I personally think that our nations youth could benefit greatly by adopting some of the ideas presented by the FIRE community. Most have preached to reduce lifestyle creep early in your career and front load your retirement accounts to give compounding the most time to work its magic. Also, to give some conscious thought to where your money is going, and make a plan, as opposed to mindless consumption. To resist the urge to finance a luxury house/car before you can reasonably afford one. To invest in low-cost index funds etc.
At very least, these principles would give a person some financial security at any age, and some options later in life to at least to reduce work prior to full retirement age.
I agree that most people aren’t going be able to pull this off by 30 or 40 years of age, but I think there is still some value in the message.
I also retired early, and found it incredibly easy to do. I have always been naturally frugal and content with modest entertainment, vehicles, and vacations…. Spending large amount of money on fancy things that only deteriorate would have made me miserable. Since I lived well below my means, saving close to 50 percent of my income and investing the rest in low cost index funds, the snowball rolled down the hill and my enough happened at 55. Maybe not for everyone , but life is good here in the southern Iowa springtime.
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I personally think that our nations youth could benefit greatly by adopting some of the ideas presented by the FIRE community. Most have preached to reduce lifestyle creep early in your career and front load your retirement accounts to give compounding the most time to work its magic. Also, to give some conscious thought to where your money is going, and make a plan, as opposed to mindless consumption. To resist the urge to finance a luxury house/car before you can reasonably afford one. To invest in low-cost index funds etc. At very least, these principles would give a person some financial security at any age, and some options later in life to at least to reduce work prior to full retirement age. I agree that most people aren’t going be able to pull this off by 30 or 40 years of age, but I think there is still some value in the message.
Post: There Is a Season
Link to comment from May 13, 2024
I also retired early, and found it incredibly easy to do. I have always been naturally frugal and content with modest entertainment, vehicles, and vacations…. Spending large amount of money on fancy things that only deteriorate would have made me miserable. Since I lived well below my means, saving close to 50 percent of my income and investing the rest in low cost index funds, the snowball rolled down the hill and my enough happened at 55. Maybe not for everyone , but life is good here in the southern Iowa springtime.
Post: Living My Beliefs
Link to comment from May 3, 2024