|
|
Financial Samurai Can't Afford FIRE Anymore
12-19-2019, 02:49 PM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
|
Financial Samurai Can't Afford FIRE Anymore
There is a lot to unpack here, but I will let the users here sort it all out.
https://www.cnbc.com/2019/12/19/42-y...ent-wrong.html
Quote:
For those who want to retire early, my advice is to always plan several years ahead. Set a date for your exit plan and do whatever it takes to meet your goal.
My biggest mistake was failing to consider how my lifestyle and needs would change — and what to do when those changes take place. Downturns do happen. You can’t plan for every variable, but the more prepared you are, the greater your chances for achieving financial freedom.
Now if you’ll excuse me, it’s time to turn in my early retirement membership card and get back to the salt mines!
|
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
|
|
|
|
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!
|
12-19-2019, 03:00 PM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,903
|
Sorry. I can't find my tiny violin
Poor guy.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
12-19-2019, 03:07 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
|
1. He has a mortgage not buying a place so current price is immaterial. His property tax is locked in with an annual increase of 2% per year. What's his problem?
2. As 2 FIREd parents who needs daycare? What's his issue? Schools? Go Charter!
Oh --- issue is he needs a blog topic!!
|
|
|
12-19-2019, 03:27 PM
|
#4
|
Administrator
Join Date: Apr 2006
Posts: 22,971
|
No one forces you to live in San Francisco. It's a nice place, but there are equally nice and cheaper places. And what is wrong with public schools? There are plenty of great ones, and most are more than adequate for a proper education.
__________________
Living an analog life in the Digital Age.
|
|
|
12-19-2019, 03:27 PM
|
#5
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
|
Oh tell me about it! I'm looking everywhere for mine.
Here's my take on it:
1.) He insists on living in San Francisco, which from what I have read is supposed to be the second highest COL location in the entire country (after NYC). Sure, it's doable but I'd imagine that takes some effort.
2.) Yet during the 8 years since he retired, he claims to have traveled to over 20 different countries..... taking him AWAY from his preferred retirement location. So how much does he really want to be there? (answer: maybe not so much).
3.) International travel can become a giant money pit.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
12-19-2019, 03:28 PM
|
#6
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
|
Quote:
Originally Posted by CardsFan
Sorry. I can't find my tiny violin
Poor guy.
|
+1
Peel me a grape.
For those too young to know the history of the expression here's the original movie scene. If you still don't get it, it's spelled out in the comments.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
12-19-2019, 03:30 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
|
$2,000 a month for PRE-SCHOOL?
MINIMUM income of $309,400 to afford a "median priced home" in San Fran?
No wonder he had to "un-retire".
For an alleged "expert", this guy has more holes in his plan than a piece of swiss cheese.
Simple solution: move just down the road to the San Fran Bay Area (not necessarily known as a LCOL area), which would reduce his annual income needs by > $131K. Or, move to the Midwest and live well on $100K a year. Stay retired. Geesh.
|
|
|
12-19-2019, 03:40 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2011
Location: NC Triangle
Posts: 5,807
|
I might have missed it but I didn’t see anything that said anyone else has to leave their own early retirement or abandon their goal to achieve it. Just the advice to plan, which is what people here already do.
__________________
|
|
|
12-19-2019, 03:44 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,533
|
His backup plan to move to Honolulu is laughable. He'd need to fund his kid's private education, which would more than eat up any savings from less expensive real estate (and you can't get a very good house in HNL for $850K. 35% of assets for real estate is an arbitrary number. Who cares if it's 50%, if the other 50% provides enough $ to live on?
I sense this is just a big publicity ploy. More people will follow his return to w$rk, then his return to FIRE status, making him even more $, as he pretends to be FIRE while maintaining his money making blog. IMHO.
__________________
Balance in everything.
|
|
|
12-19-2019, 03:45 PM
|
#10
|
Moderator
Join Date: Nov 2015
Posts: 13,879
|
So...he retired at 34 with, a mortgage, and $3m...then had an unplanned child on top of that? and stayed in a ridiculously high COL area?
If you're only making an average of 80k off 3M from 2011 to 2019, you, my friend, are no samurai...
He "underestimated how low interest rates would go"... um in 2012 weren't they already in the toilet?
He didn't know how babies are made? Didn't ever plan for one and yet...
Sounds like he wanted a fat-fire lifestyle on a regular fire nest egg.
I do generally hate to give side-eyed snark when the mighty fall, but gosh sometimes it can be fun.
|
|
|
12-19-2019, 03:51 PM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
|
As Bugs bunny would say, "What a maroon!"
As most of here understand (and I learnt it here a few years ago), it ain't what you earn, its what you spend. And financial kung foo panda obviously hasn't figured that out.
__________________
Never let yesterday use up too much of today.
W. Rogers
|
|
|
12-19-2019, 03:59 PM
|
#12
|
Recycles dryer sheets
Join Date: Mar 2015
Posts: 66
|
It's crazy for me to learn that in San Francisco public schools are not guaranteed, lottery based only and if you are not in, you have to pay for private...
|
|
|
12-19-2019, 04:01 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Bernalillo, NM
Posts: 2,717
|
Sounds like this guy has a very nice sabbatical.
__________________
"We live the lives we lead because of the thoughts we think" ...Michael O’Neill
"We can cannot compel others to do our will" ....Norman Goldman
"There never is shortage of the gullible to accept the illogical"...Anonymous
|
|
|
12-19-2019, 04:02 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
|
Quote:
Originally Posted by W2R
3.) International travel can become a giant money pit.
|
Slightly off topic, but everyone who loves travel needs to check out sites like Costco Travel. We’re spending a week in Barcelona, air, nice hotel and transfers for $2400 total.
|
|
|
12-19-2019, 04:05 PM
|
#15
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
|
Quote:
Originally Posted by COcheesehead
Slightly off topic, but everyone who loves travel needs to check out sites like Costco Travel. We’re spending a week in Barcelona, air, nice hotel and transfers for $2400 total.
|
Like I said, a giant money pit!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
12-19-2019, 04:06 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,499
|
Samurai no more, cut his top knot off!
__________________
There must be moderation in everything, including moderation.
|
|
|
12-19-2019, 04:06 PM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
|
I didn't read a "poor me" story either. Sounds like a great time was had by all!
|
|
|
12-19-2019, 04:07 PM
|
#18
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
|
Quote:
Originally Posted by ls99
Samurai no more, cut his top knot off!
|
Best post in the thread! LOLOL
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
12-19-2019, 04:09 PM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by Aerides
If you're only making an average of 80k off 3M from 2011 to 2019, you, my friend, are no samurai...
|
He said he earned $80k/year on $3M. Then, when his wife joined him in retirement 3 years later, together they made $250k/year. The financial picture is not complete, and a bit perplexing.
Still, he said that was not enough for his lifestyle. If one cannot live in SF for that money, then go elsewhere. He says he will try to make money off his blog, or go to work.
That's fine with me. Does not affect me whatever he wants to do. His story is not that interesting to me.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
12-19-2019, 04:12 PM
|
#20
|
Moderator Emeritus
Join Date: May 2007
Posts: 12,894
|
A very predictable outcome.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|