Hello from Colorado
- Thread starter rw86347
- Start date
Welcome to the board, Roger.
In our case, 20+ years in the military as a dual-income couple. I'm getting my pension now and spouse is still in the Reserves so we're burning savings until her pension kicks in.
Two decades of living below our means helped a lot.
In our case, 20+ years in the military as a dual-income couple. I'm getting my pension now and spouse is still in the Reserves so we're burning savings until her pension kicks in.
Two decades of living below our means helped a lot.
Colorado is a great place to live and enjoy retirement. My Er was primarily due to a couple of lucky positions that paid well. I grew up under modest circumstances and frugality allowed me to ER. Sock it away and learn to live well on a budget, and its all doable.
Coach
Thinks s/he gets paid by the post
Rog, welcome from a fellow Coloradoan! Like most everyone here, I've tried to live frugally and max out my retirement contributions. An inheritance helped too. I'm on track to a comfortable, but by no means luxurious, retirement in a year or so, at 56.
Coach
Coach
Dawg52
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Basically living below my means with a pretty decent income. Haven't always made a nice salary but got a good promotion 8 years ago that pushed me over the top. Looking forward to giving it up though in just a few months. Money is nice and you certainly can't retire early without a good stash of cash, but free time is much more valuable to me. Some here at work think I am nuts for giving it up in my prime earning years, but a bigger portfolio means nothing when your 6 feet under. 
SteveR
Moderator Emeritus
- Joined
- Jul 1, 2005
- Messages
- 2,811
rw86347 said:
Welcome Roger.
Not sure what you mean by your above quote since most everyone here has "pulled it off on their own effort". I have not heard very many folks here brag mention anything about a massive inheritance of mega bucks as the sole means of getting to FIRE. There are a couple that did get some $$ that way but I don't believe it was the only $$ that allowed them to ER.
Most of the stories I have heard here seem to be of a couple of different basis models:
1. Work for the government (military, state, Federal, county) for a COLA pension and healthcare. Supplement with 403s, IRAs or Roths and live happily ever after. Income is mostly from COLA pension and other portfolio supplements. SWR is less important unless ER is before pensions kick in, then it is the whole enchilada.
2. Work for megacorp for 30 years. Get pension and partially or fully subsidized healthcare insurance and a 401k. Supplement with after tax portfolio, IRAs and Roths. Take SS when it is available. Income stream is based on a combination of sources. SWR is less important.
3. Self employed. This would include owning a business, being a contractor or dealing in RE. Save a ton of $$ into various IRA and other like accounts. Self fund healthcare. Take SS when it is available. Income stream is based mostly on SWR.
4. Combination of any of the above.
5. Inheritance...very rare in quantities sufficient for FIRE. If so, then SWR is a lot more fun. Otherwise, it just adds to the portfolio and makes ER happen sooner. SWR is still a major factor unless other income streams are present.
Maybe DanTien can put together a poll on this.
Maximillion
Full time employment: Posting here.
- Joined
- Feb 21, 2006
- Messages
- 569
My Head Office used to be in Boulder, CO is a beautiful State.
My Buddy ER'd by buying Real Estate in Boulder and area, kept refinancing and renting, now 25 years later, he is 50, houses are Mortgage free, Rent from them is his income.
My Buddy ER'd by buying Real Estate in Boulder and area, kept refinancing and renting, now 25 years later, he is 50, houses are Mortgage free, Rent from them is his income.
Ed_The_Gypsy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Welcome, Rodger,
I ain't there yet, but I will tell you how you can do it:
1. Live Below Your Means (LBYM).
2. Avoid debt like the plague.
3. Save and invest at least 15% of your pre-tax income. If nothing else, use Vanguard index funds.
4. Educate yourself about investing. You can do it yourself.
I didn't think about those issues early enough. I saved, but not 15% and not all the time. I had some good luck and caught up a bit. We will be able to retire and survive, but not early and not where we would like to be.
Simple, isn't it?
Ed
Oh, yes. If you are very young, start here:
a. Get a good education.
b. Get a good job.
I ain't there yet, but I will tell you how you can do it:
1. Live Below Your Means (LBYM).
2. Avoid debt like the plague.
3. Save and invest at least 15% of your pre-tax income. If nothing else, use Vanguard index funds.
4. Educate yourself about investing. You can do it yourself.
I didn't think about those issues early enough. I saved, but not 15% and not all the time. I had some good luck and caught up a bit. We will be able to retire and survive, but not early and not where we would like to be.
Simple, isn't it?
Ed
Oh, yes. If you are very young, start here:
a. Get a good education.
b. Get a good job.
Maximillion
Full time employment: Posting here.
- Joined
- Feb 21, 2006
- Messages
- 569
c. Pray for an Inheritance
poboy
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 362
Magic quote, probably a common trait among posters here. Think about your friends with credit card fever who want it all right now and whip out that plastic without concern cause the minimum payment is only a few dollars a month. Welcome to the board.
Cattusbabe
Full time employment: Posting here.
- Joined
- Apr 3, 2006
- Messages
- 816
We got a late start but got our financial house in order and Inherited a large sum of money. However with out getting out of debt and learning to live below our means we could not have done this. I FIRED two weeks ago and can say that is is a goal worth shooting for.
CyclingInvestor
Thinks s/he gets paid by the post
---planned :
Educate yourself to qualify for a reasonable paying job (programming in my case)
Work for a series of large/small companies, increasing your income at each
LBYM, max out your 401K (rolling into IRA after each job change), save some
additional $$ on the side
Marry someone with a similar attitude
Learn how to invest, stick to your plan
---unplanned and lucky :
Buy a house when they are cheap
Make a couple of timely investment decisions
--unplanned and unlucky
Divorce
I am able to retire now at 47 as a result (although I have not yet done so).
Without the luck it would have taken a couple of extra years.
Educate yourself to qualify for a reasonable paying job (programming in my case)
Work for a series of large/small companies, increasing your income at each
LBYM, max out your 401K (rolling into IRA after each job change), save some
additional $$ on the side
Marry someone with a similar attitude
Learn how to invest, stick to your plan
---unplanned and lucky :
Buy a house when they are cheap
Make a couple of timely investment decisions
--unplanned and unlucky
Divorce
I am able to retire now at 47 as a result (although I have not yet done so).
Without the luck it would have taken a couple of extra years.
I had planned to retire on 02-01-07 (just after my 59 1/2 "birthday") but am now delaying that by two years to take a fun contract in California, made possible only by the freedom to FIRE whenever I want.
My wife and I got to this enviable position (with a better-than-average portfolio) by LBYM and maxing 401(k) and other retirement options, plus whatever extra we could spare (without depriving ourselves mightily). I've changed jobs so many times (not always of my own volition) that I have no pension, but the market has been good to me (as well as service on the board of a small company that has grown to mid-cap size).
Despite many disappointments, I've done well, and I really think most folks with a decent education, common sense, a reasonably strong work ethic, and a supportive spouse can do so too.
My wife and I got to this enviable position (with a better-than-average portfolio) by LBYM and maxing 401(k) and other retirement options, plus whatever extra we could spare (without depriving ourselves mightily). I've changed jobs so many times (not always of my own volition) that I have no pension, but the market has been good to me (as well as service on the board of a small company that has grown to mid-cap size).
Despite many disappointments, I've done well, and I really think most folks with a decent education, common sense, a reasonably strong work ethic, and a supportive spouse can do so too.
