Author Topic: 2019 fire cohort  (Read 44361 times)

Trifele

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Re: 2019 fire cohort
« Reply #200 on: May 12, 2017, 03:41:21 AM »
Always lived way below my means and always saved.

Discovering MMM was like discovering my own species! It has really helped me fine tune what I was already doing and adjust my perspective on spending and happiness.

+1.  I only discovered MMM three years ago, but am now very close to FIRE.  These folks are my tribe.

zinnie

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Re: 2019 fire cohort
« Reply #201 on: May 12, 2017, 04:48:31 AM »
Always lived way below my means and always saved.

Well, I wish I could say "always"! The truth is, about a dozen years ago I started telling myself, "I deserve this"; "I'm making $XX so I can afford it" etc. for my car, ski trips, tools, etc.  Then I had an epiphany while sitting in traffic in my Infinity SUV:

"Wait a minute. I'm really hating my job, and instead of making me happier, this $38,000 SUV is making me more miserable because now I have to stay at the job I hate to pay for this SUV. And even worse, the SUV doesn't solve one of the worst aspects of my job: sitting in 2 mph bumper-to-bumper traffic." Within the year I sold the SUV and bought a new (facepunch) Subaru Outback for about $23k (still driving it). Paid it off in3 years. In the meantime, I took a 25% paycut for a job that made me much happier (thanks FU money!!). And that, ironically, is when the 'stache really started to grow. That was around 2005-2008. I work in the financial industry, so fortunately I knew enough not to panic in 2009 but instead, keep on keeping on.

Discovering MMM was like discovering my own species! It has really helped me fine tune what I was already doing and adjust my perspective on spending and happiness.

That's an awesome story! As we all know, most people don't have that realization, ever. Or at least not until it's way way too late. And good for you for NOT panicking during the downturn. I'm still trying to prep myself, since the majority of my investing has been post-2008.

Always lived way below my means and always saved.

Discovering MMM was like discovering my own species! It has really helped me fine tune what I was already doing and adjust my perspective on spending and happiness.

+1.  I only discovered MMM three years ago, but am now very close to FIRE.  These folks are my tribe.

Agreed! The first few MMM articles I read blew my mind, and also were a perfect fit for optimizing my own life.

Cornbread OMalley

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Re: 2019 fire cohort
« Reply #202 on: May 12, 2017, 07:11:59 AM »
... health benefits too, right?
I have to research more into the health benefits.  It's not totally free, but I don't have the numbers on annual costs for us military retirees.  I'll be doing another financial evaluation on myself in the coming months after I do my homework into the healthcare side of things.  I was of the mindset of traditional retirement at age 65 until I read MMM two years ago.  It was introduced to me by a friend and was probably one of the most pivotal moments in my life.  My friend also hit the seven-digit milestone a few weeks ago!

PhilB

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Re: 2019 fire cohort
« Reply #203 on: May 12, 2017, 08:20:01 AM »
There's something about REing at the half year mark that gives me a little thrill around the idea that 2018 is the last full calendar year of employment.

That thought absolutely made my day, thanks CITP.  Somehow the last half of this year, one final full year and then the first half of 2019 seems a lot shorter than '2 years to go'!

+1 on enjoying your twenties then saving hard when you have a bigger salary.  I don't begrudge a penny of what I spent travelling and having fun then.

+1 also on the insane rate of stash growth recently.  I ticked off another milestone today going through the 700k mark in my own pension accounts.  That's a 150k increase in 12 months!

Trifele

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Re: 2019 fire cohort
« Reply #204 on: May 12, 2017, 01:00:29 PM »
There's something about REing at the half year mark that gives me a little thrill around the idea that 2018 is the last full calendar year of employment.

That thought absolutely made my day, thanks CITP.  Somehow the last half of this year, one final full year and then the first half of 2019 seems a lot shorter than '2 years to go'!


Whoa!  Wow.  Thank you for that thought CITP.  You just made my day too!

markbike528CBX

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Re: 2019 fire cohort
« Reply #205 on: May 12, 2017, 04:24:25 PM »
Despite having a date out here on the internet, it now seems more official, now that I've informed my boss.

The warnings about informing my boss of my plans on one of the Post-FIRE threads didn't worry me to much.

    a) getting passed over for promotions ---meh
    b) not getting raises - meh--  no one here is getting raises in the foreseeable future anyway
    c) getting laid off early - Whoohoo! Bring it ON!
    d) bad blood with boss - I got nothing but a wistful jealousy.

