Author Topic: 2021 FIRE Cohort  (Read 22783 times)

MarcherLady

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2021 FIRE Cohort
« on: April 17, 2015, 09:31:38 AM »
Anyone else here targeting 2021?

Husband and I will have several work pensions maturing in various years from 2025 onwards, so our goal is to have enough stached to live on til the pensions cover our expenses in full.  2021 looks like being the tipping point for that.  When I first sold Hub on this plan it seemed amazingly good compared to the mainstream standard retirement date.  Now, it just seems a long slog still to go.  Financially, we could probably bring FIRE in a year or so earlier if we cut expenses harder, but it's a fight not worth having with Himself.  I haven't given up hope though.

What are your strategies for making through the next 6 years?
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

SaintM

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Re: 2021 FIRE Cohort
« Reply #1 on: April 17, 2015, 09:54:46 AM »
I can retire from the Air Force in July 2021.  Keep my eye on the prize and nose on the grindstone until then.  Kids out of the house by then too, so expenses will crater.

WildJager

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Re: 2021 FIRE Cohort
« Reply #2 on: April 17, 2015, 04:34:05 PM »
I can retire from the Air Force in July 2021.  Keep my eye on the prize and nose on the grindstone until then.  Kids out of the house by then too, so expenses will crater.

Haha, ditto.  Except instead of retire, it will be my first opportunity to leave after my commitment.  I don't plan to make it until 20.  Since I'm practically FI at this point, I am able to do a lot of good bucking the system and speaking my mind instead of chasing bullets to ensure the pension.  So, 2021 is my date.

humblefi

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Re: 2021 FIRE Cohort
« Reply #3 on: April 18, 2015, 11:25:27 AM »
What are your strategies for making through the next 6 years?

It is 2025 for me...but here is what I do to keep myself motivated. You may not like this strategy....so apologies in advance.

Run through the following disaster scenarios:
+ All your stock market dropped by 40%...can you buy a rental property to diversify the income streams?
+ One of your pension funds had a fraud and is underfunded....can you live with a 30% reduction in pension income?
+ A medical issue comes up...do you have a medical fund?
+ A kid needs financial help...can you help your kids in some way?
+ .....

Can your current plan withstand one or more of the above disaster scenarios? If not, it may be useful to add another goal and fund it. Goals keep me focused...kinda of like blinders on a horse and makes me ignore all the side attractions of life.

Hope that helps.
humblefi
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Roots&Wings

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Re: 2021 FIRE Cohort
« Reply #4 on: April 19, 2015, 05:56:26 PM »
I'm looking at 2021. Motivations:
- Gratitude for my job. It's enabling my goals & financial independence plans!
- Happiness in the present. Consciously choosing to do what I can now instead of putting off till later, e.g. exercise, healthy eating, hobbies...the things I hope to do more of once FIRE.
- This forum for continued ideas & inspiration :)

Exhale

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Re: 2021 FIRE Cohort
« Reply #5 on: April 19, 2015, 09:27:13 PM »
At first 2021 seemed so far away, but then, thanks to this community, I realized that the financial aspect was only one piece of the FIRE pie. To fully enjoy FIRE I'll need my health and some life-sustaining habits. See below for a list of what's keeping me occupied on my way to FIRE. (I appreciate how they allow for mini-goals and victories.)

1) Fitness and healthy eating
2) Being more creative - right now that means learning to draw, later it'll be dancing
3) Spending quality time with my loved ones
4) Spending quality time alone
5) Find and join a weekly meditation group
6) Find a way to frugally spend a weekend each month at one of the amazing local beaches

I'd love to hear what non-financial things are on other people's pre-FIRE lists.

jlajr

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Re: 2021 FIRE Cohort
« Reply #6 on: April 20, 2015, 11:37:57 AM »
I'm new to the FIRE/MMM community, and I only started aggressively saving/investing post-tax income in January 2014.

Nonetheless, I've got my expenses low enough right now that I've set a FIRE target age of 55/year of 2025. It is possible that by 2021, though, I would be able to begin exercising at least partial FI. Maybe I'll start looking for a regular, part-time job that could fund expenses, while allowing the stash to continue to grow.

Being relatively new to the concept, I still have a significant amount of inner motivation.

Also, on a regular basis, external motivation pops up. For example, a couple of weeks ago, my company laid off my manager, who was on the team for almost 25 years, and two other colleagues, including one who was on the team for 29 years. These types of changes and decisions by senior management, along with past experience with lousy junior and middle management, provides a lot of fuel for my FIRE!

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #7 on: April 24, 2015, 09:26:26 AM »
Hey, hello everyone.  I started this thread and then sort of abandoned it, so, sorry about that. 

