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Early-Retirement Update

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Re: Early-Retirement Update

#331

Post by tom_mellior »

PragmaticPulp wrote: post #68

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…

> this same path: Extreme frugality, bare minimum savings

The author is a literal millionaire living (when not working in a well-paid job) on what is roughly the median income for their state. This is neither extremely frugal nor bare minimum savings.

They downgraded from "upper-class lifestyle with upper-class work" to "middle-class lifestyle without work". Not exactly going poor.

> assuming their lifestyle would never change and nothing would ever go wrong.

They bet that nothing would go several-hundreds-of-thousands-dollars wrong. Sounds like a fairly safe bet. If it's likely that you'll get into a situation that costs you that much, having a job doesn't guarantee much either.

Re: Early-Retirement Update

#332

Post by mathgladiator »

horsawlarway wrote: post #273
mathgladiator wrote: post #16

One of the things that struck me is that the need for new hardwood floors. I've been there, and I think this is a phase where you have to do something stupid with a lot of money to realize how stupid it is. For instance, I spent $7K on new quartz counter-tops, $5K on a new fireplace insert which I would rarely use, and then $70K on a bathroom that I never used. Now, I've come to the conclusion that perfect doesn't re…

> All the external things that money buys tend to not provide lasting happiness, and there you are stuck with yourself. We all die. I think this varies. I've had my fair share of purchases that made no difference and I'd probably not repeat if given the opportunity. But I also have a good number of purchases that made a significant difference in the quality of my life. Honestly, I LOVE (love, love love) being a homeo…

> And really - I think that's the crux of the issue. If you're doing something because someone else might judge you if you don't, or because someone else did something similar and you want to show off too... then you're probably doing it for the wrong reasons.

That's it; why do we do what we do?

When I mentor people, I ask three questions? (1) who are you, (2) whom do you want to become, (3) how can I help?

Who we are and what we value are... so interesting. Like, why did I have an urge to get a beautiful quartz counter-top? It baffles me that I would spend more on home improvements then beefing out my computer.

Re: Early-Retirement Update

#333

Post by sushisource »

mathgladiator wrote: post #93

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…

> status is not interesting ... I personally don't care

> I seek demonstrating my cleverness

Uh, what? Status seeking maybe means material success by default, but I think you'll find there are many, many people who care more about the approval of others than material success. That's you.

Re: Early-Retirement Update

#334

Post by [deleted] »

hindsightbias wrote: post #308
psychiatrist24 wrote: post #130

Earlier quoted context omitted.

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.

[deleted]

Re: Early-Retirement Update

#335

Post by _carbyau_ »

CryingSofa wrote: post #267
thesuitonym wrote: post #258

Earlier quoted context omitted.

>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…

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…

I see things similarly I think.

I figure that by definition, not everyone can be the 0.1% world changing person. Founder of Google/FB/Ikea or a Nobel Prize winner.

I want to leave the world better than when I came into it. It doesn't have to be gobsmackingly better, just fractionally better is fine. I try to apply this day by day.

Re: Early-Retirement Update

#336

Post by AussieWog93 »

samvher wrote: post #62
corry wrote: post #55

Kudos to people who go FIRE without state-provided healthcare - from a "typical brainwashed Canadian" POV you're one health mishap / one ambulance-ride's worth of unexpected medical costs to kill the entire dream. Also - no kids - huge variable for FIRE obviously, but perhaps less obviously ALSO a huge variable for life's purpose. Something I've seen in my friend and family group is that a lot of couples hit a point…

As someone who is about to get a first child - what kind of low lows should I brace myself for?

The individual freedoms that you've taken for granted your entire adult life will disappear overnight, and you'll experience a months-long grieving process while also exhausted from lack of sleep.

You'll get over it after a few months, though, and then there is your beautiful baby smiling at you.

Re: Early-Retirement Update

#337

Post by sokoloff »

tick_tock_tick wrote: post #313
TuringNYC wrote: post #279

Earlier quoted context omitted.

The parent was referring to OTM call selling, not covered calls only. Covered calls are pretty low-risk. Selling OTM calls includes selling puts, which is not low-risk unless you're unlevered (everything covered by cash.)

The top parent suggested > sell OTM options against his stocks I don't see where you get the impression they were ever talking about selling uncovered calls. Selling out of the money calls has nothing to do with selling puts. As yes selling cash secured puts even with some leverage is considered very safe. Here is a fund that does just that. https://www.nb.com/en/us/products/mutual-funds/us-equity-ind...

Probably 35% of my individual stock purchases are done via a series of (hopefully more than 1) naked puts until I finally get assigned.

Re: Early-Retirement Update

#338

Post by paulcole »

dimmke wrote: post #102
PragmaticPulp wrote: post #68

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…

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…

> you have no further passion or inclination to improve the world? No problems you could set yourself to solving?

Nope! I know who I am and what I’m capable of.

If I could, I would do literally nothing besides wake up, go to the gym, go to the coffee shop, read, watch TV, and surf the internet until I die. I know this because I took several years off and did exactly this until I ran out of money.

Best years of my life and it’s not even close.

Re: Early-Retirement Update

#339

Post by toomuchwork_thw »

PragmaticPulp wrote: post #68

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…

> Most of these people would be much happier if they simply invested time and energy into finding a job they enjoy, or at least one that doesn't make them miserable.

I don't think there is such a job, not at 8 hours * 5 days a week. Even if it's unfair towards people who have to work longer and harder - I find it grueling. And I believe it's not due to job (I'm a software developer) - I'm pretty sure if I did my favorite hobby full time for a year I'd start resenting it. It's not for lack of vacation either - 5 weeks/year is just enough to get me to baseline where I'm ready to enjoy proper vacation.

3 days a week * 4 hours + 2 months completely off each year could work nicely, but that's not available in a regular job. It'd mean switching to consulting and my selling skills are non-existent. So I'll probably grind for 2-3 years then take 1-2 years off. I did that once already and the main takeaway was that I could easily and gladly not work ever again, if I could afford it.

Re: Early-Retirement Update

#340

Post by chasd00 »

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…

you get what you give
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