Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-23-2010, 04:26 AM   #21
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Agree with this.

Quote:
Originally Posted by MasterBlaster View Post
Well using the forum standard 4% SWR in a mixed portfolio, $420k brings in a reliable $16.8k/year. If you can live on that for all of your expenses then you are set.
__________________

__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 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!

Old 10-23-2010, 04:53 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
You might be able to FIRE if you were doing it in extreme terms. But you would be living at close to a poverty level.

You need to educate yourself and do some careful (and conservative analysis).

IMO - Unless you are ill or know that you will have a short life... you are likely to need to go back to w*rk. Take some time to regroup, develop a plan for FIRE, go from there and follow your plan. This unexpected interruption (job loss.. can I just stop working) is not a plan... perhaps a reaction to what happened... but not a plan
__________________

__________________
chinaco is offline   Reply With Quote
Old 10-23-2010, 08:21 AM   #23
Confused about dryer sheets
 
Join Date: Oct 2010
Location: atlanta
Posts: 2
Some suggestions on housing, health insurance, etc are already posted by other members. As for life style, you decide on what you like. Some people have suggested doing more things, things you may not be doing now. But what the...
Since you can live a frugal life, you may be able to lead a simple life too. If you are spiritually inclined, you could be a monk/nun (not suggesting that's the only way to go, a because...therefore connection, or an if..then connection there). You can go even simpler than what you're doing now. Just a thought.
The decision is all yours.
__________________
zpdrmn is offline   Reply With Quote
Old 10-23-2010, 08:34 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,959
Quote:
Originally Posted by MasterBlaster View Post
Well using the forum standard 4% SWR in a mixed portfolio, $420k brings in a reliable $16.8k/year.

If you can live on that for all of your expenses then you are set.

If not then you better find some work.
4% SWR is based on a 30 year retirement, hopefully not likely at age 35. I have heard people here say 3% is the indefinitely sustainable SWR...but that's still $12.6K/yr FWIW.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 10-23-2010, 12:48 PM   #25
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 5
Quote:
Originally Posted by dex View Post
Prior to being fired what were your plans?
To continue working indefinitely but retire as soon as financially possible. Job had good health benefits while it lasted
__________________
oldcarfan is offline   Reply With Quote
Old 10-23-2010, 12:54 PM   #26
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 5
Quote:
Originally Posted by MasterBlaster View Post
you can live on 10K/year - anybody can really.

The question is.... Do you want that 10k lifestyle ? Or do you want a better lifestyle ?
It is easier than it looks - just do not own a car, collect recyclable cans for food, buy extremely cheaply, no new clothes and get entertainment from internet, free shows, library books, no illness and be a loner.

I would like a better lifestyle, but if it is the choice between having to work and not having to work, I would sacrifice a lot.
__________________
oldcarfan is offline   Reply With Quote
Old 10-23-2010, 12:54 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Quote:
Originally Posted by oldcarfan View Post
To continue working indefinitely but retire as soon as financially possible. Job had good health benefits while it lasted
Then that should help answer your question.
You had a net worth goal in mind to reach before retiring. If you are there you are good to go; if not ...
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Old 10-23-2010, 01:01 PM   #28
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 5
Thank you everyone for the suggestions.
__________________
oldcarfan is offline   Reply With Quote
Old 10-23-2010, 01:13 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by oldcarfan View Post
It is easier than it looks - just do not own a car, collect recyclable cans for food, buy extremely cheaply, no new clothes and get entertainment from internet, free shows, library books, no illness and be a loner.
I used to hear that billy goats ate tin cans, but I later learned that this was not true.

What is your secret?

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is online now   Reply With Quote
Old 10-23-2010, 01:31 PM   #30
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 5
Quote:
Originally Posted by haha View Post
I used to hear that billy goats ate tin cans, but I later learned that this was not true.

What is your secret?

Ha
Secret to living on 8-10K: Don't care about style, be a bit reclusive and enjoy fee-free entertainment. If you have a social life, forget about living on that low a budget
__________________
oldcarfan is offline   Reply With Quote
Old 10-23-2010, 01:38 PM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by oldcarfan View Post
Secret to living on 8-10K: Don't care about style, be a bit reclusive and enjoy fee-free entertainment. If you have a social life, forget about living on that low a budget
To me, this sort of thing is similar to climbing Annapurna. It is fun to think about, maybe even read a bit about, but I think I'd rather pass.

You must have extreme self control to undertake this.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is online now   Reply With Quote
Old 10-23-2010, 05:16 PM   #32
Full time employment: Posting here.
 
Join Date: May 2008
Posts: 589
Well, if it makes you feel better, I also have (and plan to indefinitely), live on around $10k/year (inflation adjusted). Some people just don't like socializing very often, even if they can carry a conversation just fine and people find them personable. Some people just happen to have really inexpensive hobbies. Joining activity groups costs almost nothing if you DO want to socialize, work is not required.

Nothing extreme is required, but enjoying free or mostly free entertainment, needing minimal travel, having an understanding partner (or not having one), and being in good health are all required. This is not for a lot of people, it is not the American way to pursue any of these things.

On the other hand, if you feel something is missing, then you should take care of that, life is about the pursuit of happiness.
__________________
plex is offline   Reply With Quote
Old 10-23-2010, 05:40 PM   #33
Full time employment: Posting here.
 
Join Date: May 2007
Posts: 710
I couldn't agree with you more Plex. I can't imagine why socializing would cost a lot. I am somewhat of a homebody but frequently have family and friends over for dinner and a movie. I am extroverted and like having company but my socializing costs is virtually nil. I also socialize quite a bit through the church activities and other groups that I join such as a choral group which doesn't cost anything. Socializing costs would not be something I need to factor into my retirement. Since I only occasionally do the restaurant thing, the cost is minimal. I have a rich social life that does not cost my anything especially given the fact that I have two children and I get to participate in their activities for virtually nothing.
__________________

__________________
Letj 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
Towel Day - May 25 Khan Other topics 7 05-25-2009 10:31 AM
Best ways to re-allocate assets you've had a long time Amethyst FIRE and Money 16 01-30-2009 04:41 PM
time to increase allocation to illiquid assets? kevink FIRE and Money 6 09-21-2008 04:05 PM
Part Time Job renferme Life after FIRE 10 01-22-2005 08:04 AM

 

 
All times are GMT -6. The time now is 10:01 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.