It's good to have some company.  SaintMichael and WildJager, what plans do you have for post FIRE?  I'm guessing that you have had enough of international travel?

humblfi, thats an interesting idea, I like it.

step-in-time and Exhale, yes, I am now starting to concentrate on what I will be retiring to, rather than what I am retiring from
For me it's increased health through better eating and more exercise,  more gardening, beekeeping, sewing, and building my friendship base in my community.

jlajr, I like the idea of partial FIRE, maybe that should be my next goal.
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

sisto

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Re: 2021 FIRE Cohort
« Reply #8 on: July 30, 2015, 04:22:10 PM »
My FIRE date is June 2021. I'd like to keep this thread going.
Jack of all trades, master of none

indentured4now

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Re: 2021 FIRE Cohort
« Reply #9 on: October 31, 2015, 06:05:29 AM »
Reviving this thread in hopes of spurring ideas to "have fun in 21"!    The specific year goal and ensuring some face punches from your "pledge class" for doing any dumb things along the way sure seems like a good idea...   

As for "why"...   Fall 2021 is the point I've written the last tuition check for my youngest of 2 girls and will be 53... and my wife and I will have downsized to a smaller place.   I'll considered "old and expensive" for the Technology field I'm in by then and frankly want to pursue my agrarian side again...   Praying that health won't be an issue between now and then, I want some space to garden, have a reasonably sized "fifth wheel" style RV we can take on tailgate excursions and trips, and am strangely drawn to building a "man shed" in the garden that has a big TV and a beer fridge for college football when the garden is winding down.   From there, I don't have much of a crystal ball as to what our girls will do, but that's part of the fun...

So, the goal is in mind...  We can all crow about how well we're doing financially or what tactics we're using to squeeze pennies or pence...   But instead, to ensure we keep our eyes on the price, what's magical about 2021 for you that'll keep you motivated along the way?

nazar

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Re: 2021 FIRE Cohort
« Reply #10 on: October 31, 2015, 09:58:36 AM »
July 2021 for me.  Exact date TBA.  Sooner if I hit the "stretch goal" that gives me a 20% cushion and offsets benefits I would leave on the table by leaving earlier...assuming I stay at the same firm.  We'll see.



steveo

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Re: 2021 FIRE Cohort
« Reply #11 on: October 31, 2015, 08:09:45 PM »
I'm looking at 2021 as well. Not sure exactly when yet. I'll wait and see how everything develops.

Exhale

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Re: 2021 FIRE Cohort
« Reply #12 on: October 31, 2015, 08:34:19 PM »
Glad to see this thread revived. Having community to stay on track is helpful.

Inspired by Jon Snow's journey in his first months of FIRE, I've focused on getting physically fit. (Being frugal has the side benefit of helping to get healthy - especially, frugal eating.) I'm another 4-6 months away from where my body needs to be. Once I'm there it'll be maintenance and I can turn my eyes to another project. I think that next project will be to try and build a social life. It's a challenge for me while working full time. Partly due to being an introvert (need recovery time from my people-intensive job) and partly due to using the time to work out/cook healthy. Also, while living car free is great, it does negatively impact my ability to go to a gathering at night or to places not well served by buses, etc. (I can't bike.)

I'd be interested to see what people's fiscal and non-fiscal goals are on the way to 2021.

steveo

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Re: 2021 FIRE Cohort
« Reply #13 on: November 01, 2015, 01:55:32 AM »
With regards to how to manage the time until FIRE I suppose for me personally I'd like work to be as easy as possible until we get to that point but its not going to be so I fall back on techniques such as:-

1. Being grateful for what I have.
2. Thinking about how bad it could be. It could get a lot worse than what it is now.
3. Focussing on doing other stuff - health and fitness, reading, chess etc.
4. Trying to enjoy work as much as possible. I do work with people that I really like and the work isn't that bad. I just don't like the idea of working 40 hours per week + travel time.
5. Lastly trying to gain as much time as possible back from work. So if I can work from home or leave early or get in late (although I tend to start early anyway) I take those opportunities.

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #14 on: November 01, 2015, 04:41:46 AM »
Yay, my people!

For me 2021 is a bit of a tease, it's almost within touching distance, but not quite.  The exciting part of learning about FIRE and working out our approach is all finished, but it's too soon to start planning drawdown, because too much could still change before we hit the finish line. An inheritance or a job loss could move the goalposts by 5 years either way. 

