Author Topic: What goals do you have for FIRE?  (Read 6871 times)

Jamie

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What goals do you have for FIRE?
« on: August 09, 2018, 11:30:31 PM »
Hi. I haven't had a traditional 9-5 job in several years but am still working and saving my way towards a true FIRE lifestyle. I'd love to hear what goals you have now or had in the past for achieving FIRE. thanks

Snow

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Re: What goals do you have for FIRE?
« Reply #1 on: August 14, 2018, 11:15:17 PM »
My goal is to retire by 45. I have about four years left to go. I’ve been saving roughly 55% of my income each month and about 80% of my annual bonuses. I’ve been building my passive income portfolio too. It’s both exciting and scary to think about FIRE but more exciting as it gets closer.

wenthere8this

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Re: What goals do you have for FIRE?
« Reply #2 on: September 10, 2018, 08:26:58 AM »
I plan to retire at age 50, or 11 years from now. I save a little more than 50% of my income, and have done so for quite some time. I am working on building passive income, and started an online business about 1.5 years ago that is finally starting to generate a small amount of income. I own 2 rental properties and am working to buy a third property. Ideally, I would like to FIRE before 50, but we'll see where the online business takes me. I also am looking to fatFIRE because I like to be comfortable! But occasionally I am ready to throw in the towel and just go with leanFIRE!

ksuhawkeye

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Re: What goals do you have for FIRE?
« Reply #3 on: September 10, 2018, 12:36:23 PM »
My current GET OUT date is 42 (8 more years).  I changed my mindset in past year to focus/measure progress by looking at % of passive income created vs. GET OUT income goal and that has really helped me stay more focused to this point.   My contemplation is if I readjust my real estate portfolio from one that was more focused on equity appreciation to maximizing cash flow and also do I stop maxing retirement account to have more funds available for more near term passive income.  Currently I am choosing to leave those as is and build with income focus from this point forward but it is tempting to cut a few years off the goal. 

physicianonfire

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Re: What goals do you have for FIRE?
« Reply #4 on: September 12, 2018, 09:13:22 PM »
I posted my goals in a guest post here at Financial Samurai (https://www.financialsamurai.com/rejecting-every-reason-not-to-retire-early/) and will repeat them here.

$1,500,000 between a taxable account and 457(b)
$1,000,000 between Roth IRAs and 401(k)
$250,000 in our Donor Advised Fund
$200,000 between two 529 Plans

I've surpassed the goals and will be leaving the workforce late next summer at age 43. Like the F.S., I will be earning online income, so I'm not necessarily done done, but living in a LCOL area, I feel more than comfortable that we've got Enough.

Cheers!
-PoF

rtysmith

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Re: What goals do you have for FIRE?
« Reply #5 on: September 13, 2018, 10:55:21 AM »
I'm leaning towards FIRE Barista
I can't imagine stopping working, I love it and it is a total high. My biggest issue is losing my trusted team, which may keep me going just to be with them.

quantakiran

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Re: What goals do you have for FIRE?
« Reply #6 on: October 05, 2018, 11:03:32 AM »
I recently learned my FIRE is just hygge :) I want the time to savour things; pondering the morning over breakfast, writing novels, a little beekeeping, lots of gardening, reading what I want when I want, napping in the fresh air in the spring sun and sleeping in on winter mornings.  :D basically living life on my own terms and enjoying the things I love everyday. But first I need my own house to do all these things.

Imagine no incessant background office noise/chatter, no more public toilets, no more office politics, no more irrational clients, no more rush hour traffic, no more rat race! Just PRIVACY and FREEDOM!  8)  :P

Edit: NO MORE AIRCON SET TO NORTH POLE!
« Last Edit: October 06, 2018, 10:03:31 PM by quantakiran »

nycrite

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Re: What goals do you have for FIRE?
« Reply #7 on: October 11, 2018, 02:05:12 PM »
My goal is simple. I would like to stop trading my time for work. I already err on the side of doing things for myself, so I'd likely continue that and probably invest even more in my general skill set to be self sufficient (and help others with my surplus time)! For instance, I'd learn to do my own plumbing, and on the side, if I knew someone with a plumbing need, I'd offer to do the work at a reduced rate or free. I'd probably take a page out of Sam's book and teach tennis. Not sure I have what it takes to be a high school coach though!  ;)

Jon Sharpe

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Re: What goals do you have for FIRE?
« Reply #8 on: October 12, 2018, 04:54:32 AM »
My goal is to have the option to fatFIRE at 55, which is 7 years from now. My kids will both be out of college, the house will be paid off, and I'll be eligible for retiree medical benefits from my employer. What will I do with my free time? Workout, travel, play guitar...

