F.I.R.E. movement

[HisArpy]

Are you ready? Can you?

https://twocents*****hacker.com/the-basics-of-fire-financial-independence-and-early-re-1820129768

 

[thør]

I could retire.

But, if I hang on a couple more years, I could retire better.

 

[jomar]

Rich Dad, Poor Dad could get behind this

 

[Ziggins]

Same acronym, different meaning: https://en.wikipedia.org/wiki/FIRE_economy

People who work in the FIRE economy may have ambition to retire early, such as Bernie Madoff's investors.

 

[Comshaw]

Already there. Not rich, but comfortable enough for my tastes.



Comshaw

 

[HisArpy]

Same acronym, different meaning: https://en.wikipedia.org/wiki/FIRE_economy

People who work in the FIRE economy may have ambition to retire early, such as Bernie Madoff's investors.

Interesting that you equate either to Madoff.

There was a story on my morning radio news about a woman who did all the things teens do to earn money - babysitting, paper route, and so on. She married at 19 with no bills and 5K in the bank. Her hubs joined the military and to help with the bills, they agreed that she could bring in a roomie in their apartment.

Hubs got out of the military, went to college, and got a job. By the time they were late 20's or early 30's they'd paid off his college debt, bought a house, and had over 100K in the bank.

They retired in their early 30's.

The story got me interested because so many people cry about their lot in life and that "the rich" are oppressing them. The reality is, they're oppressing themselves by being financially irresponsible.

Anyway, back to the story. The way it goes their friends were always on the couple's case about never going out, buying a new car, or doing any of the "fun things" the friends did.

The friends are still working, have no savings, and have no hopes of an early retirement. The couple takes vacations and can do whatever they want when they want.

There's a lesson there. And it has nothing to do with shady business deals, or insider trading, or ponzi schemes.

 

[Ziggins]

I forgot there is a blog for that: https://www.mrmoneymustache.com/

I am skeptical of retirement because I don't see a safe place to park a retirement amount of money for decades. Runaway inflation is one of many ways a retirement plan can go through a shredder. I see more value in being ready for whatever happens, with diverse practical skills and active membership in healthy communities, with more favors and trade than cash transactions.

 

[HisArpy]

I forgot there is a blog for that: https://www.mrmoneymustache.com/

I am skeptical of retirement because I don't see a safe place to park a retirement amount of money for decades. Runaway inflation is one of many ways a retirement plan can go through a shredder. I see more value in being ready for whatever happens, with diverse practical skills and active membership in healthy communities, with more favors and trade than cash transactions.

You don't "park" your retirement. It's actually a "job" that you have to work at. And like any "job" it requires your continual education about new information and techniques that come along.

I went years just stuffing cash into a passbook savings account. Eventually that got so large that I realized I had to do something different with my money. So I started reading books and online articles on investing strategies and how to manage your investment.

Had I known what I learned from those books/articles back when I started saving, I could have comfortably retired in my late 30's.

The first step is wanting it more than you want the latest shiny object being dangled in front of you.

 

[HisArpy]

I followed your linky and did some reading there.

Here's a forum thread from that blog on what it's like to be FIRE'd.

https://forum.mrmoneymustache.com/post-fire/are-you-happier-post-fire/

 

[FGB]

I am staying until the summer of '23.

I will have fifty years in then...I fucking Quit!

I may have to work somewhere else but it will be somewhere else!

 

[jaF0]

I quit working about 8 years ago. I survived on a small pension for a while until other things kicked in. I get by with no real bills (house and cars paid for) and have a bit extra to do things with that need doing. I waste a small amount, but not enough to hurt. My checking balance fell quite a bit during the first 7 years of that, but is on the way back up now.

My 'retirement fund' gained as much in '19 as I put in during the years I worked at the job that provided it. The current balance is OK, but not spectacular. If nothing major happens that requires a large financial hit, I'll be fine.

 

[jaF0]

I went years just stuffing cash into a passbook savings account.

That's probably the worst place you can put money since most only pay a percent or so. Even a CD can double or triple that interest rate.

 

[HisArpy]

That's probably the worst place you can put money since most only pay a percent or so. Even a CD can double or triple that interest rate.

I agree. However, I was young, didn't need the money, and didn't care. But things change as we grow older and wiser. I'm fully diversified now in bonds, ETF's, and a couple of mutual funds and an index fund or 2 according to my risk tolerance and financial goals.

The difference between me stuffing cash into the mattress and everyone else at the time is that I was saving my earnings while others in my peer group were spending theirs.




I heard something on the radio tonight on the way home. Apparently just telling yourself "I'm going to be a millionaire some day" is enough to get you on track toward that goal. It helps you focus on reducing your impulse spending habits.

 

[jomar]

.....