Levels of FI

[EastWest Gal]

It is wonderful, isn't it?


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[Nemo2]

It is wonderful, isn't it?

I'm 27 1/2 years into 'not working' - do I miss it? Do I.......

 

[rodi]

I still have to get up early at 5:30 and take the kiddo to the bus stop.

Then come home, enjoy a cup of coffee, read, watch netflix, snooze, whatever.

Me too. Drop the kids at the bus stop early, hit a pokemon gym (or 2) to collect my coins before the college kids take them over again, walk the dog on the beach for 2 miles... home before 8am. I enjoy this lifestyle so much more than fighting traffic to get to work, then being stuck in a cube or windowless development lab, having to follow stupid decisions to make the bosses happy....

I briefly had a moment of regret that we weren't 10-20x richer when I was researching some destinations in Europe for summer 2017's big trip. There's a really pretty lake in a scenic area kind of in the middle of nowhere in the Austrian Alps. The main hotel in town looked small but quaint, and not particularly luxurious. I figured we could stay there. Turns out it would be $1000+/nt for 2+ rooms to accommodate the five of us. No way I'm dropping that much cash!

BTW - your approach to your big Euro trip is/was similar to mine. I saw lots of fabulous hotels that were super pricey... And ended up in VRBO's that were much cheaper - but offered more space, a kitchen, etc. I had a budget of 1000 euro/week for lodging... I got by for a lot less in most places - which made up for Paris and London which were much more pricey. Hotels would have cost more and been less pleasant. (Having space is important when you're traveling with kids for multiple weeks!!!)

I'm looking forward to hearing about your European adventures!

 

[W2R]

Ah...it's a little after 10 AM and I am sitting on the front porch enjoying some wonderful coffee without a care in the world. Do I want more? Certainly not today.

It is wonderful, isn't it?

I'm 27 1/2 years into 'not working' - do I miss it? Do I.......

I sure don't!

Also, I am 100% content with what I have, and have been ever since I bought this house that I call my "dream house". I just don't long for anything that is not consistent with my present middle class existence. For me it took a lot of introspection and thought, to figure out what I really wanted and then figure out how to get it and then get it. To be honest it's a weird feeling to be completely content.

If somebody offered me a million dollars to go back to work for one day, I would turn it down. I'm serious.

 

[FUEGO]

BTW - your approach to your big Euro trip is/was similar to mine. I saw lots of fabulous hotels that were super pricey... And ended up in VRBO's that were much cheaper - but offered more space, a kitchen, etc. I had a budget of 1000 euro/week for lodging... I got by for a lot less in most places - which made up for Paris and London which were much more pricey. Hotels would have cost more and been less pleasant. (Having space is important when you're traveling with kids for multiple weeks!!!)

I'm looking forward to hearing about your European adventures!

Very good to hear. We're struggling with the scope of the trip. It started out with landing in Lisbon, working our way across the southern half of the continent to Vienna and Prague, then working back toward Paris via Belgium (completely omitting UK for now). It grew too ambitious so now we've pared it down to northern Italy, Austria (plus day trip to Slovakia), southern Germany (maybe dipping into France like to Strasbourg), Hungary and Czech (with Slovenia recently tossed in the mix).

Ideally I'd like 5-7 days in each city we visit. I'm planning on booking flights in mid-October using United miles and hopefully snag an ideal flight schedule (connecting through Washington Dulles is most likely).

Once I get my thoughts/ideas sorted I'll probably put up a big thread on it here and seek more advice since we've never been to Europe before.

 

[Bestwifeever]

I sure don't!

Also, I am 100% content with what I have, and have been ever since I bought this house that I call my "dream house". I just don't long for anything that is not consistent with my present middle class existence. For me it took a lot of introspection and thought, to figure out what I really wanted and then figure out how to get it and then get it. To be honest it's a weird feeling to be completely content.

If somebody offered me a million dollars to go back to work for one day, I would turn it down. I'm serious.

I love the sense of contentment and gratitude in your posts.

 

[marko]

I think not 'wanting more' is what got most of us to this forum.

 

[exige]

I’m often surprised on this forum at how many people (and many are couples) are willing to retire on $40-60K a year in order to retire in their late 40’s or early 50’s. I don’t have the desire or the guts to do that. If I was a whiz software engineer or had extensive experience in corporate American and knew that I could go back to work and find an equivalent job if needed, it might be different. And I have no home repair or car repair skills although I can cook, clean, paint, and do most of my yard work. So retirement is final and there is no going back; I had better make certain that my income is sufficient for the rest of my life.

I started with a planned retirement income that was $10-15K less than my current goal but unexpected home repairs threw me in a panic and caused me to rethink my budget. So I'm in OMY mode. And like bclover and flyingaway's wife, I prefer comfort and some travel.

we are willing to retire on that amount because its what we live on now and love our lives and do everything we want.