Trifele

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Re: 2019 fire cohort
« Reply #206 on: May 12, 2017, 06:01:32 PM »
Despite having a date out here on the internet, it now seems more official, now that I've informed my boss.

The warnings about informing my boss of my plans on one of the Post-FIRE threads didn't worry me to much.

    a) getting passed over for promotions ---meh
    b) not getting raises - meh--  no one here is getting raises in the foreseeable future anyway
    c) getting laid off early - Whoohoo! Bring it ON!
    d) bad blood with boss - I got nothing but a wistful jealousy.

Wow, Mark -- you did that early! I can't remember your situation . . .  why did you give notice so early?   [It sounds great, BTW, and I can't wait for that day myself]

markbike528CBX

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Re: 2019 fire cohort
« Reply #207 on: May 12, 2017, 09:14:24 PM »
Trifele:


It's not really a "notice", just a heads up to a nice boss.

Mostly is meh---    I just wanted to have a situation where I DON'T need to "create drama"  ie. not fire-escape epic as above in this thread.

We are pretty much at a FIRE number.  See line c)

I didn't surprise my boss much, as I had previously had a talk that didn't have a exact date in it.
 

Trifele

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Re: 2019 fire cohort
« Reply #208 on: May 13, 2017, 04:51:55 AM »
Trifele:


It's not really a "notice", just a heads up to a nice boss.

Mostly is meh---    I just wanted to have a situation where I DON'T need to "create drama"  ie. not fire-escape epic as above in this thread.

We are pretty much at a FIRE number.  See line c)

I didn't surprise my boss much, as I had previously had a talk that didn't have a exact date in it.

Ah!  Got it.  I have a great boss too, so I may go this route and give a super long heads up.  Glad it went well!

twell1

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Re: 2019 fire cohort
« Reply #209 on: May 15, 2017, 01:50:43 PM »
I'll throw in.  Target July 2019.  I'll still be 50 at that date.  Nice round number.  Could possibly retire sooner, but guilt/obligation keeps me.  My company brought me back from working at a big four firm.  I was glad to be out.  With most of my direct reports retiring over the next 24 months, they are expecting me to manage the transition.  I feel obligated to work out the succession plan before I drop the bombshell on our CFO & VP.  This will come as quite a surprise. 

Trifele

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Re: 2019 fire cohort
« Reply #210 on: May 16, 2017, 04:45:56 AM »
Welcome Twell1!  I am right behind you, at August 1.  Man that is going to be a great summer. 

VoteCthulu

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Re: 2019 fire cohort
« Reply #211 on: May 16, 2017, 03:25:15 PM »
Trifele:


It's not really a "notice", just a heads up to a nice boss.

Mostly is meh---    I just wanted to have a situation where I DON'T need to "create drama"  ie. not fire-escape epic as above in this thread.

We are pretty much at a FIRE number.  See line c)

I didn't surprise my boss much, as I had previously had a talk that didn't have a exact date in it.

Ah!  Got it.  I have a great boss too, so I may go this route and give a super long heads up.  Glad it went well!
My boss it pretty reasonable, but the senior leadership is not. They recently screwed over a couple of great people who gave extended notice, so in my opinion they deserve no notice from me at all. I'll still probably give 2 weeks, though, but only for my own peace of mind.

Itchyfeet

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Re: 2019 fire cohort
« Reply #212 on: May 16, 2017, 09:12:08 PM »
I am contractually obligated to give 3 months notice :-/
It will be a long 3 months!

MoMan

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Re: 2019 fire cohort
« Reply #213 on: May 17, 2017, 09:15:08 AM »
They recently screwed over a couple of great people who gave extended notice, so in my opinion they deserve no notice from me at all.

Yeah, I like my immediate bosses pretty well and would like to give them a month's notice, but it is critical to my plan that I be employed on my 55th birthday to qualify for the healthcare benefit. I can just see HR escorting me out the door when I'm 54 years, 11 1/2 months old to save MegaCorp a nickel.
"He is richest who is contented, for content is the wealth of nature."

markbike528CBX

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Re: 2019 fire cohort
« Reply #214 on: May 17, 2017, 10:37:55 AM »
Yeah, I like my immediate bosses pretty well and would like to give them a month's notice, but it is critical to my plan that I be employed on my 55th birthday to qualify for the healthcare benefit. I can just see HR escorting me out the door when I'm 54 years, 11 1/2 months old to save MegaCorp a nickel.

