What started you on the road to FI ?

Like most people on this forum, I have had a propensity to save since I was young. My dad used to joke that I ironed my bills before putting them in my wallet. But what really laid the framework for how I would become FI was YMOYL. Before reading that, I saved, but didn't save with a purpose. By the time TMND was printed, I read it and realized that the millionaires interviewed had the same ideas about finances that I did. It also helped to have parents that struggled with money (this motivated me to live my life differently), and to have a wife that likes the LBYM lifestyle and freedom it gives us. Finally, it helped to find this forum and all the great discussions we have here. I've never met any of you, but I feel connected to you and I've learned a lot from you. Thanks!
 
After a lifetime of being poor, the year I finished my residency, I went to work for another physician in 1992. At the end of that first year, I sat down to do my taxes, and realized that I owed more in taxes than I had ever made in income in any previous year of my life. I'd heard vague mumblings here and there about how to use investments wisely to lower one's taxes, but did not know anything about it. Motivated by a wish never to pay the government so much money again (a wish that was not to be fulfilled), I went to the bookstore and bought several books. The most influential was by Charles Givens. However he may have been discredited and maligned since then, the book was full of information about mutual funds, retirement plans, tax deductions, starting a business, and many other useful things, all explained very clearly. Reading that book led me to start thinking very hard, and to eventually read hundreds of other books. Twenty years later, I'm still reading.
 
ziggy29 said:
When I realized how much the corporate rat race sucked and that it was well worth depriving myself *some* amount of "living for today" in order to expedite my exit. For me, that occurred at about age 23 -- and being a corporate wage slave was orders of magnitude less sucky than it is today.
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Pretty much this for me too. Graduated at age of 21 and went to article. Realized within a few months that there was no way i could do this to 65. I saw the partner at the firm I was with there til 6 every night and in on weekends - someone easily worth $5 to $10 Million - and shuddered at the thought of being like him. He could travel, golf, take up whatever hobbies he wanted to and he chose to still slave away at an office. I realized in order to have the freedom to do those things I would need $ and starting being a miser soon after. 15 years later, home paid off and approaching 500K liquid
 
I wish I could say its due to the fact that I always pinched my pennies and such; I have always tried to LBYM, but that didn't automatically result in large amounts of money in the bank, for me, prop b/c I was in the military and made little money (j/k). Like others in this post I married a women who also shared LBYM values and a few years ago we really started to put a plan together and start trying to reach our dream of FIRE.
 
accountingsucks said:
Pretty much this for me too. Graduated at age of 21 and went to article. Realized within a few months that there was no way i could do this to 65. I saw the partner at the firm I was with there til 6 every night and in on weekends - someone easily worth $5 to $10 Million - and shuddered at the thought of being like him. He could travel, golf, take up whatever hobbies he wanted to and he chose to still slave away at an office. I realized in order to have the freedom to do those things I would need $ and starting being a miser soon after. 15 years later, home paid off and approaching 500K liquid
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6 every night is not bad... I have consultants from one of the Big 4 traveling to my location by Monday morning each week and flying home on Thursday evening. To finish yearend, they were at the office by 7am and last meeting ending at 6 or 7pm. After the meeting, they had work to do... so billing hours until 8pm, 9pm, and 10pm some days - 12 to 14 hour days. They will get a larger raise and bonus than me, but they are selling their soul right now.
 
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Things that started me on the road to FI:

  • A growing realization in my late 20's/early 30's that if I saved on a regular basis and invested the proceeds, I'd have quite a bit of dosh by the time I was old-ish
  • A desire to be as independent from others as possible
  • An ability to practise the art of delayed gratification
  • The hope that if I stashed away the money while I could, I could act like a lazy, self-interested bum when I was older :D
 
Re: starting on road

Working at a company for 18 years and having the rug pulled out from under my feet made me take a long hard look at retiring. I have 8 more years to go until retirement, so I am just putting in time until I hit 60. Then I am going to work on the things that I want to work on. Do the things that I want to do.
 
chrisaukcam said:
Working at a company for 18 years and having the rug pulled out from under my feet made me take a long hard look at retiring. I have 8 more years to go until retirement, so I am just putting in time until I hit 60. Then I am going to work on the things that I want to work on. Do the things that I want to do.
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For me it was the snow melting off the bumper of a car and dripping down the back of my neck as I inspected the front end parts....I was an auto mechanic in my '20s and realized that I didn't want to be doing THAT when I was 50. Now I'm 50...and definitely not doing THAT anymore...although it was fun then.
 
the beginning of the road

Absolutely love this site and this topic in particular. Have just read all the posts on this and I feel a kindred spirit.
Grew up in a blue collar family in working class neighborhood in Texas, mowing lawns and delivering papers at 13. Mom homemaker, dad machinist. Major life event in high school 1980, right smack in the recession, dad went on strike and out of work for over a year. Now mowing lawns, checking groceries, and doing a summer job in a foundry (ie, hot furnaces and melting metals). I'm not sure I've ever fully recovered from the trauma of having my dad out of work and the stress on our family, but it etched the drive to never have the wolf at the door so deep in my being, that it's almost pathologic. No one in immediate family had attended college. Realized in high school, I had enough aptitude to make it in college, eventually went to grad school and the last year of grad school had some free time and picked a random financial book by Marshall Loeb (covering all topics from stocks to auto insurance). I have never stopped reading financial books/articles since. Married a gal in graduate school who is VERY like minded and who grew up with a single mom with 5 kids. She has retired and I continue to work excessive hours (I really love what I do). Should be able to retire by 55 based on our position at age 48. Finding this site has really kept me motivated to stay on track. Thanks one and all.
 
Retired from the Army after a total of 34 years. All started when I was 17 and volunteered for the draft in 71 (required only two years service to get the GI Bill) was one of eight of a hardworking retired Soldier that did unbelievable things with a dollar. Finished school and went back on active duty in 1977. Flew Hueys and Blackhawks for most of my career. Finished my 30 years commission and was recalled off retirement for two more years with the two wars ongoing. But I like many here had a DW who also was a stickler for LBYMs and saving (paying yourself first). I took 11 months off not working in 09 and ran into an old co-worker while shopping at Lowes (my second home) that offered me a part time/temp <30 hours a week job working for the National Guard. Fits right in with my other interests and funds my hobbies and my DW's house updating projects. In 79 a neighbor, fellow Soldier, introduced me to USPA/IRA, now First Command and all is history. Although I don't feel I fit into the FIRE mold, savings/investment wise I guess I fit the definition. But it really all started when I met a girl, dated her for seven years and then married her and handed her my paycheck and the checkbook.
 
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I used to get a ride to college with my Dad and he would listen to Bob Brinker talk about reaching critical mass. Around that time my Dad showed me a compound interest table that had a big impact on me. I have no idea if/when FIRE is in the cards for me, but I am working to have it be a possibility around when I turn 50 (10 years). We have young kids, so it might not be until a couple years after that.

Now if only we could get those 12% returns that I saw on that compound interest table all those years ago. . . .
 
A fatherly boss advised DH to sign up for the company's profit sharing plan (which later became a 401K) when DH was 24. We were already LBYM, so contributing the max (14% of gross) was no big deal.

DH also stayed with the same company for his entire career so he will get a pension and retiree medical for both of us.

He recently turned the magical 55 and will be pulling the trigger this year.
 
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