And if I choose to do OMY (One More Year) my Net Worth at the end of 2024 would be about 8% higher than if I FIRE in 2023. What are people's thoughts on working OMY to have a net worth that is 8% higher after OMY than retiring on schedule?
I've done this a couple times, for about the same percentage of change. It might be worth writing out the tradeoffs.
OMY: "I can spend X more dollars/year to buy P" and/or "I have 8% more cushion, meaning I can maintain my lifestyle if the market goes down D%".
The tradeoff: "given that I expect to have 25 more years of good life, I'm OK with sacrificing 1/25th of that - and that might mean not visiting C country, or doing activity B that is on my bucket list".
For me, there were some crossover points where I wouldn't make the tradeoff. I'm financially OK now. If my net worth goes up by 10%, but I miss out on 1 out of 10 years of life, that's obviously not a great tradeoff - particularly since this is in my healthy years (which I weigh more heavily).
OTOH, if you're cutting it close financially and you'd be nervous, then it's probably better to work OMY, or have a solid plan to get extra income later.
And the freedom to decide each day 4 key things: (a) Where I spend my time; (b) With whom I spend my time; (c) What I spend my time doing; (d) When I do things;
My observation from watching entrepreneurs is that unless you choose a lifestyle job, you won't get many of those things.