I'm concentrating on my Get a life tree, both to develop skills and hobbies ready for FIRE, and to improve my quality of life on the lead up to it.  I'm also trying to check my spreadsheets less.  Not doing too well with that one.
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

indentured4now

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Re: 2021 FIRE Cohort
« Reply #15 on: November 01, 2015, 06:25:48 AM »
Ah MarcherLady, the dreaded spreadsheet fixation...   I know it well!   The only cure i feel is to act on the things we know we *ought to have done already* but that involve structural changes to reach FIRE so we look at the sheets less.   FWIW, our plan is:

1. Pay off the high cost home's mortgage.   Saves $10K to $15K in out of pocket expense and makes sense given our timeframes for the following...
2. Get the kids off to college (2016 and 2018)
3. Move out of said high cost house to free up as much equity as possible again.   Invest the proceeds.   On an amusing side note, we closed our last home sale without a mortgage either to a British couple working an ex-pat assignment in the US.   They paid cash as well so the home closing took exactly 19 minutes! 
4. Maxing 401K (any further chunks towards mortgage beast, then add to income investments that we have)
5. Starting the SEPP Roth pipeline in 2016 so that's available in 2021.
6. Get kids OUT of college on time (pay last tuition in Dec 2021).   They already know they're on their own after undergrad (as far as they know at least... wink ;-)
7. FIRE!

We need to clear 9K per month in passive income for FIRE to cover living plus medical insurance.   Currently sitting at almost $2K per month and growing that nicely each year.   The mortgage will free up $1K in expense.   The house change frees up another $1500 per month in non-mortgage expense.   That leaves 5 years to build another stream of approx $4500 to fund a comfortable FIRE (fingers and toes crossed)!

effigy98

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Re: 2021 FIRE Cohort
« Reply #16 on: November 01, 2015, 10:56:28 PM »
2021 here! However, I landed another job I can work on at night so it may be 2019 at this rate if it lasts. I am so inspired by everyone's story and posts all over this board it consumes a good portion of my thoughts every day. I did not start until about 5 years ago and will be 43 in 2021. Only remaining debt is house in a high COLA, however the jobs here are really great. Once family (parents) are gone will probably cash out and move somewhere more reasonable, but I like having my son near his grandparents, and like I said, the work in my area for my profession is in extremely high demand (for the moment). I would prefer to work the night gig forever even in early retirement as it's very low stress, easy (after many years of learning), and highly paid.

Currently putting about 80k in retirement accounts and 70k per year on house. The only problem I will probably run into is my job is getting so easy as time goes on but they keep increasing the wages (to insanity levels, maybe we will have another dotcom crash, who knows), it will be hard to leave as it's not a whole lot of work, the only thing I hate is having to be in the office 5 days a week and working on boring projects. The funny thing I am looking forward to most is the FU money so I can pick and choose my projects and not feel like I'm putting my family at financial risk.
« Last Edit: November 01, 2015, 11:07:30 PM by effigy98 »

indentured4now

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Re: 2021 FIRE Cohort
« Reply #17 on: November 10, 2015, 07:44:59 PM »
effigy98,  Stash that cash while ya can!  Amazing how certain jobs pay amazingly vs. their effort after awhile.   Just smile as you cash the boring checks as long as possible...

Exhale

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Re: 2021 FIRE Cohort
« Reply #18 on: November 22, 2015, 10:38:06 PM »
I love hearing everyone's goals/steps. I'm inspired by indentured4now. Here's my breakdown.

2016-2019
- Get fit and healthy
- Build a low-cost social life (inspired by the book Soup Night)

2019 = very bare bones FIRE (due to an unexpected raise)

2020-2021
- Decision time - stay put? work PT? etc.
- Use up non-reimbursable vacation time
- If needed, prep for move
- FIRE
« Last Edit: January 17, 2016, 10:53:19 AM by Exhale »

indentured4now

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Re: 2021 FIRE Cohort
« Reply #19 on: November 25, 2015, 05:00:48 AM »
@Exhale,  Thanks for the comments.   I like your plan to find your happy place and next mission to FIRE towards (vs. FIRE just to get away from work)!

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #20 on: November 25, 2015, 05:58:12 AM »
Great plans, Exhale.
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

MasterStache

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Re: 2021 FIRE Cohort
« Reply #21 on: December 16, 2015, 01:44:14 PM »
Not sure if I am 2021 or 2022. It all depends. Originally I was about 20 years away (around 59). But I convinced the wife and kids to downsize at the end of last year. We literally moved to the neighborhood across the street. Found a small cheap fixer upper that we "jumped" on when it came on the market. Wife calls it the POS house. I call it the FIRE house.

