Financial Independence Retire Early [F.I.R.E]

[RockBell]

Apart from the risk associated with the uncertainties that comes with retiring early, after retirement, it is always as though the next point is death of you don't make proper plan for what productive activity you should be doing after retiring. for me, i don't make a big deal out of early retirement because in the process of working, i get to become really engaged which makes life less boring. it is not as though it is a bad thing to set early retirement plan most especially knowing that you won't always be as strong and relevant as you are at your prime. you should do it but that should not be the whole essence of life. while still working, you could invest into an asset that will serve as your retirement plan or some sort of a budgeted amount for our luxury if you so desire.

But we all know that it is better to take does risk than not wanting to try anything out at all and I don't see anything wrong with retiring early, there will be enough time, for you do venture into other things, and no matter how productive you idea is anything can still happen, so we have to decide exactly you want to do and even if it does not work there is always enough time for you to invest, and those that are retired early are more focused because they will need something to rely on because they won't just make a reckless decision when they know the out come.

Somtimes we have to consider, I know how young people want to give it there all and this is what makes it more intresting because, it is usually very easy for young people to do bussiness with and their is no way that it won't go well because of the kind of insight that young people have, and before the retirement I will better start investing early that is what safes us a lot of things because by now you want to retire and no plans yet then that is very bad.

[mindrust]

I periodically watch the YouTube channel "Retire at 35". The author of this YouTube channel is a very talented marketer and evangelist of the FIRE strategy.

He made a lot of money helping various commercial companies increase their revenue. For his work, he asked for a certain percentage of the revenue received. This strategy helped him accumulate a large amount of money and start investing. He realized his dream - he retired at 35.

The author of the channel "Retire at 35" likes to repeat that capital is earned not on the stock market, but in other places. The stock (cryptocurrency) market is a financial instrument for saving, not for making money.

Youtubers don’t make their money from trading or investing. They make money from views. So I automatically diss channels like the one you mentioned. Of course every once in a while they may come up with good info but you could find that info in pretty much in any entry level finance book which explains what FIRE is.

The one I like a lot is:

“Rich dad poor dad” from R. Kiyosaki. It gives you a great headstart.

[TheUltraElite]

To be honest early retirement and all that seems like a pipe dream to me considering the inflation and rising costs of even common groceries.

I have set up almost every type of investment I possibly can, dividend paying stocks, bonds, casino bankroll investments, precious metals and cryptocurrency. Only time will tell us how much these are going to be useful or useless in the future.

Besides, nothing makes things easier than a job that pays you well. So target that first at an early age.

[kotajikikox]

design your life for the future, don't just think about eating or buying snacks today.

Good point. Delayed gratification will lead us to better paths of our life. It might be difficult for now but soon you will realize that all of it was worth it and it will even bring you more benefits in the future even if you suffer for a little bit right now.

I invest like 80% of my salary for many years, technically I can retire now because 4% of my investment is enough to cover my annual expenses. But, no one knows if I get sick in the future, my wife turn to be materialistic woman, school fees rise really high than 4% annually etc.

This is why there should be savings for different kinds of things. Health insurance can save you inn cases like that. As per school fees, you are right that you can't truly retire yet until one of your kids graduate and have a job of their own because until then you do not know what can happen or what will your kid be doing. Life is difficult and early retirement is a dream that is very difficult to achieve.

[Renampun]

To be honest early retirement and all that seems like a pipe dream to me considering the inflation and rising costs of even common groceries.

I have set up almost every type of investment I possibly can, dividend paying stocks, bonds, casino bankroll investments, precious metals and cryptocurrency. Only time will tell us how much these are going to be useful or useless in the future.

Besides, nothing makes things easier than a job that pays you well. So target that first at an early age.

I just found out about this, early retirement in my imagination is really beautiful considering how tiring it is to face all the problems in the working world but with the income that my partner and I get it is impossible for us to achieve early retirement.

maybe we should have more than 4 sources of income to achieve early retirement as soon as possible (sounds crazy and ridiculous lol) but for now I will just focus on what I am doing.

[Japinat]

To be honest early retirement and all that seems like a pipe dream to me considering the inflation and rising costs of even common groceries.

I have set up almost every type of investment I possibly can, dividend paying stocks, bonds, casino bankroll investments, precious metals and cryptocurrency. Only time will tell us how much these are going to be useful or useless in the future.

Besides, nothing makes things easier than a job that pays you well. So target that first at an early age.