I also have to be 55.01 yrs to be "retired".  I'm not sure how that translates to the "retiree health insurance rates".  There is seemingly contradictory info in the policies (how it stretches to Medicare).   If 55 doesn't really mean I would get insurance rates, we might be looking at TLY (Two Less Years), as the retiree rates are the thin thread that has my date pinned at 12/01/19.

MoMan, give a months notice the day after your 55th B-day, that way you are covered.

Livingthedream55

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Re: 2019 fire cohort
« Reply #215 on: May 19, 2017, 12:27:19 PM »
Yeah, I like my immediate bosses pretty well and would like to give them a month's notice, but it is critical to my plan that I be employed on my 55th birthday to qualify for the healthcare benefit. I can just see HR escorting me out the door when I'm 54 years, 11 1/2 months old to save MegaCorp a nickel.

I also have to be 55.01 yrs to be "retired".  I'm not sure how that translates to the "retiree health insurance rates".  There is seemingly contradictory info in the policies (how it stretches to Medicare).   If 55 doesn't really mean I would get insurance rates, we might be looking at TLY (Two Less Years), as the retiree rates are the thin thread that has my date pinned at 12/01/19.

MoMan, give a months notice the day after your 55th B-day, that way you are covered.

+1



Linda_Norway

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Re: 2019 fire cohort
« Reply #216 on: May 22, 2017, 07:27:00 AM »
Carefully taking a look into this thread. When running our own numbers, it seems to be possible to semi-FIRE in 2019. DH agreed with me on this.
And it would only require working 50% for a year or 2 before we could full time FIRE. Working 50% would also feel like a good step into the right direction.

For the record, I'm born in 73 and my DH in 70 so we would be under 50 at semi-FIRE.

Trifele

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Re: 2019 fire cohort
« Reply #217 on: May 22, 2017, 09:21:41 AM »
Carefully taking a look into this thread. When running our own numbers, it seems to be possible to semi-FIRE in 2019. DH agreed with me on this.
And it would only require working 50% for a year or 2 before we could full time FIRE. Working 50% would also feel like a good step into the right direction.

For the record, I'm born in 73 and my DH in 70 so we would be under 50 at semi-FIRE.

Welcome to the thread Linda! I have seen many of your posts and admire your discipline.  Norway sounds like an expensive place to live, and it probably takes that kind of discipline to grow the 'stache.   It is great that you are both in a position to semi-FIRE first.   

Cornbread OMalley

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Re: 2019 fire cohort
« Reply #218 on: May 22, 2017, 10:21:57 AM »
Norway sounds like an expensive place to live...
Very expensive place indeed.  I plan to revisit in the future to hike more of the fjords.

Linda_Norway

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Re: 2019 fire cohort
« Reply #219 on: May 22, 2017, 11:17:00 AM »

Welcome to the thread Linda! I have seen many of your posts and admire your discipline.  Norway sounds like an expensive place to live, and it probably takes that kind of discipline to grow the 'stache.   It is great that you are both in a position to semi-FIRE first.

Thank you. Discipline is quite easy as long as you are burning for something. I am the kind of person who can get really interested in a subject and throw all my attention at it, until it fades away a bit. This MMM thing is still at it's height in my mind. And as I now have a big hairy GOAL that is so close, with the reward of freedom, is easy to keep motivated. For the rest, we have been living frugally like this since we moved to Norway in 1998.

TartanTallulah

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Re: 2019 fire cohort
« Reply #220 on: May 24, 2017, 09:25:56 AM »
Hiya! I'm a long time lurker and a new registrant, and aiming for a "career break" starting at or around the end of March 2019, at which time I'll be 55. This site, and one or two other PF resources, have convinced me to think differently about money and retirement.

I've already got the means to fund a very cheeseparing sort of retirement, but I like my job more than I'd like having to count every farthing, and it's possible that I may discover that I like my job even if I'm not relying on it to put bread on the table, or decide to plunge into a new career since I will only be 55, which isn't old nowadays. I've worked hard all my life (and spent big, mainly due to having had many children, not all of them launched yet, and having opted for the luxury of a stay-at-home spouse until the children had all finished high school, but also due to a couple of stupid financial decisions that seemed the right thing to do at the time) and would like to take some time out to see whether I really want to do the things I always say I'd do if I wasn't at work.

