Jump to content

Do you FIRE? Financial Independence, Retire Early


UTGrad98

Recommended Posts

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) 

  • Hook 'Em 1
Link to comment
Share on other sites

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.
  • Hook 'Em 1
Link to comment
Share on other sites

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.
  • Hook 'Em 2
Link to comment
Share on other sites

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.
Link to comment
Share on other sites

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. 

 

  • Like 1
Link to comment
Share on other sites

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.
  • Hook 'Em 5
  • Like 1
Link to comment
Share on other sites

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. 

Link to comment
Share on other sites

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.
  • Hook 'Em 2
Link to comment
Share on other sites

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.

Link to comment
Share on other sites

 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.
  • Hook 'Em 1
Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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!

Link to comment
Share on other sites

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!”
0261DD67-AC7D-45C6-9CE0-5E2B30DA0197.thumb.jpeg.27f6f077adfef5d83ad4f72dcf310b8a.jpeg
5BDA3BC0-5C4A-4413-8153-357FF5CF54B7.thumb.jpeg.bb5fbae71b84e8099537e89b57af1bb9.jpeg

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


Sent from my iPhone using Tapatalk
  • Hook 'Em 1
Link to comment
Share on other sites

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!”

0261DD67-AC7D-45C6-9CE0-5E2B30DA0197.jpeg

5BDA3BC0-5C4A-4413-8153-357FF5CF54B7.jpeg

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. 

Link to comment
Share on other sites

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!”
0261DD67-AC7D-45C6-9CE0-5E2B30DA0197.thumb.jpeg.27f6f077adfef5d83ad4f72dcf310b8a.jpeg
5BDA3BC0-5C4A-4413-8153-357FF5CF54B7.thumb.jpeg.bb5fbae71b84e8099537e89b57af1bb9.jpeg



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.
  • Haha 1
Link to comment
Share on other sites

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.

  • Hook 'Em 1
Link to comment
Share on other sites

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!”

0261DD67-AC7D-45C6-9CE0-5E2B30DA0197.jpeg

5BDA3BC0-5C4A-4413-8153-357FF5CF54B7.jpeg

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

CHIEF

  • Hook 'Em 1
Link to comment
Share on other sites

  • 2 weeks later...
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

 

  • Hook 'Em 1
Link to comment
Share on other sites

  • 1 month later...
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.  

Link to comment
Share on other sites

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 😆 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...