Anywho downsizing and getting rid of some other ridiculous "luxuries"  doubled our savings rate this year form last. My wife likes her job so she plans to keep working into her 50s. She gets a pension and will carry insurance. I might call it quits around 45, which would be 2021. Truthfully we can easily live on one income now. 

Wadiman

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Re: 2021 FIRE Cohort
« Reply #22 on: December 25, 2015, 06:39:42 PM »
Hi there fellow '21ers!

I'm making pretty good progress (despite the 4% return on investment over the past year) and have recently taken up a job that I think I'll be happy to stay in until THE DATE has been reached.

My investment plan involves 50% of surplus towards aggressive paydown of the house mortgage and 50% into ETF/equity portfolio.  I also have an investment property which pretty much takes care of itself.  As I approach FIRE, the plan is to sell the current home in a HCOL area and buy in an area with more space/natural beauty - with the upside of a few hundred thousand as a result which then goes into investments.  Will also sell the investment property and invest the proceeds as well.

I have a personal challenge with being too future-focussed so am trying to challenge myself to focus more on enjoying the day-to-day.  Have had a big focus lately on improving my health - now ride a bike to work and have been changing my diet.  Want to try and incorporate some weights too but am lacking in motivation to get this going.

Like a few of you here I am also developing some new interests.  Some of these may morph into side-gigs or even post-FIRE business ideas.  I've recently gotten into coffee-roasting and have just done a barista course which I enjoyed very much.  Between now and 2021 i would like to identify and start a business of some sort.

Exhale

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Re: 2021 FIRE Cohort
« Reply #23 on: December 28, 2015, 10:44:16 PM »
Husband and I will have several work pensions maturing in various years from 2025 onwards, so our goal is to have enough stached to live on til the pensions cover our expenses in full.  2021 looks like being the tipping point for that.  When I first sold Hub on this plan it seemed amazingly good compared to the mainstream standard retirement date.  Now, it just seems a long slog still to go.  Financially, we could probably bring FIRE in a year or so earlier if we cut expenses harder, but it's a fight not worth having with Himself.  I haven't given up hope though.

How is your progress going? Is Hub any closer to being more frugal with expenses? Keep us posted. Wishing you well!

Connie

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Re: 2021 FIRE Cohort
« Reply #24 on: January 02, 2016, 07:34:32 PM »
I think 2021 is doable as a minimum number around 700k, but I don't think I would quit my job then. I feel like I would definitely have "one more year" syndrome. I also don't know what my partner/kids situation will look like in 5 years. With the right partner I could probably retire earlier even with a higher number like 1.2MM.

I worry that my high paying job gravy train will end before I can hit my FI number and I'll have to take a 70% paycut, extending FIRE out for decades. I work in technology consulting in a really niche software that I personally don't believe in, so I don't know how well it will do in the market. I also don't know how easy it would be for me to switch to different software or industry while making the same amounts. Does anyone else worry about that?

Exhale

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Re: 2021 FIRE Cohort
« Reply #25 on: January 02, 2016, 07:43:33 PM »
I worry that my high paying job gravy train will end before I can hit my FI number and I'll have to take a 70% paycut, extending FIRE out for decades. I work in technology consulting in a really niche software that I personally don't believe in, so I don't know how well it will do in the market. I also don't know how easy it would be for me to switch to different software or industry while making the same amounts. Does anyone else worry about that?

Welcome to the Class of 2021! My worry is if I become disabled before I hit FIRE. It's one of the reasons, I'm stretching to keep myself at a 78% savings rate is so I can reach FIRE as soon as possible. After that I might work another 1-2 years to build a car fund and perhaps fund a special trip, but those will be extras that I can live without if necessary.

Connie

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Re: 2021 FIRE Cohort
« Reply #26 on: January 02, 2016, 09:08:29 PM »
Welcome to the Class of 2021! My worry is if I become disabled before I hit FIRE. It's one of the reasons, I'm stretching to keep myself at a 78% savings rate is so I can reach FIRE as soon as possible. After that I might work another 1-2 years to build a car fund and perhaps fund a special trip, but those will be extras that I can live without if necessary.

Do you have long term disability insurance? My employer had short term at 100% for around 12 weeks and then long term at 40%. I think a nice disability insurance plan would alleviate a lot of my worries about becoming disabled.

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #27 on: January 03, 2016, 07:44:40 AM »
Husband and I will have several work pensions maturing in various years from 2025 onwards, so our goal is to have enough stached to live on til the pensions cover our expenses in full.  2021 looks like being the tipping point for that.  When I first sold Hub on this plan it seemed amazingly good compared to the mainstream standard retirement date.  Now, it just seems a long slog still to go.  Financially, we could probably bring FIRE in a year or so earlier if we cut expenses harder, but it's a fight not worth having with Himself.  I haven't given up hope though.