My plan isn't very complicated. Save like Ebenezer into an interest-paying cash account between now and then (22 paychecks to go) while maintaining my pension payments, aiming to be able to live off the cash savings alone for at least a year, and leave my job with my bridges unburned. And cut back on regular expenses. We're not frivolous spenders, though we do have one expensive hobby (biking, not in the Mustachian sense) that gives us a lot of pleasure, but I've been spurred on to shop around for insurance quotes (I knew I might not be getting the most advantageous rates, but I didn't realise how much my "valued loyalty" was costing me), set up a pension fund for my spouse who will be a non-taxpayer in retirement, and warn my adult offspring that I have neither the means nor the inclination to fund more than one household so if they want to go away to study they will have to have their own income.

The tough part might be making myself make the break. I foresee discussions along the lines of, "Couldn't you just cut your hours?" or, "Could we ask you to cover if we have an emergency?" and that won't work. Leaving the thin end of the wedge in the crack with the hammer in someone else's hands won't work at all.



wannabe-stache

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Re: 2019 fire cohort
« Reply #221 on: May 24, 2017, 12:11:02 PM »
Didn't  see  a 2019 fire cohort here yet.  Thread started.

Goal Nov 2019 (we finish turning 55).   

Mortgage and late-life student loans will be paid off, a key gatekeeper.

We could be FIRED before, but 2019 seems a reasonable goal.

Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

Linda_Norway

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Re: 2019 fire cohort
« Reply #222 on: May 24, 2017, 02:01:31 PM »
Didn't  see  a 2019 fire cohort here yet.  Thread started.

Goal Nov 2019 (we finish turning 55).   

Mortgage and late-life student loans will be paid off, a key gatekeeper.

We could be FIRED before, but 2019 seems a reasonable goal.

Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

We have been saving A LOT each year by doing nothing special. So no, we won't be changing our lifestyle. Although I am motivated to save some extra now, knowing that the goal is near. Early retirement is something my DH suggested before, as we saved about 1 net spending amount a year. We discussed that each year working would lead to one year earlier retirement. But I had no idea of when to really be able to retire, until I read about the 4% rule and read about people like us doing this for real.

markbike528CBX

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Re: 2019 fire cohort
« Reply #223 on: May 24, 2017, 03:09:36 PM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

OP here:
I was already planning on 55-59 "Retire Early".
The clues I found (tax benefits, SEPP for spending flexibility) here certainly pulled the date toward 50-55 (52 now).   

My wife had been planning on 65+ before we were married.
As soon as we can have some non-denial on spending we can FIRE with ease and comfort on both our parts.   
She doesn't even want to _look_ at her, relatively small,  spending.

I've never been super frugal, just very selective on spending I wanted.
I put off buying a house until after we married, even with a lot of family pressure to do so "you have the money, spend it".
On the non-frugal side, I used to race motorcycles, which gets spendy and exponentially increases spending when you crash (often), even with no major health issues for 10 years.  Spend estimate $40K
 

HBFI

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Re: 2019 fire cohort
« Reply #224 on: May 24, 2017, 05:14:51 PM »
TartanTallulah: Welcome!  The part time option is something I suspect we all think about in advance.  Based on your own questions, it sounds like you need to enter that conversation with a firm 'no'.  Otherwise you'll probably let them talk you into it, even if you don't want it.

wannabe-stache:  I always was always fairly frugal, but discovering the FIRE community led me to make some meaningful changes on the spending side.  I've become much more mindful and have literally cut out the eat out work lunches in favor of bringing $2 healthier, tastier food to work.  Have also gotten much better about taking advantage of tax opportunities (IRA vs. Roth due to conversion ladder, HSA).  I've always been on the FIRE path, pre-hearing that acronym, but the change in mind after discovering this community has led me to cutting back my FIRE date by ~6-7 years.  Less tangible speaking, I've changed my view on many aspects of life.  Before I still worried about presenting some degree of 'Joneses' image of success.  Exploring the philosophy and mindset of this community has helped me focus on being true to myself and not being concerned about others views, whether co-workers, friends or family.  It's much more liberating to not feel like I need to do anything other that what I deem the right path for myself.  So yeah the financial part changed, but the non-financial part changed more.
« Last Edit: May 24, 2017, 05:17:50 PM by HBFI »

Trifele

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Re: 2019 fire cohort
« Reply #225 on: May 24, 2017, 05:31:29 PM »
@Wannabe Stache -- we were always fairly frugal, but yes discovering MMM did inspire us to spend differently.  I became more aware of how habits affected spending, and how little things add up.  And I definitely had my eyes opened that we could literally retire early.  I never seriously thought about it before.  There is a saying that "When the student is ready, the teacher appears."  And that was definitely true for me. 

