Author Topic: How old were you when you decied to go for FIRE?  (Read 18178 times)

TheNorwegianGuy

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Re: How old were you when you decied to go for FIRE?
« Reply #50 on: September 01, 2014, 04:00:42 AM »
I have been frugal all my life, but have always thought that one just have to work to the pension age at 67-70. I did not even question it until I started reading MMM and ERE at the same time I started working after graduation at university at age 24. I did not hate my job, I did not love my job, but it was that feeling that I wasn't the boss or even the owner of my own time. I want to be FI so I can do what I want to do, if that is to found my own company, to do volunteer work or just travel around...

pom

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Re: How old were you when you decied to go for FIRE?
« Reply #51 on: September 01, 2014, 05:59:55 AM »
At 19 I had a class called "Financial Mathematics" so I bought my first financial calculator. I could easily see that with 10k a year for 35 years would get me a million for my retirement so that became my goal.

Later and wiser, at around 28 I realized that I could go much faster by increasing 10k to 20k/30k or more a year. I also realized lately that I didn't need a particular number of net worth, what I need is diversified income streams that cover my expenses. I should be FIRE before age 45.
« Last Edit: September 02, 2014, 06:32:55 AM by pom »

boarder42

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Re: How old were you when you decied to go for FIRE?
« Reply #52 on: September 01, 2014, 06:28:31 AM »
Since I started my job at 23 I was planning to RE. But thought I needed ~5MM. but after finding this site at 27. My RE dropped from 45-50 by ten years to 35-40. 

Found this site with a google search on the page "shockingly simple math... ". It was just what I had been looking for.  A roadmap and a realistic list of what I needed to retire. I'm still 27. And now pushing for a part time week by 30

Captain and Mrs Slow

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Re: How old were you when you decied to go for FIRE?
« Reply #53 on: September 01, 2014, 10:06:30 AM »
@52 about the first time I heard of that, so early retirement for us will be age 60 for my wife.

Bit that's OK as we'll have a great time till then and a wonderful retirement

Jessa

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Re: How old were you when you decied to go for FIRE?
« Reply #54 on: September 01, 2014, 01:25:26 PM »
Two months ago when I discovered MMM, so 34.

I always assumed I'd have to work until at least 67 or so and probably well beyond it. I just never considered the basic mechanics involved in saving a little more and spending a little less..which means saving even more, and needing even less...I would read articles saying that people should save 10-15% of their gross salary into a 401k and at least a few months expenses worth of emergency savings, and since I did that, I figured I was doing what I was should be doing and didn't really consider what else I could be doing. I think that an optimistically realistic picture could have me retiring at 50.


Less

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Re: How old were you when you decied to go for FIRE?
« Reply #55 on: September 01, 2014, 02:31:10 PM »
27 (maybe a year ago?).

Wanted to retire by 50 before this but viewed that as traditional retirement. Reading more on the idea of FI got me thinking a lot harder. I am taking steps and have brought my FI target back to 45 years, still doing the things I always wanted to do. Will see where my priorities evolve too along the way, but I think my FI target will probably creep down over time.

monarda

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Re: How old were you when you decied to go for FIRE?
« Reply #56 on: September 01, 2014, 04:07:15 PM »
About 10 years ago (age 44).  But I've always been very frugal. Since I was 8 years old, or as long as I can remember.

This thread got me wondering- how does that age you report correlate with how much you liked your career at that age. Or how the job prospects looked for a dream job at that age. Or realizing the 'fallback' plan was going to be called into action.

For me, when I was 35, I couldn't understand the concept of retiring. I loved what I did at that time.
At 45, I was much more jaded, but still had passion for my work.  At 54, I still enjoy what I do, but am really relying on my fallback (real estate investing) and working for FI chiefly through that avenue, not my day job.

