Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 01:51 PM   #21
Recycles dryer sheets
 
Join Date: Feb 2005
Posts: 239
Re: Sharing Thoughts on FIRE

Many people have alluded to it, but most in the working world seem to have a vague dream or desire to be FI or RE, with no plan or concrete thought put into implementing a plan.

I know a teacher who is in this category. She complains all the time about having to work, but is not eligible for a teacher's retirement until age 55 (about 7 years away). I have said that what she need to do is, pick a year to retire earlier, and then save the amount necessary. No dice; she is afraid that it will cut into the current cash flow.

Most people seem to have trouble living below their means. They also lack the self control to save. RE is not rocket science, it is more a matter of the will.
__________________

__________________
All the best....Mike
I'd rather live in a rustic cabin and be free than in a McMansion as a slave!
Mountain_Mike 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!

Re: Sharing Thoughts on FIRE
Old 08-10-2005, 01:56 PM   #22
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by Mountain_Mike
Many people have alluded to it, but most in the working world seem to have a vague dream or desire to be FI or RE, with no plan or concrete thought put into implementing a plan.*

I know a teacher who is in this category.* She complains all the time about having to work, but is not eligible for a teacher's retirement until age 55 (about 7 years away).* I have said that what she need to do is, pick a year to retire earlier, and then save the amount necessary.* No dice; she is afraid that it will cut into the current cash flow.*

Most people seem to have trouble living below their means.* They also lack the self control to save.* RE is not rocket science, it is more a matter of the will.*
I am truly sorry folks (to repeat yet again). Brainpower and willpower.
Everything else is a distant second in terms of doing it (ER).

JG
__________________

__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 02:21 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by Andre1969
Back in the late 90's, when it seemed like the prosperity would go on forever, I remember telling my Mom that, at the rate things are going, I'd be able to retire when I was around 39.* She said "You'd better not, because that'll be the same year I'm retiring!"

Unfortunately, the late 90's gave way to 2000, 2001, and 2002, so whenever it comes up, I tell Mom not to worry, that she'll probably retire before me!* I have learned to watch who I talk to about it though.* Some people will look at you like you've lost your mind, others will start looking for a handout, and some just get jealous or overly competitive.

For example, I have this one friend who's constantly comparing himself to me, and then starts coming down on himself because I've done something before him (got married...AND divorced!* , bought my home, bought a new car, hit a certain income plateau, etc).* So nowadays, whenever he starts trying this comparison stuff, I just tell him to keep in mind that I'm also 3 years older than him, so I've had 3 years longer to get to a certain point.* And then I try to change the subject!
This reminds me that my Dad (almost 88) used to say he might outlive
me. At the time, I agreed with him. His chances aren't looking so good
lately.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 02:27 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by brewer12345
Yeeah, I don't say a word to most people outside of immediate family any more.* I have mentioned it to my parents and my MIL, but my FIL wouldn't get it.* Too wedded to the Protestant work ethic.* When my wife talks about the future with people she just puts it in terms of me pursuing a second career.
Now, this is why I get in so much trouble. Whatever I am going to do,
I wouldn't pussyfoot around with anyone; not for any reason.
If they don't get it/like it, that's their problem. It's my life and I'll do as I please, thank you very much.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 02:50 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by MRGALT2U
Now, this is why I get in so much trouble.* Whatever I am going to do,
I wouldn't pussyfoot around with anyone; not for any reason.
If they don't get it/like it, that's their problem.* It's my life and I'll do as I please, thank you very much.*

JG
That's definately the way I feel, but its never good to antagonize your in-laws, especially when, like me, you have two MILs.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 04:24 PM   #26
Full time employment: Posting here.
Arif's Avatar
 
Join Date: Jun 2005
Posts: 761
Re: Sharing Thoughts on FIRE

I just tell them what I am going to do (buy RE, get out the military and move to Panama, etc) and then I do it. Then after I do it they say "Man, you were serious!" I no longer try to convince people. Most of the time I tell them after the fact so they can't say that it can't be done.
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
Arif is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 04:40 PM   #27
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by Arif
I just tell them what I am going to do (buy RE, get out the military and move to Panama, etc) and then I do it. Then after I do it they say "Man, you were serious!" I no longer try to convince people. Most of the time I tell them after the fact so they can't say that it can't be done.
Reminds me of when I first mentioned (at the country club) that I was
thinking of retiring. Later on, after I shut down my company, a friend
was quite surprised. He said, "Yes, I know you said it, but I didn't
know you meant now." I was 49, almost 50. A lot of folks on this site
plan to exit before that. Generally, my friends and co-workers
were shocked. Of course, I had been a workaholic for many years,
and so many were taken aback.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 07:21 PM   #28
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by brewer12345
That's definately the way I feel, but its never good to antagonize your in-laws, especially when, like me, you have two MILs.
Good point! I have no MILs nor FILs. OTOH, I still have a bunch of
other in-laws and step- ?s who give me trouble. Having been married
twice, and DW having been married twice, and with my maternal granddad married twice, and my paternal
granddad being married four times (children in all 4 marriages),
the family is pretty messy. Anyway, some of these people wouldn't
be missed if they just disappeared. Others (however distant)
I really like a lot. I suspect it's this way in most every family.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 07:47 PM   #29
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,459
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by brewer12345
I must be a pathetic misfit or something because I fit most of those qualifications (all except 1 and 2) and I still long for FIRE. *Maybe I'm just lazy. *I'd love to have an indefinite period between jobs to find out.
I'm another one then, Brewer, I too fit all catagories.* *With me it's more of a been here, done this, feeling.* *It's not even ER I long for as much as getting out of here, and having time to do other things.