How is your progress going? Is Hub any closer to being more frugal with expenses? Keep us posted. Wishing you well!

Hi Exhale.  He's somewhat onboard, we've made a competition out of who can get the best fuel consumption out of the car, for example.  I think the main problem is that he wants the Retirement, but isn't prepared to make any sacrifices to get there.  Which is frustrating to me.  But I know that preaching to him won't achieve my goal, I have to walk the walk, and eventually he'll join me, and believe it's his own idea!
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

Exhale

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Re: 2021 FIRE Cohort
« Reply #28 on: January 03, 2016, 12:01:06 PM »
Do you have long term disability insurance? My employer had short term at 100% for around 12 weeks and then long term at 40%. I think a nice disability insurance plan would alleviate a lot of my worries about becoming disabled.

I do have long term disability insurance (and am so grateful that it's available to me through my employer). However, it isn't something I want to depend since there are many ways it may not come through for the disabled person. Mainly these would be things like trouble with getting the level of disability approved by the insurance company and/or the insurance not paying the amount needed (not because the insurance is avoiding doing the right thing, but because the disability incurs such high costs). In short, I'm deeply grateful for the insurance as something that might help if needed, but don't count on it.

Exhale

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Re: 2021 FIRE Cohort
« Reply #29 on: January 03, 2016, 12:10:54 PM »
How is your progress going? Is Hub any closer to being more frugal with expenses? Keep us posted. Wishing you well!
Hi Exhale.  He's somewhat onboard, we've made a competition out of who can get the best fuel consumption out of the car, for example.  I think the main problem is that he wants the Retirement, but isn't prepared to make any sacrifices to get there.  Which is frustrating to me.  But I know that preaching to him won't achieve my goal, I have to walk the walk, and eventually he'll join me, and believe it's his own idea!

Did you see lifejoy's How To Convert Your SO To MMM In 50 Awesome Steps?- you might enjoy it. My ex-SO loved the idea of FIRE, but not what it'd take to get there. It's not the reason why we separated, but it would've been a challenging issue for us both if we'd stayed together. Good luck with the journey!

How you done your Life Tree? Any surprises there?
« Last Edit: January 04, 2016, 01:35:28 PM by Exhale »

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #30 on: January 03, 2016, 02:33:24 PM »
Yes, I did, I ought to read through it again though.  The Get a life tree was good. I think I will set up a calendar reminder to look at it every 6 months or so.  I remembered a couple of things I used to enjoy as a kid that I'd like to get back into.

Interesting to hear people talking about worries.  I think my main fear about FIRE is that I won't have the motivation to make the most of it.  I guess time will tell on that one, what's the worst that can happen?  I end up getting another job I guess! Which wouldn't be the end of the world. 
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

Greenback Reproduction Specialist

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Re: 2021 FIRE Cohort
« Reply #31 on: January 14, 2016, 02:21:41 PM »
Hey everyone,

I'm looking at a 2021 fire as well.

Focusing on

-Living more in the moment, I too have a problem with living in the future.
-Taking on any and every extra income opportunity to reach the goal sooner
-Getting my private pilot license, for post fire occupation.
-Closing on our current real estate deal.
-Raising capital to purchase more assets.

5yrs seems far, but I know it will come fast! Good luck to everyone, look forward to keeping up with all of you.
**Investing, Economics, Early Retirement - BlackSheepWithFeet.com

FIRE.... Remember, it's closer than it feels.


Chaplin

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Re: 2021 FIRE Cohort
« Reply #32 on: January 17, 2016, 09:18:54 AM »
Aiming for 2021 here too. Of course, many things could intervene.

Five years is based on current income. Unfortunately getting said income requires more compromises on health, interests and family than I'm willing to make now. So I'm looking at downshifting the job which would most likely result in a pay cut, although it might cut some expenses too.

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #33 on: January 17, 2016, 11:01:32 AM »
Hi GRS, hi Chaplin.  It's amazing how something can feel so close, yet still so far away!
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

Exhale

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Re: 2021 FIRE Cohort
« Reply #34 on: January 17, 2016, 11:29:40 AM »
Happy New Year fellow '21ers (thanks to wadiman for the moniker)

I was wondering what your specific goals are for 2016. I'm inspired by jordanread's Strength & Fitness thread and thought it might be helpful to have one here so we can cheer one another and, if needed, help problem solve. See below for the 21ers who've posted so far and the goals that I gleaned from their posts. (My apologies in advance if I got any of these wrong. If so, let me know and I'll fix it asap. And if you wish to be removed from this list, just let me know.) Note: dashes = goals from previous posts / numbers = 2016 goals.

