ap8889 wrote:What are your FIRE plans?
I plan on finding out what it means!
Itsallaguess
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...those seeking Financial Independence to congregate!
kempiejon wrote:Financial Independence Retire Early....those seeking Financial Independence to congregate!
Who isn't seeking financial independence?
ap8889 wrote:Funnily enough my father and I were discussing our respective post Brexit portfolio performance: he has simple global etfs and was chuckling as he has spent about 2 minutes thinking about them, and is well ahead.
I on the other hand have spent hours analysing and agonising over individual shares and balance sheets. I have a mixed HYP with ITs portfolio and have largely flatlined and underperformed him by a wide margin.
The global diversification and currency diversification is very worthwhile. Curses....
TheRIT wrote:- In the blogging world particularly I see a lot of people either FIRE'ing or planning to FIRE based on following the 4% Rule blindly which effectively means 25 times annual spending. My view is that is an incredibly dangerous assumption and people need to educate themselves on what the 4% Rule is before jumping in with both feet. For example it is US based with the US being one of the best performing global markets in history, it's based on a 30 year retirement with many FIRE'ees possibly being retired for far longer than that, etc
ap8889 wrote:The global diversification and currency diversification is very worthwhile. Curses....
TheRIT wrote:I'm starting to see more and more bloggers who talk about FIRE but in the context of a concept where 'work' overlaps with 'life' because it's not 9 to 5, not 40 hours per work and is something that is 'part of the person'. I'm yet to form an opinion on whether this is FIRE as I don't want to be a Unicorn, Victim or Aggressive. I'd therefore value others views on this.
TedSwippet wrote:TheRIT wrote:I'm starting to see more and more bloggers who talk about FIRE but in the context of a concept where 'work' overlaps with 'life' because it's not 9 to 5, not 40 hours per work and is something that is 'part of the person'. I'm yet to form an opinion on whether this is FIRE as I don't want to be a Unicorn, Victim or Aggressive. I'd therefore value others views on this.
[interesting stuff snipped out for clarity]
Now that I've learned this, I can see the benefits of the 'gig economy' for those a generation or so behind me. Work when funds are low, and take off and live life fully in between (zero-hours contracts are both blessing and curse, then) makes complete sense. On that model, 'retirement' defined as 'not working' is completely outmoded. The danger of course is how to function if/when one becomes completely unable to work. Some individuals are probably already there, but not the bulk. For society as a whole that problem is perhaps around half a generation away.
MrDoppleGanger wrote:I (myself) struggle with the Gig Economy idea. I don't see what my USP would be in the young mans industry I'm in - I.T. Perhaps contacts, perhaps reputation, but there will always be someone smarter, quicker and cheaper than me. I can't help seeing it as anything other than a race to the bottom. Definitely not something I'd want to rely on.
MrDoppleGanger wrote:... It's not as if you can't adjust it should you find you've more capital than you need. Better that than the alternative ..
TedSwippet wrote:I struggle with this too. I reached FI about five years ago, and RE earlier this year. Followed a somewhat traditional route -- employee with stable salary throughout -- but with a decade working abroad plus a lucky bit of a leg-up from stock options. I'm now of the opinion that RE for me personally is 'not working for money'.
...
MrDoppleGanger wrote:I (myself) struggle with the Gig Economy idea. I don't see what my USP would be in the young mans industry I'm in - I.T. Perhaps contacts, perhaps reputation, but there will always be someone smarter, quicker and cheaper than me. I can't help seeing it as anything other than a race to the bottom. Definitely not something I'd want to rely on.
TheRIT wrote:On the topic of plans a few top level thoughts:
- In the blogging world particularly I see a lot of people either FIRE'ing or planning to FIRE based on following the 4% Rule blindly which effectively means 25 times annual spending. My view is that is an incredibly dangerous assumption and people need to educate themselves on what the 4% Rule is before jumping in with both feet. For example it is US based with the US being one of the best performing global markets in history, it's based on a 30 year retirement with many FIRE'ees possibly being retired for far longer than that, etc
TheRIT wrote:... my definition of RE is similar but subtly different to yours. For me personally it's work is optional.
TheRIT wrote:For my the big problem I saw was cheaper, more competitive and in a different less acceptable to me country. It's one of the reasons I chose the FIRE as a back-up.
TheRIT wrote:TedSwippet wrote:I struggle with this too. I reached FI about five years ago, and RE earlier this year. Followed a somewhat traditional route -- employee with stable salary throughout -- but with a decade working abroad plus a lucky bit of a leg-up from stock options. I'm now of the opinion that RE for me personally is 'not working for money'.
...
Great post. In the world of work today at the grand old age of 44 I'm probably getting towards old timer status plus am probably a bit stuck in my ways. My aim though going forwards is to try and understand it as I might be able to use some of it myself. Even if I can't I can at least better understand others views.
In the interests of full disclosure from where I sit today my definition of RE is similar but subtly different to yours. For me personally it's work is optional.
tieresias wrote:I agree with both definitions, i.e. "not working for money" and also "work is optional". My concern is about what follows, i.e. purpose.
TheRIT wrote:My plans are pretty well documented but for completeness:
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