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It's official we are all wrong about fire
Old 10-02-2018, 04:30 PM   #1
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It's official we are all wrong about fire

Suze says we're all wrong. Most of us don't have enough to retire early.

https://www.marketwatch.com/story/th...man-2018-10-02


Then, Orman, with a net worth estimated to be in the neighborhood of $30 million, dropped a reality bomb of self awareness.
“Listen, if you have 20, 30, 50 or 100 million dollars, be like me, OK?” she said. “If you have that kind of money and you want to retire, fine.”

If not, and that’s most of us, better build that cushion, because, she says, if you stop stashing money, you’re losing the compounding years of your life.
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Old 10-02-2018, 04:38 PM   #2
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Suze says we're all wrong. Most of us don't have enough to retire early.

https://www.marketwatch.com/story/th...man-2018-10-02


Then, Orman, with a net worth estimated to be in the neighborhood of $30 million, dropped a reality bomb of self awareness.
“Listen, if you have 20, 30, 50 or 100 million dollars, be like me, OK?” she said. “If you have that kind of money and you want to retire, fine.”

If not, and that’s most of us, better build that cushion, because, she says, if you stop stashing money, you’re losing the compounding years of your life.
I'm doomed!
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Old 10-02-2018, 04:39 PM   #3
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Oh dear, I broke all the experts' rules. I retired early at age 55 with only half a million. In the past 11 years of comfortable retirement, that has almost doubled.

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Old 10-02-2018, 04:52 PM   #4
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She says 5, 6 maybe 10 mil minimum. Maybe so if you're married and live in CA or NY. Certainly not in Mississippi.
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Old 10-02-2018, 04:56 PM   #5
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She says 5, 6 maybe 10 mil minimum. Maybe so if you're married and live in CA or NY. Certainly not in Mississippi.
In Texas one could be driving a big truck and have a big hat with that kind of dough!
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Old 10-02-2018, 04:56 PM   #6
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She says 5, 6 maybe 10 mil minimum. Maybe so if you're married and live in CA or NY. Certainly not in Mississippi.
Plus she appears to reference FIRE to be retiring in one's 20's and 30's, which is also not typical for this site.
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Old 10-02-2018, 05:03 PM   #7
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If she's objecting to the "I'm 32 and I have $300k saved and I'm gonna live in my RV and be fine with no health insurance and no plans for my kids education", then I'm with her.

That extreme flavor, while it works for some, is what you read about these days so often. Those are the kind of "FIRE's" that even most of us agree are way too risky.

I can't even remember the last thread started by someone under 50, asking "am I ready" that didn't get a resounding YES with under 2mil in assets. So for someone in her reddit audience of 20's and 30's, just starting to get the idea, saying to them, eh plan for 5Mil isn't THAT out of touch.

So if her overall message is caution, you'll need more than the cool kids say, and don't rush, it's far better than the alternative.
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Old 10-02-2018, 05:06 PM   #8
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I used to be one of the few who really liked Suze, and thought she had good advice for the masses. Segments like "Can you afford it?" were great and I thought they raised listeners' awareness of what they could, and couldn't, afford to buy.

But this is the last straw!!! Mark this day on your calendar - - I have officially jumped off the Suze bandwagon as of today.

My 9 years of retirement have been, BY FAR, the happiest years of my life. And, apparently my WR is low enough that my nestegg could last for eternity. My projected WR for this year is 0.58% and you can't tell me that my nestegg wouldn't last a good long time at that rate. (I know, gotta Blow that Dough a little better! Yikes.)

ER Forum members all know about how much I have, spend, and need, since I am pretty public about that (here, only). I don't have anywhere near the $5 million she thinks I would need for a successful retirement. I live like the Queen of Sheba IMO.

And Suze? She can go and
jump in a pond
suck an egg
stand in a corner
think about THAT.
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Old 10-02-2018, 05:09 PM   #9
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This is a repost. I saw something about Susan in another thread.
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Old 10-02-2018, 05:31 PM   #10
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Plus she appears to reference FIRE to be retiring in one's 20's and 30's, which is also not typical for this site.
I think she's talking to the Reddit crowd. They tend to get a younger group and some go with a "lean fire" approach, however there are many who are closer to this group in age and desired assets.
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Old 10-02-2018, 05:40 PM   #11
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Plus she appears to reference FIRE to be retiring in one's 20's and 30's, which is also not typical for this site.
Yes, she’s talking to <35 year olds, per the article:

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“Listen everybody. I know you want to retire at 25. At 30. At 35,” Orman told the “Afford Anything” podcast. “But... as you get older, things happen.”
I think her advice in this case is valid. Nothing wrong with hearing her viewpoint vs the typical extreme early retirees’ enthusiasm.
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Old 10-02-2018, 05:50 PM   #12
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Yes, she’s talking to <35 year olds, per the article:



I think her advice in this case is valid. Nothing wrong with hearing her viewpoint vs the typical extreme early retirees’ enthusiasm.
Well using Dawg52's example of Mississippi applied to and extending your statement for a spending example, does one really need 5mil even at age 30 to live a lean fire lifestyle of let's say 30k spending a year? Of course not.
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Old 10-02-2018, 05:54 PM   #13
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This is a repost. I saw something about Susan in another thread.
I'm sorry if it is. It's new to me. My apologies.
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Old 10-02-2018, 06:15 PM   #14
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Well using Dawg52's example of Mississippi applied to and extending your statement for a spending example, does one really need 5mil even at age 30 to live a lean fire lifestyle of let's say 30k spending a year? Of course not.
Probably talking more to young’uns living in hip HCOL areas. Starbucks and vodka tonic crowd.
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Old 10-02-2018, 06:30 PM   #15
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There needs to be a rule here that Suze Orman "advice" needs to be identified in the thread title so I won't bother clicking on it!
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Old 10-02-2018, 06:32 PM   #16
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Yes, Suze was talking to young'uns who want to retire at 25 or 30.

She would not recommend a 70-year-old to work to get $5M. What for?

So that the geezers who have only as many years left as their millions can get to "blow the dough" by spending $1M/year?
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Old 10-02-2018, 06:54 PM   #17
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Never listened to a word she said. Or any other financial gurus either.
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Old 10-02-2018, 07:21 PM   #18
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Regarding listening to her advice, I think I'll tell Suze, "DENIED!"
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Old 10-02-2018, 08:00 PM   #19
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I don’t think there’s much of a problem today with too many people retiring with more money than they’ll ever need—quite the contrary. So overly conservative people like Orman pointing that out doesn’t bother me.
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It's official we are all wrong about fire
Old 10-02-2018, 08:03 PM   #20
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It's official we are all wrong about fire

She is like a lot of commentators who seem to view retirement as a simplistic, binary on/off switch concept. You must work full tilt for maximum compounding and never touch your stash until you can quit and rely completely on it for whatever years you have left. There’s no idea that one can reduce work hours and fill the gap with modest portfolio draws. No selling or renting out a house and downsizing. No moving to a LCOL area. No simplifying. No LBYM. No muddling through enjoyably on a conservative AA until maximum Social Security kicks in. Nope, she’s gonna parachute in from the 1990s to inform us we’re wrong, she’s right and the only choice is work, work, work until we each have $5 million. It’s really not hard to make the argument to most Americans that accumulating more money through more wage slavery is always the best choice. We’re the world’s thoroughbreds in that regard.

Enough. These days I’ve graduated well beyond attention-needy, alarmist personal finance shouters like her and instead seek out the few guides who view post-career as more of a creative “thermostat” phase that can be turned up and down throughout life as wanted and needed. That seems a more sane and interesting trail for me but YMMV.
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