2016 Goals

MarcherLady
- Complete the "Get a Life Tree"
- Develop skills and hobbies ready for FIRE and improve quality of life on the lead up to it
- Check spreadsheets less

SaintM

WildJagar

humblefi

step-in-time
- Start looking for a regular, part-time job that could fund expenses, while allowing the stash to grow

Exhale
1) Maintain 78% savings rate
2) Control grocery spending - have a journal to help w/meal planning and celebrating every small success
3) Recover from recent injury and regain fitness

jljar
- Partial FIRE

sisto
1) Using a similar method as MMM for sharing an internet connection. Upfront cost ~$200, but monthly cost is $0
2) Cut cable and went back to my rood mount antenna for OTA. Monthly savings between this and above is $90.
3) Drop my fancy 4K Netflix and use my Mom's account will save $12 a month
4) Quit paying the extra $100 a month against my mortgage so I have more money to invest.
5) Upping my 401K contribution another 1%
6) Cut my youngest child from my dental plan because he doesn't go anyway. Saving $8 a month.
7) Have cut back my wine budget quite a bit. Saving about $75 a month.
8) Cut back my food bill. Working on eating more peasant type food. Plan to save $100 a month.

Indentured4now

nazar

steveo

effigy98
- Putting about 80k in retirement accounts and 70k per year on house
- FU money - "so I can pick and choose my projects and not feel like I'm putting my family at financial risk"

beginnerstash
1. Take over daycare expenses so the wife can max out her 403b. - Already done
2. Top last years 50K invested. - Off to a great start
3. Take a relatively cheap and kid free vacation, utilizing CC rewards. - Ready to book, just working out babysitting details.
4. Remodel main bathroom. - Planned for Christmas time with me having 2 weeks off work
5. Design an eco-friendly and cheap patio to accent the retaining wall I installed last year
6. Continue working on home improvements
7. Exchange my wife's gas guzzling giant recliner for a more efficient Prius.
8. Start playing volleyball again.
9. Participate in mud runs again (absolutely love mud runs).
10. Bike more!
11. Have fun and enjoy everyday!!!!

wadiman
- Focus on enjoying the day-to-day
- Ride a bike to work
- Change diet
- Incorporate some weights
- Identify and start a business of some sort

Connie

Greenback Reproduction Specialist
- Live more in the moment
- Take on any and every extra income opportunity to reach the goal sooner
- Get private pilot license, for post fire occupation
- Close on current real estate deal
- Raise capital to purchase more assets

Chaplin
« Last Edit: February 05, 2016, 06:07:49 PM by Exhale »

Sonos

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Re: 2021 FIRE Cohort
« Reply #35 on: January 17, 2016, 07:50:52 PM »
Our goals are:
1) Start tracking so we know what our savings rate is. Specifically, checking YNAB (need to finish setting this up) and MINT (this is set up) once a week.
2) Try to get that savings rate as close to 75% as possible (most likely, this means less eating out at restaurants)
3) Organize, simplify, and automate our financial system as much as possible to make things easy-peasy. This specifically means:
   a) pay all bills out of our family checking account
   b) setting up auto-pay and auto-deposit on as many things as possible
   c) skim off overages in our checking account to be automatically deposited into Betterment.


Also, I changed my forum name from Firette to Firette2020. I think 2021 is our most realistic FIRE date, but I put 2020 in my name as motivation.




MarcherLady

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Re: 2021 FIRE Cohort
« Reply #36 on: January 20, 2016, 11:10:37 AM »
Exhale, wow, you are so organised!  I like it.

And Firette2020, that's a great idea.
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

aetherie

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Re: 2021 FIRE Cohort
« Reply #37 on: January 20, 2016, 12:02:44 PM »
I've been posting in the 2020 thread but I'd like to join this one too, since my crystal ball is malfunctioning and I'm not sure which year it'll end up being!

Current situation: 23, living with boyfriend, no kids yet, no debt. Both making ridiculous tech salaries and saving 75%. We know how lucky we are.

Upcoming life events: marriage sometime in next 2-3 years. Kid(s) hopefully after FIRE.

