Join Early Retirement Today
View Poll Results: If you are FI and thinking ER, how did it happen
Careful planning, frugal lifestyle 164 71.93%
Windfall Inheritance 6 2.63%
Just plain lucky 22 9.65%
Other 36 15.79%
Voters: 228. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
How many are simply lucky?
Old 04-21-2006, 09:22 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
How many are simply lucky?

When I was young, I never gave retirement a thought. All my family worked until they died. I had an uncle who didn't retire from his legal practice until his upper 90's, died soon thereafter.

Now, I think I am FI and am considering RE.

Did I plan this, not at all. Just dumb luck. I got out of university in early 70's with no direction. Entered the computer field because it seemed fun and the pay was good. Market was tight and I made a lot of money, DW also learned how to spend it. Company had a good DC pension plan, not that I cared. Later got promoted to a position with stock options. Stock did nothing for 10 years while I got more options every year. Just before the options expired worthless, stock went to 250% of option value. Cashed out and have a lot in DC pension, but also 200% of that in after tax $ from options (yes I took the gains).

What have you guys been doing. I'm just plain lucky!

While I'm younger than most retirees, at 58 I'm not sure it fits the definition of ER.
__________________

__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat 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!

Re: How many are simply lucky?
Old 04-21-2006, 09:26 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

Sorry, thought this went in 'FIRE and Money'. Moderator, feel free to move it.

Thanks
__________________

__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 09:39 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,149
Re: How many are simply lucky?

Quote:
Originally Posted by kumquat
When I was young, I never gave retirement a thought....

Now, I think I am FI and am considering RE...Did I plan this, not at all. Just dumb luck.

While I'm younger than most retirees, at 58 I'm not sure it fits the definition of ER.
"People always call it luck when you've acted more sensibly than they have." ---Anne Tyler

Kumquat, maybe it's more like eR than ER, but it worked fine for me.

REW, eR'd at 58.

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 10:15 PM   #4
Recycles dryer sheets
 
Join Date: Feb 2004
Posts: 81
Re: How many are simply lucky?

Quote:
Originally Posted by kumquat
What have you guys been doing.* I'm just plain lucky!
I am sure there are some who "got lucky"

In my case it was DW and I embracing the classic LBYM. In 24 months we both will be in the position to move on with the second half of our life.
__________________
roadkill is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 10:20 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 1,375
Re: How many are simply lucky?

I had good luck, bad luck, smarts, and stupids--all in good measure. On the whole, it panned out nice.
__________________
You can't always get what you want, but if you try sometimes, you might find you get what you need.
astromeria is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 10:30 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

I wanted to quote roadkill, but I don't see the way to do it. Anyway he wrote:

In my case it was DW and I embracing the classic LBYM. In 24 months we both will be in the position to move on with the second half of our life.


I'm glad you had the disiplne to do it. I probably could have done it alone (nothing like the teaching of depression age parents), but DW.......... If you are my age, I hope you enjoy the next 58 years.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 10:38 PM   #7
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Re: How many are simply lucky?

Quote:
Originally Posted by kumquat
I wanted to quote
Each individual's post will have at least two buttons in its upper right-hand corner across from the poster's name & subject line.* (You may have to wait for the screen refresh to draw them in, especially for a dial-up connection.)* Click on the "quote" button.* When the "Post reply" editing window comes up, make sure that any text you add is either all before the opening quote tag (looks like "[q-ote]" or after the closing quote tag (looks like "[/q-ote]").

If you copy the entire formatting & text of the quote before you start typing then you can make more copies of the original quote, break them up, and edit them like this:
Quote:
Originally Posted by kumquat
In my case it was DW and I embracing the classic LBYM. In 24 months we both will be in the position to move on with the second half of our life.* I'm glad you had the disiplne to do it.
and, in closing,
Quote:
Originally Posted by kumquat
I probably could have done it alone (nothing like the teaching of depression age parents),* but DW..........* *If you are my age, I hope you enjoy the next 58 years.
Whether or not it's actually 58 years, it's all relative!

As for the "lucky" option, I feel compelled to point out once more that the harder we worked, the lucker we got.
__________________
*
*

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
Re: How many are simply lucky?
Old 04-21-2006, 11:19 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

Quote:
Originally Posted by Nords
As for the "lucky" option, I feel compelled to point out once more that the harder we worked, the lucker we got.
Nords,

Lucky does come in to it. I have 3 brothers and a sister.. Sister entered the 'civil' service. She is a year older than me, don't think she ever worked very hard but I do think she was good at what she did, has an indexed pension. 2 brothers are farmers, made a sh**load of money in the 70's (can you imagine a 60% anual retun on investment, and didn't piss it away). Lately, this has dropped by at least 90% (unlike a lot of their peers they still show a smallprofit). Other brother and me got the 'stock option bonanza'.

All of us worked hard and (I hope) proved worthy. Two of us are going to be frugal in R, one will do OK, and the other 2 can do anything. Is luck involved?

__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-21-2006, 11:37 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Re: How many are simply lucky?

Quote:
Originally Posted by kumquat

* Is luck involved?
Luck, fate, chance, probability, etc., is always involved in our lives to some degree or another.* But, to Nord's point, it does seem that smart, hard working folks, on average, seem to be just as little luckier!* *
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 12:12 AM   #10
Recycles dryer sheets
 
Join Date: Apr 2006
Posts: 190
Re: How many are simply lucky?

