Financial Independence, Retire Early (F.I.R.E)

faken wrote: ↑ Hi,

I'm wondering if anyone on this forum is doing this movement.

https://www.daveramsey.com/blog/what-is ... e-movement

The two years has really got me thinking about wanting to retire early. What are some methods some of you are doing to get to your goal quicker?

become the boss, work 2 hours a day, from wherever you want, golf everyday and in winters , spend half your day in RFD because you can't be in Florida.....never retire...but dont work either.

I have been at this life for over 6 years ..since I reached the age of 50

cardguy wrote: ↑ become the boss, work 2 hours a day, from wherever you want, golf everyday and in winters , spend half your day in RFD because you can't be in Florida.....never retire...but dont work either.

I have been at this life for over 6 years ..since I reached the age of 50

Wow..and congratulations. But do tell the secret formula for others to practise the same!

Find ways to enjoy cheap hobbies. Not only are you able to save money faster because you're not spending it, but you're lowering the amount of money you'd actually need in order to retire - you need less to maintain your lifestyle.

Even better, find ways to enjoy cheap hobbies that actually save you money. Example: if your hobby is gardening and you find ways to take pride in and enjoy growing amazing vegetables. So you're enjoying yourself spending very little and reducing your food budget.

Or you enjoy older cars and you do a bunch of the maintenance yourself. Granted, you can blow through some cash buying parts, but if you pick the right car the parts aren't even very expensive. Sure if you're not a master mechanic it might take you days or weeks to do a job that a shop could do in a few hours, but so what? If it's your hobby and you're working on a car you like, the fact that it takes you weeks to get anything done just sort of limits how much you can actually be spending on parts anyway.

Same thing but doing home improvements. Learn to do the work yourself (youtube) and figure out every step that goes into a job you need to do. Make sure you know it so well that you can do a good job of it. Instead of spending thousands hiring contractors and seeing the job magically done in a day, you spend weeks thinking about it, researching it, and working on it (time where you're too busy to spend money on other random crap) and in the end you do the job yourself and save thousands. Your house value goes up too because you did a good job of the project.

Do things for yourself, not for others. Don't be an NPC. Think about what you like and why you like it. Think about what you want to do and why you want to do it. Stop spending money on things you don't need/want to impress people you don't like. Stop spending money on things just because you see everyone else spending money on those things and everyone does it. What really matters to you? What really makes your life better in your own opinion? What brings you lasting satisfaction and happiness? Stop spending money on everything else, you don't need to. Ask yourself these sorts of questions, but don't just blurt out the first thing that comes to your mind (because that first thing is quite possibly the thing you've learned to say, not the thing that is actually true). I mean, don't be that guy that says they need millions because they want to do this list of <everything that everyone always says they need millions of dollars for> because if your list happens to be the same as what you see on TV all the time, what you hear from everyone else, etc then probably that's not really your list - you need to think longer and harder about your own list. Most of the stuff on your own real legitimate list probably isn't that expensive. Some things will be, but those things will be things that really matter to you, and if you spend less on everything else you'll be able to afford the couple of expensive things that you genuinely care about.

Much easier to accomplish if you find a partner with similar values. Splitting things like electricity, rent, car etc.. goes a long way.
Most of "Retirement Planning" depends on the lifestyle you want. Something else to consider is that if you leave the workforce, it will be difficult to come back and think you deserve a competitive salary. I would say the best way to achieve this is to
1) Split expenses with a partner
2) Become really good at something, where you can make 100k+ a year
3) Invest 100% of leftover money
4) Live well under your means, if you need a car buy a Toyota Camry, learn to enjoy the simple things in life.
5) Owning your property helps, as once it's paid off life becomes 50%+ cheaper
6) Don't be in a rush to pay off good debt. Ex, if you have a mortgage @ 1.5%, make minimum payments and invest the rest. If the rates increase to 5%+, then shift payments into reducing that debt

Quentin5 wrote: ↑ BTW, FIRE typically has one I

Good catch! lol. I was on my phone writing this.

sprinter wrote: ↑ Wow..and congratulations. But do tell the secret formula for others to practise the same!

whatever job you choose to do, Just be a pro at it, from top to bottom, then, don't be afraid to move for an opportunity to be the boss...its all about number$,

porticoman2 wrote: ↑ what is there to say about FIRE that has not been said or written in hundreds of blogs or media.

my two bits in a nutshell ... have enough non-investment income or a zillion dollars in your treasury that allows you to never ever punch a clock or be answerable to anyone .... including a partner/spouse.

with enough money or income that will last till you take your last breath.

in other words .... read every blog out there, find the bits that you can use, adapt them to your own FIRE ... its that easy & no, there isn't a one for all FIRE fit.

specifically on Dave Ramsey ... whatever he did to get to FIRE, copy it.

Dave's estimated net worth $475 US million

read this

https://www.nashvillescene.com/news/art ... ng-to-dave

Dave did not fire he runs quite a large business... I mean yeah he has f u money and does what he loves but he is not retired by any means.

Make a plan. Follow plan.

I feel like I'm "chicken fire" because I have enough savings to cover my very low expenses for 35 years if I don't make any returns (i.e. just capital). (Alternatively the 4% rule would be above that income figure, if there are any returns.) But I'd like to have a nice retirement and could have a pension at 55 so... it doesn't make sense to stop unless I hate my job. But if I lost my job, I'd be very tempted to do that.

Biggest one for me is to cooking at home instead of going out to eat. The ingredients needed to make something you might buy at a restaurant only makes up about 20-25% of the actual price you pay. That $15 pasta dish you might pay at a restaurant probably only cost max $3-$4 worth of ingredients. Think about what that might look like over a whole month if you eat out on average once a day. Could work out to be a few hundred bucks a month. Given the types of people who work as line cooks at these restaurant, really anyone can learn to do it themselves.