Goals for 2016 (copied from my journal):
- Find a better balance between work, life, and ballroom.
- Continue to avoid lifestyle inflation. Enjoy and appreciate all the good things that are already in my life.
- Learn how to do my own bike maintenance.
- Finally meet the Midwest contingent of Boyfriend's family.
- Spend less time on Facebook/other mindless phone things.
- Eat frozen pizza no more than once a week.
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sisto

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Re: 2021 FIRE Cohort
« Reply #38 on: January 21, 2016, 09:28:28 AM »
I didn't set too many goals for 2016, but some of the recent things I've done to save money are:

I am using a similar method as MMM for sharing an internet connection. Upfront cost ~$200, but monthly cost is $0
Cut cable and went back to my rood mount antenna for OTA. Monthly savings between this and above is $90.
Upcoming plan to drop my fancy 4K Netflix and use my Mom's account will save $12 a month
Quit paying the extra $100 a month against my mortgage so I have more money to invest.
Upped my 401K contribution another 1%
Cut my youngest child from my dental plan because he doesn't go anyway, I have to keep him on medical due to ACA. Saving $8 a month.
Have cut back my wine budget quite a bit. Saving about $75 a month.
Cut back my food bill. Working on eating more peasant type food. Plan to save $100 a month.
Jack of all trades, master of none

MasterStache

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Re: 2021 FIRE Cohort
« Reply #39 on: February 01, 2016, 09:29:31 AM »
My (our) goals for 2016 and current progress are:
1. Take over daycare expenses so the wife can max out her 403b. - Already done
2. Top last years 50K invested. - Off to a great start
3. Take a relatively cheap and kid free vacation, utilizing CC rewards. - Ready to book, just working out babysitting details.
4. Remodel main bathroom. - Planned for Christmas time with me having 2 weeks off work
5. Design an eco-friendly and cheap patio to accent the retaining wall I installed last year
6. Continue working on home improvements
7. Exchange my wife's gas guzzling giant recliner for a more efficient Prius.
8. Start playing volleyball again.
9. Participate in mud runs again (absolutely love mud runs).
10. Bike more!
11. Have fun and enjoy everyday!!!!

Chaplin

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Re: 2021 FIRE Cohort
« Reply #40 on: February 27, 2016, 12:19:06 AM »
We are either the lamest cohort, or the one that's so busy making it happen we don't have time to talk about it!

Roots&Wings

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Re: 2021 FIRE Cohort
« Reply #41 on: March 02, 2016, 06:12:09 AM »
We are either the lamest cohort, or the one that's so busy making it happen we don't have time to talk about it!

Ha! I think it must be the latter. Though I know Exhale has been busy making all kinds of pre-FIRE checklists in other posts to help us all :)

More than likely 2021 is when I would feel comfortably FI (currently bare bones FI); RE likely later, but still lots of time to see. Currently fine with my job, but that can always change!

dreams_and_discoveries

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Re: 2021 FIRE Cohort
« Reply #42 on: March 06, 2016, 02:53:31 AM »
Hi all - guess I should join in here as I'm aiming for 2021 now. It may be optimistic, but I'm planning to take a few years off then to slow travel, then if the planets align I'll be retired, if not happy to come back refreshed and do a few more years to top up the funds. I'm aiming for 750k invested, will still carry the mortgage on my house well into early retirement, given the current interest rate climate.

As always, a few curveballs could come my way
  • Love - I'm currently single - if this changes, maybe we could bring the date in sooner?
  • Kids - I'm not particularly fond of them, but I've learned never say never
  • Pets - This timeline is also pertinent as I have a 15 year old cat... will stay here until he ends his days, then travel and reconsider my stability and pet situation when I return
  • Work - I'm freelance in IT consulting, and this plan banks on working 45 weeks a year at my current rate
  • Taxes- our government is doing a lot of tinkering with our taxes - I'm going to have to pay more in 2016. However in FIRE, I should only have to pay a tiny amount of tax if I rent my house out when travelling
  • Pension - our government is doing a lot of tinkering again with pensions - my plan works on being able to get my pension funds in flexible drawdown by 57 - if they fiddle with these ages, I'll be skint pre pension, and rich post pension date
  • Unknown unknown - I'm sure there are things I've failed to plan for


I think 2021 is doable as a minimum number around 700k, but I don't think I would quit my job then. I feel like I would definitely have "one more year" syndrome. I also don't know what my partner/kids situation will look like in 5 years. With the right partner I could probably retire earlier even with a higher number like 1.2MM.

I worry that my high paying job gravy train will end before I can hit my FI number and I'll have to take a 70% paycut, extending FIRE out for decades. I work in technology consulting in a really niche software that I personally don't believe in, so I don't know how well it will do in the market. I also don't know how easy it would be for me to switch to different software or industry while making the same amounts. Does anyone else worry about that?

Hi Connie, hope you don't mind me quoting your post, we seem to have some similar FIRE situations - what makes you think you would do OMY?

