Ways to convince friends to invest in the market and/or F.I.R.E?

[BadAtGolf]

I’ll give you one more consideration. My best friend is an RN. She has seen too many healthy people die in their 40s, 50s, and 60s. She saves, but her mindset is very much “no one is promised tomorrow”.

Even if you don’t die, she sees so many come down with debilitating issues. All the scrimping and saving, only to be unable to enjoy retirement.

Everyone has to make their own choice obviously. Just sharing some other points of view.

 

[F.I.R.E User]

Health is the biggest wealth. This is one thing we can do while pursuing F.I.R.E.

I’ll give you one more consideration. My best friend is an RN. She has seen too many healthy people die in their 40s, 50s, and 60s. She saves, but her mindset is very much “no one is promised tomorrow”.

Even if you don’t die, she sees so many come down with debilitating issues. All the scrimping and saving, only to be unable to enjoy retirement.

Everyone has to make their own choice obviously. Just sharing some other points of view.

 

[brett]

I can give you some thoughts from someone who is new to the FIRE idea/community.

I don’t want to offend anyone or start a fight, but after reading this forum for a few weeks there is a sense that many people hate their jobs. I think it’s important to understand that not everyone is miserable at work. I know that’s not the only reason to RE, but it sure seems to be a common theme.

It’s cool that you want to help your friends. But, as many others have already stated, it’s tough to change people’s minds. I think that sharing your enthusiasm, your goals, and your plans would be a gold way to educate them without being overbearing. I have to assume that hearing a similar aged buddy talk about retiring early, traveling, buying a vacation home, or whatever you’re doing, will pique their curiosity more than any book recommendations, podcasts, or numbers would.

I was one of the people who loved my job. Loved the industry. I worked for a great company that paid me very well, excellent benefits. Long hours, travel, and overachievement were rewarded. Great boss. Did not stop me from retiring early though.

More than happy to help friends or relatives that ask for advice or assistance. Many are not interested. I cannot manufacture interest on their part. As a senior manager I was astounded at the number of ees that did not max out or even choose to participate in pension matching schemes. Let alone bothering to check on the DC plan allocations from one to the next...or five or ten for that matter.

Chances are that those who take a cavalier attitude to benefits, matching pension plans, stock purchase plans, saving and investing, etc have the same attitude to personal spending.

 

[F.I.R.E User]

Many are also focused on wages only and not benefits. Many don’t think they need health insurance until…

I was one of the people who loved my job. Loved the industry. I worked for a great company that paid me very well, excellent benefits. Long hours, travel, and overachievement were rewarded. Great boss. Did not stop me from retiring early though.

More than happy to help friends or relatives that ask for advice or assistance. Many are not interested. I cannot manufacture interest on their part. As a senior manager I was astounded at the number of ees that did not max out or even choose to participate in pension matching schemes. Let alone bothering to check on the DC plan allocations from one to the next...or five or ten for that matter.

Chances are that those who take a cavalier attitude to benefits, matching pension plans, stock purchase plans, saving and investing, etc have the same attitude to personal spending.

 

[Badger]

I’ll give you one more consideration. My best friend is an RN. She has seen too many healthy people die in their 40s, 50s, and 60s. She saves, but her mindset is very much “no one is promised tomorrow”.

Even if you don’t die, she sees so many come down with debilitating issues. All the scrimping and saving, only to be unable to enjoy retirement.

Everyone has to make their own choice obviously. Just sharing some other points of view.

Not everyone here hated their job, was miserable at work, and made lots of money. I didn't have a high salary but I did have a career that I loved. I only retired early by 1 year before traditional retirement age because of orthopedic problems. The plan was to save/invest as best as I could and live a very frugal lifestyle so I would not have to resort to cat food and so my wife would be financially able to take care of herself if I go first. With my father's example and the help/suggestions from many of the folks here that it all worked out much better than I ever expected. Other folks here have similar stories that are scattered throughout the forum.



Cheers!

 

[F.I.R.E User]

Not everyone here hated their job, was miserable at work, and made lots of money. I didn't have a high salary but I did have a career that I loved. I only retired early by 1 year before traditional retirement age because of orthopedic problems. The plan was to save/invest as best as I could and live a very frugal lifestyle so I would not have to resort to cat food and so my wife would be financially able to take care of herself if I go first. With my father's example and the help/suggestions from many of the folks here that it all worked out much better than I ever expected. Other folks here have similar stories that are scattered throughout the forum.



Cheers!

You retired at 61?

 

[Badger]

You retired at 61?

At the time the "Full Retirement Age" was 66. I retired at 64 so I was a year off. My wife had already retired the year before so I probably would have retired a year earlier but I needed to use the health insurance for some issues before I left. I would not qualify for Medicare for at least another year.



Cheers!

 

[brett]

I do not understand why I would have he slightest interest in trying to convince friends or relatives to invest in the market.

I do not believe it would make one iota of difference to them. There might be some nodding of heads or signs but it certainly would not be a stimulus for them to change.

My spouse has two sisters who have retired penniless. Both owned homes. Consumer credit and careless spending got to them.

Even today...they believe that we were 'lucky'. The both knew they were going down the financial toilet years ago however they just kept at it. Some people do not get any wiser with age.

 

[Gumby]

... Even today...they believe that we were 'lucky'. ..

I have had relatives express that the young wife and I have been "lucky." I always agree. Sometimes I observe that it is better to be lucky than smart. And I usually remind them that we never had children, which seems to disarm some of them. What else can you do?