 

[purplesky]

Very good to hear. We're struggling with the scope of the trip. It started out with landing in Lisbon, working our way across the southern half of the continent to Vienna and Prague, then working back toward Paris via Belgium (completely omitting UK for now). It grew too ambitious so now we've pared it down to northern Italy, Austria (plus day trip to Slovakia), southern Germany (maybe dipping into France like to Strasbourg), Hungary and Czech (with Slovenia recently tossed in the mix).

Ideally I'd like 5-7 days in each city we visit. I'm planning on booking flights in mid-October using United miles and hopefully snag an ideal flight schedule (connecting through Washington Dulles is most likely).

Once I get my thoughts/ideas sorted I'll probably put up a big thread on it here and seek more advice since we've never been to Europe before.

I'm sure you're familiar with Clark Howard? His website is Clark.com.

He has a radio show and a podcast and often gives people travel advice about traveling to Europe and all around the world.
He's very frugal and travels with his kids. He is a multi millionaire but he's really hard-core about saving money.

His website has a lot of great information about travel and I bet if you make arrangements to call his radio show he would love to hear your story about retiring early. He actually retired early himself .
I guess he would fall into the FERB category.

 

[ExFlyBoy5]

I'm sure you're familiar with Clark Howard? His website is Clark.com.

He has a radio show and a podcast and often gives people travel advice about traveling to Europe and all around the world.
He's very frugal and travels with his kids. He is a multi millionaire but he's really hard-core about saving money.

His website has a lot of great information about travel and I bet if you make arrangements to call his radio show he would love to hear your story about retiring early. He actually retired early himself .
I guess he would fall into the FERB category.

Good point on Clark. He's an Atlanta icon and was doling out GOOD financial advice LONG, LONG before Suzy Orman and that preacher dude came along. His frugality is pretty awesome, but he does have a VERY nice home in town...much, much more than I would ever own!

 

[unclemick]

Hmmm - fish camp over Lake Pontchartrain, Kansas City with farm in Northern Missouri, 23 years ER this year. Retirement income has varied 10X with some large variations in the stretch.

heh heh heh - ER is good. Also it can be good and interesting at times.

 

[purplesky]

Good point on Clark. He's an Atlanta icon and was doling out GOOD financial advice LONG, LONG before Suzy Orman and that preacher dude came along. His frugality is pretty awesome, but he does have a VERY nice home in town...much, much more than I would ever own!

Yes Clark Howard seems like a cool guy. He is super humble about his wealth.
Clark Howard just makes me want to travel because he is so passionate about it .

I'm guessing the preacher dude is Dave Ramsey? Dave Ramsey constantly brags about how much money and real estate he has.
Dave Ramsey is really anti-early retirement , it's really funny when people call the show and they want to retire early.

 

[razztazz]

If somebody offered me a million dollars to go back to work for one day, I would turn it down. I'm serious.

I must admit. If some one offered me a million bucks to go back to work for one day, I' go back to work... FOR ONE DAY!

 

[RobbieB]

I'm in for "the million dollars a day plan" for as long as it goes -

 

[FUEGO]

I'm sure you're familiar with Clark Howard? His website is Clark.com.

He has a radio show and a podcast and often gives people travel advice about traveling to Europe and all around the world.
He's very frugal and travels with his kids. He is a multi millionaire but he's really hard-core about saving money.

His website has a lot of great information about travel and I bet if you make arrangements to call his radio show he would love to hear your story about retiring early. He actually retired early himself .
I guess he would fall into the FERB category.

Was this the Clark Howard you are talking about? 5 lessons from a man who retired at 33 | Clark Howard

I'm a little familiar with him. I bet he would be interested in my early retirement story.

 

[FUEGO]

I must admit. If some one offered me a million bucks to go back to work for one day, I' go back to work... FOR ONE DAY!

I might go back for several days. Hmmm what to do with an extra 3-4 million dollars...

 

[UpAnchor]

I must admit. If some one offered me a million bucks to go back to work for one day, I' go back to work... FOR ONE DAY!

I'm in for "the million dollars a day plan" for as long as it goes -

I might go back for several days. Hmmm what to do with an extra 3-4 million dollars...

I don't know... Let me see the day. Over my career there were things I did that I would not do for a million today (physically risky) since I don't NEED it. But give me one of those easy or hard-but-hugely-satisfying days and I'd do it in a heartbeat!

 

[RobbieB]

Yup. Think about it. A couple days work...

First class airfare
First class hotels
Wagyu beef
Caviar and lobster

For the rest of your life -

 

[Fermion]

When you are 60 with your 2nd vette and 130k SWR, try buying back that 6 years of late 40s living and see how much it costs you. I bet it costs a lot to go back in time.

