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FIRE is a concept that’s attractive to a single 25-30 year old but IMO very few people actually can do it . Life happens and there is a lot of randomness that goes along with it . Marriage , kids , house , education, healthcare etc . It’s good to build a nest egg for emergencies or retirement but unless you are a founder who’s company made big - it’s very difficult to actually FIRE and do nothing but chill.
The trick is to make money in the US and then leave for a way cheaper country with state funded healthcare/education
First, you have to be able to speak the language of the country. Second, state funded healthcare and education don't guarantee quality. That's why you never see wealthy people send their kids to any state university
University doesn’t mean jack shit anyways... rich people send kids to good private unis because of the name value and networking.
Every investment has its own risk. You cannot guarantee your nest egg will not tank and last you a lifetime these days. That's coming a family of wealth 8 generations ago and by the time my dad was a kid he was in poverty and starving. Shit happened, no matter how much you plan.
You can if you have 10M
Yeah seems like the family made poor decisions along the way. Only risk/invest what you are ok with losing outright.
It’s very possible. Get a job at FANG after college as a swe. Be good at what you do. Invest in SPY. You should be able to FIRE by 35-40.
You are assuming that the next 10 years of stock market will be like the last 10. Even then this is a FIRE plan for a single person with no kids or no divorce risk
Stripe is oblivious that US stock market is being Japan-ified
This FIRE BS is only made possible because the stonks have been going on a tear for the past 10 years. You'll get financial independence for a few years, but history has always shown that keeping a little fortune for more than a decade is impossible without continuing to serve the man.
L
The SP500/Nasdaq/DJIA/Real Estate have all appreciated considerably over the last few decades. If you take out 2009-2019 and look at the prior 3-4 decades, growth was still strong. FIRE is not that hard to achieve - even with a average paying job and aligning yourself to the 'slow and steady' strategy of DCA, you can FIRE. Also, FIRE is not just 35 year old, FIRE can also be 55, that is on the "later" side, but it's still an early retirement, and it works particularly well for those who genuinely don't want to FIRE so early
should be retirement in installments. that is, take periodic breaks within your career. I have taken off for 6-12 months twice already just to travel. This is the best of both worlds. The experience you have with the time off will be different in each stage of your life. things I did in my 20s I could not do in my 30s.
I've actually been considering taking a year off after working for 3 years. The world will be very different 20 years from now so it's impossible to experience the present if you just work constantly for a future retirement. This seems like a great way to get balance.
How was reentering the work force? Did you go back to the same company? How did you explain the break?
Disagree. just turned 20, contributing to roth and a hysa, investing in real estate soon. Will be FatFire by 30-33
You have no kids, so your real expense haven't started yet
Yep.
Remove marriage and kids from equation and you will have fire in 15 years of work.
A sad life. If that's all someone wanted, they could skip the 15 years of work, go to one of the richer European countries and claim welfare.
Lol what? What country allows you to do that? All the people I know doing that in Sweden Denmark and Norway are all citizens and we're born there, if they were immigrants (not refugees) they don't get to do that.
Let me give you my answer form the perspective of a 35 year old married with kids guy. FIRE was one of the better things that I have been introduced to. It provided a target to shoot for. Here are monthly expenses for a very luxurious lifestyle (not talking biz class travel): Mortgage $3k Prop taxes $1400 Cars (plus insurance, fuel) $2k Kitchen: $1k Dining out and entertainment: $2k Twice a week cleaner: $600 Bills (elec, gas, phone, internet, water etc) $1k Travel (1 annual international and 1 domestic vacation averaged monthly) $2k Misc shopping (clothes furniture electronics) $1k Misc expenses: kids birthdays, 529, gifts etc: $1k Health insurance when retired: $3k Total: $17k monthly Or $200k annual roughly To make $200k after tax, need to generate $300k annually Using the 4% rule, you’ll need $7.5M This is based on a $800k home. YMMV based on location. So the real question you should be asking is - *what is my FIRE number and can I realistically reach it* Note that the above math is based on a lot of things that you can live without. Like I said, this is a budget for a very good lifestyle. I spend about 10k currently, but want a big buffer to enjoy RE phase of FIRE. Also, and I will yell here, if Americans actually did the math, even if they didn’t care about humanitarian reasons, THEY WOULD STILL ALL BE IN FAVOR OF FREE UNIVERSAL HEALTHCARE. It is fckin expensive to buy your own insurance unless you’re making less than 100k and getting subsidies. You can reduce your FIRE number by a lot of you’re willing to invest in semi-passive real estate.
Wtf your numbers look crazy. In the UK I now own a £1m home outright and can have my family live on less than £1k a month (food, bills etc). How do you spend 2k a month in going out? Why is your cleaner so expensive? Why is your kitchen costing 1k? Why are you spending so much on cars instead of owning a small economic one? Imo you could reduce your expenses by 80% as still enjoy your life almost as much.
To each his own. Do you take international vacations? Tickets for 4 to Europe, plus hotels and food for 2 weeks is easily $8 to $10k. Property taxes on a $1M home in most major US metros will result in $1000 to $2k in monthly property taxes Health insurance for a family of 4 without subsidies is $3k if you buy on your own. Internet and 4 phones are $250/month. Netflix, HBO, Prime etc another $50 $100/month water bill $400 to heat and cool a 3500 sq for home. College education for 2 kids is roughly $300 to $500k. So you end up saving $1k/month/child for many many years in a tax advantages 529 account. All of that aside, like I said, the budget I shared is a luxurious one. Skip the cars, shopping, dining out, travel and you’ll end up closer to 7k/month. And no, you cannot even survive on $1k/month.
FIRE is great. I still plan to work when I hit it, but instead of working for companies that demand my soul I can take a pay cut and do something I actually like with a lot less stress
Care to elaborate for us illiterate, what is FIRE
It's the rapid oxidation of material in the process of combustion. It's dangerous and don't play with it
/r/FATFire