gayl
Thinks s/he gets paid by the post
One line said it all "consider the source."
Most of the posters on the Reddit FI forum actually seem pretty reasonable in terms of savings and expectations. Many are tech workers who have very high salaries and are choosing FI over a high consumption lifestyle. Most aren't selling anything so they aren't pushing an unrealistically low cost lifestyle or savings amount just to attract followers like some of the fake ER bloggers.
I haven’t heard such a good old fashioned personal finance scolding since a 2003 Public Television Pledge Week!
+1..
Oh dear, I broke all the experts' rules. I retired early at age 55 with only half a million. In the past 11 years of comfortable retirement, that has almost doubled.
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Well done. +1.I am a single retiree who lives totally debt-free [including my house] in a less expensive part of the country. In the 11 years I've been retired I have lived comfortably on a lot less than $30,000 a year.
If one wanted to live like a king in retirement, several million dollars would be necessary.
But I've never lived like a king in my life. So I am more than satisfied with living a similar normal comforable life in retirement as I was living while I was working... with one major exception... I am now FREE to be my own boss, the captain of my own ship... and that blessing is priceless !!
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As the FIRE movement has grown recently, I think she's simply trying to bring a little reality in to the picture for those "younger folks" who wake up one morning, are tired of going to work (after a career of no more than 10 or 15 years), see they have $1 million in total assets, and think they can retire. I've seen this a number of times recently with new posters who are in their 30s asking "Can I retire?" and putting up numbers that total around $1 million. I think a lot of what we're seeing today is a direct result of the rise in the stock market and asset values over the past few years - folks are feeling extremely wealthy these days and too many simply extrapolate that going forward everything will continue as they have over the past few years.
Is this the same Suze that told everyone the only investment they should ever have is an S&P index fund, while at the same time having 96% of her own money in a municipal bond ladders?
1. What makes the most sense for a person with tens of millions in assets might not be the same as what makes the most sense for someone of average wealth. Warren Buffett says the same thing, and yet his assets are not all invested in a S&P index fund.
2. Over the past 5 to 10 years, how has the S&P index fund performed and how have municipal bond ladders performed? Are you aware of the million dollar wager Buffett made with a hedge fund? If not, go look it up.
3. Someone who has the bulk invested in municipal bond ladders says to me that the investment objective is capital preservation. Someone who is mostly invested in S&P 500 says growth/income to me. What is the investment objective of the investor who we are talking about?
I agree to all points, but she was saying that pre-2008. There are so many things Orman says that are flat out incorrect. She's able to hide behind the fact she no longer has a securities license.
Suze says we're all wrong. Most of us don't have enough to retire early.
https://www.marketwatch.com/story/t...-ever-make-according-to-suze-orman-2018-10-02
Then, Orman, with a net worth estimated to be in the neighborhood of $30 million, dropped a reality bomb of self awareness.
“Listen, if you have 20, 30, 50 or 100 million dollars, be like me, OK?” she said. “If you have that kind of money and you want to retire, fine.”
If not, and that’s most of us, better build that cushion, because, she says, if you stop stashing money, you’re losing the compounding years of your life.
Ok all old slackers , dust off your resume and comply with the Orman mandate. You cannot retire before 70