9
F1973
22d

Any of you working on FIRE (Financial Independence, Retire Early)?

Is it really worth to grind for few years to enjoy rest of the life?

Or is it better to have a average paying gig and being a long termer with lesser stress and more W/L balance?

How are you planning to go about FIRE? What are your post retirement plans?

If you plan otherwise on more happier/fulfilling life, what's your strategy on that?

Comments
  • 3
    @F1973 nvm, I should sleep
  • 2
    Is that even possible?
  • 1
    @iiii Which part?
  • 3
    @F1973 everything. Early retirement and such
  • 1
    @iiii Yes. Many are able to achieve it. Though you need to grind a lot and sacrifice short term happiness.

    On the second part, if you plan to be happiness throughout then you might not be able to achieve FIRE because you will probably have less stressful but lesser paying job.
  • 1
    @F1973 is "many" like a hundred people out of millions? I would not call that many
  • 1
    @iiii Many who attempt this.
  • 1
    @F1973 and fail in the end, because in current predatory world it's pretty much impossible
  • 3
    @iiii What data do you have to back your opinion?
  • 4
    It really depends where you live and how flexible you are. Currently I'm spending more than half of my salary on essentials (rent & food) and whether I save 3000€ or 5000€ doesn't make a difference for early retirement. I could move out of the city (far away to the middle of nowhere) and save maybe 15k. After 20 years I'd have 300k saved, which is barely enough for a shitty flat in a decent place (or a decent flat in a shitty place) as of now (real estate prices are increasing a lot).

    I'd have to make a lot of sacrifices and besides the higher risk for health issues, what if I get hit by a bus with 40 and die or get disabled? I've had a life of stress and misery.
    Deferring all your happiness to retirement means you're less likely to even reach it and even if, I wouldn't be sure if I enjoy it all that much or if I'd get bored.

    Just my 2 cents on FIRE, from a European POV.
  • 2
    I'm doing it. It's a long term plan (15 to 20 years) and it depends heavily on how well one knows the market.
    You can't achieve it by saving alone, you've got to invest the money into stable, sustainable yet profitable stocks.
    Personally, I'm going for a buy and hold dividend strategy that I supplement by trading options. That way, if the price of an asset drops heavily, I get it at a discount. If it does not, I still made 1-2 % a month from selling the option.
    I invest about 12k per year.
  • 5
    Get a well paid job you enjoy and keep doing it why you can, then you won't need to spend years in boredom waiting for the dementia to kick in.

    There's a reason successful business people, lawyers, judges, politicians, etc. carry on working so late in life
  • 0
    @F1973 data is simple: how many people that have early retired successfully are there compared to the whole population? A miniscule amount. And most are backed up by either big luck or by having rich peers and their influence.
  • 1
    @saucyatom Exactly this is what I am thinking, better have a low paying job but live happy and enjoy every moment because who knows one might get hit by a drunk driver and everything is wasted.

    @iLPinguino Good to hear that. Thanks for sharing your experience.

    @nibor what's the reason?

    @iiii your formula is weak. Consider the population who is aware about this and is working towards it and then find how many of them achieved it.
  • 7
    @F1973 they have meaningful jobs that provide mental stimulation. This is widely accepted to help prevent mental decline in old age.

    Traditionally, the blue collar manual workers would retire as they physically could not continue to work, then they would spend their retirement in the pub, on the garden or something else boring and meaningless.

    I guess my point is that being financially secure enough to retire isn't enough, most people fail to have a realistic plan about how to fill the days
  • 5
    Financial independence, yes. Retire early, no. I would lose my mind. Even if I can afford not to work, I would still code. If I retire early for some reason, I'd still do it for fun.

    "Is it really worth to grind for few years to enjoy rest of the life?" I'd rather not grind too much because I'm not sure what the rest of my life looks like or if I'd still be around for a few more years.

    "Or is it better to have a average paying gig and being a long termer with lesser stress and more W/L balance?" You can have a high salary with less stress and more work/life balance.

    "How are you planning to go about FIRE? What are your post retirement plans?" Saving, trading, business plans. Eggs in different baskets.

    "If you plan otherwise on more happier/fulfilling life, what's your strategy on that?" Protect my finances, go on vacations, stay healthy, have hobbies, meet people with similar values and interests, therapy, etc.
  • 0
    @F1973 this formula does not work on a large scale even theoretically. if majority of population becomes early retired they become a dead weight to economy: they do not produce products and/or services anymore. and all that dead weight becomes a burden for current non-retired people much larger than the current burden of regularly retired people.
  • 0
    @nibor The whole point of discussion here is Financial retirement and not work retirement.
  • 0
    @rutee07 Thanks. Easier said than done though.

    Those points are everyone's dream but not realistically achieveable.

    @iiii dead weight on economy makes sense.
  • 2
    Everyrhing is achievable.. I know a few people, they have multiple flats/houses for rent and they are living from those money and are not working at least 10/15 years.. Its possible.. You need to hire something, have luck, work well payed job, make savings + invenst the money.. And you can achieve it also.. Then I know about one person, who owns a flat, which he is renting, he moved to Thailand and he is living from that money as a king there...😄
    So i would say, you need to find the Best strategy which Works for you in conditions where you live and do it 😊
  • 0
    @gardendwarf Luck.

    Did we also forget to compound privilege into the equation?
  • 2
    i really dont know anything about the financial part.

    But since you asked about plans for happier/fulfilling life: mine is Jesus. Sorry if that sounds flat, but I'd definitly recommend following Jesus. He's not far from anyone and He's got a peace and love that nothing else can offer. I'm happy with that. ❤
  • 2
    My perpetual goal is financial independence, whose wouldn't it be? Who would actually want to depend on loans etc??
  • 3
    Its doable, i did, no family or inherited pile of cash, 200-280h work per month 6 years, finishing up my house this upcoming spring, not too big of a palace just optimal 125 sq meters. Got extra 100k for investment. I however do not plan quit working, I do just enjoy the freedom to quit when i want.
  • 1
    The only fire on my mind is burning this codebase to the ground.

    Bought a house last year, well on my way to "enough" economic independence somewhere down the road i figure.
  • 1
    @F1973 I'm doing everything I listed above, the only ones halted due to the pandemic was going on vacation and meeting new people. I doubled my salary from back in 2018, went from 15 days of paid vacation to 30 days, got a better schedule, less shitty co-workers, good benefits, free time for hobbies, etc.

    I didn't get these things handed to me. I worked to get them. I was poor and almost didn't get to College. Sure, luck has its place but you also contribute to increasing your luck. Pure luck would be uneducated and lazy me sitting in our poor criminal neighborhood and being offered all the things I listed above.

    It's hard but not impossible. Whether I reach financial independence and can afford not to work for decades, only time will tell.
  • 1
    @rutee07 Yes. Agreed 100% and I have the same mindset.

    Hard work and luck both matter equally.

    You can have command on former one while latter is totally random and beyond your control.

    So keeping a balance of both works.
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