Author Topic: For those who have actually FIRE'd, I have a few questions?  (Read 20666 times)

kork

  • Stubble
  • **
  • Posts: 168
For those who have actually FIRE'd, I have a few questions?
« on: March 13, 2016, 11:57:05 AM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

I'd appreciate any insight!

soccerluvof4

  • Walrus Stache
  • *******
  • Posts: 6716
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #1 on: March 13, 2016, 12:16:03 PM »
50 w/DW and 4 Kids 17,15,12,10
enough with no debt
1 year will be April 3rd and after expenses portfolio is worth more than when I fire'd.

Would only consider work if a huge change came to healthcare and or a long dowturn to market but that too would only be part time.
« Last Edit: March 14, 2016, 02:04:15 PM by soccerluvof4 »

jim555

  • Magnum Stache
  • ******
  • Posts: 2630
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #2 on: March 13, 2016, 03:23:27 PM »
1. What age did you finally FIRE?
49

2. What was your net worth?
Not willing to say.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
No.

4. How many years have you been "FIRED?"
1.5 years

gardenarian

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Location: Ashlandia
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #3 on: March 13, 2016, 06:30:46 PM »
1. What age did you finally FIRE?
I guess we were FI around age 42? We never had the goal to make a lot of money and retire early; we just wanted to live simply and harmoniously, to be without debt or money worries.

2. What was your net worth?
Net? Not sure. Gross, probably around 1.5 million.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
Yes, but not for the money. My husband and I both enjoy our work, so we have never really retired. I am an academic and continue to work part-time, he is a musician. We have one child, and I went back to work a couple months after she was born. We also "worked" in the sense that we invested in real estate, so our net worth is much greater than it was when we were first FI. We both have flexible schedules so have been able to explore many other interests.

4. How many years have you been "FIRED?"
15. I have a continuing interest in saving money and avoiding waste and consumerism. I feel like Financial Independence is a small part of the much greater goal of being a truly independent person.

AlwaysBeenASaver

  • Bristles
  • ***
  • Posts: 444
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #4 on: March 13, 2016, 11:48:56 PM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

I'd appreciate any insight!

1. 47
2. It put me at about a 3.2% withdraw rate, no need to list actual dollar amount since it's only relevant if you also know my expenses.
3. No
4. 9 months

deborah

  • Senior Mustachian
  • ********
  • Posts: 12288
  • Location: Australia or another awesome area
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #5 on: March 14, 2016, 01:27:25 AM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

I'd appreciate any insight!

1. I was FI by the time I was 40, but I retired later because I didn't realise I could retire that early
2. By the time I actually retired I had a 2% withdraw rate.
3. No
4. 7 years

chrisgermany

  • Stubble
  • **
  • Posts: 211
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #6 on: March 14, 2016, 05:34:22 AM »
1. What age did you finally FIRE? 
55
2. What was your net worth?
 20 x annual spending (+ husbands pension starting, my pension will start after 5 years)
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else? 
No
4. How many years have you been "FIRED?"
I am happy to be in my  3rd year

Ozstache

  • Pencil Stache
  • ****
  • Posts: 863
  • Age: 53
  • Location: Oztralia
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #7 on: March 14, 2016, 05:59:13 AM »
FIRE age: 45
FIRE net worth: more than enough
Kept working?: no way!
Years FIREd: 2.5
Kids: 2 (23 & 25), both financially independent of me
« Last Edit: March 14, 2016, 02:35:02 PM by Ozstache »

kork

  • Stubble
  • **
  • Posts: 168
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #8 on: March 14, 2016, 06:55:08 AM »
So lot's of people who have FIRE'd have a significant net worth it seems.

I've missed one important question and that is "do you have children and how old are they?".

Clean Shaven

  • Pencil Stache
  • ****
  • Posts: 821
  • Location: Wild Wild West
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #9 on: March 14, 2016, 07:42:54 AM »
So lot's of people who have FIRE'd have a significant net worth it seems.