Three years ago I told my younger brother about MMM -- and he really went wild.  He got even more frugal (he was already super thrifty) and he FIRE'd a year ago at age 45!!  Seeing him actually jump out of the plane and pull the ripcord really made it real for me.   He is a lurker on this forum -- has never posted once -- but he is the real deal.  Very proud of him.     

Eric

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Re: 2019 fire cohort
« Reply #226 on: May 24, 2017, 05:46:38 PM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

It's a good place to start.  A lot depends on how flexible your spending is, how much fat is in your budget, whether you're willing to earn more if needed, etc.  The "good" part is usually you have multiple years to decide on your comfort level, to research, to debate, and generally decide if it works for you as is, is too conservative, or too risky.  Or maybe you decide that you'd prefer a non-static spending model all together, going with a variable spend model.  It takes a little while to get used to the function, but www.cFIREsim.com is an awesome simulator that has many available methodologies, so you can test portfolio withdrawal methods and amounts just like the Trinity Study did to come up with 4% and various other options.


I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

I changed a lot.  I went from a 25 mile, 1 hour each way driving commute to getting a new job with a 7 mile each way bike commute.  I've been bike commuting full time for 4+ years now.  I cut my grocery bill in half, moved to a cheaper apartment, massively curtailed the restaurant spending and made a number of other changes including things as simple as adjusting my perspective on money in general.
"Compound interest is the most powerful force in the universe."  -- Einstein

Eric

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Re: 2019 fire cohort
« Reply #227 on: May 24, 2017, 05:48:09 PM »
I'm going to join y'all's cohort group.  Barring a major economic meltdown, I think it's a near certainty that I'm going to pull the plug in 2019.  Hopefully earlier than later.  :)
"Compound interest is the most powerful force in the universe."  -- Einstein

Trifele

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Re: 2019 fire cohort
« Reply #228 on: May 24, 2017, 06:34:47 PM »
I'm going to join y'all's cohort group.  Barring a major economic meltdown, I think it's a near certainty that I'm going to pull the plug in 2019.  Hopefully earlier than later.  :)

Welcome Eric!  :)

Itchyfeet

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Re: 2019 fire cohort
« Reply #229 on: May 24, 2017, 09:23:35 PM »
I'd say that our day to day spending hasn't changed. In fact, we are currently spending a lot as we work as expats and are wanting to explore the region as much as we can while we are here, so are spending a small fortune on flights etc.

I was already planning on FIRE (without knowing the term) when I found ERE and then MMM and bogleheads etc. MMM in particular has helped me clarify a plan, as before I was unaware of safe withdrawal rates etc.

I don't see 4% as a rule, but given nobody knows the future at some point you need to take a leap of faith. I am willing to role the dice at 4% knowing I may have to spend less (unlikely) or be able to spend more (highly likely) in retirement. DW is a teacher and could easily pick up some temp work if need be also.

elaine amj

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Re: 2019 fire cohort
« Reply #230 on: May 24, 2017, 09:41:22 PM »
I'm hesitant about jumping into this cohort with both feet - but I'd like to aim towards a 2019 FIRE date. We already have enough according to my (optimistic calculations) so now we are working on buffer savings and OMY syndrome. Plus DH has health issues which makes it more nerve-wracking to cut the cord. Especially since our spending has gone up this year due to said health issues.

As for whether our day to day spending has changed - I would say we are more mindful and purposeful. I have no issues spending on things I value. The being mindful part has been great to push us to reduce spending on things we don't value. We ditched life insurance, home phone, cable, etc. I also bike commute now, which is cool. Most important change is that I am much more hands-on with our finances now. Before I left most of it to DH. It's nice that we both work together on it now. I handle the planning, reconciling, and budgeting and he handles the day to day bills.

Before I was rather depressed whenever I looked at the numbers for retirement. Our financial planner would tell us our 20% savings rate was awesome - but the numbers he churned out showed that even that savings rate wouldn't be enough to retire at a normal age.

MMM showed me that I didn't need that much plus I could save more than I thought. For that, I will be forever grateful.


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PhilB

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Re: 2019 fire cohort
« Reply #231 on: May 25, 2017, 10:25:20 AM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.
Not much changed in what we spent as we were always reasonably frugal and very much 'second marshmallow' people.  What changed was my understanding of the relationship between money, spending and happiness and MMM got me to really look at the question 'Will x% more money make me y% happier?'.  Being comfortable with the answer to that is what's making early retirement feasible.

