Replies (74)
Your life, your rules.
Yea but you gotta remember... You still got like 20-30 years after 60 to get through.
ie everything it's taken you to live till now. You're only halfway done. That's a lot of years.
But I feel you man.
This is apparently a common issue that people on FIRE have. They spent so many years training themselves not to spend that they wouldn't know how to spend it if they wanted to.
Generational wealth, legacy. You decide how of course.
People weren't born to be idle; retirement leaves people rekt.
Enjoy each day, the present is more than it seems. 🤙
Yep can confirm
what did you imagine youd do with your free time? are you doing it? having excess money gives you more options so youre not pigeonholed into the worst or cheapest choices. you'll figure it out
I imagined I would write code and build cool websites
IMO wealth and spending is more rewarding when shared with loved ones
Agreed
mission accomplished?
Hey now, Scarbs has some nice areas (had may be more accurate). All the GTA has changed. I'm inverse of you having lived life too good up to 30 before settling down, having kids. That age seems quaint by how people are today. Now 50 and working as hard as ever, savings are good, and partially supporting (gotta teach them personal responsibility and how to make hard choices) two kids through school. Plan is still Freedom55 (may be before your time). Post retirement plan is garden, drink wine, and work on cars. Yes, I'm that much of a stereotype.
Put a woman in charge of your spending.
Hell no
Congrats on your continued saving!
I've got a section on this exact thing in the book I'm writing. Calling it the accumulation apex.
Next step is boredom, then renaissance.
Only poor or sick people really, truly retire. Everyone else just does different work, than before, or cuts their hours or freelances. It just means you are well-situated enough to spend more of your time doing what you like.
Welcome to the club.
Lol
A cup of coffee in the morning doesn't cost much. Find your joy where it is. No need to start a world tour
Any advice for me?
Money is merely a tool; its ultimate purpose is to secure freedom, a sense of confidence, and a high quality life experience for us. Savings grant us the power of choice in life, but if they turn into a burden that makes us afraid to spend, then we become nothing more than unpaid custodians of wealth. Perhaps doing something meaningful matters more in a bear market, numbers are just numbers, but experiences are not.
how much is enough? what’s your calculation? I haven’t figured it out.
30x annual expenses
i "retired" in my 40s and now in my 60s with 2 houses that I snowbird between. the bank account is adequate. the stack is growing. I work part-time when I want. they fucked us with the double digit inflation, which sucks...
but, if I just had more I could...
nah, i'm good.
stacking & chillin'
they will double digit inflation us again. I've seen it twice , young folks have seen it once. they learned that they could screw us and we'll take it.
My best days are the ones where I meditate, work out, and talk to people I care about.
I think it's also good to find a seemingly unachievable goal to strive towards. Sometimes picking that goal is more important than the striving part.
Try to liberate humanity from the clutches of big tech with nostr
Lfg same here
Ecclesiastes
You have to do 30x annual expenses with compounding inflation on your expected purchasing power at the start and go with 4-5% inflation per year for 30 years to get your real number. In fiat at least. If you measure in Bitcoin you can probably make a pretty good judgement with that.
You wanna spend 50k per year and retire now let's say. So Total = $50,000 × (1.04³⁰ − 1) / 0.04
Total ≈ $50,000 × 56.085 ≈ $2.80 million
If you were 60 and wanted to stop working now and spend 50k in purchase power over the next 30 years, you need 2.8m
USD of course.
🤣
50k will be the new 25k by the time its time to retire. Lol
Assets will always keep up with inflation, probably exceed it, which your model isn't accounting for.
If Retiring early means not doing anything productive, ill tell you its wildly overrated. After a year of traveling I was ready to “do something” again. Bad habits were forming.
If retiring from a daily grind/shit job so you can start a new journey on some project you love, it’s super rewarding.
—Just 2s from someone who retired twice in my productive years.
🧡👊🏻🍻
Keeps saving. Remember, the value of the dollar is down forever.
You might be fine at today's math...
But not the retirment math 10 or 20yrs from now when $1 is worth a penny.
I'm 35 with zero savings. Prolly don't listen to me and just keep doing what you've been doing.
🫂💜
I own assets not fiat, saving fiat doesn't work
The older you get the less you need. Impressed you're thinking about those things at your age. I was wide open back then. Going to live forever. Keep thinking, laughing, and enjoying the journey. It's short.
The poor own cash. The middle class own a house and a 401k, but usually don't amass enough to retire early due to lifestyle creep. The wealthy own large amounts productive assets with a limited supply like equities and real estate. Now Bitcoin factors into the mix. But if you want to retire and be insulated from inflation you need to own what the wealthy own.
And the dow Jones will be 200k and Bitcoin worth millions
Retirement doesn't necessarily mean you stop being productive. It means you stop selling your time and effort to somebody else.