Metta

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Re: How old were you when you decied to go for FIRE?
« Reply #57 on: September 01, 2014, 04:28:39 PM »
We were in our mid-thirties when we read Your Money or Your Life and Voluntary Simplicity and decided to make work optional by our mid-50s. I'm now 52 and could retire but I'm only 2 years and 2 months away from getting a whole lot of retirement benefits from my company, so I'm sticking it out for the benefits (including a number of travel benefits). My husband isn't sure he wants to retire since in retirement he wants to do exactly what he gets paid to do now (read history and write) and tenure is a pretty sweet deal.

Quote
This thread got me wondering- how does that age you report correlate with how much you liked your career at that age. Or how the job prospects looked for a dream job at that age. Or realizing the 'fallback' plan was going to be called into action.

At the time we made that decision we were deeply in debt and filled with anxiety, part of the anxiety was realizing that my company had "layoffs" that somehow seemed to primarily hit those who were reaching age 35 or were just about to vest in the retirement plan. I loved the job but it was a shaky position and when the dotcom bubble burst a few years later, it turned out we were wise to have take steps to put ourselves in a better position.

It feels so good to be where we are now!
« Last Edit: September 01, 2014, 04:38:22 PM by Metta »

b1gm1ke11

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Re: How old were you when you decied to go for FIRE?
« Reply #58 on: September 01, 2014, 04:36:38 PM »
For FI, I started getting serious at age 25 and for RE, age 31.

MsRichLife

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Re: How old were you when you decied to go for FIRE?
« Reply #59 on: September 01, 2014, 05:02:29 PM »
This thread got me wondering- how does that age you report correlate with how much you liked your career at that age. Or how the job prospects looked for a dream job at that age. Or realizing the 'fallback' plan was going to be called into action.

I was in my first fulltime job (22) and realised I did not want to have to work for someone else forever. I didn't mind the work I was doing, rather I hated being beholden to someone who could make my life miserable. I hated the lack of freedom. I quickly came to the realisation that I needed to find a way to earn enough passive income that I didn't *have* to work. Then came the tricky part of finding a way to do it. There was no MMM to refer to back then so I made it up as I went along. It's worked out pretty well in the end.

Etihwdivadnai

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Re: How old were you when you decied to go for FIRE?
« Reply #60 on: September 01, 2014, 05:17:09 PM »
At age 42,
when we cleared every single debt, including mortgage
and realized that children were just not going to feature in our "life plan".

9+ years later, we are within 6 months or so of FIRE.
(So not really that early, actually)

Jessa

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Re: How old were you when you decied to go for FIRE?
« Reply #61 on: September 01, 2014, 06:25:28 PM »
This thread got me wondering- how does that age you report correlate with how much you liked your career at that age. Or how the job prospects looked for a dream job at that age. Or realizing the 'fallback' plan was going to be called into action.

For me, it's entirely that I found MMM and realized it was possible. I like my job pretty well, I have a good setup, I hope to stay in the position (or perhaps grow within the company) for however long I work, if it's my hopeful 16 years or a more practical 20-25. My drive is partly that sometimes things that I want to do, I can't, because I have to work. When there are meteor showers that peak at 2 am on Wednesday nights...I would love to go outside with my SO and lay there and watch them, but we have to get up and go to work, so it's not really an option. I'd like to be able to take road trips to see distant family and friends, but that takes a lot of time, and it's not reasonable to be able to take weeks at a time off work. Not hardships in the least, just minor annoyances. My other drive is that I'm lazy, and would prefer not to have to do anything unless I want to :)

Exflyboy

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Re: How old were you when you decied to go for FIRE?
« Reply #62 on: September 01, 2014, 06:50:42 PM »
I guess just before I did.

I didn't realise I was already at FI.. Only when I read the blog and Pete told me.. "Dude.. your done working give it up!".. So a little more research and I'm like.. cool..:)

Frank

whiskeyjack

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Re: How old were you when you decied to go for FIRE?
« Reply #63 on: September 01, 2014, 10:16:02 PM »
About 10 months ago, age 44, when I realized that 'retire early' was a thing you could do.   I'd always been pretty good about money but somehow the idea that we could retire early because of it never crossed my mind.

