See if some (or many of you) can relate to this and perhaps share what you have done/learned by living it...
I have found myself feeling somewhat strange (and fortunate) in my my pursuit of FIRE. Like just about everyone on this site, I have planned for the day of FIRE for many years being motivated by the dream of ER. While I have moved the goal posts many times, I was fortunate to hit my FI number a couple/few years ago. None the less, my "master plan" called for me to hang it up at the end of this year, age 55, when kid #4 graduated. I continue to run my business which has been very lucrative over the last few years mainly for "sport"... arguably just running up the score is about my only real motivation. I am fortunate to be self employed and actually enjoy what I do so I am not on any kind of countdown other than the end of 2019 was my set date. Additionally, my FI dough has grown another 20% so my SWR continues to drop. So I am one of the lucky ones, but can't help but feel a little weird/confused...
- I have been telling people I have been thinking about retiring this year thinking I would do it because it was my plan... but frankly, I feel too young and perhaps don't have that something to motivate me on the other side yet Begs the question why I am not more jacked up to RE when the goal of FI was so motivating?
- While I have plans for FAT FIRE, I wonder if I will be a little fearful of spending per my plan once I am no longer generating any income and am in the withdrawal mode (in my case, no pension , just my assets). How did you reconcile your conservative nature of LBYMs and the "what if" thoughts about the market in the early RE years... did you stay with the plan or get even more cautious?
- At a high level, my FI number should produce a pretty large annual cash flow if I keep it between 3% - 4%/yr(my RE expenses have a significant amount of discretion in them at this level). While my plan allows for this, I tend to believe the earlier healthy years (subject to health issues) will offer the greatest opportunity to spend $$ (i.e travel, toys). That said, I can see my frugal gene kicking in once I RE and tempering my "withdrawal plan", despite my plan saying "blow the dough!" Were you intentional with making sure you spent your plan, specifically on the toys and travel in the early years?
- My original FI plan was all about making sure my wife and I were financially sound when I retired, and in theory, if we were broke when the last one went, then the plan worked. Well, in theory that is still the plan, but the reality is my kids will most likely inherit 8 figures of net worth. Do any of you separate your FI $$ from excess FI $$ investing them differently for legacy reasons? Or, do you just throw it all in 1 pot and just look at it as a lower SWR and then let the chips fall where they fall and the kids get what they get?
- Other than kid's weddings (I have 2 out of the way) and grand kids (have one 8-month old now) and perhaps health issues, what other bogies are you finding you are spending more $$ on in RE that maybe were not part of your RE spend plan? What are you spending more & less on than you had planned?
The journey created quite the motivation and has obviously worked. I just didn't expect to feel a little "so what" after hitting FI, not feeling completely "ready" once I got there, and then feeling these potential spending tensions despite all my plans saying just do it.
I have found myself feeling somewhat strange (and fortunate) in my my pursuit of FIRE. Like just about everyone on this site, I have planned for the day of FIRE for many years being motivated by the dream of ER. While I have moved the goal posts many times, I was fortunate to hit my FI number a couple/few years ago. None the less, my "master plan" called for me to hang it up at the end of this year, age 55, when kid #4 graduated. I continue to run my business which has been very lucrative over the last few years mainly for "sport"... arguably just running up the score is about my only real motivation. I am fortunate to be self employed and actually enjoy what I do so I am not on any kind of countdown other than the end of 2019 was my set date. Additionally, my FI dough has grown another 20% so my SWR continues to drop. So I am one of the lucky ones, but can't help but feel a little weird/confused...
- I have been telling people I have been thinking about retiring this year thinking I would do it because it was my plan... but frankly, I feel too young and perhaps don't have that something to motivate me on the other side yet Begs the question why I am not more jacked up to RE when the goal of FI was so motivating?
- While I have plans for FAT FIRE, I wonder if I will be a little fearful of spending per my plan once I am no longer generating any income and am in the withdrawal mode (in my case, no pension , just my assets). How did you reconcile your conservative nature of LBYMs and the "what if" thoughts about the market in the early RE years... did you stay with the plan or get even more cautious?
- At a high level, my FI number should produce a pretty large annual cash flow if I keep it between 3% - 4%/yr(my RE expenses have a significant amount of discretion in them at this level). While my plan allows for this, I tend to believe the earlier healthy years (subject to health issues) will offer the greatest opportunity to spend $$ (i.e travel, toys). That said, I can see my frugal gene kicking in once I RE and tempering my "withdrawal plan", despite my plan saying "blow the dough!" Were you intentional with making sure you spent your plan, specifically on the toys and travel in the early years?
- My original FI plan was all about making sure my wife and I were financially sound when I retired, and in theory, if we were broke when the last one went, then the plan worked. Well, in theory that is still the plan, but the reality is my kids will most likely inherit 8 figures of net worth. Do any of you separate your FI $$ from excess FI $$ investing them differently for legacy reasons? Or, do you just throw it all in 1 pot and just look at it as a lower SWR and then let the chips fall where they fall and the kids get what they get?
- Other than kid's weddings (I have 2 out of the way) and grand kids (have one 8-month old now) and perhaps health issues, what other bogies are you finding you are spending more $$ on in RE that maybe were not part of your RE spend plan? What are you spending more & less on than you had planned?
The journey created quite the motivation and has obviously worked. I just didn't expect to feel a little "so what" after hitting FI, not feeling completely "ready" once I got there, and then feeling these potential spending tensions despite all my plans saying just do it.