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My FIRE cliffnotes
Old 10-20-2017, 09:41 AM   #1
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My FIRE cliffnotes

My basic road to Fire

1) work hard
2) save money
3) let your savings earn you money


What are your cliffnotes to retirement
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Old 10-20-2017, 09:57 AM   #2
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(4) be nice to your parents. They might leave you something.
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Old 10-20-2017, 09:59 AM   #3
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1) Understand your spending
2) Understand your income streams (SWR, SS, Investments, Other Income)
3) Learn all you can about investing
4) Be flexible and realistic in your planning
5) Keep checking-in to this forum (seriously)

If you get #1 nailed down, everything else falls into place with simple math.
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Old 10-20-2017, 10:08 AM   #4
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Spend less than you make and invest the rest.
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Old 10-20-2017, 10:15 AM   #5
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Save till it hurts.
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Old 10-20-2017, 10:19 AM   #6
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Quote:
Originally Posted by Meadbh View Post
(4) be nice to your parents. They might leave you something.
"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not (medical care, fraud, etc).

If it happens, it's icing on the cake (financially speaking of course).

And though it's not my case fortunately, there are a few people who had parents that really didn't deserve any 'nice' treatment. Sad but true, and they may wince at that as a general rule.

-ERD50
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Old 10-20-2017, 10:27 AM   #7
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Quote:
Originally Posted by ERD50 View Post
"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not (medical care, fraud, etc).

If it happens, it's icing on the cake (financially speaking of course).

And though it's not my case fortunately, there are a few people who had parents that really didn't deserve any 'nice' treatment. Sad but true, and they may wince at that as a general rule.

-ERD50
I never said you could count on it. That’s why I said “might”.
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Old 10-20-2017, 10:51 AM   #8
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1) Start saving early for retirement.
2) Make maxing out your savings a priority.
3) Live way below your means so you can save.
4) Spend time educating yourself on how to invest your money. Pretty critical in my opinion.
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Old 10-20-2017, 11:01 AM   #9
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Quote:
Originally Posted by ERD50 View Post
"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not
My dad died about 26 years ago. He battled cancer for many years, and was out of work a lot because of it. My inheritance after his belongings were sold and medical bills were paid was about $5K. It wasn't a huge sum of money, but combined with our own savings it allowed us to make a down payment on the property we now call home.

After her stroke, Mom is barely getting by on a pension. Any assets she has left (savings and her house) will quickly be spent on her assisted living and medicine costs. She will most likely die with no money.

In the end, I was never close to my parents and never expected to receive a dime from them.
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Old 10-20-2017, 11:12 AM   #10
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Get as much relevant education as possible, get a job you are good at in a high paying field, work hard, save a reasonable amount. Worked for me.
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Old 10-20-2017, 11:29 AM   #11
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I wanted my parents to enjoy their $ and they did. I intend to do the same.
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Old 10-20-2017, 11:50 AM   #12
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A job you like at microcorp is worth more than a job you hate at megacorp even though the pay is not nearly as good.

Use the Co 401K plans aggressively.

Always spend less than you make but blow some dough and have some fun.
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Old 10-20-2017, 12:21 PM   #13
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If you get married, marry a good person and stay married. Divorces are kryptonite to FIRE. Exercise, good nutrition, and plenty of sleep will make your life a lot more enjoyable.
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Old 10-20-2017, 12:24 PM   #14
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Major in a highly paid STEM field.
Pick a job with limited competition.
Get promoted to corporate officer.
Rake in stock based compensation.
Live simply and frugally and save a lot.
Retire early to side gigs and volunteering.

worked for me!
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Old 10-20-2017, 01:50 PM   #15
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1. Live below your means
2. Learn about investing
3. Master your emotions and avoid emotional decision-making
4. Learn to say “no” without needing approval from others
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Old 10-20-2017, 03:50 PM   #16
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Start saving with your first job.

Don't spend those savings on temporary gratification.

Increase your savings percentage with every pay increase.
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Old 10-20-2017, 04:52 PM   #17
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1. Create a comprehensive Plan for FIRE
2. Make the Plan the third person in your marriage.

- BB
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Old 10-20-2017, 06:04 PM   #18
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Spend every cent that you can.
spend it on debts; in our case, property loans and rental improvements.
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Old 10-20-2017, 06:10 PM   #19
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1 - Save 30% or 40% of your income, and invest it in S&P index funds
2 - Join the Navy and have them send you to flight school (as well as pay for 2 master's degrees).
3 - Stick around for 20 years in the military (not always easy, but it beats working in an office for that long)
4 - Enjoy!
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Old 10-20-2017, 06:21 PM   #20
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Best advice I ever received:
1. Pay yourself first.
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