Anyone nearing FIRE and obsessed?

[daylatedollarshort]

While I enjoy perusing certain other collections (coins, guns, some art, etc.) casually, I would actually be interested in giving your passive income stream ideas collection some intensive study.

There are the standards many people here do: Social Security, pensions, stocks, bonds and other fixed income products. Maybe having a house in a high appreciation area.

Then there are other things that can be passive or semi-passive:

Rental property, royalties, license fees, high volume mailing lists and business that can scale and be run without day to day owner involvement. Little things that add up over time like credit cards that provide cash back without any extra work.

I like reading the posts here and other forums to look for ideas of what allowed other people to create their nest eggs, especially it if didn't involve a 40+ hour a week job.

 

[jollystomper]

I don't think of it as an "obsession". I think of it as "planning".
Surprisingly it has made it easier dealing with the job and finances.

 

[Focus]

To me, retirement is interesting because it is a chance to reinvent your life. I've heard over and over that the happiest retirees are those who prepare for retirement -- not merely financially, but psychologically.

Right. I think part of what makes it so exciting is that it involves revisiting how we felt in our early 20s. But this second time around, our hard-won financial independence has removed any barriers to our choices, and we value and appreciate the freedom so much more than we did before. It's no wonder we're all obsessed about it!

 

[Ronstar]

I was obsessed 10 years ago and started working part time as a transition. Working 1 or 2 days a week is a breeze, so I'm still working pt and I'm not obsessed anymore

 

[Ozstache]

Since I discovered this site and MMM, I've been obsessed with ER for nearly a year now and am now just over a month out from it. I've been reading on the topic profusely in that time, trying to see if there is something in my planning that was missing.

It took about six months of such study to realise that my ER fundamentals are sound and that the only notable risk is that of a catastrophic external financial event (eg. severe market crash) in the early days of ER. I've adequately mitigated that through keeping my foot in the part time door and finishing up some study that could either get me a better job than the one I had or lead to further study purely for self gratification purposes ie. win-win!

In other words, my obsession led to understanding and acceptance. If there is anything to get from my story it is: if you are going to be obsessed with ER, at least channel it in a constructive direction.

 

[daylatedollarshort]

Here is some food for thought for those close to ER. After DH left the megacorp job, I added up:

1 - What we will pay less in state and federal income taxes
2 - What we make from taking our pensions early
3 - What we cut from our annual expenses by going green and having DH home more (no work or commute costs, time to comparison shop, cooking from scratch, LED bulbs, low flow shower heads, etc)
4 - The impact of having a taxable income now low enough to qualify for health care subsidies, American Opportunity Tax Credits, California Middle Class Tax Scholarships (starting 2014), and college financial aid (most assets in FAFSA exempt asset classes)

Financially, we come pretty close to breaking even.

 

[LoneAspen]

I'm definitely obsessed with quitting the working world, and the IT field. The end of my four-year vesting at the company I'm with is in Feb 2015, and I will quit my job by then, because the most (and usually only) lucrative stock option grant for a rank-and-file employee like myself is the first one. I've gotten some grants since then, but they're a pittance and would not make me stay past my four-year mark. And since I've grown to hate IT now, and because lightning doesn't strike twice for somebody like me anyway with being at a successful startup (I feel blessed it struck just once), after I quit, I'm done for good, at least with IT and the 9-to-5 world.

To countdown until Feb 2015, I printed out a list of the weeks until Feb 2015, and I cross each one off on Fridays. Provides me with visual "proof" the time is passing, because even though it's only about 17 months away, I still don't feel like I see the light at the end of the tunnel. I won't truly feel like I'm almost done until around Nov 2014, when it's only about 3 months away.

But crossing off each week makes me feel good, so yeah, I guess you could say I'm obsessed

 

[Theseus]

Obsessively planning. In March of 2008 I was disappointed with what was available for retirement planning in the do-it-yourself number crunching. Found many, some were good, but not great. DW and I both have pensions we are vested in, both have pretax accounts, both have SS credit, etc. and none of the planners I found were very good at putting together anything much more complex than the basics. So now, I look back in my spreadsheet with a weekly history back to that date of either how long it would take to meet the financial goals, or how much of a windfall it would take to make it happen immediately. So if that was obsessive behavior, so be it – I am sure had I not been tracking the progress, and adjusting spending, savings, & investment mix along the way we would not be as reasonably comfortable with our intent to be FIREd July of 2014. That is about 2 years ahead of my original plan, and with 10 years of ER healthcare costs planned for.

Although DW and I are playing this close to the vest, my boss seemed to understand when doing my annual review--great review, paltry raise as usual--as he saw the futility in doing the rah-rah cheerleading part. Kind of sad as I really do like my job, but the stress levels and physical demands don't so much appeal to me anymore so there is little incentive to stay on any longer than needed to shore up ER funding.

10 months to go, not skipping a beat on our current spending levels +CPI until 10 years out, then dropping to 75% of that over a 5 year period and leveling out. Basically a modified, more conservative "Bernicke reality retirement" withdrawal plan. Meeting with a FP in a few weeks just to review for errors or omissions, but I'm pretty sure the plan is sound - as I have "obsessed" over it for over 5 years now!

 

[jclarksnakes]

This is an interesting thread. I was very obsessed with retirement planning and spent a lot of time on this forum before I retired 4 years ago. After that I was much less obsessed and even quit reading and posting much here for a couple years. I got the obsession again as my DW's retirement approached. She retired june 1st. I suspect that we will probably see our retirement activities and spending work out fine over the next few years and I will become much less obsessive about retirement related subjects again.