I just found out about this, early retirement in my imagination is really beautiful considering how tiring it is to face all the problems in the working world but with the income that my partner and I get it is impossible for us to achieve early retirement.

maybe we should have more than 4 sources of income to achieve early retirement as soon as possible (sounds crazy and ridiculous lol) but for now I will just focus on what I am doing.

Everyone is targeting early retirement, but it seems like too good to be true especially that the sum of our expenses due to inflation is even higher compared to our net income monthly. Which means saving could still be out of the picture for now.

However, if there's a will, there's a way. If we can increase our side hustles so we can afford saving as much as investing, then early retirement could be highly achievable. But if opportunities aren't easily available for us, that only means we just have to live whatever the present give us and just pray for our future.

[el kaka22]

Did people really needed someone else to tell them "spend less than you earn, invest the surplus, you will end up rich", like did they not know this automatically? We are talking about simple mathematics here, of course if you invest your surplus and spend less and earn more, of course you will end up richer than otherwise. What did they think, they can spend more than they earn and could end up being rich or something? That makes no sense, you will end up in debt and poor.

All in all, we are of course talking about something that is growing more in community because people do not want to do this alone, and they have limited friends circle and only one or two others may, but with online community, they share their success and get love and attention for their savings and investments, so they have incentive to keep it going.

This is why I think it got more popular, the fact that if you can save a lot, people will give you likes, the fact that if you earn good, they will give likes, and if you invest good they will share likes, all of those likes makes people want to do it again and again, even better. That's the most important part of online communities, they are supportive to what you do.

[DubemIfedigbo001]

I'm a guy who loves increasing income rather than reducing expenses, reason being that expenses are always pouring in from other means rather than just your concerns. If it's just about our personally, most people should be really rich, but we can't control that on our dependent and families without depriving them of necessities. So we should always try to increase our earnings rather than decrease our expenses. Now this does not encourage anyone to spend unnecessarily,  but we should really concentrate more on enlarging our earnings so we'll have more leverage on funds management.

[diamondsurfer]

Fat firing is being extremely dedicated to frugality maximize income or business exits to a four fund vanilla bland portfolio. $jepi, $jepq, $schd, $vym, etfs are the way to retire early and stay wealthy. Or 100% bitcoin

[Finestream]

I'm a guy who loves increasing income rather than reducing expenses, reason being that expenses are always pouring in from other means rather than just your concerns. If it's just about our personally, most people should be really rich, but we can't control that on our dependent and families without depriving them of necessities. So we should always try to increase our earnings rather than decrease our expenses. Now this does not encourage anyone to spend unnecessarily,  but we should really concentrate more on enlarging our earnings so we'll have more leverage on funds management.

You're right mate.While we encourage increasing our source of income, but that does not mean that we should also increase our expenses. Because the reality of some people, most especially that comes from poverty and are now experiencing a little financial progress, they also elevate their lifestyle and spend more than before. And now, instead of saving which is the main goal, they end up getting into debt so they can cater their increasing needs. And for that, saving for early retirement might be getting even more delayed.

[NeuroticFish]

I'm a guy who loves increasing income rather than reducing expenses, reason being that expenses are always pouring in from other means rather than just your concerns

I have the feeling that most people are like that, just you are one of the few admitting it 


There are quite a number of drawbacks in trying to be cheap for a number of years and retire early:
* at the moment you'd want to start enjoying life you may not know how
* you may decide later on that you better give your money to your children instead of you enjoying them (nothing bad in it, as long as a proper middle ground is found)
* you may die off some accident and you'll miss the retire/enjoy part
* taxes usually differ if you cash in all the investments at once, instead of doing it on smaller amounts on longer periods of time (or simply investing less); so you'll give more money to the state

Bitcoin price should keep going up, so it's nice to invest some for a cozy retirement, maybe an earlier one, but imho going into crazy restrictions in the name of early retirement is a gamble you can too easily lose at.

[Free Market Capitalist]

I am not attracted to this movement, and in 5 to 10 years at the most I will be able to quit my job, or spend a year traveling around the world if I want to. Some FIRE stories are of a sub-human stinginess to reach the goal of financial freedom, and then when they get it they still find it hard to spend the money. Also, having no obligations, lots of free time and little to do ends up with some people dying from overdoses or things like that. Those who don't take that route end up going back to work, but in something that they want, that motivates them and being their own boss. Marc Cuban would be an example.