Orphan

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Re: What goals do you have for FIRE?
« Reply #9 on: October 12, 2018, 04:57:34 AM »
Jon,
You might get bored. I did. There was only so much golf, fishing and honey do’s I could handle..

Sam

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Re: What goals do you have for FIRE?
« Reply #10 on: November 07, 2018, 08:13:45 AM »
I just want to be a stay at home dad until my boy goes to kindergarten at 5.5 years old. They say the first 5 years are the most important years of a child's life, so I figure I might as well spend as much time with him as possible.

Once 2022 hits, I'll probably adventure out in the wild and travel more. For now, I'm gonna stayed locked down and locked in.

Let's do this!
Regards,

Sam

Pennymenny

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Re: What goals do you have for FIRE?
« Reply #11 on: November 07, 2018, 11:02:39 PM »
Sam- as someone who also has young kids, can you share whatever book / resource reference which is prompting you to conclude the first 5 years are the most important of a child’s life?

My spouse and I have a child FIRE goal - we want to be in position to have one of us able to retire from the corporate rat race at 40 so we can spend quality time with our kids. I would like to double our net worth by then - will require saving one income (we are dual income); potentially moving to a LCOL state; successfully invest through another recession / bull cycle; keeping our gross income steady through the next cycle.

Ooaf. Need to keep motivated on the savings and wage accumulation!

rluks

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Re: What goals do you have for FIRE?
« Reply #12 on: November 13, 2018, 03:04:23 AM »
I wrote my financial goals to Evernote, so I can check (or adjust) them anytime. It helps with the motivation to look at them from time to time. But I prefer not to obsess with them, even though I tend to  :D

Anyway, today was a big day for me, I managed to save 6 months of necessary expenses like groceries, etc. My next financial goal is to save full emergency fund of 6 months of all expenses. I also have a side quest goal (gamification!) to motivate me to earn a bit of cash from my blog.

What about you guys? Do you visualize or write down your financial goals?

Old_Arpad

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Re: What goals do you have for FIRE?
« Reply #13 on: November 22, 2018, 05:27:23 AM »
Oh boy. I'm not keen on thinking about FIRE goals which is a sign I do need to think about them. I'm more conflicted about what I want to do upon reaching FI than I should be. My problem is I do actually like my job - medical research - and it also isn't a job where I could start up on my own. Quitting my job means no more medical research.

At the same time, I want more time to myself. the post above that mentioned "hygge" is exactly how I want at least some of my time to be.

Originally I started saving hard for other reasons than FIRE. I wanted to be less wasteful, less consumerist, have a more simplified life. I felt bogged down in "things" and felt tied. I started to just not buy, and leave the money in the bank.
Then later there were layoffs at work and I saw some people so worried about what they were going to do. And I started to think whether I could get another job if I was laid off at 50. So I decided to save more just in case I did get laid off at 50 and couldn't get another job. 

Now... I am 4.5 years away from FI including retiree medical, at 50, which was my target.  However, I don't have any goals for FI and I should. Especially as it will be hard to replace the fascination of medical research with nothing.

dustball

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Re: What goals do you have for FIRE?
« Reply #14 on: April 16, 2019, 01:27:40 PM »
My goal to be prepared in case I got lay-off.
I like my job so don't have any plan so far to stop working early.
Unfortunately my industry is not very stable so a lot of lay-off so it's nice to be ready when it's coming.

ForgingFinance

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Re: What goals do you have for FIRE?
« Reply #15 on: April 21, 2019, 11:19:43 AM »
Originally I started saving hard for other reasons than FIRE. I wanted to be less wasteful, less consumerist, have a more simplified life. I felt bogged down in "things" and felt tied. I started to just not buy, and leave the money in the bank.
Then later there were layoffs at work and I saw some people so worried about what they were going to do. And I started to think whether I could get another job if I was laid off at 50. So I decided to save more just in case I did get laid off at 50 and couldn't get another job. 


I'm with you. The 2008 to 2009 recession really kicked me into gear on focusing on FI, but seeing layoffs and being bogged down in things are high up on my list as well. 

I've saved the 25x annual expenses lots of people write about, although I still work because I like it. Having this amount of savings allows me to take on more career risk and also has positively affected my mindset overall. Things that used to bother me at work don't bother me nearly as much. 

My biggest goal right now is working towards "what's next". Even though I like what I do, I know I'll reach a point where I want to leave and do that next thing. At 44 I'd like to take the things I like most about working (travel, problem solving) and do something more entrepreneurial.

FinancialNordic.com

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Re: What goals do you have for FIRE?
« Reply #16 on: July 25, 2019, 12:48:25 AM »
My goal is to keep investing as much as I can while developing a profitable side hustle.
I plan to retire at 35.
I have 11 years left until that so plenty of time   :)
Blogging about financial freedom and online entrepreneurship at Financialnordic.com