On the question of telling others,* Without really thinking, I casually mentioned to my business partner a few months ago that I hoped to be retired by the time I'm 50 - and he really freaked out.* *That is only five years away, and I think the concept was a complete shock to him.

If he knew the dream/truth that I'm really aiming for less than 2 years from now he'd totally loose it.* I plan to only give them about 4 mos. notice.* *Is that cruel??

(They are my partners, not my bosses - I feel I owe them to clean up after myself before leaving).

__________________
Sheryl is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-10-2005, 08:11 PM   #30
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Re: Sharing Thoughts on FIRE

I don't know if it is just me but I would rather keep it my ER plans quiet. Wouldn't want to be treated differently from the other ass kissing drones. Also my way of saying kiss my ass.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 12:59 AM   #31
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by MRGALT2U
Good point!* I have no MILs nor FILs.* OTOH, I still have a bunch of
other in-laws and step- ?s who give me trouble.* Having been married
twice, and DW having been married twice, and with my maternal granddad married twice, and my paternal
granddad being married four times (children in all 4 marriages),
the family is pretty messy.* Anyway, some of these people wouldn't
be missed if they just disappeared.* Others (however distant)
I really like a lot.* I suspect it's this way in most every family.

JG

And another thing.............it has occurred to me (although I am still
fond of my first wife) that I really don't miss any of my in-laws from that union of 32 years. Not sure why, although I guess we never had anything in common other than I married into the family. Doubt
they miss me either

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 09:01 AM   #32
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: Sharing Thoughts on FIRE

Well, I did discuss with someone at work because they are closer to retirement and I had some questions on the pension system. I was kinda shocked with the hostility of "you cant do that". I shouldnt have been surprised, though, and I think it is much better to keep to yourself. I am not sure if he didnt think it was possible or just mad that I was planning something he couldnt do. This particular coworker, has to have all of the "toys" and use a lot of his home equity to get it as well as a newer vehicle every few years, which is fine, it just means you have to work longer....
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 09:21 AM   #33
Recycles dryer sheets
 
Join Date: May 2005
Posts: 55
Re: Sharing Thoughts on FIRE

My father used to say:

"Thier are people in the world who talk, and thier are people in the world who do!"

--

Why do we need to share with people that we are RE. Is it the ego thing? I think it may be. We need recognition that we are doing something that everyone should strive for, yet, we are confused when we find they are not giving the desired responce.

It's nice to share your dreams and goals with everyone, but, most people either do not care, or become bitter that you may have something that they do not have.

Common personality trait. IMO
__________________
Nothing to see here... move along...
greenhm is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 10:16 AM   #34
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: Sharing Thoughts on FIRE

I am not sure it is an ego thing since I think most FIRE's probably dont hang their hats on status (work, expensive cars, high incomes, etc.). If they did, they would probably continue working. I think to some degree people are excited about the possibilities and just like anything else want to talk about it, but I guess keep it on these boards....
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 11:11 AM   #35
Dryer sheet wannabe
 
Join Date: May 2005
Posts: 23
Re: Sharing Thoughts on FIRE

This board has given me inspiration, guidance, confidence, and faith to LBYM and RE. I went through the CC crisis about 8 years back and began living a cash-only policy about 7 years ago. No debt since, paid cash for my vehicle and continue to LBYM.

After losing a parent and dealing with the inheritance, I vowed not to purchase anything for (1) year until I learn how to invest. No retirement savings before because I was never taught or encouraged to invest, compounding, and LBYM.

Now I've been investing, preparing a plan for ER at 55 and love reading financial publications. I learned to LBYM and remain debt-free from circumstances and willpower but didnt' know much about IRAs, 401Ks, and taxable accounts to reach ER before coming here.

My hats off to you guys and thank you for continuing to guide receptive newbies to financial independence.

charlottebandito

__________________
charlottebandito is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 12:09 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by greenhm

Why do we need to share with people that we are RE. Is it the ego thing? I think it may be. We need recognition that we are doing something that everyone should strive for, yet, we are confused when we find they are not giving the desired responce.

It's nice to share your dreams and goals with everyone, but, most people either do not care, or become bitter that you may have something that they do not have.

Common personality trait. IMO
I think it is simpler than that. Humans are herd creatures, and it is psychologically very difficult to go against the herd. If you have an inclination to do so, many time it is helpful to know that there are others like you. The only way you find out is to talk to people until you find a kindred spirit or find a forum like this one.