I invested from age 21 onward and never paid credit card fees or borrowed for anything other than house mortgage. I'm 51, single and healthy and given a decent market over the next . . . X months, I'll hit $1 million net worth and say goodbye to the job forever. With some modest Soc Sec I think I can live comfortably on 45K/yr including overseas trips, healthcare for just me and occasional toys.

I think this question of lucky or not and how it happened needs an adjustment . . . in that those who got there by planning and living frugally . . . did so why and starting when? For me it happened I'd say about 30% from natural inclinations and 70% from encountering a string of several jobs I did not like at all.

And that was in my 30's. I knew in my 30's I didn't like work and wanted my time for me. In fact, I'll even say early 30's. I can remember starting to compute my living expenses with that in mind in my early 30's.

So I'm kind of wondering about the "poll internals" as to option 1. When did you realize you were living frugally and investing for this particular purpose?
__________________
modlair is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 12:47 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

Thanks to Nords I know how to quote. I don't think I have to in order to reply to rodmail (not that you aren't worth it).

Don't mean to belittle you, youv'e done very well compared to your/our peer group.

I might as well have won a lottery (and therefore the poll) and wondered who else did.. Didn't want to post financial info, but in the last year or so NW has gone from about $900K to nearly $3KK. It is pure unalderated luck (athought some of my co-workers who also got it assume it was by thier briliance and value to the company).

My hat is off to the planners, I just didn't do it and wondered if as an incredibly lucky guy, I was somewhat unique.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 12:54 AM   #12
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: How many are simply lucky?

My ER was pure luck.

Lucky to be born to smart parents. Lucky to live in the US. Lucky to get a computer as my high school grad present. Lucky to get into a good school. Lucky to start working at the beginning of the biggest bull market in history. Lucky to sell my business at a good multiple. And lucky to find this site (and FIREcalc) to help rationalize my decision to exit the rat race.
__________________
wabmester is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 01:00 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

Quote:
Originally Posted by wab
My ER was pure luck.

Lucky to be born to smart parents. Lucky to live in the US. Lucky to get a computer as my high school grad present. Lucky to get into a good school. Lucky to start working at the beginning of the biggest bull market in history. Lucky to sell my business at a good multiple. And lucky to find this site (and FIREcalc) to help rationalize my decision to exit the rat race.
OK, OK, I thought I was lucky. I quit , you win. Enjoy
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 01:07 AM   #14
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: How many are simply lucky?

d00d, I was serious.

For example, take a look at the market from 1980-2000 that allowed most of us to retire.



Do you think anybody planned for that to happen?
__________________
wabmester is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 01:27 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: How many are simply lucky?

Sorry, I did think you were serious. Interesting, a co-worker and I have talked about luck a lot. The only thing we agree on is that we were lucky to be born at the right time so that we could go to university after the sexual revolution and before Herpes.

Too many people won't look at the chart, and I don't want to either. Maybe it will turn out that I'm damned unlucky.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 01:41 AM   #16
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: How many are simply lucky?

Quote:
Originally Posted by kumquat
Maybe it will turn out that I'm damned unlucky.
That's what really matters. For those of us who were lucky enough to make it this far, will our luck hold out for another 30-40 years? That's a fricken long time for luck to last, even if you do a bunch of "smart" planning.

I think this is where Cut-Throat is supposed to come in with a few Carpe Diems.
__________________
wabmester is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 01:54 AM   #17
Recycles dryer sheets
gtmeouttahere's Avatar
 
Join Date: Mar 2006
Posts: 128
Re: How many are simply lucky?

I'm a firm believer that you create your own luck by hard work, educating yourself on your goal, having a good network, dedication, timing, and perseverance.
__________________
Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don't have to worry about money no more. And I said, that's good! One less thing.* * * * ** Forrest Gump
gtmeouttahere is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 06:40 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,446
Re: How many are simply lucky?

Quote:
Originally Posted by wab
d00d, I was serious.

For example, take a look at the market from 1980-2000 that allowed most of us to retire.



Do you think anybody planned for that to happen?
Interesting chart. Yes we have been lucky to have been in such a bull market over the last 25 years. Makes you wonder if the next cycle will be like 1955-1980.*
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 06:55 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,414
Re: How many are simply lucky?

okay i admit it....luck and an inheritance...............
never confuse genius with the above i say.....
__________________
mathjak107 is offline   Reply With Quote
Re: How many are simply lucky?
Old 04-22-2006, 07:04 AM   #20
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,535
Re: How many are simply lucky?

Quote:
Originally Posted by gtmeouttahere
I'm a firm believer that you create your own luck by hard work, educating yourself on your goal, having a good network, dedication, timing,* and perseverance.
Bingo
__________________

__________________
A totally unblemished life is only for saints.
frayne 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
Better to be lucky than good? h2xblive FIRE and Money 14 06-28-2006 10:00 AM
Smart or Lucky? Leonidas Hi, I am... 9 05-12-2006 04:56 PM
Lucky Escape Last Week, and then some. ShokWaveRider Life after FIRE 27 04-07-2006 11:28 AM
Boy, am I lucky! Rich_by_the_Bay Other topics 11 03-20-2006 01:45 PM
I'm rich - It's my lucky day! Cut-Throat Other topics 1 04-01-2005 12:07 PM

 

 
All times are GMT -6. The time now is 11:23 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.