I've missed one important question and that is "do you have children and how old are they?".
On the child question - I'd suggest "do you have children? If so, how many, and are you still supporting them as part of your budget? If yes, for how many more years?"

This would cover the post-minority years, for responders who are paying their children's college, for example. 

jim555

  • Magnum Stache
  • ******
  • Posts: 2630
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #10 on: March 14, 2016, 11:26:33 AM »
With paid off housing / car, free medical, and no debt it is not hard to live on very little.  I am in a similar situation.

kork

  • Stubble
  • **
  • Posts: 168
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #11 on: March 14, 2016, 11:32:23 AM »
Quote
Since everyone's expenses are so different here, some needing $10k/year and other's needing over $100k, I don't think knowing networth or even withdrawal percent is of much value.

It is for me because we're trying to figure out how much we need.  It's a moving target with growing kids and even with mint.com tracking, it's amazing how much $ is spent on "life."

If you asked me today, based on our current expenses, we need $2.5million based on a 4% return. Wow... And we're pretty frugal. We drive two 10 year old vehicles, our home is not extravagant, we don't buy lots of stuff.  We go on staycations rather than trips around the world. We don't live in a large city with skyrocketing costs of living...  We're pretty average.

I also recall that during College, with inflation (and owning a car) I could live off about $1500/month. But somehow, with marriage and kids, we've catapulted into the "WAY MORE THAN THAT" a month income to sustain after taxes.

That's making a FIRE goal very difficult.

So I guess the assumption was that people who are FIRING are either really well off, or don't have children. That's where my second question came up was "do you have kids?"

AlwaysBeenASaver

  • Bristles
  • ***
  • Posts: 444
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #12 on: March 14, 2016, 11:36:05 AM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

I'd appreciate any insight!

1. 47
2. It put me at about a 3.2% withdraw rate, no need to list actual dollar amount since it's only relevant if you also know my expenses.
3. No
4. 9 months

No kids here.

jim555

  • Magnum Stache
  • ******
  • Posts: 2630
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #13 on: March 14, 2016, 11:37:38 AM »
1. What age did you finally FIRE?
49

2. What was your net worth?
Not willing to say.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
No.

4. How many years have you been "FIRED?"
1.5 years
No children.

Financial.Velociraptor

  • Handlebar Stache
  • *****
  • Posts: 1735
  • Age: 48
  • Location: Houston TX
  • Devour your prey raptors!
    • Financial Velociraptor
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #14 on: March 14, 2016, 12:19:39 PM »

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

1. 40
2. a hair under 500k but also debt free
3. Worked a grand total of 30 hours since
4. Since 5OCT2012 - about 3.5 years

Mr.Tako

  • 5 O'Clock Shadow
  • *
  • Posts: 87
    • Mr. Tako Escapes
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #15 on: March 14, 2016, 12:25:07 PM »
1. What age did you finally FIRE?
38.

2. What was your net worth?
Around $2.1 million if our home is included. $1.8M if you don't include it.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
I found that I'm actually busier after I FIRED.  I started the blog (link below) and have a bunch of other projects going on. 

Ultimately I think we're more efficient with money.  This shows up in a bunch of ways:  I have time to find the cheapest way to do everything...even if it takes days of research.  I can go to the store in the middle of the day and not get stuck in traffic.  Shopping takes half the time because the store isn't busy.  If I'm looking for a particular tool, I have the time to negotiate with craigslist sellers to get the price I want.  Things like that make it more efficient.

4. How many years have you been "FIRED?"
This is my first year at it!  I created my blog (www.mrtakoescapes.com) to write about the experience.

5. How many kids do you have and how old are they?
We have two kids.  Ages 3 and 1.

AdrianC

  • Handlebar Stache
  • *****
  • Posts: 1145
  • Location: Cincinnati
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #16 on: March 14, 2016, 01:28:07 PM »
1. What age did you finally FIRE?
49, if I qualify as "FIRE"...see below.

