Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
FIRE me, please!
Old 06-30-2007, 12:35 AM   #1
Full time employment: Posting here.
 
Join Date: Jun 2007
Posts: 567
FIRE me, please!

Apologies... it's long winded, but it's theraputic. The summary is at the bottom!

Hi, my name is Ben and I made it to this stellar forum by way of Passion Saving. My wife and I have been trying to save like mad for several years now but things are really just now coming into focus; we're continuing to answer the 'why do we save?' question.

I turn 30 this year, which is disappointing on some level. I wish I could go back to my 20 year old self and hit me upside the head. My wife is 28 and we've been married for six and a half wonderful years (except during some budgeting sessions).

I first realized I needed something different in my life at my last job. The pay was great! If you didn't think too hard about the 60-80 hour work weeks that is. After three months of working 110 hours and ending up with a trip to the ER to see if I was just stressed out or having a heart attack (at the urging of others, but don't worry, it was just stress), I decided it was time to start changing. The first order of business was to at least right-size my job. I took a 20% pay cut but I only work 38 hours a week now. So, nominally, I guess I'm actually much better off.

We're currently saving between 21% and 27% of our gross income. I actually have a second job as a freelance programmer. All of that money, after taxes, is invested... so, projecting what I'll most likely bill for the year, that gets us to 27%. That seems like such a pitifully low number, though. We've got goals and dreams we want to reach after all! We're working to 40% while still enjoying life (I love the point that Rob Bennett makes on passion spending / passion saving).

We also just fired our Amerprise financial advisors. While they didn't churn us out of our life savings (unlike some of the horror stories I've heard), we just never saw eye-to-eye on life. So, we're going it alone now. Well, I guess that's not really true, though. I've got you guys and the Fool. It's probably more fair to say that we're finally taking control of our financial future. It's a combined feeling of exhilaration and dread. I don't know why it's so scary, though. After all, the worst that can happen is that we end up broke and living on the street when we're 60. What's scary about that?!

In the next few years, we want to find a nice piece of land and build a small homestead where we can explore sustainable living and farming. Right now, I think we can FIRE in 25 more years. That's way to far out for me, though. I'm hoping I can get FIREd (sorry, I just love that acronym) in 12 years.

Short form version of everything you do and don't need to know about me:
  • Ben
  • Software programmer in Minneapolis, Minnesota
  • Married
  • No kids, one dog
  • Aspirations of being a farmer
  • Likely a hippy at heart
  • Plans to get a phd in a field I know nothing about
  • Convinced we could save more if we could just figure out how to recycle our dental floss a little more
My current 'investment' 'strategy': IRAs in Vanguard targeted retirement funds (the 2050 because we want the extended stock exposure... I've left enough money out to off myself if I need to wait that long to actually retire). 401k's blended. Non-retirement currently in the Vanguard S&P 500 with plans to add an international fund soon.. and a bond fund as soon as I can understand if that's not a bad thing outside of a tax-sheltered account.
__________________

__________________
Webzter is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-30-2007, 02:39 AM   #2
Recycles dryer sheets
 
Join Date: Dec 2005
Location: San Diego
Posts: 468
Quote:
Originally Posted by Webzter View Post
I wish I could go back to my 20 year old self and hit me upside the head. .
Is there ANYONE out there that doesn't feel the same?
__________________

__________________
califdreamer is offline   Reply With Quote
Old 06-30-2007, 06:58 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Posts: 2,119
Quote:
Originally Posted by califdreamer View Post
Is there ANYONE out there that doesn't feel the same?

Oh my 20 Yrs old and that trip to Cancun in 1976. I still remember her name!
__________________
newguy88 is offline   Reply With Quote
Old 06-30-2007, 08:47 AM   #4
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Man, I'll pass on being 20 again. I might not survive the second time through.

Webzter, good to hear from another Minnesotan, there are a number of us regularly posting here. It sounds like you are doing great on saving, much better than I was when I was your age.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 06-30-2007, 11:52 AM   #5
Full time employment: Posting here.
 
Join Date: Apr 2006
Posts: 944
Webzter,

Great start -- I think you will find that 25 years will not be necessary with your motivation!
__________________
Freed at 49. You only live once - live it
Donzo is offline   Reply With Quote
Old 06-30-2007, 12:13 PM   #6
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Welcome to the board, Ben.

