Are you interested in FIRE?

Winning_Stroke

FIRE == Financial Independence Retire Early

I've seen this pop up a lot recently and am wondering what you all think of it. Basically the idea is to save and invest a high percentage of your income until you've 25 (or so) times your annual outgoings invested. At that point, the community says, you can withdraw 4% per year and live off that and retire early.

I appreciate the maths and effort behind it but as someone who wants kids and that, it's never likely for me. And tbh I find some value and status in having a job.

It's an interesting idea but you have to be ok with both living frugally and with being retired early on a budget.

I took a year off work in my late twenties living off savings and it's good, but it's limiting as well. It was a proper year off as in I wasn't travelling or anything. You enjoy the time but would I live like a pauper for years and years to achieve that for longer or forever? Nope.

is_that_so

It suits people who think they ultimately want a free and easy life but it is just one way to live your life. If you can project yourself forward to 70 and write an honest evaluation of your life that you can live with, it's a life well-lived. The money helps a lot but your clock can run out at any time.

The J Stands for Jay

I heard about this to late to really make a go of it. I ran the numbers, and without changing my lifestyle I could probably retire at 55 or so. With Irish tax laws, retiring earlier than 50 would need a fair bit of planning as well as frugality.

biko

Sounds like it won't work.

But then if you are prepared to live on sandwiches and crisps every day in a ****ty flat in Ballinasloe for 50 years, it may just work.

Bigbagofcans

Spending some of the best years of your life watching every penny and missing out on a good bit so you can retire a few years early. Not for me.

You'd be constantly thinking of the future and worrying about spending money that you'd miss out on living in the present.

Capt'n Midnight

really only on a option if you already have plenty of assets

Win the lottery , sell the family home at pea of the boom , that sort of thing.

or could live off the dole.

KungPao

I’m going to pack in the job at 50, go on ‘the sick’ and live on the social.

Living the dream.

ancapailldorcha

I'd be interested as I live fairly frugally anyway but I wouldn't have any clue what to invest in. I pay into a very good pension plan through my employer and that's the height of my investing activity, such as it is.

Definitely.

Christmas morning:

6 a.m. - 5 miles run to start the day
7 a.m. - Festive breakfast of carrot sticks
8 a.m. - Swimming
11 a.m. - Start the dinner prep
12 - Get my mindfullness in
2 p.m. - Sit down to a cracking dinner of grilled chicken and green veg.
4 p.m. - Hit the gym for an evening session

Winning_Stroke

Deleted User wrote: »

Definitely.

Christmas morning:

6 a.m. - 5 miles run to start the day
7 a.m. - Festive breakfast of carrot sticks
8 a.m. - Swimming
11 a.m. - Start the dinner prep
12 - Get my mindfullness in
2 p.m. - Sit down to a cracking dinner of grilled chicken and green veg.
4 p.m. - Hit the gym for an evening session

Yes

Bigbagofcans

Deleted User wrote: »

Definitely.

Christmas morning:

6 a.m. - 5 miles run to start the day
7 a.m. - Festive breakfast of carrot sticks
8 a.m. - Swimming
11 a.m. - Start the dinner prep
12 - Get my mindfullness in
2 p.m. - Sit down to a cracking dinner of grilled chicken and green veg.
4 p.m. - Hit the gym for an evening session

Mr Von Bismarck? :pac:

Bigbagofcans

Bigbagofcans wrote: »

Mr Von Bismarck? :pac:

I pulled a winning stroke, and it wasn't even an olympian-sized swimming pool.

The J Stands for Jay

[Deleted User] wrote: »

Definitely.

Christmas morning:

6 a.m. - 5 miles run to start the day
7 a.m. - Festive breakfast of carrot sticks
8 a.m. - Swimming
11 a.m. - Start the dinner prep
12 - Get my mindfullness in
2 p.m. - Sit down to a cracking dinner of grilled chicken and green veg.
4 p.m. - Hit the gym for an evening session

I'd be dubious about this. Running in miles?

Lucy8080

Financial independence and early retirement is right up my street. It's why I play the lottery on Wednesday's as well as Saturday's.

Winning_Stroke

Deleted User wrote: »

I pulled a winning stroke, and it wasn't even an olympian-sized swimming pool.

Umm I thought it went without saying that that post was bs. Who takes an hour to prep chicken and veg for grilling.

Greyfox

Sounds like a load of sh*te. I'd rather just enjoy life while I still have my health

I’ve no interest in living frugally which appears to be a key part of this.