What are your thoughts about FI/RE Financial Independence Retire Early. Is it a scam or is it possible? Any experience?5d
What are your thoughts about FI/RE Financial Independence Retire Early. Is it a scam or is it possible? Any experience?
- Snapchat BigCoinThere are multiple ways to achieve FIRE depending on what u r comfortable with. It sounds like in your case, you are probably more cautious (I am as well); but a lot of people have a higher risk tolerance. Note that ironically creating a successful FIRE blog will general some passive income and potentially let you achieve FIRE (again, everyone has different definitions, so you will have to pick carefully what kind of FIRE u want).
- I liken it to the whole global warming thing. Even if you believe it doesn't exist, is cleaning up the planet going to leave us worse off?
Likewise, even if you believe you're not going to retire early, you're still setting yourself up for success later in life.
Compounding interest is one of most amazing things at our disposal. If you have 100k in the market before you're 30, assuming an 8% annual return over the next 35 years, you'll have nearly *$1.5 million* in retirement savings. And keep in mind, that's with not adding a single penny after you reach that 100k mark.
One other area, as mentioned above, is passive income. Buy property, rent it out, save your profits to reinvest later on, and you'll have a great portfolio by the time you're in your late 40s early 50s and could likely retire if you want to.
- Very possible but the vast vast vast majority of examples you see are people who don’t have kids and don’t plan to. That changes things
- Google gcpmastermoreTo me the whole idea is dumb. Why stop working after 10 years when you really start earning big bucks.
- Apple 91ZD70H4I7FI/RE for me is generate enough passive income that you can do what you love rather than work for someone else... it not about I have millions in my account I will do nothing from today onwards 😊.. you will get bored after few month or year of doing nothing 😊.. for me real estate is think I invest lot in it to generate passive rental income in addition to my TC
- Where you live is probably the biggest factor outside of whether to have kids. Move somewhere that pays SF salaries that's not SF.
- Gen!x / Engixptl12moreSomeone did an extensive AMA on this here: https://www.teamblind.com/article/I-FIREd-this-year-at-43-AMA-jNKKtXVa