When enough's enough
You'll find joy in simple things
Like morning coffee 👌
#haiku
Sure. But I was talking about spending money. You can't spend your house or your car. And your car will most certainly depreciate.
Assets are also not immune to restructuring and downturns. ie they carry risk if you're holding.
Just food for thought I guess.
Like I said, probably don't listen to me and just keep doing what you've been doing. Lol
I'm a broke person.
I can't afford to save into either.
I've never had stability like that.
All I know is chaos and hardship.
$10k is life changing for me.
No clue how I was able to hang onto $7360 of withheld rent funds for court in a few hrs.
Maybe one day I'll get to where your at.
💜🫂
Agreed.
I need to figure out how to provide more value to society.... been just trying to survive the last 6yrs.
If you can just save $10 a day for 10 years you'll have $60k. I know you can do that. Ideally $20. Switch up your YouTube algorithm to see all the hustles people do these days... Saw a kid making $15k/mo power washing driveways and storefronts
maybe youre conflating retirement and living in luxury
just don't mess up your retirement by keeping your savings in bitcoin
Good advice lol
not kiddin
Learn how to take some profits in bull markets and treat yourself.
ROFL 🤣
Oh I can for sure do $10/day, some days more...
The issue I run into when saving, is eventually having to spend it on housing or a vehicle.
These things have NEVER been stable for me. Not since I was 13 living with mom & dad...
Right. Start a business. I have a list of things similar I could be doing!
Again the issue I run into is that I can't afford the power washer etc to actually start due to the instabilities above.
Seems I can never get ahead or a solid footing.
I'm honestly so sick of this loop shit, that I've started building huts in the woods on my free time ACTUALLY HOPING I end up living in them because life was cheaper being homeless...
All i had to worry about was food and somewhere to sleep out of the rain. Anything else just came across as a subscription fee.
My huts have tarp roofs....
Other animals: water, food, freedom
Humans: look we created this thing called money
The traditional path in the States around careers and retirement is basically:
Move to a random place away from your family and friends to get a good job (you won’t see them as much or maybe even very often anymore) then work yourself to death for 30-35 years while your wife does the same and your children are educated by the State… come home to troubled kids and an exhausted spouse… then die within 10-15 years of getting your gold watch, just when you were finally enjoying yourself and repairing the damage done while you watch your kids go down the same path…
That hasn’t worked out well for the majority of the boomers… although of course some of them managed to find balance and do it right and make it work for them…
Time for a new paradigm.
Find work yourself are passionate about.
Go live somewhere overseas where you have a high quality of life for a low cost and many opportunities.
Manage your work/life balance to find the optimal flow.
Never retire, simply continue doing the things you love and turning your passions into revenue streams and build them into your lifestyle so that you don’t need a vacation for your life and you can instead focus on your lady and your children
Just my 2 sats 🫡🙏🏼
Same.
You need kids. They're the only reason to leave anything behind after your dead. Living for self service is unrewarding.
Same. I bought some clothes at a thrift store yesterday. I can afford new, fancy ass clothes. I just don't want them.
I did figure that out this time thankfully.
It's a valient goal.
Spend on those things you’ve learned bring lasting value. Discernment is your super-power. Congratulations on being young enough to enjoy the recollection of your lean years while savoring your wealth. What a legend!
Somebody has the finest fur coat around.
What about the dividends?
My goal is to build a portfolio that can fuel itself, & fuel me.
I know that’ll cost about $2 million in today’s money for about $100,000/year.
Right now, I’m shooting for Coast Fire in the short term but if my income does increase I’ll go for FIRE proper.
You cannot drastically improve your livestyle by simply spending money.
The best things are free or cheap
I haven't had a job in 15 years lol
Dividends are ok but they aren't taxed as favorably as capital gains and you realize the tax right away, so you can't do the buy borrow die strategy as well with them
Fair point, I didn’t really consider that 😅.
Well, in any cases it’s good you were able to build something that lets you retire early.
I’m 29, and still building, I’m unsure if I’ll be able to hit FIRE but I’m thinking coast fire is feasible for me by 35, which is better than nothing.
For me, being able to retire at all is the goal, even if I have to wait until 70 to do it.
But ideally retiring by 40 would be nice but is currently unlikely.
The FI part is the key, not retirement imo. Men need to work otherwise we'll go crazy, but when we don't have to do it for the money we can be happier I think. I make a lot less with a nostr grant but it's work I love
Yeah having FI is ideal.
I’m still figuring out what I should do to accomplish that since I haven’t specialized in anything unfortunately.
10 millions dollars
🤣
I’d listen to a podcast about that
Do you have land , building a home , having animals and being able to grow food will make you more self sufficient and you wont be as stressed spending.
Financial Independence Rewarding Employment is a good goal
