Financial Independence Retire Early (FIRE)

[fez]

Holidays are a legal requirement.

They are but I don't believe there is any requirement for them to allow you to choose when you have them. I haven't heard of many companies that don't allow people to largely dictate their own time off but plenty of companies force people to take certain weeks off and deny others depending on the work.

I understand what he is saying but I certainly don't particularly agree with the sentiment.

 

[413x]

I’ve found this lifestyle fascinating. Mainly hearing about the extremes but ultimately people who don’t really live much of a life until they are 35 or even 40+

For me, there is something to be said about wasting your youth so frugally, because you are capable of far more fun at that age. I say that as someone rapidly approaching 40, and my body and ability to enjoy myself has definitely dwindled due to age. That’s my only real objection or concern I guess. Good luck to anyone trying to get out of the pleb lifestyle or rat run in what ever way they can. Working for a boss or a company just seems so humiliating ultimately.

This is my concern and why I won't be saving anymore heavily.
I've saved heavily until 39.

Obviously I'll still contribute to my matched pension. But with so many people dying around retirement ages and food/plastics/etc having who knows what effect on our long term health + no kids.. No way I want to die with loads of money in bank.

 

[Uther]

Absolutely.
Back when I was that age, even though I was interested in finance/saving I didn't really get into it until much later. No one talked about it. I was saving for a house etc.

Anyone just putting cash into a pension and isa even modestly from 20-25 is going to do fine.

The pension contribution I could make now if I had been saving much younger would be far far lower.

I look back at my 20s and tbh, it was a terrible decade for me. I didn't do much, nor earn much, nor enjoy myself

First thing I got my kid to do when he started work at 18 was to set up an ISA and SIPP. Nine years later he's not got much less than me, and I'm nearly 60.

 

[200sols]

First thing I got my kid to do when he started work at 18 was to set up an ISA and SIPP. Nine years later he's not got much less than me, and I'm nearly 60.

Starting early is the key!

 

[Uther]

Starting early is the key!

I don't remember getting any financial advice when I was young, so I wasn't going to make the same mistake with him.
Unfortunately he still has to buy a house which will wipe out a lot of his savings, but he'll probably look up north for that. He's well into the savings habit though so I don't have too many worries.

 

[danlightbulb]

I look back at my 20s and tbh, it was a terrible decade for me. I didn't do much, nor earn much, nor enjoy myself

Dont be too hard on yourself about the past. I met a girl, got married, had kids, and it turned out that she was an abusive bch and I haven't seen my kids for 7 years whilst paying the child maintenance for the past 14 years. That's massively stifled my financial security but there's nothing I could do about it - I thought I was doing the right thing at the time. And its only in my late 30's/40s that my earnings have really taken a step forward, helped recently by a bout of inflation.

The kinds of things we hear now - graduates coming out of uni earning 50k - that wasn't normal 20 years ago.

 

[arknor]

First thing I got my kid to do when he started work at 18 was to set up an ISA and SIPP. Nine years later he's not got much less than me, and I'm nearly 60.

"Just invest in stocks" is going to be the new "just buy a house"

but by the time people are saying it, it will be too late

 

[fez]

First thing I got my kid to do when he started work at 18 was to set up an ISA and SIPP. Nine years later he's not got much less than me, and I'm nearly 60.

So you're retirement plan is working. Come on lad, lend your dad a few quid!

"Just invest in stocks" is going to be the new "just buy a house"

but by the time people are saying it, it will be too late

Nah, I'm in my late 30s and that was the advice when I was in my early twenties and that was when house prices were still silly. I thought they couldn't keep going up so I didn't bother trying to buy. Even now buying a house is a good idea although you are unlikely to see quite such an increase in value. You are still likely to be paying less than you would in rent and long term I would assume the returns on that would be rather large.

 

[413x]

I don't remember getting any financial advice when I was young, so I wasn't going to make the same mistake with him.
Unfortunately he still has to buy a house which will wipe out a lot of his savings, but he'll probably look up north for that. He's well into the savings habit though so I don't have too many worries.

Told my sister to look at putting the cash she is saving pet month for her son in a kids S&S isa in a all world fund. But I think she's going to go for cash instead unfortunately

 

[413x]

Dont be too hard on yourself about the past. I met a girl, got married, had kids, and it turned out that she was an abusive bch and I haven't seen my kids for 7 years whilst paying the child maintenance for the past 14 years. That's massively stifled my financial security but there's nothing I could do about it - I thought I was doing the right thing at the time. And its only in my late 30's/40s that my earnings have really taken a step forward, helped recently by a bout of inflation.

