FIRE - One Year Check-In

[refi]

Hello All!

Just a quick check-in—last year, I took the leap at 43 and left corporate life. Hard to believe it’s already been a year! Time flies FAST! I wanted to share some thoughts, and overall, I’m VERY satisfied with my decision:

• When I left, my net worth was around $6.1M, and now it's about $7.7M, with highs around $7.8-7.85M. Stock growth, severance, and real estate income/investing propelled me.
• I left a $600k+/yr job. I can't say I never think about leaving the cash/job on the table, BUT I think that's only 5-10% regret. I make up that 5-10% regret with extra sleep.
• I'm glad I padded my net worth a bit before stopping. If you look back at my old posts, I thought about quitting at $5.4m, $5.25m, $3.3m, $1.8m. Could I have done it earlier? Probably (given that my burn rate is under $80k), but the extra padding has given me a supreme confidence against market calamities and sequence of return risks.
• I took many trips! No, it didn't ever get boring. I do find places less unique since I've traveled a lot in my life, but I still feel it exhilarating roaming a new country/city. Even in the US, it feels great to keep finding new gems. 15 countries visited since FIRE and have a month-long trip starting soon for at least five more. Also, been to a ton of football, basketball, and baseball games. I'm looking to do some more slow travel soon.
• My spending went UP and was more than anticipated. Given that I have 40+ more hours to do stuff, I spent more money and took more trips. Also, that inflation thing is a real deal. With that said, I've allowed enough buffer in my calculations where i'm still being supported by my real estate income alone, no equities are touched. I love not having to deal with a withdrawal strategy.
• Spanish learning is slow if you aren't totally dedicated to it. I'm just saying this b/c I always hear the language learning goal for a lot of retirees. I was thinking I would be fluent by now.
• I continued to connect to folks in my old field to mentor and stay in touch, which fulfills an itch to stay connected.
• I need to start my ROTH IRA ladder conversion soon, I haven't done so much thinking about my taxes.
• If you're in a VHCOL area, nobody really questions you being retired. At first I was hesitant about, making that confusing consultant explanation, but in the end, nobody really cares, usually they might just want to know more about the transition because they want to do it too.
• I'm still busy as ever (even more so than working?) - more travel, side hustle opportunities for fun, lunch with friends, more workouts, more sleep, more dates, etc.. If you're a hyperbusy driven person before, I feel you will stay the same in FIRE.

Anyways, I just wanted to provide some quick thoughts. I also acknowledge I've been super lucky to get to this point, but If you're thinking about cutting the cord, I'd consider doing it

 

[Koolau]

Thanks for sharing. I'm impressed with 43 and walking away from $600K/yr j*b.

Do you feel that you've settled into a rhythm yet or are you still looking for one or just going with the flow? It took me a while to establish my rhythm, but I never worried about it. I just enjoyed my freedom and gradually adapted to that freedom.

 

[Flyfish1]

Impressive net worth for your age. Congrats! Enjoy life.

 

[street]

You have done very well. You are in a league of few with your wealth and age plus FIRE.

>>Great Job glad for your great first year.

 

[latexman]

"You have chosen wisely."

 

[Diogenes]

• If you're in a VHCOL area, nobody really questions you being retired. At first I was hesitant about, making that confusing consultant explanation, but in the end, nobody really cares, usually they might just want to know more about the transition because they want to do it too.

That has not been my experience. If folks have extra money, they upgrade their lifestyle, rather than retiring early. Most will work into their 70s, "retiring" from life outside of work (hiring gardeners, maids etc.) rather than ceasing full-time remunerative labor. And if they do quit a W2, the encore is founding a start-up.

 

[refi]

That has not been my experience. If folks have extra money, they upgrade their lifestyle, rather than retiring early. Most will work into their 70s, "retiring" from life outside of work (hiring gardeners, maids etc.) rather than ceasing full-time remunerative labor. And if they do quit a W2, the encore is founding a start-up.

I think we're talking about two different things. I'm just saying people don't question the ability to amass wealth to retire at an early age in this area, you don't have to skirt around what you do.

There is definitely the camp of people who keep working for their $10m home and sending each of their kids to the best private school and setting up generational money along with multiple family international trips yearly. To each their own. I do find a lot of tech folks extremely frugal and meticulous with spending even if they are making 6-7 figures a year.

 

[CO-guy]

Amazing! Congrats! Though not nearly as "fat," I also recently wrapped up a year since quitting the full-time grind.

Lots more travel, more side hustles than I have time for, and already tired of talking with people about what kind of consulting I do when I'm not actually consulting.

 

[refi]

Thanks for sharing. I'm impressed with 43 and walking away from $600K/yr j*b.

Do you feel that you've settled into a rhythm yet or are you still looking for one or just going with the flow? It took me a while to establish my rhythm, but I never worried about it. I just enjoyed my freedom and gradually adapted to that freedom.

Yea, I definitely think about leaving that cash and prestige on the table, it was a stepping stone role to more $$$$.

Yea, in the flow now, got so many things going on, life is as busy as ever. As a busy person, you can’t but stay busy. If the perfect situation comes around I may reevaluate going back, but at this point I’m not actively looking and just enjoying life!