Challenge/Question: how do you measure your FIRE Date?

[S0VERE1GN]

Hey all,

My wife and I have slightly different ideas about F/I: she wants to be a professor at our alma mater, whereas I want to work on cars for money sometimes when I feel like it, and work on other projects as I see fit.

We've done out the math and I've realized that ten years is a really reasonable goal for us if our income completely stagnates ( which I don't Imagine it will)

As we're essentially just starting to build the 'stash, how do you all measure the time to motivate yourself?  I was thinking of putting a little countdown thing at my desk at work with 120 weeks on it, and every week we save appropriately I cut off another week.

What do you guys do?

[lauren_knows]

I'm slightly biased, but I think you'll find that a lot of people on these forums are incessant number-crunchers. Custom spreadsheets, mint.com, cFIREsim, networthify, etc etc.  A lot of people (myself included) will continuously grind out the numbers, and use that as a dreaming/motivational tool.

[S0VERE1GN]

I'm slightly biased, but I think you'll find that a lot of people on these forums are incessant number-crunchers. Custom spreadsheets, mint.com, cFIREsim, networthify, etc etc.  A lot of people (myself included) will continuously grind out the numbers, and use that as a dreaming/motivational tool.

Me too. the wife and I are both Accountants by education. so what's a good way to make sure you stay on track for saving regardless of outside circumstances?

[Nancy]

That's a pretty cool idea. Although 10 years would be 120 months or ~521 weeks (unless I misunderstood your timeframe).

I think I'd go with months since I invest/get paid monthly. Perhaps I'll write the number of months on the bottom corner of my calendar...

[S0VERE1GN]

That's a pretty cool idea. Although 10 years would be 120 months or ~521 weeks (unless I misunderstood your timeframe).

I think I'd go with months since I invest/get paid monthly. Perhaps I'll write the number of months on the bottom corner of my calendar...

hah yeah that was a typo. 520 weeks!  or 120 months. I figure weeks are more realistic, so If you save you $300 or whatever every week, and then get to check that week off as "complete" its like a lot of little wins.

[arebelspy]

As we're essentially just starting to build the 'stash, how do you all measure the time to motivate yourself?  I was thinking of putting a little countdown thing at my desk at work with 120 weeks on it, and every week we save appropriately I cut off another week.

Recent discussion on this: http://forum.mrmoneymustache.com/welcome-to-the-forum/countdown-clocks/

Inspired by Hybrid's glass beads/bowl in that thread, I started a paperclip chain countdown on my wall at home, held up by a thumbtack, one paperclip for each month left.

[Badass by 41]

1857 days to go, says my little Mac Dashboard Countdown Timer.  I chose a date and time as a target for my countdown, but I'll definitely revise as the years go by.

[Cassie]

The last five years I worked I had a countdown to freedom calendar & crossed off the months.  Then 2 years early I left.

[inmotion]

How about using the 521 weeks and then take on challenges to reduce that down --- i.e. find additional ways to save/cut unnecessary crap out and at the same time look at ways to increase your income by beginning your transition projects (you)/positions (your wife). 

This is what my wife and I are actively doing... knocked 6 months  off of what we originally thought possible when we started our process.

Just some thoughts there!! :)

IM

[Thegoblinchief]

Too early to have a date, but I track my NW and have a decent approximation of a FIRE number.

[deborah]

Never had a calendar. Would have been pointless, as it happened, because things changed. I was about 1 year out when I was accepted for a Degree in Fashion Design (very competitive, was sure I wouldn't get in), so I managed to take leave at half pay for 9 months. When I got back, I worked for 2 weeks and was told I had more leave owing (HR had worked out the 9 months, so the extra leave was a surprise). That was an extra 2 months - and then I left without coming back.

[marty998]

Deborah some of that extra leave may have been accrued while you were on leave too. Gotta remember HR staff probably weren't the best at maths either. (ooh I hope that hasn't offended too many people lol)

I've picked a date that corresponds to when I get my long service leave with my current employer. I know by then I probably will not have enough, but nobody accomplished anything worthwhile setting a pissweak goal that can be achieved with your eyes closed.

[arebelspy]

nobody accomplished anything worthwhile setting a pissweak goal that can be achieved with your eyes closed.

Awesome quote!  :D

[Paul der Krake]

Most people with a tentative date are folks with established careers and a pretty good idea of their incomes in the next 3-5 years. For us young peeps who aren't even sure what we want in life yet, the future is not so clear.

So to answer your question: I don't. I know it will most likely happen within the next 8-25 years, and that's enough for me.

[arebelspy]

Most people with a tentative date are folks with established careers and a pretty good idea of their incomes in the next 3-5 years. For us young peeps who aren't even sure what we want in life yet, the future is not so clear.

So to answer your question: I don't. I know it will most likely happen within the next 8-25 years, and that's enough for me.

Happy belated birthday.  Your forum age makes me laugh now. :)

[S0VERE1GN]

Our plan is to set by paycheck savings goals (since we both have stable careers) and then tweak and test from there as raises and expenses changes (hopefully more cost cutting and more income growth)

[deborah]

Deborah some of that extra leave may have been accrued while you were on leave too. Gotta remember HR staff probably weren't the best at maths either. (ooh I hope that hasn't offended too many people lol)

I've picked a date that corresponds to when I get my long service leave with my current employer. I know by then I probably will not have enough, but nobody accomplished anything worthwhile setting a pissweak goal that can be achieved with your eyes closed.

Actually, we all worked out the leave (of both kinds) accumulated in the initial calculation. What didn't get calculated was the long service leave accumulated. And something funny went on because I was on half pay - long service leave accumulated at the normal rate rather than at .5, and maybe leave also accumulated that way.

[sobezen]

So far using a hybrid of resources including the FIRECalc, Monte Carlo simulations, madFIentist lab, Mint, and of course Pete's rule of thumb.  All of these do not specify an exact date per se but they indicate the dollar amount needed which I can control largely by increasing my earnings.