2. What was your net worth?
Enough to cover expenses at 2.5% (that's all normal living expenses less savings, charity and income taxes). Plan to go up to 4% when needed or desired.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
I'm still doing some work. I don't really want to give it up altogether.

4. How many years have you been "FIRED?"
Well...I've been averaging less than 20 hours of work per week since last October. I think that qualifies. So 5 months.

5. Do you have kids?
Three kids, ages 12, 10, 8.

I agree with you, how much we need is a moving target. We have expense inflation mainly due to kids' activities and health insurance. You have to build in some safety margin.

bwall

  • Handlebar Stache
  • *****
  • Posts: 1139
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #17 on: March 14, 2016, 03:33:13 PM »
Quote
Since everyone's expenses are so different here, some needing $10k/year and other's needing over $100k, I don't think knowing networth or even withdrawal percent is of much value.
If you asked me today, based on our current expenses, we need $2.5million based on a 4% return. Wow... And we're pretty frugal. We drive two 10 year old vehicles, our home is not extravagant, we don't buy lots of stuff.  We go on staycations rather than trips around the world. We don't live in a large city with skyrocketing costs of living...  We're pretty average.

I also recall that during College, with inflation (and owning a car) I could live off about $1500/month. But somehow, with marriage and kids, we've catapulted into the "WAY MORE THAN THAT" a month income to sustain after taxes.

That's making a FIRE goal very difficult.

Those seem like some very high expenses, $100k/year. Perhaps you could post your budget on 'Ask a Mustachian" and get suggestions on how to pare that down.

jim555

  • Magnum Stache
  • ******
  • Posts: 2630
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #18 on: March 14, 2016, 04:40:03 PM »
My neighbour’s son finally moved out, age 39! 

Evgenia

  • Stubble
  • **
  • Posts: 196
  • Location: California
    • Evgenia Got FI
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #19 on: March 14, 2016, 05:11:17 PM »
1. What age did you finally FIRE?

I was 38 and Sweet Husband was 39.

2. What was your net worth?

~$1.75 million not counting the house

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?

Not intentionally. I took on a part-time gig (~40 hours/month) for one month during the first seven months, so I was not working at all for most of the first six months. Sweet Husband took on a three-day gig during his first eight months and that was it.

In January (about five months after my first gig), I took on another part-time gig for 40-42 hours/month. Both of my gigs have been for acquaintances I already knew, I wanted to help them out, and it is work I enjoy. Sweet Husband took on a part-time gig in February as well, for close friends who need help with their start-up. He did so because he knew he would only need to do it for two to three months before they were up and running, and he'll have the rest of the year free if he so chooses.

We spend very little and are billing at good rates so we're still putting money into savings, though we did not plan it that way. 

4. How many years have you been "FIRED?"

Almost one. It's glorious.

Greystache

  • Bristles
  • ***
  • Posts: 424
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #20 on: March 14, 2016, 06:06:57 PM »
1. FIRED at 55
2. $1.2 M invested plus $500K lump sum pension. Also $600K home equity. Plan to claim SS in about 10 or 12 years.
3. I kept working until 55 to claim my pension.  It also worked out that the house was paid off and the last kid was out of college the same year.
4. Have been blissfully unemployed for a little over a year.

tooqk4u22

  • Magnum Stache
  • ******
  • Posts: 2559
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #21 on: March 15, 2016, 10:52:13 AM »
Quote
Since everyone's expenses are so different here, some needing $10k/year and other's needing over $100k, I don't think knowing networth or even withdrawal percent is of much value.

It is for me because we're trying to figure out how much we need.  It's a moving target with growing kids and even with mint.com tracking, it's amazing how much $ is spent on "life."

If you asked me today, based on our current expenses, we need $2.5million based on a 4% return. Wow... And we're pretty frugal. We drive two 10 year old vehicles, our home is not extravagant, we don't buy lots of stuff.  We go on staycations rather than trips around the world. We don't live in a large city with skyrocketing costs of living...  We're pretty average.

