The Lemon Fool

mickeypops wrote:

JohnB wrote: I've been invited to a university reunion, which will be full of willy-waving life updates. Not sure I'll go, but if I do I'll not have a problem with status, "Oh, I made my money and retired to potter in the garden, so you still have to work then?"

Love it! When I announced my retirement to some colleagues, the first thing I got asked was if I was coming back at a consultant to megacorp, as others have.

"No," I said.

"Why ever not?" I was asked in a surprised tone of voice.

"Because I don't need to," I replied, with a happy smile on my face!

Outstanding.

mickeypops wrote:

Quint wrote:What an interesting thread this has become.

I am still waiting for my pension to transfer to my SIPP, having just sent some paperwork through for the second time. Useless.

Cripes, I feel your pain Quint. Me and Mrs MP are retiring at the end of this month. We both have SIPPs and ISAs. I have three DB pensions from my current and prior employers. I have (had) four separate DC pension accounts - three legacy and my current employer. My wife has a DB pension from an ex-employer, a current employer DC account and two old DC accounts.

I've been pulling all this together - arranging for the DB pensions to commence, taking the tax free lump sums (to reinvest in ISAs / Investment accounts.) and transferring the legacy DC accounts into our SIPPs, with the current employer DC funds to follow. Some of these arrangements have been a doddle, some are being really troublesome.

Paperwork? I reckon our postman will have to go off sick with a bad back.........

That sounds like a full time job in itself.

It is no wonder that a lot of people get confused and just bury their heads when it comes to pensions.

I'm also a diver!

I've just turned 40. I'm saving everything I earn above the 40% threshold and I think I should be able to retire at 55. I'd love to do it sooner, but that will depend upon my investment returns.

Good luck to all those that have already finished work - you're an inspiration.

grimer wrote:I'm also a diver!

I've just turned 40. I'm saving everything I earn above the 40% threshold and I think I should be able to retire at 55. I'd love to do it sooner, but that will depend upon my investment returns.

Good luck to all those that have already finished work - you're an inspiration.

Stick with it and it should be within your reach. Good luck.

grimer wrote:I'm also a diver!

The funny thing is that diving is way more slow, meditative, calm, considered and requires study and preparation, than 'that bloody James Bond film' of the SCUBA divers thrashing around with the sub-aqua Lotus car stereotyped. And I think there is a parallel in good retirement investing

grimer wrote:I've just turned 40. I'm saving everything I earn above the 40% threshold and I think I should be able to retire at 55. I'd love to do it sooner, but that will depend upon my investment returns. Good luck to all those that have already finished work - you're an inspiration.

I think that's a good approach. Not to mentally bank pay-rises from work, still try and live within your earlier salary for a while. Same for investment portfolio income, keep it off the mental radar as household income, re-invest it instead for the future. Start with that view/discipline early enough and it'll really give you a leg up by the time you're looking towards your end-goal.

DiamondEcho wrote:

grimer wrote:I'm also a diver!

The funny thing is that diving is way more slow, meditative, calm, considered and requires study and preparation, than 'that bloody James Bond film' of the SCUBA divers thrashing around with the sub-aqua Lotus car stereotyped. And I think there is a parallel in good retirement investing

Quite so DE. I have never been a diver, but understand perfectly where you’re coming from. Plan the Dive, Dive the Plan.

I’ve made many mistakes along the way but I’ve learnt to plan ahead as far as I reasonably can, measure progress regularly, and replan if necessary.

I count my blessings I remain well on track for 55. Just need to keep nose to grindstone for another decade 

I've seen quite a few blog posts, mainly but not exclusively American, that endeavour to identify common psychological characteristics in those drawn toward early retirement. It seems that the Myers Briggs Type Index (MBTI) provides some clues. FIRE enthusiasts tend disproportionately to fit the profiles INTJ and ISTJ.

This makes a lot of sense to me. Introverts don't need to energy of others around them; conversely, we find too much socialising tiring. The combination of T (thinking) and J (judging) results in highly rational people with a strong sense of what's right and wrong. Looking back, I found the workplace frustrating because I thought many of the people around me, particularly bosses, pursued flawed strategies, weren't that capable, or were self-serving. I remember being especially disenchanted when a CEO was edged out - long overdue - and my direct manager, who I still consider the smartest person I ever worked for, got passed over for the gig because it was deemed that she wasn't sufficiently desperate for the role.

Sure enough, I'm borderline between INTJ and ISTJ, and am pleased to have retired in my early/mid 40s. I wonder whether others here have tested themselves for MBTI and can confirm or contradict the suggestion that those two profiles are overrepresented in the FIRE community.

