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Re: Impetus for FIRE?
Old 01-06-2007, 11:57 AM   #21
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Re: Impetus for FIRE?

i never cared much for working but also i had never considered early retirement. didn't think of it so much as retirement at the time, rather simply as quitting. i had never quit even a half decent job before, but quitting was much better than working. too bad it's called quitting. makes a victory sound like defeat.

contrarian to the core, my impetus for victory was depression. perhaps a questionable reason to quit, maybe a bad time to make such a decision, but it seemed to work for me. the fortune 5 where i used to be proud to work was re-engineered into crap. the good boss i had was replaced by the son of a bitch. i'd already been dealing with the loss of my partner. i was care-giver for mom with alzheimer's for about 10 years, then my best friend died and then even my dog died. i needed to shed some misery out of my life. and that misery was my job.

i'm feeling much better now.
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Re: Impetus for FIRE?
Old 01-06-2007, 01:30 PM   #22
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Re: Impetus for FIRE?

First post and I have not even introduced myself yet, but I wanted to respond to this subject. I should add that I am not retired yet either (plan on doing that this year). I apologize for entering the forum without a first introduction but I thought this study and its influence on me was important for this subject.

Anyway, what got me to think seriously about retiring was the Boeing study on longevity versus retirement age. If you google that you will find links with information on it. Once such link, http://home.att.net/~coachthee/Archi...rementage.html, contains information on it and other issues. Basically, the study says that for every year you work past 55 you lose 2 years off your life. That got me to thinking.
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Re: Impetus for FIRE?
Old 01-06-2007, 01:40 PM   #23
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Re: Impetus for FIRE?

My tolerance for BS went down as my net worth went up. I have finally reached equilibrium and my BS tolerance is zero, so FIRE was my only option.
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Re: Impetus for FIRE?
Old 01-06-2007, 01:43 PM   #24
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Re: Impetus for FIRE?

Welcome to the board, Charlie!

Quote:
Originally Posted by Charlie_Boy
Anyway, what got me to think seriously about retiring was the Boeing study on longevity versus retirement age. If you google that you will find links with information on it. Once such link, http://home.att.net/~coachthee/Archi...rementage.html, contains information on it and other issues. Basically, the study says that for every year you work past 55 you lose 2 years off your life. That got me to thinking.
I think you made the correct decision, but just to set the record straight for the other new posters-- I'm afraid that the data may be flawed. The study you cite has generally been discredited:
http://early-retirement.org/forums/i...p?topic=2758.0
http://early-retirement.org/forums/i...hp?topic=554.0
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Re: Impetus for FIRE?
Old 01-06-2007, 01:53 PM   #25
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Re: Impetus for FIRE?

Nords is correct, and I while I was looking for the links to the earlier threads, he has posted them - thanks for pointing us to the previous discussion.

For me, it is not so much about total life expectancy but the ability to do the things we both like doing such as sport, biking, hiking etc.

So far I have had foot, knee, back and both shoulders operated on due to damaged joints. 18 months ago DW had a series of knee injections of synthetic joint fluid which have worked great.

We recognize that the days when we can't hike the Yorkshire Dales all day long or play tennis etc are limited. Although we both know friends and relatives that have dropped dead in their early 60's, we plan for long lives ourselves, just can't be sure of fitness levels.
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Re: Impetus for FIRE?
Old 01-06-2007, 02:08 PM   #26
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Re: Impetus for FIRE?

Quote:
(big house, mercedes, bmw, corvette, you get the picture)
Tracy, you seem to have strayed form the One True Path.

Have you considered electroshock? :P
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Re: Impetus for FIRE?
Old 01-06-2007, 02:38 PM   #27
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Re: Impetus for FIRE?

I ain't there yet, but here are my thoughts on the matter.

Like LG4NB, depression started the ball rolling. Motivated by a toxic work situation, about ten years ago, I looked at my nest egg and realized that I had been using way too optimistic returns for my planning and we were going to starve and have no health insurance.

My brother drew my attention to the possibility of retiring in another country. I read up on it and a great weight was lifted from my shoulders.

I could retire today somewhere else, but work has become a lot more enjoyable (I am now a contractor in a booming industry) and our financial situation--and our options--improve steadily, so no immediate plans to quit. But, having studied it so hard, I have no fear of permanent non-employment and am looking forward to extended stays in other countries when I finally pull the plug. Retirement for us has changed from the prospect of having to scramble for survival to an opportunity to have a lot of fun while our health is good.

After my brother's suggestion, I found John Greaney's web site, the Retire Early Home Page: http://www.retireearlyhomepage.com/ , web sites on living in Mexico, Panama and other places, this web site, the Terhorsts's web site and famous book, Billy and Akaisha's web site, and a lot more stuff since. There is a lot of good information on the web, but some of it comes and goes, so I print it out and save copies of the content when I find it.

Cheers,

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Re: Impetus for FIRE?
Old 01-06-2007, 02:54 PM   #28
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Re: Impetus for FIRE?