I also recall that during College, with inflation (and owning a car) I could live off about $1500/month. But somehow, with marriage and kids, we've catapulted into the "WAY MORE THAN THAT" a month income to sustain after taxes.

That's making a FIRE goal very difficult.

So I guess the assumption was that people who are FIRING are either really well off, or don't have children. That's where my second question came up was "do you have kids?"

I am not FIRE yet so can't answer the OP Q's but I can relate to this every time I review the expenses...ignoring food and clothing the other expenses related to my kids account for 15% of our spending.  Still less than my property taxes at 17%, which once the kids are on their way be reduced when house is sold and we relocate. 

I try to play with the math a bit and separate out how our expenses are less kid related expenses then adjust up a bit for planned travel or other non-necessary expense.  The difference between current actual expense and expected expense without kids I don't apply the 4% rule to, instead I view it more like a car payment that will go away because 4% rule is for 25 years whereas kid expense is much less at this point.

FIKristen

  • Stubble
  • **
  • Posts: 129
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #22 on: March 15, 2016, 11:14:01 AM »
1. What age did you finally FIRE? - 32
2. What was your net worth? 760k
3. Did you find you kept working in some2 capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else? Yes
4. How many years have you been "FIRED?" - 1/2

ol1970

  • Stubble
  • **
  • Posts: 154
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #23 on: March 15, 2016, 01:39:06 PM »
1) on my 44th birthday, single never married, no kids, but have a cool dog
2) more than enough...currently at about a 1.5% withdraw rate and very healthy budget for eating out/travel/general fun and general debauchery.  mostly because I'm cautious about the sequence of returns in my first 10 years...plus I'm spending exactly the same as I did before FIRE so no need to ramp things up.
3) nope...I have not missed it one day yet, but I could see getting involved in another project down the road.  Basically though I've been traveling the world checking out places I think would be pretty cool to hang out in, so have not had a lot of time to worry about working.
4) 1.5 years

It is awesome & I highly recommend it, well worth the sacrifices your friends look at you weird for making. 

Cassie

  • Walrus Stache
  • *******
  • Posts: 6982
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #24 on: March 15, 2016, 02:04:05 PM »
53 and 58 with our kids long grown. AFter 6 months got bored so both of us consult p.t. in our fields.  WE each have a 20k pension that we collect now, with a paid for house, and savings. It has been 4 years. WE love being semi-retired. Some times my hubby does not work at all and sometimes he does fun p.t. jobs like deliver flowers. WE both love the freedom it gives us. We bring in an additional 30k year from this p.t. work.

Spork

  • Walrus Stache
  • *******
  • Posts: 5747
    • Spork In The Eye
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #25 on: March 15, 2016, 02:09:08 PM »
1. What age did you finally FIRE?
Goal was 48.  I did one-more-year up to 51.  DW was 45 when we declared FIRE.  The majority of the working years were single income/no kids with a few years that were double income/no kids.

2. What was your net worth?
my SWR is about 2.7% -- or was.  I guess I am sadly about to add to my stash with an inheritance.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
I did keep working one-more-year for a while.  It wasn't for efficiency.  I was probably just over cautious.

4. How many years have you been "FIRED?"
I'm a newbie.  I am at 8 months.

5. Do you have kids?
No.

ShortInSeattle

  • Pencil Stache
  • ****
  • Posts: 574
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #26 on: March 16, 2016, 01:06:20 PM »
1. What age did you finally FIRE?

37

2. What was your net worth?

25x annual expenses, plus a paid off home.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?

I'm still working a little. It varies between 0 and 15 hours per week. Mostly it's for fun but I'll admit that I enjoy bringing in a little extra cash to drop my WR below 4%.