Quote:
Originally Posted by Webzter View Post
... and I made it to this stellar forum by way of Passion Saving.
Hunh-- a referral from H0cus. Are you referring to the book or the website?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 06-30-2007, 12:29 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Location: Minnehaha
Posts: 2,375
Hey Ben, another Minnesotan here. You sound like you got your head and financial act together. Your post reads like the place where my head was at when I was around 30, well except for the hippie and homesteading part - nothing wrong with that though and sounds like good goals. I'm guessing you also turn the lights off when not needed, eh?

I think you'll be just fine doing your investing on your own. I have no use for FAs. I put them a little bit above lawyers (there are exceptions - one nice lawyer graces us with her presence).

Ease into investing, kinda like wading into a cold Minnesota lake...pretty soon you're up to your neck and thinking hey that wasn't so bad and you really don't feel that cold once everything goes numb. Maybe that wasn't such a good analogy or was it a metaphor :confused: I know it wasn't a similie, right Martha?

As far as being happy and broke, I was with a bunch of Sisters at a social last night at St. Kate's - they don't have any money and they are one fun happy bunch of nuns, especially after a glass of wine. Anyone who says the Twin Cities doesn't have a great night life, hasn't spent enough time here, am I right?

Good luck and don't forget to smell the flowers on the way to your goals.
__________________
MinnesotaEats - www.goodfoodmsp.com
Danny is offline   Reply With Quote
Old 06-30-2007, 05:39 PM   #8
Dryer sheet wannabe
Fool_working's Avatar
 
Join Date: Jun 2007
Location: Ballard - Seattle
Posts: 14
Send a message via MSN to Fool_working Send a message via Yahoo to Fool_working
I'm 26, and I've also wanted to go hit past-self for doing such stupid things with money! No way would I want to go relive those times tho

I've also tried the same FAs, and I decided to go it alone after doing it for one year. I wanted the FA to help me with learning how to save, etc, but all they tried to do is sell me life insurance. And the Money Market account I have set up with them earns half the rate of ING accounts. I'm going to be switching my savings over there soon.

I learned more from browsing the financial book section of the library than I did from having a year of help from a FA.

Anyway, welcome to the board!
__________________
"I'm not INsane. Indeed, I'm so far out of sane that you appear but a tiny blip on the distant horizon of sanity." - Bucky Cat
Fool_working is offline   Reply With Quote
Old 06-30-2007, 08:08 PM   #9
Full time employment: Posting here.
 
Join Date: Jun 2007
Posts: 567
Wow! Thanks for the welcome all. Nice to see so many Minnesotans here. Hopefully you're all out enjoying this fantastic weather (the lights are all off, the a/c is off, and the windows are all open right now).

>Are you referring to the book or the website?

The website, PassionSaving.com. I haven't been able to work through all of it yet, but I like the core message that not all spending is bad but being passionate about all of your goals is even better.

>I learned more from browsing the financial book section of the library than I did from having a year of help from a FA.

Same here. It was actually five years for us... with the culmination of 'it's not working for you because you're not following our plan'. Well then, educate me, tell me what the plan is. 'You need a big pile of money first'. That's not a plan, thank you very much.

It's been a slowly building pile of knowledge followed by some intense few weeks of really learning, reading and absorbing.

> Ease into investing, kinda like wading into a cold Minnesota lake

'What happened to your investment package?!?' It's because it's cold, I swear!
__________________
Webzter is offline   Reply With Quote
Old 07-08-2007, 11:28 AM   #10
Full time employment: Posting here.
 
Join Date: Jun 2007
Posts: 567
So, I got further into PassionSaving. Once you get past the part about saving for what you really care about and get into his investment 'advice', it turns out that he's just a nut job.

I was then able to make the connection that Rob is ***** and, after looking over at the retire early homepage forums, was able to conclude that, yes, he is pretty much is a certifiable nut job.

love the hocomania board there, though.
__________________

__________________
Webzter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Targeting FIRE @ 28 mishtone Hi, I am... 12 03-20-2007 03:45 AM
About to FIRE - can you help me stir my pot? coolie Hi, I am... 3 09-24-2006 10:15 AM
Career decisions / conflict before FIRE bearkeley Young Dreamers 9 07-28-2006 03:26 PM
I'm going to FIRE soon at 35. free4now FIRE and Money 33 02-03-2006 09:53 AM

 

 
All times are GMT -6. The time now is 07:41 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.