Itchyfeet

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Re: 2019 fire cohort
« Reply #232 on: May 25, 2017, 11:48:14 AM »
I ask myself daily whether x% more will make me y% happier and I can't find the answer.

Maybe it's because I am already a pretty happy camper so there isn't the critical impetus to make a clear life altering decision.

How much is enough???? What do I want the next 40 or more years to look like???

Should I stop work in 2019, or even today, just because I can? Or should I pile my stash even higher so I can surpass the Joneses?

I know the right answer, or otherwise I wouldn't spend so much time here.

But I feel like I am a regular churchgoer, and a complete believer, who is patiently waiting to receive the word of god. So far he won't speak to me (I am atheist. Maybe that's the problem hahaha).

wannabe-stache

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Re: 2019 fire cohort
« Reply #233 on: May 25, 2017, 02:34:01 PM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.
Not much changed in what we spent as we were always reasonably frugal and very much 'second marshmallow' people.  What changed was my understanding of the relationship between money, spending and happiness and MMM got me to really look at the question 'Will x% more money make me y% happier?'.  Being comfortable with the answer to that is what's making early retirement feasible.

I appreciate everyone's responses.  I am not too worried about our situation, but it's due to luck as much as anything.  I read graham and lynch when i was a kid so maxed out 401K every year since college, saved a lot of $ elsewhere, and have a good job.  so does DW.  At 37/33 yrs of age, we already have $1.5M net worth, excluding probably $500k of home equity.  A lot of folks might FIRE at that amount i suppose.  Our spend is just too high.

The first kid is coming soon so i am being overly cautious.  i am also learning that my wife can accept reducing our costs but will probably cut my throat before letting me push mustachianism on our newborn.

Someone introduced me to this forum 3 weeks ago and since then i have started taking public transit so i can let my gas guzzling BMW sit in the driveway until i sell it...insisted we shop at costco more often for non-perishables...wondered if i could cut my own hair...etc etc.  Today i spent time researching "cord cutting".  i can't wait to tell comcast to f off.

It feels pretty life changing to be honest.

elaine amj

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Re: 2019 fire cohort
« Reply #234 on: May 25, 2017, 02:49:07 PM »
The first kid is coming soon so i am being overly cautious.  i am also learning that my wife can accept reducing our costs but will probably cut my throat before letting me push mustachianism on our newborn.

For me, it's as much about hating waste as anything else. I have no interest in deprivation. Or a Jacob ERE-type lifestyle (although I remember thinking it was rather cool). MMM showed me I could live a comfy middle-class life on much, much less money than I thought. My thought processes just changed to "how little do I need to live on" and that has been pretty empowering vs feeling deprived. I'm not lacking anything, I'm just making my life more efficient and not spending for the sake of spending. It was interesting when we started questioning all our sacred cows.

PhilB

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Re: 2019 fire cohort
« Reply #235 on: May 25, 2017, 03:33:15 PM »
The first kid is coming soon...

Quote
Today i spent time researching "cord cutting".
Am I the only one who put these two together reading wannabe-stache's post and got entirely the wrong idea?

Eric

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Re: 2019 fire cohort
« Reply #236 on: May 25, 2017, 04:00:04 PM »
The first kid is coming soon...

Quote
Today i spent time researching "cord cutting".
Am I the only one who put these two together reading wannabe-stache's post and got entirely the wrong idea?

DIY is the MMM way!
"Compound interest is the most powerful force in the universe."  -- Einstein

Itchyfeet

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Re: 2019 fire cohort
« Reply #237 on: May 25, 2017, 11:44:39 PM »
The first kid is coming soon...

Quote
Today i spent time researching "cord cutting".
Am I the only one who put these two together reading wannabe-stache's post and got entirely the wrong idea?

DIY is the MMM way!

Haha 😂🔪

Cornbread OMalley

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Re: 2019 fire cohort
« Reply #238 on: May 26, 2017, 06:49:55 AM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.
I totally changed my spending when I read MMM.  I stopped buying little knick-knacks, started biking and walking more, reduced drinking, reduced eating out, etc.  I trimmed off excess spending and got a baseline of what I needed to FIRE, compared that to my streams of income, and found I was in an excellent position.  Totally changed my perspective on things because before MMM I was on the path to traditional retirement at age 65.  I was introduced to MMM by a friend, and I later called to personally thank her.  I use the 4% SWR as a guide and am building in flexibility in my finances before I pull the plug. 

TartanTallulah

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Re: 2019 fire cohort
« Reply #239 on: May 26, 2017, 11:04:07 AM »
Didn't  see  a 2019 fire cohort here yet.  Thread started.