4. How many years have you been "FIRED?"

3 Months.

5. Do you have kids?

No.

gardenarian

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Location: Ashlandia
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #27 on: March 18, 2016, 01:42:26 PM »
Hi there Spartana (waving wildly :)

We have one child, 16. We have a college savings account that should cover her through graduate school. Fortunately, she has decided to attend the excellent state university a couple of blocks from our house (at least to start.) She does plan on doing lots of study abroad, and taking a year off (either sophomore or junior year.) One of the benefits of being FI was that we were able to homeschool her for many years, which was a wonderful experience for all of us. She opted to start high school last year.

I put off having a child until I was 41, and was extremely fortunate that I had no problems.
This is a huge issue for women trying to become FIREd. There are a lot of benefits to having kids early, but who wants to have kids if you don't have the time to raise them yourself? Do you want to put it off until you're older, and maybe miss having kids entirely? Not have kids at all? Tough choice, especially if you're single. 

NorcalBlue

  • 5 O'Clock Shadow
  • *
  • Posts: 73
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #28 on: March 19, 2016, 11:15:23 AM »
1.  42
2.  $1.3M
3.  No, but I'm open to it
4.  13 months

No kids, no wife, no dog.  I'd like a doggy though :).

Nords

  • Magnum Stache
  • ******
  • Posts: 3310
  • Age: 60
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #29 on: March 19, 2016, 08:01:22 PM »
One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.
Just to be clear on the 4% SWR, that's based on what you'll be spending in retirement.  You'll get rid of some of your working expenses (saving for retirement, commuting, attire, outsourcing your domestic chores) and you'll pick up some new retirement expenses (travel, enhanced hobby activities, more entertainment). 

A huge advantage of ER is personal time independence.  You have the time to resume your domestic chores.  You'll have the time to do things off-peak for extended periods (slow travel) and you'll be able to review every little expense and renegotiate (insurance, Internet).  You'll also be able to develop new skills (if you're interested) in appliance repairs and vehicle maintenance. 

Do the best you can to forecast your retirement budget, and stay flexible. 

1. What age did you finally FIRE?
Age 41, in June 2002 when I retired from active duty with the U.S. Navy.  (Our daughter was nine years old.)  For the first few months of ER we had a lot of fun watching the stock market continue to go down while second-guessing our financial planning.

2. What was your net worth?
I'll go there.

According to our Quicken history, $1,715,075.  That included "dead equity" in a Hawaii personal residence and a rental property.  This was also before we considerably reduced our spending through serial mortgage refinancings and the other tactics I mentioned above.  Overall our net worth has grown since then, despite some really impressive dips in 2002-03 and 2008-09. 

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
Ha!  I ended up turning down the employment opportunities because the dissatisfiers (work attire, commuting, meetings) still outweighed any possible satisfiers.  The 4% SWR was working in our favor and getting a job was way down there in "Plan B".

My "work" consisted of parenting, home improvement, and surfing.  After a few years I added writing to the list.

4. How many years have you been "FIRED?"
14 years.  So far so good!

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28435
  • Age: -999
  • Location: Seattle, WA
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #30 on: April 03, 2016, 12:52:16 AM »
1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

1. 29.
2. A bit above the seven figure mark.
3. Nope, not yet.
4. Approaching our one-year ER anniversary.  Very small sample size, I know, but net worth is higher than ever, spending's been  lower than projected, and income higher than projected.  Looking good so far.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

retired?

  • Pencil Stache
  • ****
  • Posts: 665
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #31 on: April 03, 2016, 06:49:07 AM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

I'd appreciate any insight!

1. 45
2. Near 2 including house equity and 529s
3. No, but would like to.  Now that kids are older, wife went back to work.  Figure that without any belt-tightening, need an additional 25k to not withdraw from savings.  Could do without, but wife is not completely on the frugal bandwagon.
4. 2 years....kids are now 14 and 12

side note RE "kid" moving out at 39.  While one cannot fully control these things, I plan to have my kids self-sufficient once they graduate college.  Not be a "meanie", but make sure they are aware that that is my expectation.  Stay at home....sure, but pay rent, etc.  The avg pay for new grads in what they would likely do is 50k.  I'll tell them the truth "I can't afford to support you anymore".

andystkilda

  • Stubble
  • **
  • Posts: 144
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #32 on: October 31, 2016, 01:16:33 AM »
1. What age did you finally FIRE?
Me: 28, Wife: 29 - with two kids, 1 and 3 years old.