Longtermyieldman,

I just completed the online test and was defined as ISTJ, so you might be on to something !

I just retired at 52 but have wanted to for a very long time.

Yes. Another INTJ here.

Last time I did the test was during an international team meeting: we assessed ourselves, but also our colleagues. It was interesting to note that the Myers-Briggs test was biased by cultural "norms". For example, Brits are more likely to be extrovert than say Finns or Japanese but generally considered introverted by the Americans. When reviewing self-assessed ratings, there were some surprises as to how colleagues felt about themselves, as that was not how they appeared to be when viewed from different cultural perspectives!

VRD (Retired at 50)

I just did a test. (https://www.16personalities.com/istj-personality) And this time I am ISTJ. In the past I'm sure I have been ISTP, INTJ and I'm always borderline I or E (always seem to be 49% extrovert). So, I don't know how exact it all is, but I'm sure there is something in the idea that certain personality types have the capabilities to FIRE more than others.

I'm INTJ and certainly not a team player.

Last time I did the MBTI was maybe 10 years ago and AFAIR I was INTP. But it's interesting that this subject has come up again and I look forward to re-doing the test. It would seem reasonable that personality traits and behaviours are not fixed in stone but evolve over time with age/experience etc. So we shall see

Actually INTP might have been my bonkers ex-wife, I probably remember that particular type because she went on about it the whole time.

Anywayz from the above link from tieresias I am... 'Logistician (ISTJ-a)' - Figures really!

I've been following this thread and wanted to congratulate those who are are FIRE. Retirement is still 20 years away for me but the whole thread has been an inspiration. Thank you.

Incidentally, as an INTP I'm wondering just how many Lemon Fools happen to be of the 'INT* types' as it does make sense.

N.

I started “proper” work after my second degree aged 24. Retired at 48, 15 years ago, so worked 23 years, retired (so far) 15 years and I’m 63. Do I miss those 15 years continuing my climb to the top? Like hole in the bl**dy head!

Financial types and psychology has always fascinated me. I'm an INFP, which pretty much very different from everyone else here. It's something I always knew as I'm very different from most of the posters here or on general FIRE forums.

My "type" of people are artists, writers, poets, artistic-type quiet souls, and they go into careers that do not make any money. The creator of Myers Briggs is self-identified INFP.

I have taken pains to cultivate the more financial and quantitative sides of me, which do not come as naturally as the artist side of me. Now on track to retire late 30s/ early 40s. Then I can spend my days writing and painting and drawing!

I had not done that test for many years so had a fresh go and to confirm the hypothesis it seems that I am an INTJ-T.

I retired at 56, somewhat delayed by a disastrous first marriage. I had a good job by most peoples standards but retired as soon as I could and haven't missed work for a single second.

MM

PS - I am an artist/photographer by inclination so not sure how that fits with INTJ

Hadn't taken that test for ages - maybe 16 years. Never really believed in them that much. But sure enough - INTJ-a Architect.

Another INTJ here (early retired for 15 years). It's no surprise to me that a lot of FIRE enthusiasts are INTJ. If you're into FIRE then you're a planner who is happy with delayed gratification. That's INTJ to a tee.

Back in the early 2000s on the Berkshire Hathaway board on the American Motley Fool, there was quite a bit of discussion of Myers-Briggs types and investing. More than 50% of the posters were INTJ, with INTP coming second. Berkshire Hathaway, with its philosophy of no dividends and not prioritising short-term gains over long-term growth, clearly attracts INTJs.

FIRE requires people to prioritise saving over current consumption. One of the more interesting bits of scientific research on this topic is the Stanford Marshmallow test. Children were offered a treat (usually a marshmallow) which was placed in front of then, but they could instead have two treats if they waited roughly 15 minutes. Roughly one-third of the children ate the the treat immediately, one-third ate the treat after some delay whilst the remaining third waited for the two treats.

The follow up studies over the years showed that those didn't wait tended to be spendthrifts with poor impulse control whilst those who waited tended to be more successful and less reckless (and I suspect are much more likely to be FIRE candidates).

https://en.m.wikipedia.org/wiki/Stanfor ... experiment

SalvorHardin wrote:... Back in the early 2000s on the Berkshire Hathaway board on the American Motley Fool, there was quite a bit of discussion of Myers-Briggs types and investing. More than 50% of the posters were INTJ, with INTP coming second. Berkshire Hathaway, with its philosophy of no dividends and not prioritising short-term gains over long-term growth, clearly attracts INTJs. ...

Here's one of them over there http://boards.fool.com/myers-briggs-and ... sort=whole (searched externally as the Fool search has apparently gone completely, except for stocks etc).