Thanks for the link FIRE me. I have made behavior finance and behavior economics an area of study for a long time. I am aware of the theory and know where the feelings come from, but it is far different in practice, especially after a decade of investing and with the goal of getting out early.
I guess that fact that we must face is that ‘average returns’ over time, and markets in general are not nearly as predictable as we would like to believe (especially with so much government intervention these days). If we have entered a Japanese style era of low-to-no growth, many of us will be working far longer than we ever hoped.
My concern is time. I watch myself age, and I watch my children do the same and I am very aware that not everyone will make their goal. Not everyone will have that chance to be free and to enjoy the time while it is still useful. Yes, in several decades when I am 60 this will be a distant memory, but for those interested in ER and relying on traditional investments to get there, it is not really my point.
Lucky Girl, I like that advice, especially 2 and 3. I have not thought of it that way before. Thanks for that. My wife keeps telling me that if we hadn’t tried we would not be where we are, and that is true.
little_brown_dog, those are some interesting points. It is true that at first hitting milestones makes a big difference. Going from debt to postitive, $10,000 to $100,000 etc. I think it is also partly the fact that, when markets go down and you have more in the game, the losses seem larger. The loss aversion is amplified if you get me.