2. What was your net worth?
We retired based on passive income>expenses, with pretty high-yielding (higher-risk...) investments in real-estate, peer-2-peer lending etc.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
Nope

4. How many years have you been "FIRED?"
0.25 :-)

BuzzardsBay

  • 5 O'Clock Shadow
  • *
  • Posts: 81
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #33 on: October 31, 2016, 08:49:32 AM »
You need 100k per year to cover expenses?  That's ...  I don't even know what word to use.  My first thought was "crazy", but that seems kind of rude.  Then I was going to type "awful", as in - you poor thing, how awful for you.  But that doesn't work either.  I guess I'm speechless.

h2ogal

  • Stubble
  • **
  • Posts: 235
  • Location: FingerLakes
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #34 on: October 31, 2016, 12:39:39 PM »
1. Age 53
2. Around 620k or so in financial facts plus paid off house.   This doesn't include DH assets and he is not retiring any time soon.
3. I hope to do some part time work to fund a few big home improvement projects.
4. Since June 

Bolshevik Artizan

  • Stubble
  • **
  • Posts: 162
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #35 on: October 31, 2016, 03:20:37 PM »
1. 45 (but see 3 below)
2. CDN$2.1m including house and pensions
3. Yes: am now following my dream career as a freelance writer. I want to be successful, and part of that is making money. This month I made $2,200, approx 1/6th or 1/7th what I made in my previous career. Wife is still working and doing well.
4. For 11 months, since December 2015.


Cerastez

  • 5 O'Clock Shadow
  • *
  • Posts: 26
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #36 on: November 02, 2016, 02:55:27 PM »
Long lime reader, first time poster.

One thing has occurred to me.  I'm able to do the math and figure out my income based on a 4% rate, but it's tricky because right now income is decent and we're saving a fair amount.

So what I'm curious about are the three elements together?

1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

1. 49, single, no kids, goldfish & houseplants
2. aprox $650k (includes home value)
3. no
4. 4 years

Aussiegirl

  • Stubble
  • **
  • Posts: 105
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #37 on: November 07, 2016, 05:19:40 PM »
1.  42, DH still working (he retrained late in life and wants to keep working - loves his job), 3 mostly independent stepchildren.
2.  If we were pulling solely from our stash - About 6% from unrestricted liquid assets (for our top end budget) and 2.5% from total assets excluding our home.
3.  DH still works, but that's his choice.  Also gives us time to settle into new area where we have just moved to and do some house renos without having to worry about money.  This is a conscious decision to ensure the first few years aren't stressful money wise.
4.  2 months!

Because DH is still working, and will do so probably for 3-5 more years, our actual withdrawal rates are more like 2% from unrestricted liquid assets and 1% from total assets.  By the time we are both FIRED and pulling solely fro the stash we should be down at 4-5% from unrestricted liquid assets. 

FrogStash

  • 5 O'Clock Shadow
  • *
  • Posts: 83
  • Location: TX
  • Get there...FASTER!
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #38 on: November 17, 2016, 02:15:58 PM »
Quote
Since everyone's expenses are so different here, some needing $10k/year and other's needing over $100k, I don't think knowing networth or even withdrawal percent is of much value.

It is for me because we're trying to figure out how much we need.  It's a moving target with growing kids and even with mint.com tracking, it's amazing how much $ is spent on "life."

If you asked me today, based on our current expenses, we need $2.5million based on a 4% return. Wow... And we're pretty frugal. We drive two 10 year old vehicles, our home is not extravagant, we don't buy lots of stuff.  We go on staycations rather than trips around the world. We don't live in a large city with skyrocketing costs of living...  We're pretty average.

