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How To Retire Sooner Than Never
Old 02-10-2011, 02:23 PM   #1
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How To Retire Sooner Than Never

Inspirational, and unorthodox, advice from the granddaddy of FIRE:

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"First, forget US$5 million or whatever other goal you have in your head. You'll never make it if you approach things that way. Instead, ask yourself how you could retire right now, or in a year or two, with the money you already have.
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Old 02-10-2011, 02:40 PM   #2
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Onward, the website you link for the Terhorst quote is working overtime to sell their services. I almost reported it as spam...
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Old 02-10-2011, 03:34 PM   #3
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Onward, the website you link for the Terhorst quote is working overtime to sell their services.
Yes. Still a worthwhile article though, no? Maybe I should have added a little disclaimer about the for-profit nature of the site.
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Old 02-10-2011, 03:56 PM   #4
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Yes. Still a worthwhile article though, no? Maybe I should have added a little disclaimer about the for-profit nature of the site.
Not sure about the article - I didn't hang around the site long enough to do anything more than figure out that it was Terhorst that you were quoting.

I'll admit I have an aversion to any website that looks like it's trying to sell me snake oil and don't usually stay on the site long enough to figure out whether or not there is something worth sifting through the slime to find. Old habits die hard...
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Old 02-10-2011, 04:28 PM   #5
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I don't like the come-ons either. What I liked about this article, though, is that Paul turns the usual FIRE-planning on its head: rather than work toward a financial goal, work toward a calendar goal. Instead of saying "I need $2m to retire," say "I need to be retired in 5 yrs." That's an interesting way to look at it IMO.
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Old 02-10-2011, 04:32 PM   #6
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What I liked about this article, though, is that Paul turns the usual FIRE-planning on its head: rather than work toward a financial goal, work toward a calendar goal. Instead of saying "I need $2m to retire," say "I need to be retired in 5 yrs." That's an interesting way to look at it IMO.
Yes, it is interesting - and it would take a great deal less risk aversion, flexibility and comfort with lifestyle change than many of us posting here appear to have - at least me.
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Old 02-10-2011, 06:12 PM   #7
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I think Terhorst's point is that being flexible allows you to retire sooner with low risk and high comfort. I definitely agree.
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Old 02-11-2011, 08:43 AM   #8
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I think Terhorst's point is that being flexible allows you to retire sooner with low risk and high comfort. I definitely agree.
I'm not sure about the low risk part; but, I agree with the rest.

Personally, just I keep trying to figure out which set of risks scare me most:
  • Spending too long on the hamster wheel to get just one more dollar and not having time to enjoy the fruits of my labor. (I am only eight years younger than my father was when he passed.)
  • Jumping too soon and finding myself alone, broke with few options in my later life.
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Old 02-11-2011, 03:11 PM   #9
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I think Terhorst's point is that being flexible allows you to retire sooner with low risk and high comfort..
Granted, the risk was lower when CDs were yielding 16%.
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Old 02-11-2011, 06:40 PM   #10
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Always admired folks who could say d@mn the portfolio, RE ahead! They're a whole different animal. Admirable? Yes. Me? No. I'm the guy who wants back ups to my back ups (plus belt and suspenders and maybe some CANNED Spam and maybe even guns and ammo).
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Old 02-11-2011, 07:09 PM   #11
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Always admired folks who could say d@mn the portfolio, RE ahead! They're a whole different animal. Admirable? Yes. Me? No. I'm the guy who wants back ups to my back ups (plus belt and suspenders and maybe some CANNED Spam and maybe even guns and ammo).
You like a belt, suspenders, and duct tape holding up the pants, right?
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Old 02-12-2011, 09:13 PM   #12
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That was the question I asked myself and the only answer I could come up with was "stop working"
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Old 02-13-2011, 07:05 AM   #13
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This kind of reminds me of the stuff I heard years ago about the cost of raising kids. Hundreds of thousands of dollars for each one as I recall. If I had listen to that, I never would have had any!
I still get a bit nervous about pulling the trigger on retirement but I've already made the decision and if I'm wrong, hopefully I'll discover that early enough that I can go back to work at least part time. If I wait until I have $2-3 million, I may as well forget about it altogether.
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