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10-20-2017, 09:41 AM
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#1
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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My FIRE cliffnotes
My basic road to Fire
1) work hard
2) save money
3) let your savings earn you money
What are your cliffnotes to retirement
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10-20-2017, 09:57 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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(4) be nice to your parents. They might leave you something.
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10-20-2017, 09:59 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,360
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1) Understand your spending
2) Understand your income streams (SWR, SS, Investments, Other Income)
3) Learn all you can about investing
4) Be flexible and realistic in your planning
5) Keep checking-in to this forum (seriously)
If you get #1 nailed down, everything else falls into place with simple math.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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10-20-2017, 10:08 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Spend less than you make and invest the rest.
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10-20-2017, 10:15 AM
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#5
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Recycles dryer sheets
Join Date: Mar 2008
Posts: 153
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Save till it hurts.
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10-20-2017, 10:19 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,819
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Quote:
Originally Posted by Meadbh
(4) be nice to your parents. They might leave you something.
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"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not (medical care, fraud, etc).
If it happens, it's icing on the cake (financially speaking of course).
And though it's not my case fortunately, there are a few people who had parents that really didn't deserve any 'nice' treatment. Sad but true, and they may wince at that as a general rule.
-ERD50
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10-20-2017, 10:27 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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Quote:
Originally Posted by ERD50
"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not (medical care, fraud, etc).
If it happens, it's icing on the cake (financially speaking of course).
And though it's not my case fortunately, there are a few people who had parents that really didn't deserve any 'nice' treatment. Sad but true, and they may wince at that as a general rule.
-ERD50
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I never said you could count on it. That’s why I said “might”.
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10-20-2017, 10:51 AM
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#8
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Recycles dryer sheets
Join Date: Oct 2011
Location: League City
Posts: 70
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1) Start saving early for retirement.
2) Make maxing out your savings a priority.
3) Live way below your means so you can save.
4) Spend time educating yourself on how to invest your money. Pretty critical in my opinion.
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10-20-2017, 11:01 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Nov 2016
Location: Washington State
Posts: 2,349
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Quote:
Originally Posted by ERD50
"They might leave you something."? Don't count on it. Any number of things can happen, and it may have nothing to do with being nice to them or not
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My dad died about 26 years ago. He battled cancer for many years, and was out of work a lot because of it. My inheritance after his belongings were sold and medical bills were paid was about $5K. It wasn't a huge sum of money, but combined with our own savings it allowed us to make a down payment on the property we now call home.
After her stroke, Mom is barely getting by on a pension. Any assets she has left (savings and her house) will quickly be spent on her assisted living and medicine costs. She will most likely die with no money.
In the end, I was never close to my parents and never expected to receive a dime from them.
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10-20-2017, 11:12 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Get as much relevant education as possible, get a job you are good at in a high paying field, work hard, save a reasonable amount. Worked for me.
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10-20-2017, 11:29 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,001
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I wanted my parents to enjoy their $ and they did. I intend to do the same.
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10-20-2017, 11:50 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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A job you like at microcorp is worth more than a job you hate at megacorp even though the pay is not nearly as good.
Use the Co 401K plans aggressively.
Always spend less than you make but blow some dough and have some fun.
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10-20-2017, 12:21 PM
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#13
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 482
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If you get married, marry a good person and stay married. Divorces are kryptonite to FIRE. Exercise, good nutrition, and plenty of sleep will make your life a lot more enjoyable.
__________________
Retire date Jan. 10, 2018
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10-20-2017, 12:24 PM
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#14
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Recycles dryer sheets
Join Date: May 2015
Location: El Dorado
Posts: 187
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Major in a highly paid STEM field.
Pick a job with limited competition.
Get promoted to corporate officer.
Rake in stock based compensation.
Live simply and frugally and save a lot.
Retire early to side gigs and volunteering.
worked for me!
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10-20-2017, 01:50 PM
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#15
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Full time employment: Posting here.
Join Date: May 2013
Posts: 609
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1. Live below your means
2. Learn about investing
3. Master your emotions and avoid emotional decision-making
4. Learn to say “no” without needing approval from others
__________________
Saved 8 figures by my mid-40's as a professional bubble-spotter. Beware...the Fed creates bubble after bubble after bubble.
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10-20-2017, 03:50 PM
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#16
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,169
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Start saving with your first job.
Don't spend those savings on temporary gratification.
Increase your savings percentage with every pay increase.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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10-20-2017, 04:52 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Switzerland
Posts: 1,045
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1. Create a comprehensive Plan for FIRE
2. Make the Plan the third person in your marriage.
- BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
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10-20-2017, 06:04 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,280
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Spend every cent that you can.
spend it on debts; in our case, property loans and rental improvements.
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10-20-2017, 06:10 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: 5-sided building
Posts: 1,183
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1 - Save 30% or 40% of your income, and invest it in S&P index funds
2 - Join the Navy and have them send you to flight school (as well as pay for 2 master's degrees).
3 - Stick around for 20 years in the military (not always easy, but it beats working in an office for that long)
4 - Enjoy!
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10-20-2017, 06:21 PM
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#20
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Thinks s/he gets paid by the post
Join Date: May 2011
Location: St. Paul
Posts: 1,847
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Best advice I ever received:
1. Pay yourself first.
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