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View Poll Results: How many years did it take you to save for FIRE once you began to seriously plan for it
< 10 years 15 14.29%
10-15 years 24 22.86%
15-20 years 20 19.05%
20-25 years 26 24.76%
> 25 years 20 19.05%
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Re: Poll: How long did it take you to save for FIRE
Old 01-23-2007, 07:40 PM   #21
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Re: Poll: How long did it take you to save for FIRE

Thinking about it and gett'n 'er done can be some years apart. I thought about FIRE in my very early 20's but could not make it happen with my first wife. You both have to be playing on the same team...or at least in the same ballpark to make it happen. Once the divorce was over it was time to see what was possible.

1991 $100k+ in debt.
2002 First RE and moved to different state. FI was very close but the company moved me and I owned them 12 months to not have to pay them back for headhunter fees and moving cost (combined >$130k). Things happened and I needed to work to keep my sanity.

Now I am feathering my nest and waiting for the vacation home to sell. We are FI now...ER is near.

So, technically, I could have FIRED in 2002 so figure 10-11 years to get out from under the prior marriage debt and to build a seven figure nest egg. Life event unrelated to money in the past few years have prevented a full FIRE until all the smoke settled. Now the personal issues are set and understood and the clock has been restarted to ER by midyear. And I did not make anywhere near where CFB and some others did in income.
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Re: Poll: How long did it take you to save for FIRE
Old 01-23-2007, 08:49 PM   #22
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Re: Poll: How long did it take you to save for FIRE

i never saved for er & never--not once--thought about it. coming out of high school i put myself on track to be fabulously wealthy. i read all the material i could find on people who became multi-millionaires by age 35 but my goal then had nothing to do with not working. not working was just something some grandparents did.

once in college, i discovered socialism and before long the only thing i could remember of my research on the wealthy was that the most successful of these were those who gave back to their community. by around 20, i found myself working during summer breaks with bucky fuller's nephew and then when school cranked up again i was pretty happy handing out pamplets on bucky's televised world symposium on peace. i quit researching anything business related & started hanging out with the hari chrisnas for free vegetarian lunches. i had a lot of fun.

after college, work was just something i did--between parties--to pay my bills. i never worked towards retirement but also i never went into debt and always put money away. lbym was not a concept i was aware of. saving money for a rainy day, for me, was as much of a required expense as food, housing & utilities. i never got off on shopping. i never required things to make me happy.

just realizing i had the capacity to retire came less as a pleasant surprise to meone day in despair, and more as a reprieve. i looked at my net worth and at what i would be inheriting. i compared that with what seemed to be my meager earning power & put all that in light of how depressing my life had gotten and how awful my job had become. i simply jumped ship.

i'm not yet sure where i've landed, but i've no doubt that when i'm ready, i'll find the party again.
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Re: Poll: How long did it take you to save for FIRE
Old 01-23-2007, 11:36 PM   #23
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Re: Poll: How long did it take you to save for FIRE

Until about 3 years ago i never gave a thought about FIRE (well at least the RE part)
I think i had the FI part in mind since day one out of college. Luckily, I did most of the right
things due to my parents upbringing. They were always LBYM-ers. Didn't seem to stick
with any of my siblings though. I never even got a credit card until i was about 35 or so..
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 12:44 AM   #24
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Re: Poll: How long did it take you to save for FIRE

Late 70s/early 80s college
half a dozen years of OK pay
two years of grad school
early 90s slammed by recession
mid 90s fed up and caught real estate bug
today just about, but maybe not quite, FI
probably need 3 to 5 more years to comfortably FIRE unless I blow it
so I figure 10-15 years
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 05:37 AM   #25
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Re: Poll: How long did it take you to save for FIRE

23 years ! but I keep adding to the stash though ER at only 46 1/2 yo.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 07:01 AM   #26
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Re: Poll: How long did it take you to save for FIRE

Quote:
Originally Posted by Cute Fuzzy Bunny
Two years.
It's not how much you make . . . it's how much you keep. You can time the market.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 08:48 AM   #27
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Re: Poll: How long did it take you to save for FIRE

I'm not retired yet, but I plan to retire at 52. I started working at 21, so that would be 31 years of LBYM.

I didn't actively start to make spreadsheets and projections until about 2 years ago at the age of 35.

Karen
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 09:04 AM   #28
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Re: Poll: How long did it take you to save for FIRE

I started becoming fascinated with the idea of investing and saving for early retirement back in 1991, when I was 21. That was when I first dabbled in mutual funds. I think the thing that really fascinated me was when I figured out that if you put away just $1000 and it earned 20% per year, you'd have a million bucks in something like 38 years. Of course, it was soon after that I learned that while a stock might do 20% or even better in a year, or even over several years, "past results are no guarantee of future performance" :P

But, I guess a lot of young people start off with lofty, pie-in-the-sky goals like that. Anyway, I hit a few stumbling blocks like buying a condo I really couldn't afford at the time, under-estimating expenses like utilities, groceries, gasoline for the longer commute, etc, a bad marriage, etc. But by March of 1998 I saw a light at the end of the tunnel, and was well off enough to start investing seriously. At that time I didn't have a set retirement goal...I just figured I'd do it when it "felt right". Back in the late 90's, when things were doing well, I used to joke that I was going to retire when I turned 37. Which, is in about 2 months. Yikes!! Needless to say, I still have a ways to go. After that, I started figuring sometime in my mid 40's. And now, my current goal is April Fools Day, 2016. That's a Friday, and the day before my 46 birthday. So I figure that would be a fitting birthday present to myself!

So, at this point, using March 1998 as a starting point, I'd say my goal is roughly 18 years.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 01:52 PM   #29
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Re: Poll: How long did it take you to save for FIRE

Quote:
Originally Posted by riskaverse
It's not how much you make . . . it's how much you keep. You can time the market.
Its a little of both. I made a lot and thought about buying the 8 bedroom house with the permanent housekeeper/cook, upgrading my cars, getting a boat and taking flying lessons with one of my buddies. Maybe a second home up in tahoe for occasional ski jaunts.

Decided on a whim to pay off my debt, put the remainder of that years pay and the free years salary I got from the separation package into investments and quit working, and drastically downsize and simplify my life.

So far, so good.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 02:07 PM   #30
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Re: Poll: How long did it take you to save for FIRE

Quote:
Originally Posted by Cute Fuzzy Bunny
Two years.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 03:06 PM   #31
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Re: Poll: How long did it take you to save for FIRE

Quote:
Originally Posted by FinanceDude
He's a trained sales professional who took the apparently idiotic steps of regularly trashing cashing in his stock options.

Don't try this at home, kids. Stay in school.
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Re: Poll: How long did it take you to save for FIRE
Old 01-24-2007, 03:19 PM   #32
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Re: Poll: How long did it take you to save for FIRE

Quote:
Originally Posted by Nords
He's a trained sales professional who took the apparently idiotic steps of regularly trashing cashing in his stock options.

Don't try this at home, kids. Stay in school.
OK...........

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