I'm hardly a bigtime conformist, and I have gone against the herd many times in life, but I find it reassuring to talk to like-minded people.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 12:21 PM   #37
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,620
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by brewer12345
I'm hardly a bigtime conformist, and I have gone against the herd many times in life, but I find it reassuring to talk to like-minded people.
Maybe we're just running in the wrong herds...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 12:35 PM   #38
Recycles dryer sheets
 
Join Date: Sep 2004
Posts: 250
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by maddythebeagle
I am not sure it is an ego thing since I think most FIRE's probably dont hang their hats on status (work, expensive cars, high incomes, etc.). If they did, they would probably continue working. I think to some degree people are excited about the possibilities and just like anything else want to talk about it, but I guess keep it on these boards....
Plus there is the fact that it would be nice if some of our friends jumped on board with FIRE so that we would be able to hang out with them more in retirement. We know many cool people that would be fun to take an extended vacation with (charter cruise, ski trips, camping, etc.), but that will be tough to do if they are tied to a 9 to 5 job with only 2 weeks vacation a year. I fear that post ER will end up being a little lonely.
__________________
FlowGirl is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 12:55 PM   #39
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,153
Re: Sharing Thoughts on FIRE

Quote:
Originally Posted by FlowGirl
I fear that post ER will end up being a little lonely.
Two of the people I expected to spend a lot of time with once I ER'd died during my last twelve months in the w*rking world (older brother 71 and best friend 60). And you are right, many folks we would like to spend time with to enjoy life and travel a bit are not yet retired. I've had to adjust my plans (not as many trips to the lake with my fishing buddy gone, etc.), but that's just the way life is.

Still wake up every morning (so far ) with a smile on my face. ER life is good!

REW
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Sharing Thoughts on FIRE
Old 08-12-2005, 01:12 PM   #40
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Sharing Thoughts on FIRE

I keep a pretty tight lid on the specifics of my plan at my workplace. I wouldn't want the higher ups to know about my intentions to RE. I work for a small company and the higher ups are looking to hire and retain employees that are here for the long haul. I am here for the long haul, it's just that my long haul is shorter than everyone elses' long hauls! I fear discussing my plans openly because I think I would be regarded as the guy that plans on quitting. I will be looked at as a short-term player just in the game for immediate rewards. It is quite the opposite, since I plan on working my way up and growing with the company as it grows.

I have disclosed my specific conservative goal in terms of number of years till RE to one individual at work. His response was "why? I plan on working till at least 65 (35 more years for him)". This individual is very ambitious with his financial goals however. He has a small side business and invests regularly to some extent. But his latest investment idea shows his perspective on investing. His goal is to invest a sufficient amount of money in a certain type of investment to generate $3000 monthly income. He views this investment not as something that increases his net worth over time, but a supplement to his income to support his expenses.

I guess having the knowledge and desire for ER is like having faith in a higher power. Once you have it, it seems perfectly obvious to you how important it is. You can share your convictions with others, but most will laugh you off or not understand what you are talking about. You feel the need to proselytize others, yet fear rejection or being marked as an outcast.

This post got me thinking about my in-laws on my wife's side. We're having a party this weekend where all of her cousins and their families will be there. Almost everyone their will have a net worth around or below zero. "Rich" would be defined as winning $500 in the poker game at the party. They drink the most expensive imported beers and Hennessey or Courvoisier cognac (they don't know it is just French brandy, 300% more expensive than the domestic brandy that is just as good IMHO). Everyone compares how big their new gold chains or rings are or how nice their new leased Escalade/Mercedes/sports car is or how clear the picture looks on their new 53" HDTV with surround sound or how big their nice new house is. A bond to them is something you pay to get someone else out of jail when they get caught. The concept of dollar cost averaging into a diversified portfolio of index equity and bond funds is completely foreign to them. The idea of accumulating wealth that produces more wealth for you is foreign. For them, gaining financial indepence is easiest acheived through winning the lottery.

These family get togethers are mind-numbing. I don't really have much to talk about since I don't have any new Escalades, diamond-studded gold rings or a new house. It doesn't really bother me, but I guess people think I'm broke! (which is a good thing - no one will steal my money or hit me up for a loan/donation). I know I'm being condescending, but it is depressing to watch so many uninformed people who you know will be running on the rat wheel for the rest of their lives until they make that last, final, terminal, sudden jump off the wheel.

__________________

__________________
justin 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
Targeting FIRE @ 28 mishtone Hi, I am... 12 03-20-2007 03:45 AM
About to FIRE - can you help me stir my pot? coolie Hi, I am... 3 09-24-2006 10:15 AM
Career decisions / conflict before FIRE bearkeley Young Dreamers 9 07-28-2006 03:26 PM
I'm going to FIRE soon at 35. free4now FIRE and Money 33 02-03-2006 09:53 AM

 

 
All times are GMT -6. The time now is 12:59 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.