Poll

What is your target income stream per year, PER INDIVIDUAL (divide by 2 if married, 3 if married with one child, etc...) at FIRE, based on today's currency values; see housing note below!

$0-10,000
7 (2.5%)
$10,001-30,000
111 (40.2%)
$30,001-50,000
83 (30.1%)
$50,001-70,000
48 (17.4%)
$70,001-100,000
23 (8.3%)
$100,001-150,000
3 (1.1%)
$150,001-300,000
0 (0%)
MORE MONEY THAN I KNOW WHAT TO DO WITH
1 (0.4%)

Total Members Voted: 272

Author Topic: Poll: What is your FIRE income target?  (Read 7865 times)

trashmanz

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Re: Poll: What is your FIRE income target?
« Reply #50 on: April 27, 2017, 10:40:51 AM »
If i were to tell myself that I needed to be worth 5 million, I would need to adjust my expectations for ER. At our current rate, I could probably hit 5 million at 62 years old, but that's not ER anymore (and doesn't include having children and my wife quitting her job). For 1.625 million, I can hit that by my mid-early forties.

It seems you are missing my point.  My point is not that you work longer to get more money, my point is to raise your goals so you can hit lesser goals faster.  At the point of reaching lesser goals you can always re-evaluate your high target goal.  As in your example, you assume you need to work till 62 to hit 5 million and this will become true because you believe it to be true and you have let it take over every fiber of your being.  If you picture yourself dragging your feet all the way to 62 that is what will happen.  If you target 5 million in your mid-forties you may find you can retire at 1.625 million in your 30s, should you decide to at that point.  People here are creating lower ceiling limitations and that will always delay your FIRE.   Refer back to my original point that "People making $100,000+ per person in passive income are in a different league.  I could only get to that point if I didn't retire early. "    This is limiting to believe because it tells yourself that you are incapable of generating great wealth in a shorter timeframe, I chose not to self limit in such ways, and this helps greatly in getting to FIRE at any level and any dollar amount. Life imposes enough constraints, no need to self impose limits on personal output. 

2Birds1Stone

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Re: Poll: What is your FIRE income target?
« Reply #51 on: April 27, 2017, 11:03:51 AM »
$48k/yr without a paid off residence.

Between geographical arbitrage and slow traveling the less expensive countries around the world, this feels like a very good target for a couple of 30 something year olds.

We plan to stay in Europe and SE Asia for a few years, as well as slow travel in an RV/Camper.

When we do settle down and homestead, it will either be in a LCOL part of the country, or Poland, which is where my family is from and we have an apartment and country house with a few acres nearby.

arebelspy

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Re: Poll: What is your FIRE income target?
« Reply #52 on: June 23, 2017, 07:42:27 PM »
The per individual thing is weird. A family of 4 spending 40k/yr goes in the lowest (first) category?


If i were to tell myself that I needed to be worth 5 million, I would need to adjust my expectations for ER. At our current rate, I could probably hit 5 million at 62 years old, but that's not ER anymore (and doesn't include having children and my wife quitting her job). For 1.625 million, I can hit that by my mid-early forties.

It seems you are missing my point.  My point is not that you work longer to get more money, my point is to raise your goals so you can hit lesser goals faster.  At the point of reaching lesser goals you can always re-evaluate your high target goal.  As in your example, you assume you need to work till 62 to hit 5 million and this will become true because you believe it to be true and you have let it take over every fiber of your being.  If you picture yourself dragging your feet all the way to 62 that is what will happen.  If you target 5 million in your mid-forties you may find you can retire at 1.625 million in your 30s, should you decide to at that point.  People here are creating lower ceiling limitations and that will always delay your FIRE.   Refer back to my original point that "People making $100,000+ per person in passive income are in a different league.  I could only get to that point if I didn't retire early. "  This is limiting to believe because it tells yourself that you are incapable of generating great wealth in a shorter timeframe, I chose not to self limit in such ways, and this helps greatly in getting to FIRE at any level and any dollar amount. Life imposes enough constraints, no need to self impose limits on personal output. 