 

[skyking1]

yesterday i got to talk with my sister and brother in law about retirement and finances and investing. It is so nice to have these conversations, when they are welcome and mutual.
He is in a place to make good use of Roth conversions, so we talked about how that goes.
He now has a lot of questions for his financial advisor

 

[Starsky]

Everyone has their own relationship to money and investing. As far as advice - You can lead a horse to water....

For some, they feel like they don't have the skills, others feel they don't have the money to invest, some don't think they'll live that long, and others think the market is just a giant scam. Their saving habits and beliefs are ingrained, and I feel like it's almost worse to convince someone to invest their money into something they have no interest or faith in - especially if left to their own devices to manage it over the long-term. They'll probably just lose it all with one bad decision and wind up having even less interest in investing.

I think the time to jump into convincing friends to invest is when they ask you about investing. If they don't ask, it's none of my business.

 

[F.I.R.E User]

At the time the "Full Retirement Age" was 66. I retired at 64 so I was a year off. My wife had already retired the year before so I probably would have retired a year earlier but I needed to use the health insurance for some issues before I left. I would not qualify for Medicare for at least another year.



Cheers!

Is your retirement considered as F.I.R.E?

 

[F.I.R.E User]

So you and your friends can be on same page and get to have more in common. Maybe they will be unhappy later working while you will have freedom.

Did they think they would get wealthy with homeownership?

They told you you got lucky?

I do not understand why I would have he slightest interest in trying to convince friends or relatives to invest in the market.

I do not believe it would make one iota of difference to them. There might be some nodding of heads or signs but it certainly would not be a stimulus for them to change.

My spouse has two sisters who have retired penniless. Both owned homes. Consumer credit and careless spending got to them.

Even today...they believe that we were 'lucky'. The both knew they were going down the financial toilet years ago however they just kept at it. Some people do not get any wiser with age.

 

[F.I.R.E User]

I have had relatives express that the young wife and I have been "lucky." I always agree. Sometimes I observe that it is better to be lucky than smart. And I usually remind them that we never had children, which seems to disarm some of them. What else can you do?

They said you got lucky as in wealth building?

 

[F.I.R.E User]

yesterday i got to talk with my sister and brother in law about retirement and finances and investing. It is so nice to have these conversations, when they are welcome and mutual.
He is in a place to make good use of Roth conversions, so we talked about how that goes.
He now has a lot of questions for his financial advisor

Their FA works on commission?

 

[Time2]

I have had relatives express that the young wife and I have been "lucky." I always agree. Sometimes I observe that it is better to be lucky than smart. And I usually remind them that we never had children, which seems to disarm some of them. What else can you do?

Yes, we were lucky.

We were very lucky when we took the initiative to save 20% to 25% of our income and invest it in the stock market.


It might get a double take.

 

[Koolau]

Is your retirement considered as F.I.R.E?

I consider F.I.R.E to be "early" to the individual retiree. I had planned (at age 22) to retire from Megacorp after 40 years (age 62). I retired at 58. So, I consider that I retired early. That's later than many folks here retired. Some retired in their 30s and 40s. FIRE is a very personal (and personally defined) goal. There IS no official age that we (we here at Early Retirement) consider early. I hope this helps. YMMV

 

[F.I.R.E User]

I consider F.I.R.E to be "early" to the individual retiree. I had planned (at age 22) to retire from Megacorp after 40 years (age 62). I retired at 58. So, I consider that I retired early. That's later than many folks here retired. Some retired in their 30s and 40s. FIRE is a very personal (and personally defined) goal. There IS no official age that we (we here at Early Retirement) consider early. I hope this helps. YMMV

So anything earlier than 62 which is when we can take SS is F.I.R.E right?

 

[Koolau]

So anything earlier than 62 which is when we can take SS is F.I.R.E right?

Nope! Anything earlier than YOU thought was "normal" is early. You see, it's a YMMV thang! So, well, YMMV.

 

[F.I.R.E User]

Nope! Anything earlier than YOU thought was "normal" is early. You see, it's a YMMV thang! So, well, YMMV.

Oh ok. So even 70 would be F.I.R.E?

 

[Gumby]

I retired at precisely the right time, neither early nor late. Why would I do anything else?

 

[Bigdawg]

Oh ok. So even 70 would be F.I.R.E?

F.I.R.E User, what are you trying to do here? Pin someone down and then argue their # is wrong? I don't see where you are going with your questions.

If you are keeping score, I was (am) FI at age 45 but I am still not RE. Started a new jay oh bee last month.

Hope you find the answer you are looking for.

 

[F.I.R.E User]

I retired at precisely the right time, neither early nor late. Why would I do anything else?

Cool.

 

[F.I.R.E User]

F.I.R.E User, what are you trying to do here? Pin someone down and then argue their # is wrong? I don't see where you are going with your questions.

If you are keeping score, I was (am) FI at age 45 but I am still not RE. Started a new jay oh bee last month.

Hope you find the answer you are looking for.

No. Just asking to get an idea. Just a casual convo.

 

[Koolau]

Oh ok. So even 70 would be F.I.R.E?

Not for me and I assume not for you. But, possibly for someone who had planned to retire at 90 (like my mom - heh, heh, DW "FIRED" her at 80 from the family business. So, I would say "yes" even 80 could be early.) YMMV