developer’s web site, that would be beyond the ability of many if not most engineers in their twenties and thirties. I also ice skate better than most people half my age. Keeping the mind and body active is good. 

I could have carried on working, I was fairly well paid, had likeable colleagues, but as you indicate, retire late and you won’t have long to enjoy your savings, and it might be too late if you are not in good health. 50 is ideal, 60 is a bit late. I am 57 and very fit, but I don’t have the energy and agility I had in my twenties, and I have minor eye complaints. 

The problem with moving somewhere cheap is health insurance, and later on access to the UK pension. Places like South Africa have high crime rates. Property is cheap in France! 

Sounds like you made the most of everything you had before. Good choices and obviously a good career made the difference.

For me ideally I would retire at 50. Mainly because I work in the education sector so most of my days are spent working with kids and teenagers (3-18) and while at 32 I have that energy at 50 I dare say I won't. 

My work sector in my opinion is a young persons world (in my opinion).

Yeah health care is the one thing that would stop most people moving. I spent a summer a few years back in Asia and the quality of life vrs the cost was incredible. In some of the nicer parts of Vietnam £600-800 a month would more than cover a nice apartment, food and entertainment. Obviously you would have to have some form of insurance as well for health but depending on your age and health might not be too bad.