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Early-Retirement Update

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301–310 of 443 posts

Re: Early-Retirement Update

#301

I had to quit reading any FIRE (financial independence, early retirement) blogs because they were full of people headed down this same path: Extreme frugality, bare minimum savings, assuming their lifestyle would never change and nothing would ever go wrong. Retiring at 30 sounds great, but no one's life goes exactly to plan for next the 30-40 years until traditional retirement age. People change, expectations evolve…

It's interesting to me that so many people think the path to riches is paved with pinched pennies.

If some of my friends spent half as much time learning new skills as they do saving pennies - I think they'd be much better off. And especially because they don't even enjoy most of the ways they're saving money! Long commutes, cooking all their meals, doing all their dishes. Especially being overworked by a dead-end job they hate!

Spend your money, invest your time.

I know it's easier said than done.

Re: Early-Retirement Update

#302

Earlier quoted context omitted.

Not just FIRE people, but 99% of all retirees at any age end up doing nothing of note with their time. But, and I think you aren't saying otherwise, this is also true of everyone who still has to work, while they are working. Your job is just the thing you have to do (if you are lucky you actually enjoy it). Bottom line, most people don't actually have a purpose or strong passions in their lives. Being retired young…

> Not just FIRE people, but 99% of all retirees at any age end up doing nothing of note with their time. If you spend some years just chilling and and are actually happy, then sure, why not. But there are so many retired people who do nothing, and are not happy. For example, my mother, my mother and father in law, my other father in law, my grandmother - all retired, and all do absolutely nothing but watch TV and moa…

I’ll add on to the other responses and tell you that for a lot of people getting old sucks and the thing that sucks worse than getting old is being old. Constant pain. Lipoma pressing against your spine means no matter how you sit or lay you feel uncomfortable. It hurts to take a shit, it’s hard to get all the piss out and even when you so you have to clean up the floor and toilet because it dribbled everywhere. You can’t remember the last time you jerked off and don’t care to try because it started hurting every time you ejaculate more than a decade ago. You can’t stand for more than an hour before your back is on fire forcing you back down to your sitting position which is “only” uncomfortable.

If you are reading this do yourself a favor and take your body’s health seriously right now before it’s too late. Exercise every day, get that 30 pounds of fat you jokingly call your dad bod off before it’s too late, go to the doctor and fucking do what they say instead of nodding and convincing yourself you know better and don’t really need to do that. Oh and brush and floss your damn teeth. The above story doesn’t have to be your story but if you sit at your computer all day everyday and don’t take care of yourself it very much can become your story.

Re: Early-Retirement Update

#303

Earlier quoted context omitted.

> Extreme frugality Were you reading FIRE blogs or extreme frugality blogs? Or maybe I can just ask "how do you define extreme frugality?" (I think of myself as kind of frugal, and planning to have the choice to avoid compulsory paid work before I'm 50, but I also live in one of the most expensive areas of the United States outside of big cities / California, with somewhat regular trips to Disney World and other coun…

Well someone spending 30k in Massachusetts living in a rental is got to be living extremely frugally. Then the woman had enough of the pennypinching. I see this so often in my circle - all the missed eating out and having fun is ultimately spent on marriage counseling and divorce lawyers.

The median household income in Massachusetts is $80k so between them they weren’t far off. Especially when you consider your costs tend to be lower when you aren’t working. I wouldn’t call that extreme frugality.

Re: Early-Retirement Update

#304

The sad thing was the status grind on his partner; that's unfortunate but all too common. It seems he ended up with a more compatible partner in the end, so I'm happy for him. I recently learned there is this term called "Sigma male" where status is not interesting. Now, I don't know if it is real or just some label, but I do know people that don't care. I personally don't care, but this is after testing the waters o…

[deleted]

Re: Early-Retirement Update

#305

Earlier quoted context omitted.

There's a big difference between spending $60K/year on average, and having a firm upper limit of $60K/year that can never be exceeded for the entire rest of your life (inflation adjusted), lest your entire financial plan collapses. If you had an unlucky year and had to spend an extra $10K on various things (car breaks down, medical expenses, moving for a job) it's probably not a big deal for you. If a leanFIRE person…

This isn't really accurate, though. In most cases there is a large margin of error built into the 4% "safe withdrawal rate" - and that is that the investments "on average" do much better than 4% (easily 5-7% after inflation, in many cases much higher) and that you end up with much more than what you need to withdraw 4%. The notable exception is called a "sequence of returns risk" (SORR) where either something bad hap…

> In most cases there is a large margin of error built into the 4% "safe withdrawal rate"

I don't think that's the case if you're retiring early. The 4% withdrawal rate was based on a 30 year retirement. You need to go a bit lower if you want to have minimal risk of running out of money for a much longer horizon.