Goal Nov 2019 (we finish turning 55).   

Mortgage and late-life student loans will be paid off, a key gatekeeper.

We could be FIRED before, but 2019 seems a reasonable goal.

Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

We have been saving A LOT each year by doing nothing special. So no, we won't be changing our lifestyle. Although I am motivated to save some extra now, knowing that the goal is near. Early retirement is something my DH suggested before, as we saved about 1 net spending amount a year. We discussed that each year working would lead to one year earlier retirement. But I had no idea of when to really be able to retire, until I read about the 4% rule and read about people like us doing this for real.

Yes! Reading this site made me stop and add up the assets we have now instead of dwelling on lost investments of bygone days and wondering, "What if ...?" I've made some unwise decisions over the years, but I've never spent money I didn't have and we are in a reasonable position now.

And made me think, "How little could we live on? How much more than that do we want enough to work and save for it now? How quickly can we have that much without me doing my current job? What strategies are available to us?"

And I dared to make an actual plan, and disclose it to my husband in detail, and tell my ancestors and descendants the bare facts - I am going to take some time off work at 55, it may or may not become permanent, and yes, we will be able to afford it.

Instead of a vague, blurred picture I now have several sharp outline drawings of our financial future, each factoring in different variables.



powersuitrecall

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Re: 2019 fire cohort
« Reply #240 on: May 26, 2017, 11:21:14 AM »
Question for those that, upon reading MMM, decided when to FIRE:  did you change the way you spend? or did you simply decide that the 4% SWR was a "law" and based your FIRE date on that?

I am curious whether or not most folks on this site truly changed the way they lived (spending $2/person/meal, biking everywhere, etc.) or if they simply feel more comfortable knowing when they are "safe" to retire.

Pre MMM we were on track for early retirement, but hadn't realized it.  We have always been frugal and fiscally responsible.  For instance we strived to maintain a lifestyle that one of us could sustain, even though we both had full time employment (instant 50% savings rate).  We didn't track spending, and were inexperienced with investing.  We had a Financial Advisor who had us in GICs, a bucketful of individual stocks, and mutual funds.

Reading MMM and other FI blogs pushed us to be more conscious about our finances.  We started to track our spending, cut out some waste, didn't upgrade our paid-off 4 year old car (the horror!), and put a home renovation on hold.  We also became informed about investing, promptly dumping our FA for a DIY brokerage.  In the last 3 years we've increased our savings rate from 50% to 65%, and more than doubled our retirement stash.  It's never felt like a struggle.  We've been very lucky.

I'd say the biggest change post-MMM has been how confident I feel about our household finances - zero stress.  Now I lose more sleep being excited about what the future holds.  Speaking of which, I'm extremely excited to be a part of this thread and follow along with everyone here :)

RunningWithScissors

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Re: 2019 fire cohort
« Reply #241 on: May 26, 2017, 11:35:16 AM »
I was in the 2020 FIRE cohort but I'll lurk here as I might be FIREing early.  As a couple,  our net worth is now $1.5M and my husband has realized that he only needs to work 40 hours per month to cover our expenses.  He doesn't want to retire but is starting to acknowledge that it's getting more difficult to keep up his customary 35 hours/week 'table time' (he's a massage therapist).  I, on the other hand, am ready to 'run for the hills' right now.

I did a cFIREsim calculation last week, and the probability of success starts to dip slightly below 100% once our annual expenses reach $70K/yr.  Since our actual expenses are around $55K right now, with an oversize expensive house, that was very encouraging. My biggest concern is the bridging financing to get us from where we are now (I'm 49, he's 56) to when our pensions kick in (federal and very small government pension for me). 

It's still seems unreal that FIRE is on the horizon.  I don't have any real life role models so finding the MMM community has been inspiring and reassuring. 

Trifele

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Re: 2019 fire cohort
« Reply #242 on: May 26, 2017, 04:57:48 PM »
I check in now and again on the 2017 FIRE thread.  It is super inspiring, watching them actually pull the trigger one by one and mark themselves as "confirmed FIREd" on the member list.  Love it!





 

Itchyfeet

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Re: 2019 fire cohort
« Reply #243 on: May 26, 2017, 11:42:47 PM »
I check in now and again on the 2017 FIRE thread.  It is super inspiring, watching them actually pull the trigger one by one and mark themselves as "confirmed FIREd" on the member list.  Love it!

Agreed! Makes me what to leave this cohort and move to the 2017 crowd.

