More FIRE fail

[aja8888]

I may have done this FIRE thing before it became fashionable:

1. Left home at 17, lived with a friend until I got my draft notice at 19. Did a little "freelance stuff". but hey, that's not real work!

2. Out of Military, no job, lived at home until I left again and moved in with working GF (school teacher). She supported US for 4 years while I went to college. Boy that was a fun time while being FI!

3. Big divorce when I was 49 and lost my VP job in California. Lived with sister for 9 months before finding a job in Texas. Blew threw almost $300k (lawyers, alimony, child support, new girlfriends). I wish I had more $$$ to make FI lst longer.

The only problem with FIRE at an early age is you find out you just need a lot of cash or a working partner willing to support you!

 

[Big_Hitter]

The only problem with FIRE at an early age is you find out you just need a lot of cash or a working partner willing to support you!

yep - that's how DW FIRED in 1997

 

[tmm99]

I may have done this FIRE thing before it became fashionable:

1. Left home at 17, lived with a friend until I got my draft notice at 19. Did a little "freelance stuff". but hey, that's not real work!

2. Out of Military, no job, lived at home until I jeft again and moved in with working GF (school teacher). She supported US for 4 years while I went to college. Boy that was a fun time while being FI!

3. Big divorce when I was 49 and lost my VP job in California. Lived with sister for 9 months before finding a job in Texas. Blew threw almost $300k (lawyers, alimony, child support, new girlfriends). I wish I had more $$$ to make FI lst longer.

I know, right? At least, nobody added your story in an online article. What is mystifying to me is that her story made a cut for this FI article.

 

[FIYes]

It's not FIRE if you weren't FI. It's just quitting your job and winging it.

Aerides nailed it!

Actually, these articles aren’t as annoying to me as they seem to be to some people. What is completely ridiculous to me is the ad at the bottom of the page when I looked at the article. The ad said basically...you need $525287 to retire for an income of $67,796! Now there are many, many threads debating SWR but I don’t recall anyone ever advocating a 13% SWR!! I didn’t follow the links in the ad to see what sort of snake oil they were selling..I just shook my head and thought no way.

 

[Big_Hitter]

Actually, these articles aren’t as annoying to me as they seem to be to some people. What is completely ridiculous to me is the ad at the bottom of the page when I looked at the article. The ad said basically...you need $525287 to retire for an income of $67,796! Now there are many, many threads debating SWR but I don’t recall anyone ever advocating a 13% SWR!! I didn’t follow the links in the ad to see what sort of snake oil they were selling..I just shook my head and thought no way.

that's probably before SS

 

[Bigdawg]

I know the first young lady they outlined in the article (Gwen). I think she was simply undercapitalized and didn't have nearly enough to be 100% FI.

First time I've heard anybody talk about percentages of FI. I understand something like "I am at 50% of my goal of reaching 1 million dollars.

So would you say she was 15% FI? 12% FI?

 

[Big_Hitter]

First time I've heard anybody talk about percentages of FI. I understand something like "I am at 50% of my goal of reaching 1 million dollars.

So would you say she was 15% FI? 12% FI?

isn't FI binary? you either are or you aren't (like being preggers)

 

[candrew]

Oye. Oye. Oye.

That's a great Plan "B", eh? And I am going to be an ass here..."only affecting myself"? Your parents did their job..your inability to plan accordingly isn't their fault, and I do think it affects them, too.

You're not being an ass at all. In fact, I'll take the next step and be the ass by stating that if this young lady's parents are being adversely affected by their 28 year-old daughter's life choices, that is on them 100%. At this stage in their lives, her mom & dad should be parents in name only and no longer responsible for parenting their adult daughter.

 

[jim584672]

These people are doing "coastFIRE" or "BaristaFI" meaning they take some PT job and call it retirement. LOL So sad.

 

[MarieIG]

The first example seemed like a sabbatical. Not early retirement.

 

[FUEGO]

First time I've heard anybody talk about percentages of FI. I understand something like "I am at 50% of my goal of reaching 1 million dollars.

So would you say she was 15% FI? 12% FI?