I also recall that during College, with inflation (and owning a car) I could live off about $1500/month. But somehow, with marriage and kids, we've catapulted into the "WAY MORE THAN THAT" a month income to sustain after taxes.

That's making a FIRE goal very difficult.

So I guess the assumption was that people who are FIRING are either really well off, or don't have children. That's where my second question came up was "do you have kids?"

A big key to my fire plan is to pay off the house before I retire.  If you weren't paying for housing and cars and student loans (if you have them) what would your 4% number look like?  Mine is just over $1M with a wife and two kids.  I plan to FIRE in 2024 at age 45.  Kids will be 10 and 12 when I FIRE.

Threshkin

  • Handlebar Stache
  • *****
  • Posts: 1088
  • Location: Colorado
    • My Journal
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #39 on: November 19, 2016, 10:06:27 AM »
1. What age did you finally FIRE?
2. What was your net worth?
3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
4. How many years have you been "FIRED?"

1. 59.
2. Roughly 2M.
3. Nope, not yet.
4. 3 weeks to the day.

Metric Mouse

  • Walrus Stache
  • *******
  • Posts: 5279
  • FU @ 22. F.I.R.E before 23
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #40 on: November 19, 2016, 11:20:29 AM »
My neighbour’s son finally moved out, age 39!
Then there's that ;). Of course maybe your neighbor is a proper mustachian and charged the"kid" a high rent plus utilities and padded the stash with money! Kids - slave labor when they are young and income producing assets to reach FIRE sooner when they are older. Win/win ;)!

I would love more info on this. My 3-month old has been nothing but a slug since I brought her home! :D

Metric Mouse

  • Walrus Stache
  • *******
  • Posts: 5279
  • FU @ 22. F.I.R.E before 23
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #41 on: November 19, 2016, 05:57:32 PM »
My neighbour’s son finally moved out, age 39!
Then there's that ;). Of course maybe your neighbor is a proper mustachian and charged the"kid" a high rent plus utilities and padded the stash with money! Kids - slave labor when they are young and income producing assets to reach FIRE sooner when they are older. Win/win ;)!

I would love more info on this. My 3-month old has been nothing but a slug since I brought her home! :D
Calvin Klein diaper model? If Stewie can do it so can baby Metric Mouse. Earn that money kiddo!
She is pretty adorable. Never to early to start saving, either

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28435
  • Age: -999
  • Location: Seattle, WA
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #42 on: November 19, 2016, 05:58:28 PM »
My neighbour’s son finally moved out, age 39!
Then there's that ;). Of course maybe your neighbor is a proper mustachian and charged the"kid" a high rent plus utilities and padded the stash with money! Kids - slave labor when they are young and income producing assets to reach FIRE sooner when they are older. Win/win ;)!

I would love more info on this. My 3-month old has been nothing but a slug since I brought her home! :D

GCC had a whole post on it recently:
http://www.gocurrycracker.com/gccjr-for-hire/
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Nords

  • Magnum Stache
  • ******
  • Posts: 3310
  • Age: 60
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #43 on: November 19, 2016, 07:37:34 PM »
GCC had a whole post on it recently:
http://www.gocurrycracker.com/gccjr-for-hire/
So, ARS, which agency did you guys sign your progeny with?

On a semi-serious note, it'd be interesting to see what offers you and GCCJr get for American baby models working in Thailand, Japan, or any other Asian countries.  I know dozens of U.S. military families have done this in Japan (for Japanese advertising agencies or photography studios) with their young kids who have "the American look".  Whatever the Japanese agency thinks the American look may be.