The kinds of things we hear now - graduates coming out of uni earning 50k - that wasn't normal 20 years ago.

I was so passive. Me and my partner did nothing really. I worked for low pay for most of the 20s. Didn't value time. Mental health struggles.. Etc etc.

Sorry to hear that. Sounds incredibly rough and expensive!

I point really hot my salary bumps after getting my first house. It's all come so late. Just hope my health lasts long enough to make most of time now!

 

[danlightbulb]

I was so passive. Me and my partner did nothing really. I worked for low pay for most of the 20s. Didn't value time. Mental health struggles.. Etc etc.

Im the same. Very passive person.

Its only as I got older that I became more self aware and could see certain things. I don't know why, but I just didn't see those things when I was younger. Wisdom of getting older I suppose.

People start from different places in life. Look at Luke Littler on the darts. He is 17 yet looks and talks like he is mid 30s. At 17 I was still a kid.

He obviously is lucky to have a sense of self awareness much older than his actual age, either through luck or the way he was brought up. That has a bearing on his success.

I could have been more successful, if I'd had the awareness to do it. But i didn't, and I don't really know why other than we are just all different.

 

[413x]

Im the same. Very passive person.

Its only as I got older that I became more self aware and could see certain things. I don't know why, but I just didn't see those things when I was younger. Wisdom of getting older I suppose.

People start from different places in life. Look at Luke Littler on the darts. He is 17 yet looks and talks like he is mid 30s. At 17 I was still a kid.

He obviously is lucky to have a sense of self awareness much older than his actual age, either through luck or the way he was brought up. That has a bearing on his success.

I could have been more successful, if I'd had the awareness to do it. But i didn't, and I don't really know why other than we are just all different.

Yeah if I cared about career more. Or did something better at uni things could have been much better.

But like you say you can't look back and regret or you'll end up like the Newport bitcoin guy ravaged by past mistakes.

I wouldn't roll the dice again if I could reset. Much of the world doesn't have the luxury of even thinking about "how long will my retirement be". So I'm thankful to be born in a country with opportunities.


But it is frustrating how I've always been interested in finance, but never really discovered the best way to invest until mid 30s

 

[danlightbulb]

But it is frustrating how I've always been interested in finance, but never really discovered the best way to invest until mid 30s

Same, very technically minded and can easily learn new stuff, but at the same time Im blind to things in the world, don't see them until its too late when everyone else (or so it seems) is already way ahead of me.

I think Im more driven by instant gratification if Im honest. The credit card thread we've been talking on lately - I now have a stoozepot but I wasn't really interested in building up that pot over nearly 2 years, I wanted a head start so was lucky to have a no fee money transfer drop in my lap.

But - the kicker - that £500 interest I'll earn this year? Its already spent - I'll likely be buying a new sim racing wheel. :shrug:

So I couldn't do FIRE. There's too much nice stuff in the world that I want, and I don't want it in 30 years I want it now when I can make most utility from it.

 

[hurfdurf]

You're sounding an awful lot like that fella you don't like:

It’s almost like people aren’t binary in either having either purely good or bad opinions. Shocking I know.

 

[hurfdurf]

Expand your horizons

We are talking about the FIRE community. Is my experience in my financial planning and my understanding of the community not expansive enough for you? Please correct me if I’m wrong about this and stay on topic.

Your god complex is presenting again. By saying humiliating you are trying to position yourself as higher or better.

Sorry I don’t know who you are so don’t really know what you do or don’t know about me to claim I have a god complex, but can you try not steering your posts to being about me personally and stay on topic. If you want to interact as a fan you can DM me.

 

[Ayahuasca]

It’s almost like people aren’t binary in either having either purely good or bad opinions. Shocking I know.

I think the reality is that your limited success on Only Fans has warped your sense of what is and isn't humiliating.

 

[EvilRob]

Sorry I don’t know who you are so don’t really know what you do or don’t know about me to claim I have a god complex, but can you try not steering your posts to being about me personally and stay on topic. If you want to interact as a fan you can DM me.

Overshare personal information and opinions on forums and then get insulted when someone makes a personal remark. This made me chuckle.

 

[throwaway4372]

If you just want to **** on people do it somewhere else please.

 

[dlockers]

Nvm

 

[200sols]

"Just invest in stocks" is going to be the new "just buy a house"

but by the time people are saying it, it will be too late

It'll never be too late unless you believe markets will get to a certain point and then just never go up again.