I meant not 100% FI as in she was 1/4 or 1/2 way there, and planning on making up the shortage with some form of work, investment property, or other form of generating income/wealth.

I actually don't know her full plan or exactly how well it went. From an objective standpoint, I don't think her or anybody can really enjoy FIRE in the US with a mere $300k unless they're supplementing the income with some form of work. And then that's not early retirement if they're working, right?

 

[bobandsherry]

The first example seemed like a sabbatical. Not early retirement.

Yep, or just got tired of working, much like her freelancing, it wasn't her thing.

 

[bobandsherry]

First time I've heard anybody talk about percentages of FI. I understand something like "I am at 50% of my goal of reaching 1 million dollars.

So would you say she was 15% FI? 12% FI?

I'd say it's binary, you either are or aren't.

 

[NW-Bound]

You're not being an ass at all. In fact, I'll take the next step and be the ass by stating that if this young lady's parents are being adversely affected by their 28 year-old daughter's life choices, that is on them 100%. At this stage in their lives, her mom & dad should be parents in name only and no longer responsible for parenting their adult daughter.

Well, if her parents are like me who has 4 empty bedrooms upstairs, if one of my two kids runs into hardship even due to his/her own stupidity, I am not going to turn them away and not give them shelter.

I don't think I would increase my WR to give them allowances though , but it was not said that this young woman's parents were doing that.

 

[daylatedollarshort]

We have told our kids they are always welcome to move back. I know one turned down a job transfer as his fall back is moving back home and looking for another job. He said once a lot of his friends don't have that option of moving back home for one reason or another, and he knew he was fortunate - he could take more career risks without any worries.

Maybe the 28 year old in the article isn't so stupid. She gave barista type retirement a try and her worst case is moving back home and then getting another tech job, which in our area still seems to be a pretty high demand field.

 

[NW-Bound]

I never told my children they could move back if they had to, but I think they knew they would not be turned away.

The subject never came up, because it would mean they ran into financial difficulties, and there has not been any risk of that.

 

[Teacher Terry]

After my divorce I downsized to 2 bedroom 869 sq ft condo. 2 of my 3 adult kids needed to come home and we all lived in that small space for 2 years. That’s what parents do. Mine would have done the same.

 

[Perryinva]

What a worthless “article”.

 

[haha]

Well, if her parents are like me who has 4 empty bedrooms upstairs, if one of my two kids runs into hardship even due to his/her own stupidity, I am not going to turn them away and not give them shelter.

Sounds like the way to live. If a parent won't allow this, I think he or she can expect to have some lonely times as aging gets serious.

Ha

 

[Rianne]

I didn't even read the article and I know exactly what it said. Quality posting!

 

[NW-Bound]

What a worthless “article”.

Why? It serves to warn young people that it takes a lot more than they think to be FI, although the $5M stated by Suze Orman is clearly excessive.

 

[Filetmerlot]

At this stage in their lives, her mom & dad should be parents in name only and no longer responsible for parenting their adult daughter.

I like that. I wonder what the reaction will be when I refer to mine as 'Parents Emeritus' when they come up for Christmas this year.

 

[daylatedollarshort]

Median home prices in our area are around a million dollars. Many young adult kids still live with their parents here. It is either that, have a lot of roommates or relocate to some place cheaper. Some families in our neighborhood also have their parents move in with them. Besides economic reasons, in some cases it is a cultural norm.

There are benefits to living in a multi-generational household- maybe even living longer.

 

[YoungSaver]

Why? It serves to warn young people that it takes a lot more than they think to be FI, although the $5M stated by Suze Orman is clearly excessive.

News Alert, most young people don't read financial articles.

 

[bclover]

That's more like FIRE ignorance. Really less than $200k nest egg and she thought that was sufficient at 28? SMH

lol, I stopped reading after that.

I love the line where she says "she doesn't really want to retire". uhmm at 28 you really haven't worked.

I find no value in these article truthfully. Couple has 600k at 28 and want to have children??

And sorry, I'd have smothered my late husband in his sleep if he dared suggested converting an empty school bus into a tiny house. aw hell naw.