 

[Willers]

I've come full circle on this. FI had always been more my goal than RE, but I did go through a period of obsession about what the date would be. I realized that it was actually hurting my work performance (all I could think about was not being there) so I decided recently to take a different approach.

Since our expenses have been stable over the past few years I know what retirement will cost (except for those pesky HC unknowns) I decided to simply set a goal number for investable assets. Depending on investment performance it could be 2 years or 10, but when I hit that number I'm gone. It is high enough that it covers some sequence of return risk. The "number" approach may make some cringe, but I needed to step away a bit to get my work attitude back on track.

 

[Retire44]

Thanks for all the comments and replies, fun to read about everyone's level of intensity for the subject!

 

[siamond]

+1 obsessed...

 

[ESRwannabe]

Nope, not obsessed. There is only so much you can learn about these topics.

For me its now a matter of grinding it out, until I have sufficient assets to buy my freedom.

 

[MDJO]

I was a "one more year" until megacorp decided to let me go. Best thing that could have happened to me. Always wanted to pull the trigger but just could not bring myself to do so.

Still in the process of re-invention. I have a number of community activities that keep me busy, and some consulting offers. We'll see what happens. In the meantime, I feel healthy than I have in years and I've lost 11 pounds since leaving megacorp from more exercise and a better diet. Working was literally killing me, and now I am living.

 

[boilerman]

Obsessed...sometimes

I tend to get obsessed about FIRE when I have vacation time off at home. I start to dig into my spreadsheets, spend time here browsing around, and talking non-stop about it with my wife. I've always targeted to FIRE between ages 55 and 59, and with my 53rd birthday this month I realize that it could actually happen in the next couple of years.

For the most part, I enjoy my work so I tend to focus more on being FI and having the option to quit when I want to. When I go back to work, the j*b overwhelms me and I but my FIRE thoughts onto the back burner. That's probably good as being obsessed full time with FIRE would make my remaining time very difficult.

 

[jime444]

Yes, many would consider me obsessed. though, not entirely with respect to FIRE. Lol.

We're just about 2 years to go, it appears, everything holding steady and no massive interruptions to the PLAN. Can't wait, though, there's plenty to get "wrapped up" between now and then. I'm sure the time will fly by, this year certainly has.

I hope the anticipation is not most of the fun..................

 

[Rusa]

Started "practicing"...quit wearing makeup and coloring the grey in my hair.

Love it! I'm doing the same but I look ooolllddd.

 

[Rusa]

I'm handing in my letter on Tuesday, last day will be 12/31/13. I have been obsessed much of the year with planning and reading, but after about four months of that was able to back off...until this weekend! I haven't been so apprehensive or excited since, well, going to college or that first day of law school, or getting married. It really must be a big life changer.

 

[Retire44]

I'm handing in my letter on Tuesday, last day will be 12/31/13. I haven't been so apprehensive or excited since, well, going to college or that first day of law school, or getting married. It really must be a big life changer.

Awesome...congrats Rusa!!!!!!!! Good luck in the next chapter of your life!

 

[hsmom4]

We're not obsessed, but it's definitely a subject that comes up very frequently in our household. We still have a good 5 years to go and we may have to extend that time, depending on our finances.

 

[brett]

I have to admit, I was a little obsessed. The first hurdle was getting past age 55 with megacorp. At that my DB pension was secure and full pension retirement date moved to 62 from 65. I ran the numbers constantly. I read, read, and read some more. Everything from retirement calculators, DB plan failures (we have no backup legislation) to living as an expat. Health insurance is not a concern where I live.

After that was I was constantly running numbers and alternatives. At some point along the way I cashed in options. The stock was going up but I felt that I needed to protect my retirement (the stock went up a little, then plummeted) so I cashed out much of it.

DW was probably sick and tired of hearing me fret about retirement. I reviewed our portfolio and searched for a new investment advisory firm. Our investment policy changed overnight from one of growth, growth to one of be cautious, protect the base, and do 4 points or more above inflation.

After that, it was preparing myself for the inevitable termination. Our company and industry had gone through 20 years of downsizing. As a senior person, I had been responsible for executing it within my geography. I wanted out...but not without a golden handshake. When the executive leaders changed, I suspected that I would be terminated.


I went about speaking with colleagues and getting recommendations for good counsel. I wanted to be 'ready' for them. When the day came, I was thrilled. Management gave me informal notice, followed several weeks later by formal notice. I felt great. Counsel did a great job of negotiating a termination package that essentially carried me until my full pension date.

In the intervening period we downsized, sold our house, travelled for an extended period. I also spent time researching the pension plan and that knowledge allowed me to catch some very significant errors made in megacorp's pension entitlement number.

In the end, we have more than we need. But who knows what is around the corner. And I have two children who will probably not have some of the good fortune that I have experienced from a financial perspective.

 

[Rena]

Great thread. At this point I am obsessed and should get a handle on it. I've been this way for about 6 months. As dh and I realize we have enough for me to retire the obsession has become worse.

 

[Ed_The_Gypsy]

I have been here on this forum since 2004. What do YOU think?

When I started here, I was worried about sleeping under a bridge. Now, if I Work One More Year, we can retire in a condo. If I don't WOMY, we will live in a double-wide in the county. My fall-back plan is Mexico (one of a couple destinations).

We are talking real-life here.

 

[haha]

Is anyone on this board not obsessed?

Ha

 

[ERPRECY]

Is anyone on this board not obsessed?

Ha

+1