Chaplin

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Re: 2021 FIRE Cohort
« Reply #43 on: March 07, 2016, 10:49:10 PM »
I thought I would reaffirm that although there's a lot of potential upheaval in my work life (all very first-world-problemish and awkwardly documented in my journal), I'm still dead set on 2021.

MarcherLady

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Re: 2021 FIRE Cohort
« Reply #44 on: March 11, 2016, 01:52:31 PM »
I should update, right?   Hmm, well, an error in my logic means I might be looking at 2020 instead of 21.  Chaplin has read me my rights as the instigator of this cohort, that I am not allowed to desert you all, so we need to make a concerted push to all level-up together. 

Update on goals:

Get a life tree is updated.  I pop back to it occasionally when I think of anything new.
Skills and hobbies- not too bad, I went out to feed the bees today and they seem to have survived so far.  The nectar flow should start in April, so it's not too long til then.
I've joined a local WI.  Most of them are a bit older than me, but it's good to have a social event without Hub once a  month.
Check the spreadsheet less often? FAIL
Most importantly, improve quality of life now: hell yes!  Work is good, I think I'm doing the right things to achieve my promotion goal for the year.  I'm hitting my exercise goals too. I'm just so damn happy recently.  It's amazing.

Hi D&D, welcome.
Pension - our government is doing a lot of tinkering again with pensions - my plan works on being able to get my pension funds in flexible drawdown by 57 - if they fiddle with these ages, I'll be skint pre pension, and rich post pension date

Yes, this is a concern for us too.  Right now I'm sticking my fingers in my ears and just trying to ignore the possibility.  Not a lot else I can do.
One step at a time  ARS says I'm FI.  I'm still coming round to the idea.

Target FIRE: 10/10/2020, but I hang out with the 2021 Cohort

Chaplin

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Re: 2021 FIRE Cohort
« Reply #45 on: March 11, 2016, 09:22:32 PM »
I should update, right?   Hmm, well, an error in my logic means I might be looking at 2020 instead of 21.  Chaplin has read me my rights as the instigator of this cohort, that I am not allowed to desert you all, so we need to make a concerted push to all level-up together. 

An excellent solution. Let's go annex the 2020 FIRE cohort topic. We can tell them that if they really got serious they could bump up to 2019, and so on.

2021 for me has been more about timing with my wife and child's schedule. I think 2020 could work too. We're already FI in the sense that if we sold our house and moved almost anywhere else we wouldn't need to work for money again. 2020 or 2021 would allow us to FIRE without having to move, which is important to us since we really like where we are and the school situation is good.

dreams_and_discoveries

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Re: 2021 FIRE Cohort
« Reply #46 on: March 12, 2016, 01:01:17 AM »
Hi all -

Chaplin - love the enthusiasm, bumping it up to 2020 would be a dream come true, never say never, however personally it would be very ambitious for me.

MarcherLady - have just googled the life tree - what a great idea. You so very together and happy in your post, such an inspiration.

2Birds1Stone

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Re: 2021 FIRE Cohort
« Reply #47 on: March 16, 2016, 02:12:44 PM »
*waves*

I am very active in the 2022 FIRE cohort thread since that is when my projections initially put me after a year of reading here and learning about what I really need to do to FIRE.

Due to some good fortune at work I MIGHT be able to get out a year earlier.

I am posting for motivation in hopes of graduating with you guys and gals :)
"A small house can hold as much happiness as a big one." - Fortune Cookie

29 Months till FI - Stop by, or stay a while.....
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/

nazar

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Re: 2021 FIRE Cohort
« Reply #48 on: March 16, 2016, 08:45:15 PM »
2016 Goals... Max out contributions.  Start replacing/fixing things at home.  Scratch a bucket list place or two off the list.  Remove bougainvillea, start edibles garden.  Keep things simple.



dreams_and_discoveries

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Re: 2021 FIRE Cohort
« Reply #49 on: March 19, 2016, 05:52:57 AM »
*waves*

I am very active in the 2022 FIRE cohort thread since that is when my projections initially put me after a year of reading here and learning about what I really need to do to FIRE.

Due to some good fortune at work I MIGHT be able to get out a year earlier.

I am posting for motivation in hopes of graduating with you guys and gals :)

Hi 2Birds - that's amazing that you could cut a year off your FIRE timeline. I'd love to do the same, but the maths sadly doesn't really work in my case  - I'd have to go back to work in some form before 57.

2016 Goals... Max out contributions.  Start replacing/fixing things at home.  Scratch a bucket list place or two off the list.  Remove bougainvillea, start edibles garden.  Keep things simple.

So Nazar, what's on the bucket list then?