In my personal opinion (which may be cynical), every Bangkok model I've seen on billboards and video screens this month seems to look a lot more generic Asian-American than Thai.  I've probably seen these models more in Hawaii than in Bangkok.  It's almost as if their product/lifestyle will be simultaneously advertised in 20 Asian countries, not just Thailand.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28435
  • Age: -999
  • Location: Seattle, WA
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #44 on: November 20, 2016, 03:05:23 AM »
On a semi-serious note, it'd be interesting to see what offers you and GCCJr get for American baby models working in Thailand, Japan, or any other Asian countries.  I know dozens of U.S. military families have done this in Japan (for Japanese advertising agencies or photography studios) with their young kids who have "the American look".  Whatever the Japanese agency thinks the American look may be.

Interesting.

Sounds like a lot of work to research that though.  Meh.

Anyone who wants to do so can have a 10% finder's fee--pics available in the babyspy thread.  ;)
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Metric Mouse

  • Walrus Stache
  • *******
  • Posts: 5279
  • FU @ 22. F.I.R.E before 23
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #45 on: November 20, 2016, 03:09:32 AM »
She is pretty adorable. Never to early to start saving, either
and don't forget to take your 50% cut of the earnings as her manager ;-)
Another great idea. Maybe I should solicit investors? Shark-tank style - how much should I ask for a 10% stake? :D

respond2u

  • Stubble
  • **
  • Posts: 119
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #46 on: January 02, 2017, 09:19:10 PM »
1. What age did you finally FIRE?
52

2. What was your net worth?
At the time, my budget was about 3.7% of my investments. House paid off(not included in investments), no wife, cost of child in college accounted separately.

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?

I looked at it some, but haven't done anything yet. There's quite a bit of value in earning a little that you don't need. You can take advantage of the "saver's credit", possibly EITC, at least until the tax code changes.

Other than those, there's a huge disadvantage to earning more money because of the ACA subsidy reduction. (That also includes trying to build a Roth ladder).

4. How many years have you been "FIRED?"
just 0.75 years.

MidWestLove

  • Bristles
  • ***
  • Posts: 317
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #47 on: January 03, 2017, 08:36:26 AM »
1. What age did you finally FIRE?
38  (when I have decided to step off corporate thread mill) . probably later than I could have but I love what I do just don't like the politics of corporate middle/upper management

2. What was your net worth?
~2 mln in investments, paid off residence

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?

yes, I get bored and antsy without challenge and love my technology space (data and information management), love learning, and love exploring/tinkering to solve problems.
since then I made alliances/partnerships with local consulting organizations for some stream of work, reviewed manuscripts for OReilley, consulted on numerous projects, and am now considering full time non management opportunities as I want the challenge. 

4. How many years have you been "FIRED?"
about a year.  initially hard, worrying about spending down investments, etc. however, math works, balances don't actually go down (especially if you stay active since some income is incoming) . Now I know that whether I work or not we have enough and with employment being optional it is much more about finding the right fit vs what will I do to pay this bill in X days.
 

Fishindude

  • Magnum Stache
  • ******
  • Posts: 2810
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #48 on: January 04, 2017, 09:44:04 AM »
1. What age did you finally FIRE?
56

2. What was your net worth?
$5mil+, no debt

3. Did you find you kept working in some capacity knowing the money you were earning was more "efficient" aka - going to you and not to savings or something else?
Still working a few hours per week mainly for health insurance and continue participation in 401K

4. How many years have you been "FIRED?"
A few months

happy

  • Walrus Stache
  • *******
  • Posts: 7257
  • Location: NSW Australia
Re: For those who have actually FIRE'd, I have a few questions?
« Reply #49 on: January 04, 2017, 12:42:47 PM »


In my personal opinion (which may be cynical), every Bangkok model I've seen on billboards and video screens this month seems to look a lot more generic Asian-American than Thai.  I've probably seen these models more in Hawaii than in Bangkok.  It's almost as if their product/lifestyle will be simultaneously advertised in 20 Asian countries, not just Thailand.

One of my Chinese colleagues from Singapore tells me "eurasian" models (i.e. half european/half asian) are in high demand, and feature in almost all advertising in SE Asia, particularly females.