I see a lot of people talk about how they're going to retire when they're 45 or how they don't spend any of their equity grant they just invest it. I've seen a lot of posts about how nuts it is to have a $2m mortgage. That all sounds great and all, and I've pretty much ascribed to those beliefs for my adult life. But I think I'm over it now and I'll tell you why. I actually don't mind working. I like it (not currently, but starting a new job soon). But I can't imagine what I would do at 45 being retired. I want to work, maybe a little higher up, maybe start my own thing, we'll see. I'm 35 live in a 1700 sq ft house with my wife and three kids, my mortgage is $3300 a month. My base is $200k. With just my base I make more than enough to buy basically any consumables. Expensive groceries, clothes, my wife gets all kinds of expensive hair/nails etc. And still with just my base I'm saving a bit. My TC is $425k though. My house is small, no dining room, tiny kitchen, barely enough room for a couch in my living room. We host a lot of family/friend parties. It's always gotta be outside because the house can hold like 5 people. After taxes I easily have another 8-10k I could spend on a house. Or let's assume it's only half since stock could obviously go down. I still could afford ~7k mortgage. So why do I live in this smaller house. Because of FIRE. But it got me thinking. I only live once. My oldest kid is 9. If I spend like I am now, yeah maybe I can retire at 45 or 50. But my kids are all gonna be moved out by then anyways. I'll never have a bigger nicer more comfortable house. I'll likely never take them on big nice disney cruises. I would much rather enjoy my money now and just keep working. I'm guessing my TC will just go up, but who knows.. 35 with 12 YOE, I mean worst case I have to downsize. At least I got to enjoy it while it lasted. I think if I can just get through my kids being young with a lot of money, if I have to downsize when my wife and I are empty nesters, I think I'm ok with that. Just a rant. Wanted to offer a different viewpoint.
Doesn’t help the discussion at all since it can be used to support either of the viewpoints :P
I don’t believe in FIRE as well (and I don’t have that option 😅)
just know our time is limited on this planet and when we die, we will see nothingness and cease to exist so do you want to spend that finite time making someone else wealthier?
I want to have a good life with good experiences with my kids. I kind of don't care who else gets wealthy? I could spend that finite time retired with my kids moved out already. I'd rather have a good time now? I know that seems immature maybe? That's how I've always viewed it, but I think as I aged I went back to that belief
With that same argument, we could die within the next few years before FIRE even happens. Might as well make now comfortable.
Exactly how I feel. YOLO mentality, I’d rather enjoy my money (responsibly ofc) than plan every dollar of my life. My parents never had financial plans and got through dumpster fires, which doesn’t mean I shouldn’t be more careful, but hey, we all turned out alright.
I think most FIRE people are more interested in the FI part, and the retirement part is more of a soft retirement. Many of the FIRE personalities end up making up more money in retirement, than they made in their career. I think that comes from having the freedom and safety net that financial independence gives you to pursue self actualization goals that end up producing a lot of value and end up making more money. This is similar to the advantage/privilege of being born rich in the first place.
I think that's kinda what I was shooting for too. Retire so I can start my own thing. But by the time I retire and build my own thing my kids will be moved out likely (hopefully). Maybe I'm too much of a family man or something, but making a ton after they are all gone is not as motivating for me.
This ☝️
Do not sacrifice your present contentment too long for your future goals. I keep FIRE as a soft goal and don’t hold back on my reasonable desires that bring comfort, health or experience.
OP what is your NW and what was your FIRE target? If the idea of working until retirement doesn’t haunt you, I see no issues with this plan. FIRE id say is mainly for engineers who don’t love it that much and would rather do something else after they’re financially independent. (Like pursue other hobbies without having the need for finances)
Completely agree—you seem to know what you want in life, so go for it. I believe only some people will truly enjoy early retirement and that most haven’t put in enough effort and time to think of current opportunities that can bring them happiness. Probably as a result of playing it safe or not truly understanding what makes them happy yet, so they’d rather push it into the future to figure out. You also bring another good point—by FIREing you’re not only forgoing spending money for yourself but spending money _with_ other people (or in your case, spending money on your children). Not saying this is necessarily bad or good, but the optimal windows for spending your money for certain things can be short-lived
What happens when the party ends? I don't think these high TCs are sustainable.
Yeah that makes sense. But then I just downsize? I mean not ideal for sure. But what if it doesn't and I'm 50 I have no more kids at home and I am regretting not living life? I think I'd rather deal with crap if it comes instead of speculating that it will.
Well I think you can live life in a lot of ways. Being poor and struggling with spending money makes you unhappy but spending more above a limit won't make you any happier. Like having a bigger house will certainly not make you happier, it'll just make you more comfortable. If you already have a good level of comfort finding something to spend on that makes you happier is extremely hard.
Humble brag, but okay. 👍
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