But if you can hit lesser goals faster, then you can FIRE faster.

No one here is saying "I'm not gonna bother with 100k passive income because I don't think I can" but we're saying "I won't bother cause I'll ER way before I get there."

Even if you could save up 2.5MM in only 5 years and ER w/ 100k+, that just means you could ER well before that with 1MM. 

For many of us, we chart an optimal path to FIRE. It's quite quick for many of us.

Your idea of setting a higher goal, then quitting when you get partway there is semantics.  It'd be silly to say "My goal is 50MM by 50...and I'll quit when I hit 1MM at 30."  Why not just set your goal to be 1MM at 30?

We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

trashmanz

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Re: Poll: What is your FIRE income target?
« Reply #53 on: June 25, 2017, 11:13:56 AM »
The per individual thing is weird. A family of 4 spending 40k/yr goes in the lowest (first) category?


If i were to tell myself that I needed to be worth 5 million, I would need to adjust my expectations for ER. At our current rate, I could probably hit 5 million at 62 years old, but that's not ER anymore (and doesn't include having children and my wife quitting her job). For 1.625 million, I can hit that by my mid-early forties.

It seems you are missing my point.  My point is not that you work longer to get more money, my point is to raise your goals so you can hit lesser goals faster.  At the point of reaching lesser goals you can always re-evaluate your high target goal.  As in your example, you assume you need to work till 62 to hit 5 million and this will become true because you believe it to be true and you have let it take over every fiber of your being.  If you picture yourself dragging your feet all the way to 62 that is what will happen.  If you target 5 million in your mid-forties you may find you can retire at 1.625 million in your 30s, should you decide to at that point.  People here are creating lower ceiling limitations and that will always delay your FIRE.   Refer back to my original point that "People making $100,000+ per person in passive income are in a different league.  I could only get to that point if I didn't retire early. "  This is limiting to believe because it tells yourself that you are incapable of generating great wealth in a shorter timeframe, I chose not to self limit in such ways, and this helps greatly in getting to FIRE at any level and any dollar amount. Life imposes enough constraints, no need to self impose limits on personal output. 

But if you can hit lesser goals faster, then you can FIRE faster.

No one here is saying "I'm not gonna bother with 100k passive income because I don't think I can" but we're saying "I won't bother cause I'll ER way before I get there."

Even if you could save up 2.5MM in only 5 years and ER w/ 100k+, that just means you could ER well before that with 1MM. 

For many of us, we chart an optimal path to FIRE. It's quite quick for many of us.

Your idea of setting a higher goal, then quitting when you get partway there is semantics.  It'd be silly to say "My goal is 50MM by 50...and I'll quit when I hit 1MM at 30."  Why not just set your goal to be 1MM at 30?

*My Citation: https://www.goodreads.com/book/show/759945.The_Magic_of_Thinking_Big

arebelspy

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Re: Poll: What is your FIRE income target?
« Reply #54 on: June 25, 2017, 02:32:36 PM »
That is not an cogent point. That is a man in a small hat.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Cassie

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Re: Poll: What is your FIRE income target?
« Reply #55 on: June 25, 2017, 02:45:26 PM »
I think many people probably included their budget for a couple.  Even if 1 person dies many expenses would stay the same. You may want to stay in the same house for example.  We have found that we are spending more in semi-retirement because we now have the time and energy to do things. WE are traveling more and going out locally more too.

Car Jack

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Re: Poll: What is your FIRE income target?
« Reply #56 on: June 25, 2017, 02:55:09 PM »
The rules on this are too convoluted so I ignored them and put in what we currently spend, ignoring tuition payments for the kids.  The housing stuff is all a bunch of horse hockey.  Our house is paid off.  Taxes are part of our present spending and will be when we retire.  As a couple, we'll spend $50k a year (your pole should have been more like one class up to $49,999 and the next starting at $50k.  2 options presently have $50k in them so I picked the higher one).

Net worth is somewhat meaningless in my humble opinion.  Whether my paid off house is worth $100k or $1M, if I plan to live here when I retire, why does it matter?