On the other hand I am also more in favor of increasing income rather than reducing expenses. At the beginning yes, someone who wants to improve his financial situation and starts now, the first thing he has to do is to start controlling expenses and income and save. But with time, if you get into this, you end up coming up with ideas to increase your income, so you end up being able to spend more while saving and investing more.

More than the FIRE movement, what I would recommend to everyone is to improve their finances, without obsessing and enjoying the process.

[freedomgo]

To be honest early retirement and all that seems like a pipe dream to me considering the inflation and rising costs of even common groceries.

I have set up almost every type of investment I possibly can, dividend paying stocks, bonds, casino bankroll investments, precious metals and cryptocurrency. Only time will tell us how much these are going to be useful or useless in the future.

Besides, nothing makes things easier than a job that pays you well. So target that first at an early age.

Well, for someone to invest consistently, one must have a stable job to generate regular flow of income. Investing without a reliable job is just a waste of time and money. However, the earlier you get a job, the better, because that will be your stepping stone to save and invest, and when that investment paid off, early retirement might be possibly obtained.

The problem now is if you are a low-income earner, investing won't be an easy venture. But if you take time to add more job to your current job, I think that may definitely work. You work harder not actually to acquire more of your needs or wants, but to sustain your investment until it gives you a passive income in the future.

[mindrust]

Fat firing is being extremely dedicated to frugality maximize income or business exits to a four fund vanilla bland portfolio. $jepi, $jepq, $schd, $vym, etfs are the way to retire early and stay wealthy. Or 100% bitcoin

FatFire sounds great at first but then people who look into it and suddenly realize it is called “Fat” for a reason. Only the best earners can afford to have that title.

What is the number nowadays for FatFIRE? I haven’t been visiting these communities for some time now. The minimum capital requirement is probably $2m while the optimal is $5m, that’s my guess.

In some parts of the world you could retire on $300k to $500k and still live like a king, at least according to their standards. I guess it still beats having to go to work.

[lixer]

Op is a good suggestion but those are easier said than done because a partner whom there monthly salary is not enough for them will hardly think about that and not that they are not concerned about the future of there children but the stability is the problem because is always here and then to eat up a lot of money you have saved, when you have children unless you have a very high paid job will you be able to spend and keep for the future because children are very selective to almost everything, considering how costly things can be, so is a big deal, but to break through from being too dried up on this kind of situation is when you have already started the preparation before then such as a source that no matter how little the profit is it can feed your family so that your salary will not be tide up for immediate consumption anymore.

If it is only about the design, I think it is only simple but the hard part is when we start the work. We should not think about it in advance though but we must still try. And if in case we really struggle, we will need to give it more time because we might still adapt on it.

Some says that we must think only about the present time but I think we still can't help it but to think about our future. So yeah, we are concerned about it but it is just like you said, we can hardly do a thing about it because we are also experiencing a financial issue. Apart from the expense that can eat our budget, there is also inflation that can do the same thing but there is also a fix for that and that fix is the same as preparing for our future, which is to invest.

[Fortify]

FIRE is a lifestyle/investment plan with the goal of gaining financial independence and early retirement through savings. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums.

Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference. JL Collins, an author who has been called the "godfather of financial independence," has said:

"Spend less than you earn—invest the surplus—avoid debt. Do simply this and you'll wind up rich."

Reducing Expenses: Choosing to live more simply, for example by cooking at home instead of eating out, or buying more affordable items instead of luxury products.

Focusing on Financial Priorities: Having clear long-term goals, such as saving to achieve financial independence.

Investing Consistently: Setting aside most of your income to be invested in instruments that generate passive income, such as stocks, bonds, real estate or maybe you can choose Gold & Bitcoin in your portofolio

I love the idea of the FIRE movement and try to navigate towards it, but like anything in life there is a balance. Some people will not earn enough to free themselves early or may have to spend large chunks of their salary on supporting a family, so they are unable to accumulate too much. On the other hand, there are some people who go for the extreme FIRE strategy but it looks like they suck all the energy out of their lives, living on a pittance while they save money and wasting the best years of their lives just hoarding money. The silly thing is the habits become so ingrained they may not even get the pleasure out of an early retirement that they are seeking. Better to save and invest, but leave yourself some room to have fun and explore.

[goldkingcoiner]

Early retirement is bullshit for me, actually I'm stuck in this cycle.