Trifele

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Re: 2019 fire cohort
« Reply #244 on: May 27, 2017, 04:52:31 AM »
I check in now and again on the 2017 FIRE thread.  It is super inspiring, watching them actually pull the trigger one by one and mark themselves as "confirmed FIREd" on the member list.  Love it!

Agreed! Makes me what to leave this cohort and move to the 2017 crowd.

You should do it Itchy!  But then you have to let us come visit you in the Seychelles, or Istanbul, or wherever you happen to be. :)

When I read the 2017 thread I always think, "That will be us in less than two years.  Mark will be updating the list monthly with 'Confirmed', 'Confirmed', 'Confirmed."

Itchyfeet

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Re: 2019 fire cohort
« Reply #245 on: May 27, 2017, 11:53:31 AM »
I don't think we'll be heading back to the Seychelles anytime soon, as beautiful as it is, but we do have big plans for our first year post FIRE.

We definitely won't be joining the 2017 mob though, mores the pity. I am too chicken shit. Lol. Maybe 2018 (DW is pushing for this).....most probably 2019.

If we had quit At 30 April this year, our stash was around 21.5x desired annual expenses, which is in the range of what's likely to be needed for a variable withdrawal model. We are def getting close.

markbike528CBX

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Re: 2019 fire cohort
« Reply #246 on: May 27, 2017, 04:50:02 PM »

Most Righteous Alias Age at
FIRE
Target
Date
Date Confirmed


2Birds1StoneJan-19
zinnie35Feb-19
MissNancyPryor50Mar-19
Roboturner30Mar-19
TartanTallulah55Mar-19
Luck1241Apr-19
albireo1361May-1-19
Livingthedream5559May-19
cerat0n1aMay-19
dude54May-19
SamIAm3829May-19
oldtoyotaJun-19
Itchyfeet47Jun-19
PhilB53Jun-19
Bateaux50Jun-19
CryingInThePool44Jun-19
powersuitrecall47Jul-19
Enigma39Jul-19
Thedividebyzero45Jul-19
Trifele52Aug-19
Cornbread OMalley42Aug-19
RetirementDreamingSep-19
VoteCthulu39Oct-19
trix7643Oct-19
MoMan55Oct-19
markbike528CBX55Dec-19
HBFI38Dec-19
luckyme1345Dec-19
ParizadeTBD
madamwitty36TBD
Lowerbills40TBD
Chrissy42TBD
GerardTBD
getoutsoon52TBD
ysette938late-19TBD
elaine amj40TBD
IplawyerTBD
ChairmanTBD-SemiFire

I figured we should update the list at least once per page.  If I missed anyone, add yourself in

Linda_Norway

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Re: 2019 fire cohort
« Reply #247 on: May 29, 2017, 01:36:52 AM »

And made me think, "How little could we live on? How much more than that do we want enough to work and save for it now? How quickly can we have that much without me doing my current job? What strategies are available to us?"


For our FIRE plans, we haven't really asked the question: how little could we live on. Although I asked it a little bit, we have counted on using in FIRE as much as we are using today. My DH says we need to calculate that we might want to travel more, so we shouldn't budget too tightly. But we will need to watch that we don't develop expensive habits after FIRE that make us use more money than we do today.

Itchyfeet

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Re: 2019 fire cohort
« Reply #248 on: May 31, 2017, 11:38:18 AM »
So, another month done.... and I will report in as is my "tradition".

Well May was a bit of a bummer. Our stash dropped by about $20K AUD. The Oz stockmarket dropped a little over the month (3-4%) and so did Sydney property (~1.3%). Not exactly huge drops but more than enough to counter my savings efforts.

Adding to my negative investing returns, we also had an expensive month and our savings rate was only 25% and not the targeted >50%. There were many reasons for this, but we will definitely need to exercise a little more restraint in coming months to get us back on track.

The good news was that my international shares did pretty well. In particular UK shares climbed nearly 4% in the month.

Hoping for a better outcome in June, particularly on the saving front.


Cornbread OMalley

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Re: 2019 fire cohort
« Reply #249 on: June 01, 2017, 07:13:42 PM »
2017 is going by fast.  In about three weeks I get my next dividend payout.  I've been keeping a close eye on these quarterly payouts to see how much I can amass and eventually use as a paycheck when I RE.  It's been a steady climb upwards; 2016 was my most ever at $11K USD.  For the next two years I will reinvest the dividends (and long-term capital gains), but eventually I will stop reinvesting and use the returns as income.