My Dad FIRE'd at 58. At a recoginition luncon for him and others for being employed a MAGA CORP for 30 yrs he got up and said " I think 30 yrs is long enough to work for any body you can send my retirement checks to MAUI in two weeks" That was 30 years ago next July. A gerat example for your kids. My brother just FIRE'd Jan 1 2007 at 62 wishes he'd gone 5 years ago. Right now I could go easily at 60 and wil probably go at 58 1/2 if the market holds up.

Oh yea my last boss was a %^$#***#@ so I traded 2.5 million squre feet of space and 30 subordinates for 45K square feet of space and 3 suboridnates for the same $$. Also knocked 30 miles one way off my commute. I guess you could say this is my twilight tour er job.
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Re: Impetus for FIRE?
Old 01-06-2007, 03:16 PM   #29
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Re: Impetus for FIRE?

I was/am a very type-A workaholic. In university, I pursued 18 credits in engineering for 4 years while working 20 hour weeks. In my first job, one project had me at the office from 7 am to 10 pm 5 days a week, and I would usually come in on the weekend. I did this because I was learning something new everyday, and I loved it. I also got paid overtime, which made me love it even more. I couldn't believe I was getting paid for something I would have done voluntarily.

After a while, the rate of learning slowed and instead I became the expert on many things. Expert in this case meant I got to fix the same problem on different projects over and over again.
After a couple project cancellations, I started to become disenchanted. Why should I work so hard on something that will probably be cancelled anyway.... so I went to a new company where I could once again learn new things

3 or 4 years later, I was back to the same mental state and had never taken a real vacation. I spent 3 weeks in the Philippines scuba diving and enjoying the beach. The first week, I just though about work. The 2nd week, I started to think "hey, this is alright." By the end of the 3rd week, I was planning how to do this for the rest of my life. A business plan followed

A 100k profit on the sale of my home, some stock market sucess in international and commodities over the past couple years, and an international assignment that involved a monthly stipend and paid rent, and I was able to pass the FI part of FIRE.

There are still a few really expensive things I want to do (to sail around the world I first need my own sailboat) so I plan to work another couple years to fund those.

The key for me was that once I stopped to smell the roses (temporarily), I realized I wasn't happy with my work / life balance (no life.)
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Re: Impetus for FIRE?
Old 01-06-2007, 03:22 PM   #30
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Re: Impetus for FIRE?

Incidentally, I have found that as I got older and gained job experience, my tolerance for B.S. got lower and lower. As a contractor, I am removed from most office politics.

I suppose at some point, the curves cross (BS vs my BS tolerance) and it is time to go.
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Re: Impetus for FIRE?
Old 01-06-2007, 03:34 PM   #31
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Re: Impetus for FIRE?

I can't really remember ever NOT being intent on FI. I think growing up seeing my mother stress over financial issues, cut coupons, and be careful with every penny, just naturally led me to always LBYM and want to be FI. (Though as a kid I just thought of it as 'rich' rather than 'FI' ).

When I started focusing on RE was when I was about to finish graduate school in 2000. I was living on my grad student stipend, no debt, even managing to save a bit, and then I accepted a job offer that would increase my annual income by about 300%. Out of curiosity (and probably to procrastinate from doing some w*rk), I made my first spreadsheet projecting my income, expenses, and net worth into the future. It predicted I would pass the $1M mark at about 40, and I just instantly started thinking, hey, I'll retire at 40!

Of course my spreadsheet has gotten a lot more complex since then and the projections have changed, but ever since then I've always had some time in my 40's set as my mental RE date. (so far, I'm pretty well on track )
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Re: Impetus for FIRE?
Old 01-06-2007, 03:39 PM   #32
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Re: Impetus for FIRE?

Quote:
Originally Posted by Moemg
I was going to retire at 55 but I wasn't mentally ready.Then last November some of the younger nurses were complaining at how long they had worked (5,7,8 years) and I piped in that I had worked 29 years,except when I thought about it I had really worked 39 years .Resigned that day and have never looked back.
Good for you.
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Re: Impetus for FIRE?
Old 01-06-2007, 04:12 PM   #33
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Re: Impetus for FIRE?

My father was a shoe-cutter for many years. When I was 12 he went back to school and received a "Certificate" in programming, as computers were just becoming big. He was hired by a local company soon thereafter and was thrilled to be out of the shoe shop.

He came home from work one day less than a year later and was very depressed. I had never seen my father like that. I asked him what was wrong. He told me there were 2 other men that worked in his department. One ran the computer, one programmed the computer. Both were his age (mid 40s) and had been with the company for many years. Both had just been laid off (the recession was setting in). He was very upset because they both had families and would have a hard time finding another job. "I can go back to cutting shoes. I don't know what they will do." I asked him why they kept him and not one of them. 'Because I can do both jobs - run the computer and program it".

I decided two things that day. First, I would always try to make sure I could do my job and everyone else's. Second, I would never live my life in such a way that I would lose everything if I lost my job when I was 40.