I invest like 80% of my salary for many years, technically I can retire now because 4% of my investment is enough to cover my annual expenses. But, no one knows if I get sick in the future, my wife turn to be materialistic woman, school fees rise really high than 4% annually etc.

If I quit my current job and choose to the job that I want which likely earn bigger in the future, if I didn't make it, I will regret, at the same time I can't back to my old comfort job. Don't say take two jobs at the same time because the first job requires me to work for full time.

I agree. Saving up is a good thing but nobody knows what tomorrow will bring.

And furthermore an early retirement sounds dull. There need to be periods of rest and work in a person's life but only work or only rest is not the right way. Life means movement, only the dead don't move.

[Kemarit]

Early retirement is bullshit for me, actually I'm stuck in this cycle.

I invest like 80% of my salary for many years, technically I can retire now because 4% of my investment is enough to cover my annual expenses. But, no one knows if I get sick in the future, my wife turn to be materialistic woman, school fees rise really high than 4% annually etc.

If I quit my current job and choose to the job that I want which likely earn bigger in the future, if I didn't make it, I will regret, at the same time I can't back to my old comfort job. Don't say take two jobs at the same time because the first job requires me to work for full time.

I agree. Saving up is a good thing but nobody knows what tomorrow will bring.

And furthermore an early retirement sounds dull. There need to be periods of rest and work in a person's life but only work or only rest is not the right way. Life means movement, only the dead don't move.

Yes, the problem with most of us though is that we don't know how to save or invest when we are young and we don't think about our future until it's too late in our lives and then thinking back and says that we should have done this and that so there is a lot of regrets.

But I guess that is live itself, it's the unknown and we take risk, and it might not be good for us, but still we move on. But now that we are mature and still have time, then maybe we can correct our mistakes and be financially independent even in our late ages. And that is the beauty of life, we can continue to work, make money and learn from our mistakes. And yes, we are design to move and not rest, that's why when I go to the province and seeing farmers, who are in their 70's or 80's but they look young and strong because of their constant movement and battling life itself.

[Porfirii]

Early retirement is bullshit for me, actually I'm stuck in this cycle.

I invest like 80% of my salary for many years, technically I can retire now because 4% of my investment is enough to cover my annual expenses. But, no one knows if I get sick in the future, my wife turn to be materialistic woman, school fees rise really high than 4% annually etc.

If I quit my current job and choose to the job that I want which likely earn bigger in the future, if I didn't make it, I will regret, at the same time I can't back to my old comfort job. Don't say take two jobs at the same time because the first job requires me to work for full time.

I agree. Saving up is a good thing but nobody knows what tomorrow will bring.

And furthermore an early retirement sounds dull. There need to be periods of rest and work in a person's life but only work or only rest is not the right way. Life means movement, only the dead don't move.

"Periods of rest and work". I like it. Much better than the idea of an early retirement is the one of a job you like (or at least you don't hate) and enough spare time to live a fulfilling life.

In addition, if the OP is worried about the long term viability of his plan and he won't rest because of the uncertainty about the future, then he should think about that first, because chances are that having so much spare time to think about things that could go wrong is not a good idea.

[Maslate]

Op is a good suggestion but those are easier said than done because a partner whom there monthly salary is not enough for them will hardly think about that and not that they are not concerned about the future of there children but the stability is the problem because is always here and then to eat up a lot of money you have saved, when you have children unless you have a very high paid job will you be able to spend and keep for the future because children are very selective to almost everything, considering how costly things can be, so is a big deal, but to break through from being too dried up on this kind of situation is when you have already started the preparation before then such as a source that no matter how little the profit is it can feed your family so that your salary will not be tide up for immediate consumption anymore.

If it is only about the design, I think it is only simple but the hard part is when we start the work. We should not think about it in advance though but we must still try. And if in case we really struggle, we will need to give it more time because we might still adapt on it.

Some says that we must think only about the present time but I think we still can't help it but to think about our future. So yeah, we are concerned about it but it is just like you said, we can hardly do a thing about it because we are also experiencing a financial issue. Apart from the expense that can eat our budget, there is also inflation that can do the same thing but there is also a fix for that and that fix is the same as preparing for our future, which is to invest.

Inflation is here for good, so we can't do nothing but to accept and embrace it, even if it means dealing with financial struggles.

However, as human beings who still aim for future financial progress and stability, we need to get out from our comfort zone and deal things even if they're out of the context. That's the only key so we can move forward financially. The process could be tough and hard, but we can get there slowly and surely. I think that's how we should deal with the early retirement goal.