Changing city for FIRE

Amazon RubOnRails
Jun 8 10 Comments

One quick way for FIRE ( financial independence, retire early) that I see is - to reset your expectations from life and move to a LCOL location after working in HCOL location for sah 10 years. If you have 1-2m saved up, you can easily move to a tier 2 city say Colorado springs or Stockton ot Sterling etc and retire sooner.

Anybody thinking like this or tried it ?

comments

Want to comment? LOG IN or SIGN UP
TOP 10 Comments
  • Oracle mickjogger
    Can you resettle at an older age in a place where you've never lived before? That's they key question.
    Jun 8 1
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      People always think this is more feasible than it actually is.

      As you get more comfortable financially, uprooting your family to the middle of nowhere with zero ties becomes less sane.

      There are several reasons Mobile, AL is not the FIRE capital of the US (despite VLCOL).
      Jun 8
  • Google / Eng QrJx75
    Yes, but you and your family should be very comfortable with that new location. And 1-2M is not enough for anywhere in America. Don't make that mistake. You should wait until you hit at least 3M. At 2M it'll only take up to another 4 years.. But I'm assuming your TC is high, so it may only be 2-3 years additional for you.
    Jun 10 5
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      “And 1-2M is not enough for anywhere in America”

      This is an incorrect view of income in America.

      US Median income is $56k

      $2m puts you at $80k/yr

      That’s the 81st percentile of income.

      So unless you’re saying 80% of income earners are starving to death you may want to revisit your view of US income outside the CA/WA tech bubble.
      Jun 10
    • Google / Eng QrJx75
      4% rule isn't bulletproof. 96% of the time you'll run out of money. For someone who wants to retire early, their money needs to last them indefinitely because if they decide that 20 years from now they need money, their skills in the job market might not be relevant anymore. Why rush into FIRE barely making the cut?
      Jun 10
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      I don’t care if OP FIREs or not.

      This statement is provably false

      “And 1-2M is not enough for anywhere in America”
      Jun 10
    • Google / Eng QrJx75
      I just refuted your point... You must not care about facts either
      Jun 10
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      I’m not sure what you refuted.

      You can get 20 year AA+ muni-bonds today at 4%

      Or you can try your luck in the market. 9.8% return over last 20 years. 6.4% over last 30 years.

      A bond is a fixed income vehicle that turns your $2m into an $80k payment for the next 20 years. Then you get the whole $2m back.

      Or are you unfamiliar with these?
      Jun 10
  • GoDaddy Ofj47e
    Also what helps us to move to a low tax state in addition to low COL - e.g. TN or TX
    Jun 8 0
  • Twitch jkley28
    wouldn't want to love in colorado springs as a non-white person, but idea checks out
    Jun 8 0

Join verified employees in our anonymous social network! Download the app!

close