I could afford to retire today (49) if I wanted to. But it would be financially wiser for us to work until 55. So that's what we will do - unless health issues ever arise. To reward ourselves for that decision we have started taking 1 or 2 nice vacations every year.

Why retire at 55? There's so many places I want to travel to and unless they gave me 26 weeks a year vacation....I am leaving at 55 to see the world.

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Re: Impetus for FIRE?
Old 01-06-2007, 06:56 PM   #34
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Re: Impetus for FIRE?

I too get bored easily. Five years is max for any real energy in a j*b. I always felt I never figured out what I wanted to to when I grew up. As I have posted elsewhere, I got itchy about 18 months ago, and found this site. Now I kow what I want to be when I grow up - RETIRED!
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Re: Impetus for FIRE?
Old 01-06-2007, 07:05 PM   #35
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Re: Impetus for FIRE?

A couple years ago, I would have said the impetus was boredom and frustration with corporate BS. Now that I am in a very engaging job, I can say that I will want to be able to FIRE because burnout will be a big deal over time.
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Re: Impetus for FIRE?
Old 01-06-2007, 08:21 PM   #36
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Re: Impetus for FIRE?

Paul Terhorst - blew me away that you could sell almost anything and then see the world for the rest of your life - after that book I read YMOYL, various investment books - etc. I love traveling and so when had an opportunity to live in Europe for awhile, I took it - I was willing to clean myself out for that one - turns out I made quite a jump on my savings and goal of RE.....also, as before, the 'old' engineer who took me by the ear and dragged me to the HR to invest in the 403B - oooh I was green then.
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Re: Impetus for FIRE?
Old 01-06-2007, 08:36 PM   #37
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Re: Impetus for FIRE?

My life cohort was so crowded in the early 70's (DOB 1950) that it was dog eat dog for any job at all. So I decided to go to law school. I figured I would never starve as a lawyer; I would always have a trade. Met DW in law school and we grinded it out for years. We made some mistakes along the way (urban pioneer ancient home money pit phase--country home phase--private school phase), but got straight by 1990, read YMOYL in the early 90's and started to save, save, save. Now DW is burned out of mega-corp and I am tired of justifying my time and existence to partners and the ever present time charge.
So DW is FIRE'd by mid-March and I plan to start a solo "failure practice" in 2008. I figure 500 hours a year, virtual practice, no employees, all machines and a computer, located nowhere and everywhere. Very low overhead and no one to whom I have to justify anything. Sort of a part time transition to my FIRE.

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Re: Impetus for FIRE?
Old 01-06-2007, 10:21 PM   #38
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Re: Impetus for FIRE?

Quote:
Originally Posted by Goonie
I'm FIREing because I'm tired of working for the "man".....but most importantly, the driving force behind my impending FIRE, is the simple fact that I CAN FIRE!!!

I was able to enjoy the free & easy lifestyle for 5 1/2 years before I was forced to go to school for most of my youth. After all those years of keeping teachers employed, I was coerced into going to w*rk for the last 32 years. Now I'm finally getting my chance to revert back a free & easy lifestyle!!! Now I get to go back to those never ending days of play!!!
And another reason.....my Aunt (who turned 65 last April) was planning on retiring on December 29, 2006......after MANY MANY YEARS of putting it off......She died December 11th!!!
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Re: Impetus for FIRE?
Old 01-06-2007, 11:48 PM   #39
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Re: Impetus for FIRE?

In the late 1970's, living on $10K a year, I could see that $100K at the then rate of 10% CDs, was all i needed to FIRE. So FIRE has always been my goal, I just couldn't articulate it well until i wandered in here. At Mega-Corp (should we call it Meager-Corp?), any time i didn't enjoy my job, i tried to save more. 2000-2002 caused me to work 2 extra years, but that boosted my healthcare to 65 and supplement afterwards. That was a blessing in disguise that I didn't know about. Lack of communication about benefits helps reduce costs by lowering participation.
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Re: Impetus for FIRE?
Old 01-07-2007, 01:13 AM   #40
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Re: Impetus for FIRE?

{quote](should we call it Meager-Corp?)[/quote]

I love it!!!

In 1997 I left an utterly toxic job and took a year to decompress. (My expenses were VERY low at that time - no mortgage, economic car, etc.) I had a GREAT time rafting, backpacking, reading, volunteering, and getting back in touch with friends and actually spending TIME with them. In other words, I did whatever took my fancy.

However. In the dim recesses of my brain was a little voice that kept telling me I'd have to go back to work someday. While that little voice didn't exactly ruin the fun time I was having, it did put a damper on it.

I ran into Your Money or Your Life about that time. I decided to go back to work and save like a fiend, so that one day I could go back to doing whatever took my fancy. But this time the little voice wouldn't be there to nag me.

I've got about twice what I projected I'd need for a bare-bones retirement... now if I could just cut the golden handcuffs and take the leap-o-faith...
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