Re: Early-Retirement Update

#306
post #102

Earlier quoted context omitted.

I've had friends with trust funds, who just seem to dither around in life. "Making music" they never release. Picking up little "pass the time" jobs. And these are people that aren't living "leanFIRE" It seems like such a nihilistic way to live. You're just floating along the stream of life. Things worked out for you, but you have no further passion or inclination to improve the world? No problems you could set yours…

>Things worked out for you, but you have no further passion or inclination to improve the world? No problems you could set yourself to solving? And why should they? I'm no fan of trust fund babies who coast by on life, but really, why does anyone have to justify their lives by doing something to improve the world? What are you and I accomplishing right now? Maybe it's just the severe burnout talking, but I for one wo…

>why does anyone have to justify their lives by doing something to improve the world?

There have been a few replies in this vein, and I see where you're coming from based on the way I phrased what I was saying.

I'm not arguing that anybody should be forced by some external entity to do anything. I am advocating for a person in this situation to attempt to cultivate a passion/greater purpose because I believe it's something we need to be fulfilled. The man in this article designed a life for himself that was free from labor, but ultimately unfulfilling in many ways.

And if you need to find that passion, looking to improve society in some way is a great place to start. I can think of a few things in that vein that I would consider focusing on if I was in such a situation, and none of them are as far reaching as "make humanity multi-planetary."

Re: Early-Retirement Update

#307
post #289

Earlier quoted context omitted.

The definition of 'retirement' is a common debate in the FIRE space. Often (not always!) it boils down to fights over definitions. Would you call daily volunteering at a soup kitchen (or church, or whatever) 'retired'? By the way, "making the world better" doesn't need to be large or expensive, at least in my opinion: If I talk to the lone, probably widowed neighbour on my way home, I count that as "making the world…

That's a good point about the scale of the "making the world better". It doesn't have to be huge. I think at the end of the day, it's really about finding meaning in your own existence, and such a large part of that for a lot of us is feeling like we are giving back to society or helping our fellow humans somehow. I think this is where I can see the author's goal of just writing being hollow. He writes about his fear…

I like the way you phrased this. Very in line with my thinking on this.

Re: Early-Retirement Update

#308

Earlier quoted context omitted.

I don't know. I'd love to have a basic level of income and then be able to dither around with random jobs. I'd love to be a bartender for 6 months, work in a bookstore for 6 months, become a carpenter for a year or two. I'd probably feel differently if I actually had a trust fund since my upbringing would be different but it does feel stifling that in order to have a financially rewarding career one has to stay on a…

I regret that I never worked as a waiter in a cafe, and now it looks as if I can't afford it anymore. Or if I could afford it, I would be taking away the job from people who have a more urgent need for it than me.

There should be a class of jobs for retirees just working for health care and socialization.

Re: Early-Retirement Update

#310
I've taken a few different "retirement" periods in my life, each lasting about 1-2 years.

The first one, I intended to write, but ended up playing World of Warcraft. The second one, I significantly improved my coding skills (I was primarily doing finance immediately before this, and as a result of this period, my career became concentrated in product management + data + BI). The the third one I spent learning to trade. I even flirted with starting a hedge fund for a bit, but have since backed off those ambitions. I'm currently back at a full time job doing data + BI + finance + product for a small startup.

My biggest takeaways from all these experiences:

1. That kind of freedom is challenge in and of itself. It's amazing to have 12-18 months to dig in deep into a new area (I call these my self-directed masters programs). The feeling of freedom and mastery can't be beat--but most people can't sit in a room by themselves 8-10 hours a day and not go crazy or just waste it on distractions. That in itself is a skill. My first attempt ended up in gaming instead of writing, which turned out okay--but I still wonder where I could have ended up if I had my current level of ability to stay on course.

2. No matter what you do, if you go deep into an area, it seems to add to your overall career progression (for example, I got into video-game product management largely because of my year playing WoW). I doubt you can do nothing--or anything--but at least for me, my desire to want to learn something seemed to be guiding light enough.

3. It's really lonely. Like in undergrad or my MBA, I was learning a ton of new stuff--but unlike those times, there were few people in my life to share the journey with. People were either busy/disinterested or much further along. I really wish I had understood the value of being part of a cohort when I had the chance.

4. I should have spent more time working out. At my age now, I can't believe I found it so hard to dedicated 5-10 hours a week for exercise, especially when my body responded so readily to it (compared to now--I guess youth is wasted on the young once again).

5. Going back and forth between these times and full-time jobs is a great way to level-up and then lock in a new backstop for your next career move. Adding in a little consulting also makes the interviewing story better and gives you some real-world problems to tackle with the new skills you're developing.

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