Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-08-2010, 02:40 PM   #41
Thinks s/he gets paid by the post
Fireup2020's Avatar
 
Join Date: Feb 2007
Posts: 1,186
Escaped marriage # 2 with about $20K in unsecured debt at age 30. Following year, discovered he has lost the house and we did not refi the thing in his name only. So, with a 500-something credit score, my focus was to get my score back to excellent ASAP. Determination and hard work heavily influenced my luck and opportunities with regard to working for two government entities with COLA'd pensions. Now I just max my deferred comp/TSP, and double dip like a mad dog - the rest goes into my fun fund Just waiting for age 50 where I can take off my fuzzy handcuffs!
__________________

__________________
Make no mistake, my friend, it takes more than money to make men rich. - A. P. Gouthey
Fireup2020 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 02-08-2010, 02:53 PM   #42
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 385
Tgotch, I was sort of like you in that I diligently worked, saved money in my 401k, and never really thought about retirement much, it always seemed so far away, after all. Somewhere in the back of mind I always assumed that I could retire early, but never sat down to figure out the details, and honestly, I never managed my savings very well, I just contributed to my 401k and figured that would be ok somehow.

Around age 45 I was becoming very unhappy in my job, which I had liked up until then. So being a total idiot about my finances, I signed up with a financial advisor to help me see if I could retire at age 50. I paid them quite a bit in fees before I wised up. Actually, finding this forum was a major step in my financial education and I eventually realized I could manage my own finances and didn't need to pay someone the rest of my life to do it for me.

So with all those pieces in place, around the age of 48 I had a pretty good sense that I was on my way to retiring early - probably at 50 or soon after. Then still at age 48, I was laid off from my job and after a bit of thought, decided to call it early retirement. If I had not gotten a handle on my finances recently, I'd probably be freaking out about being laid off - for no good reason, I just wouldn't have realized what a good position I was actually in. But lucky for me, the lay off turned out to be the best thing that's happened to me in a long time and I now consider myself retired. It feels nice.

Best of luck with your FIRE plans!
__________________

__________________
JoeDreaming is offline   Reply With Quote
Old 02-08-2010, 09:20 PM   #43
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,351
I stumbled onto the retire early board at the Motley Fool and the light bulbs went off. I've been saving for retirement for about 15 years and have 3 years and 3 months to go. I'm hanging in there for the health care.
__________________
Helen is offline   Reply With Quote
Old 02-08-2010, 09:39 PM   #44
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by Fireup2025 View Post
Escaped marriage # 2 with about $20K in unsecured debt at age 30. Following year, discovered he has lost the house and we did not refi the thing in his name only. So, with a 500-something credit score, my focus was to get my score back to excellent ASAP.
Ouch!! That sounds almost exactly like what happened in my divorce (except I was 50). He got the house, almost all the contents, and more. I got.... out. Well, that and debt, and my credit score was awful.

Quote:
Originally Posted by Fireup2025
Determination and hard work heavily influenced my luck and opportunities with regard to working for two government entities with COLA'd pensions. Now I just max my deferred comp/TSP, and double dip like a mad dog - the rest goes into my fun fund Just waiting for age 50 where I can take off my fuzzy handcuffs!
Congratulations! I can appreciate the determination and hard work that it took to turn your situation around but you did it. That's very admirable.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 02-10-2010, 11:32 PM   #45
Recycles dryer sheets
Mill's Avatar
 
Join Date: Mar 2009
Location: Akron
Posts: 129
It was all about LBYM for me. A few years ago I moved back into my parents place, and realized how much I was saving in rent. But I didnt blow my excess funds. Then I got a decent job. Still kept my same standard of living. Then I took a job traveling across the country, got a nice raise, and per diems. Still kept my same frugal lifestyle. I started calculating nw somewhere in the middle of all that, and I could see the snowball forming. As the net worth rose month after month it became gratifying and I realized I had a leg up on my spendthrift peers. Because of LBYM, dont want to own fancy cars or go on expensive vacations. Ive always valued my free time, so ER sort of naturally became a goal. Still a long way to go, but Im enjoying the ride.
__________________
Mill is offline   Reply With Quote
Old 02-11-2010, 01:40 AM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I told me mom at 16 that I was gong to retire before I was 40, of course it was one of the annoyingly cocky things teenagers say. But I really seriously started considering it at 35, when it looked likely that my stock options were going to be worth enough for me to retire early.

I think Step 1 is achieving critical mass to steal a phrase from Bob Brinker. Although achieving financial independence is very much a good thing, it does have a downside. In particular once you've got FI your tolerance for all of the hassles associated with a j*b drop significantly.
__________________
clifp is offline   Reply With Quote
Old 02-11-2010, 08:12 AM   #47
Thinks s/he gets paid by the post
simple girl's Avatar
 
Join Date: Sep 2006
Posts: 2,505
About 8 years ago, when I was 34. I had been working full-time, but the stress of high patient volume was really getting to me. My physical and mental health was suffering. DH and I decided it was worth it for me to change to part-time. Suddenly, I had time to look at our finances in depth. I decided if I wasn't going to work full-time, then my mission would be to learn to manage our personal finances.

I started reading financial books, and the biggie for changing our mind set was of course, YMOYL. We had always been frugal, but this book opened our eyes to the possibility of maybe, just maybe not having to work forever. I started tracking our net worth, and it is all history from there. Joined this board and expanded my knowledge base significantly further. Still on our mission to FIRE, but it is gradually getting closer and closer.
__________________
simple girl
less stuff, more time

(49, married; DH 53. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH hopes to fully retire 2018 when he turns 55 to access 401K penalty-free...although he may decide to do part-time consulting)
simple girl is offline   Reply With Quote
Old 02-11-2010, 09:18 AM   #48
Full time employment: Posting here.
cardude's Avatar
 
Join Date: Feb 2006
Posts: 599
The goal I set when I was 25 was to save $X,000,000. I didn't know anything about SWRs or any of that stuff, but $X,000,000 seemed like a good number. The catalyst happened when I started working at our small (now defunct) family car dealership and got to take a look at the profits it did. Thinking I could someday worm my way into buying the dealership and use the profits as savings, I did a simple FV projection and if I lived cheaply it looked like I could end up with my goal in a reasonable amount of time.

My widowed grandmother was very frugal and a great lover of stocks, so watching her helped as well.
__________________

__________________
cardude 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


 

 
All times are GMT -6. The time now is 01:30 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.