Early-Retirement Update • Hacker News Board

Re: Early-Retirement Update

#31

Post by californical » Mon, Mar 22, 2021, 6:05 PM UTC

ericmay wrote: post #13

To me the emphasis on the FIRE community should be on the FI part of the equation. For many people in many countries, there is no concept of "retirement". It seems so silly to me that people would go and say "I'll work really hard and do all this stuff for 40 years so I can sit around and do nothing for another 30 years". What's the point? It's unsustainable. It's like doing a crash diet - it may work for a minute, b…

Yes, this!

Having enough money that you don’t need to worry too much about work seems like 95% of the benefit. Spoken as someone fairly early working towards FI.

Having a paid off house, no debt, and enough money to survive tragedy unscathed is really the goal. I want to be able to work whatever job makes me happy without feeling the need to be competing for the highest salary. Take a few months off work here and there without sweating about getting a new job. To let my future wife or I stay home with the hypothetical kid without needing to think about the money.

Re: Early-Retirement Update

#32

Post by marcinzm » Mon, Mar 22, 2021, 6:05 PM UTC

seibelj wrote: post #3

I "retired" for a month, first two weeks I was so bored just exercising and consuming content, then got kind of depressed, and wound up making plans to start a new business. Then I took a new role at a startup and went back to the grind. I came to the conclusion I just can't stop working. If it isn't for a company then I'd probably start a non-profit and build a new thing that is more idealistic. My dad was the same…

Same for me, I once left a job with nothing lined up and 5 years of living expenses in the bank. I went rather stir crazy although I lasted 6 months before needing to find something to work on. Would have been quicker but I had a bunch of friends with flexible schedules to hang out with.

I like doing things and solving problems but generally lack enough self-drive to do so on my own except on sporadic projects. A day job give me a focus, external motivation and deadlines which I actually enjoy having.

Re: Early-Retirement Update

#33

Post by kev009 » Mon, Mar 22, 2021, 6:06 PM UTC

boplicity wrote: post #22

In my early twenties, I had a business mostly on autopilot that let me work maybe an hour a day. I mostly spent my time writing poetry, hiking, making friends, etc. It was great. It was not sustainable, but it was perfect for a twenty something exploring the joys and freedoms of youth. Now, I work much harder, have kids, and responsibilities. That being said, I know the work I do is meaningful, and serves many people…

This is a beautiful comment. Thanks for sharing.

Re: Early-Retirement Update

#34

Post by neogodless » Mon, Mar 22, 2021, 6:07 PM UTC

varispeed wrote: post #23

This is something I cannot understand. Why would you want to retire so early? I think that would impact my mental health negatively. I just love to work and I couldn't care less about FI. I mean it's nice to have money, but this will sound cliche it will not buy you happiness. However, it is certainly better to cry in a luxury apartment than under a bridge to your dog.

> something I cannot understand

> I just love to work

I think your own personal circumstances apply to you. Have you met any people who do not love to work?

Also, understand that in Financial Independence, "independence" means having complete control over your decision-making. You can attain it, and then choose to work, or choose to vacation, or choose to read books, or choose to play video games, or choose to write a novel, or choose to take up some other creative endeavor, or choose to push your body to its limits - and you will not be constrained by the remainder of your hours left after your work day is over.

Re: Early-Retirement Update

#35

Post by mypalmike » Mon, Mar 22, 2021, 6:07 PM UTC

varispeed wrote: post #23

This is something I cannot understand. Why would you want to retire so early? I think that would impact my mental health negatively. I just love to work and I couldn't care less about FI. I mean it's nice to have money, but this will sound cliche it will not buy you happiness. However, it is certainly better to cry in a luxury apartment than under a bridge to your dog.

The blog explains that he does not love to work. At least not in the field that he is skilled in.

Re: Early-Retirement Update

#36

Post by DanBC » Mon, Mar 22, 2021, 6:07 PM UTC

Pandabob wrote: post #24

He mentions MRIs costing 2-3k€ a pop. That seems really expensive. I’m guessing this is US? Doesn’t competition push down the price of these operations? We’ve got private clinics in Finland offering MRIs from ~230€ without any subsidies (AFAIK).

The US has this thing in some states called "certificates of need". People who support the US market driven healthcare will say that interferences like CoN distort the market and prevent it working properly.

Re: Early-Retirement Update

#37

Post by xwdv » Mon, Mar 22, 2021, 6:07 PM UTC

sidlls wrote: post #9

I always get a kick out of people who think they’re financially independent with such a small stash. Outside some regions with relatively extreme living conditions (e.g. undeveloped and underdeveloped countries), the amount he retired with was never going to be enough to sustain even minor shocks and last the rest of his life. He had a minor shock (breakup) and a major shock (health condition) and realized this error…

950k isn’t a bad stash but he’s a fool limiting himself to 4% withdrawals and a paltry $30k a year.

He should build an aggressive stock portfolio of growth companies with about 60% IV each while he’s still young and going back to work is a good emergency fallback, but for primary income he could just sell OTM options against his stocks and be making about $2k to $3k a week fairly conservatively with little risk of assignment at low deltas.

Re: Early-Retirement Update

#38

Post by jsdalton » Mon, Mar 22, 2021, 6:08 PM UTC

xwdv wrote: post #25

hintymad wrote: post #20

My take-away is that what really matters is not financial independence (it's nonetheless really nice), but independence. And the real independence comes from continued ability to work, being able to choose the job that one enjoys, and the freedom of choosing how to spend one's time. Freedom of choosing how to spend one's time is probably the hardest to achieve.

No, financial independence is what matters in a world where returns on capital will greatly outperform returns on labor.

Out of curiosity where are you finding high returns on capital today? I just don’t see them. (As an engineer, conversely, I see very high returns on my labor.)

Re: Early-Retirement Update

#39

Post by klipklop » Mon, Mar 22, 2021, 6:08 PM UTC

hogFeast wrote: post #19

sidlls wrote: post #9

I always get a kick out of people who think they’re financially independent with such a small stash. Outside some regions with relatively extreme living conditions (e.g. undeveloped and underdeveloped countries), the amount he retired with was never going to be enough to sustain even minor shocks and last the rest of his life. He had a minor shock (breakup) and a major shock (health condition) and realized this error…

I used to work in financial services. I wasn't client-facing but because I had experience with financial modelling so I got roped into these discussions...in my experience, everyone gets this wrong. Advisers get it less wrong but I have still seen comical errors from people who should know better. But most people significantly overstate future returns (particularly now), they significantly understate the effect that…

I feel it is more about escaping the corporate machine than "doing nothing." For many the modern office workplace is insufferable.

You could argue they should go into business for themselves and some appear to do so.

Re: Early-Retirement Update

#40

Post by Tade0 » Mon, Mar 22, 2021, 6:08 PM UTC

Discounting seasonal work my SO has been unemployed since 2016 and her experience was pretty much like in the article.

It's like immortality and why you wouldn't want to be immortal according to Neil deGrasse Tyson - when there's no sence of urgency, there's nothing to make you do anything, so you just sit there and stare at the wall.

Really depressing come to think of it.