 

[purplesky]

Was this the Clark Howard you are talking about? 5 lessons from a man who retired at 33 | Clark Howard

I'm a little familiar with him. I bet he would be interested in my early retirement story.

That's funny. I think I remember Clark talking about your story on his podcast .

You should do a segment with Clark Howard about traveling to Europe on a budget with kids.

Clark Howard has discussed this whole movement or fad that's popular with The millennial generation of working just 10 years and saving 50% of that income and retiring early hoping that Vanguard will take you to the promise land.

 

[FUEGO]

That's funny. I think I remember Clark talking about your story on his podcast .

You should do a segment with Clark Howard about traveling to Europe on a budget with kids.

Clark Howard has discussed this whole movement or fad that's popular with The millennial generation of working just 10 years and saving 50% of that income and retiring early hoping that Vanguard will take you to the promise land.

That would be interesting. I might be doing a local news segment on budget travel / travel hacking (3 weeks road trip for $1000). Not sure I can swing Europe on a budget, nor am I sure I want to or need to. I am salivating over some of the cheaper budget destinations in Europe, but lower cost of living areas are just one consideration.

In the context of this thread, I'm happy with the level of budget we have that enables us to travel just about anywhere for basically the whole summer. If I were still working full time to fund a higher level of spending, no amount of money would allow me to spend the entire summer on vacation (assuming I didn't quit my job). Our main constraints right now are the kids' school schedule and not wanting to spend 21 hours on a plane or deal with really hot climates (so no SE Asia for us right now ).

 

[Finance Dave]

Not answering your question exactly because not FIRE'd yet...but...

We budget in two buckets. Needs and wants. Let me make up some numbers for example and show how things WOULD work for us...

Assume needs are $30k/year
Assume wants are $20k/year
Assume our "target" growth on our portfolio is 5%, and we have $1M...so we'd get $50k/year

In mid 2016 we would sit down and plan for 2017
We would budget $50k/year for 2017 and move the $50k in early 2017
Spend the $50k as planned throughout the year

In mid 2017, compare actual return (from mid 2016 to mid 2017) vs. the 5% growth target. Let's assume it was only 3.6%, or about $34k on the $950k remaining. Then we only plan to spend $4k on "wants" and the other $30k on needs.

Repeat annually.

If the growth exceeds the target, we have a choice of building a cushion by leaving it in, or spending more. Of course the risk is what happens if the growth is less than what's needed to meet "needs"...in that case we would skip vacations/fun until things recover. It's not as bad as it seems...as our "ratio" of wants to needs is higher than I've shown above. It will be rare that in any given year we have to completely forego any "wants"

 

[ExFlyBoy5]

That would be interesting. I might be doing a local news segment on budget travel / travel hacking (3 weeks road trip for $1000). Not sure I can swing Europe on a budget, nor am I sure I want to or need to. I am salivating over some of the cheaper budget destinations in Europe, but lower cost of living areas are just one consideration.

In the context of this thread, I'm happy with the level of budget we have that enables us to travel just about anywhere for basically the whole summer. If I were still working full time to fund a higher level of spending, no amount of money would allow me to spend the entire summer on vacation (assuming I didn't quit my job). Our main constraints right now are the kids' school schedule and not wanting to spend 21 hours on a plane or deal with really hot climates (so no SE Asia for us right now ).

I can almost guarantee he would like to interview you. Last Christmas, I did some work with his charity (Clark's Kids) and had the opportunity to chat with him for a little while. Of course the subject of frugality and early retirement came up and he was interested in doing an interview with me. Since I do value my privacy (and I don't think my story is that remarkable) I politely declined.

Or maybe not. Since you are clearly a FERB and not REALLY retired.

 

[nun]

I'm 55 and three years into retirement. I was earning $140k when I retired, but juts spending $40k a year. I get a $20k pension and $20k from rent so my retirement lifestyle is similar to when I was working.

 

[purplesky]

That would be interesting. I might be doing a local news segment on budget travel / travel hacking (3 weeks road trip for $1000). Not sure I can swing Europe on a budget, nor am I sure I want to or need to. I am salivating over some of the cheaper budget destinations in Europe, but lower cost of living areas are just one consideration.

In the context of this thread, I'm happy with the level of budget we have that enables us to travel just about anywhere for basically the whole summer. If I were still working full time to fund a higher level of spending, no amount of money would allow me to spend the entire summer on vacation (assuming I didn't quit my job). Our main constraints right now are the kids' school schedule and not wanting to spend 21 hours on a plane or deal with really hot climates (so no SE Asia for us right now ).

I was under the impression that your lifestyle requires a budget?

If you are able to travel just about anywhere for three months with a family of five you must have a pretty large travel budget ?