Primm

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Re: How old were you when you decied to go for FIRE?
« Reply #64 on: September 01, 2014, 11:24:34 PM »
Hmm, let's see, I'm 45 now, so must have been ... 45. ;)

EricL

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Re: How old were you when you decied to go for FIRE?
« Reply #65 on: September 02, 2014, 03:04:17 AM »
About 42 when I realized it was possible and that I no longer wished to work for somebody/anybody.  I wish I known this philosophy earlier as I would have made the decision then.  Of course I always had an inkling but always filed it under "when I get rich", some impossible time in the future.

Squirrel away

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Re: How old were you when you decied to go for FIRE?
« Reply #66 on: September 02, 2014, 03:10:05 AM »
About 10 months ago, age 44, when I realized that 'retire early' was a thing you could do.   I'd always been pretty good about money but somehow the idea that we could retire early because of it never crossed my mind.

I was the same way, it's amazing how something can just click and change your mindset.:)

happy

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Re: How old were you when you decied to go for FIRE?
« Reply #67 on: September 02, 2014, 03:15:36 AM »
53. But for me its retire earlier, rather than retire early.

RapmasterD

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Re: How old were you when you decied to go for FIRE?
« Reply #68 on: September 03, 2014, 02:13:17 PM »
52.

Chuck

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Re: How old were you when you decied to go for FIRE?
« Reply #69 on: September 03, 2014, 02:55:00 PM »
Just before my 25th birthday. So... last year ;)

Dr. Doom

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Re: How old were you when you decied to go for FIRE?
« Reply #70 on: September 04, 2014, 01:46:59 PM »
When I was 22, that was also the same time I got out of college and landed a real job. Coincidence? I think not!


Cool.  You're either really smart or that job was really bad.  Could be both, I suppose.

Took me 3 full years of working -- I figured it out at 25.

thepokercab

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Re: How old were you when you decied to go for FIRE?
« Reply #71 on: September 04, 2014, 01:49:26 PM »
29- about 1.5 years ago.  Wow, feels like yesterday... 

isbjshaffer

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Re: How old were you when you decied to go for FIRE?
« Reply #72 on: September 05, 2014, 12:02:32 PM »
Started reading MMM about a year ago. It's taken about this long for us to finally decide we're ready to take the plunge. It took some time to get hubby on board, but he's a real numbers person so once he opened up to the idea, he realized how much sense it made. We've made several improvements over the last year though such as planting a garden, shopping at Costco, maxing 401k, getting rid of cell phones, Netflix, Hulu, random subscriptions we forgot we even had, going down to one car, etc.

I'm currently 24 and know that we can do it in 10 years time!

Abe

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Re: How old were you when you decied to go for FIRE?
« Reply #73 on: September 05, 2014, 06:50:14 PM »
25, with my first full-time job. Didn't want the shackles of consumerism to tie me to work (even though I like it).

Daisy

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Re: How old were you when you decied to go for FIRE?
« Reply #74 on: September 05, 2014, 10:38:42 PM »
I was probably in my early to mid 30s when I read Your Money or Your Life, The 4-Hour Work Week, and The Millionnaire Next Door consecutively (borrowed from my company's library no less!). Those books blew my mind and planted the seed. The seed needed some more germinating...

I told my constantly-tired-consultant-ex-boyfriend in my mid 30s to just put up with it a little bit longer so that he could do what he wanted in his 40s.

The thought has always been on the back of my mind as a single female not wanting to have to depend on another person financially. I've always invested and spent judiciously.

I really started to put the plan into action around age 41, when I was stuck at a soul-sucking-mind-numbingly-boring job that I could not fathom doing for the rest of my life. I'm 45 now and inches away from the FIRE.
« Last Edit: September 05, 2014, 10:40:23 PM by Daisy »