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Anyone change their mind about FIRE?

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  • #16
    never really bought into the idea that you reach FI and THEN you cut back. I think one can be more holistic in their thinking on this. I want to spend more time with my kids but not that much more time. Only would consider FIRE after the last goes to college, so that gets me to age 55. So I believe in cutting back before you get to your FI #. Will cut back to .875 FTE once we reach 1/4 our FI #, then to .75 FTE once we reach 1/2 our FI #. Probably will just stay there until we get to FI

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    • #17


      I really enjoy like family time, walks in nature, etc. Seems working until I can’t may make me happier, as long as I’m not working as much as I am now?  Anyone else have similar kinds of feelings about their career and what have you done?
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      Good questions, and normal I think. We're still paying off student loans, and hope to hit FIRE in our 50's (so the spreadsheet says, we'll see)

      We both can't wait to not HAVE to BOTH work full time.

      We both LOVE careers, jobs, work, etc.

      I call it - "having a thing". Humans need purpose, they need a "thing". It's OK if your "thing" is work, or kids, or golf, or volunteering, or running a blog or greeting at Home Depot. I just think it's important to have a thing. We don't think it'll be hard for us to have or find a thing. We aren't retire to the lazyboy type of people, and there are a few start ups I could imagine starting, and PhD's to get in retirement, college courses to teach, and trips to take, and a few Scandanavian counties in which to live, and I could probably get excited to help coach a soccer team or something.

      Getting to the point we have flexiblity to swtich if work turns sour is what we seek from FIRE. It's the freedom to "do OUR thing", I think - whatever that "thing" maybe. I read a lot of folks who are in lousy work situations, and we're lucky to have 2 decent options today, and after having lousy ones before, it's going to be nice to be able to leave on our terms.

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      • #18




        So I believe in cutting back before you get to your FI #. Will cut back to .875 FTE once we reach 1/4 our FI #, then to .75 FTE once we reach 1/2 our FI #. Probably will just stay there until we get to FI
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        I think this feels like it'd fit for us too.

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        • #19
          I am not sure if I fired or semi-fired.  I became FI at about 45.  I started cutting back.  At 56 I quit OB and did just Gyn 3 days per week.  I "retired" my solo practice at 61.  I worked for the local hospital doing just Gyn for one year.  Considering a new non-Ob/gyn job again part-time versus totally retiring.  I always was planning FIRE before it was a term.  Becoming FI allows you the flexibility to cut back as you age which you will likely want to do.  Developing different social connections is important.  You need friends who are around while others are working.  I am finding there are lots of things to do when others are working.

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          • #20

            Rule #1 What is going to make you personally satisfied.
            Rule # 2 What is best for your career?

            If WOLI (work/life balance ) is #1, it impacts #2.
            If FIRE (earnings/no earnings) is #2, it impacts #1.
            Those are the four variables a person has that change as time goes on. The question is how you will achieve the most personal satisfaction in the middle phase of your life. The is no perfect time allocation, but you will have choices to make and they will impact the future satisfaction.

            I caution the thought of equating spending time with your children evolving into a “friendship”. The role is as a parent. The time requirements start high and generally trend down. Different generation and you can’t ever cease being mom or dad. Your child will choose how “friendly and frequent just as you will choose. Some will keep credentials because they enjoy being a “Doctor”, not for the pay. Different satisfaction there.
            FI gives you ability to plan RE or take it as it comes. Congratulations whenever and how you achieve it.

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            • #21




              I didn’t change my mind about FIRE, but wife and kids crushed any hope of that. So yeah, I guess it has changed. I will just keep plugging along. That being said, I enjoy my job and thankful the only administration problems I deal with are the ones I cause.
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              That makes me kind of sad for you. Are you sure "crushed" is the right word? No hope? Maybe your situation is not as dire as it seems right now...
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #22







                I didn’t change my mind about FIRE, but wife and kids crushed any hope of that. So yeah, I guess it has changed. I will just keep plugging along. That being said, I enjoy my job and thankful the only administration problems I deal with are the ones I cause.
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                That makes me kind of sad for you. Are you sure “crushed” is the right word? No hope? Maybe your situation is not as dire as it seems right now…
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                it's interesting.  before i came here, i was sure i was financially independent.  the longer i stay here, the less convinced of that fact i am.  it may be part of the aging process or being better able to see retirement in the horizon or the long bull market run, but as college looms, the feeling of security is definitely under attack.

                 

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                • #23
                  My kids want me to be with them 30 hours a day right now.  They are upset when I leave in the morning.  They are excited when I come home.  I know this will not last forever. If I wanted to work less to spend more time with my kids now is the time.  But now is also the best time to prepare financially for my future and working less now would severally limit my ability to be financially secure in a reasonable time frame.

                  There are ways to slow down that are not too severe.  I could actually use my vacation time.  I could not overbook my schedule and try to sneak out early on days of kids events.  I could not volunteer for meetings and committees or working extra for coverage.  I could put a foot down about call but not until I have that FU money built up.

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                  • #24
                    If anything I've changed my mind to RE sooner. In fairness though, and beyond enjoying more time with my family, I have a lot of hobbies and other activities I'd really enjoy more time for.

                    I'm 40 now, my original written down goal out of school was be able to retire at 55. I realize now I may already be FI and now have my sights on 45y. I would have a kid starting College and one starting High School.
                    Financially I'll be in good shape to help them through school but my biggest unknown is whether or not either child would choose to go into Dental. Then, do I hang around to "sell" them my practice. Lately I'd rather RE and then help them find/evaluate another practice should they choose to be a dds (let them pick where they prefer to be).

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                    • #25
                      @Tim - said it well  there's #1 Work/Life balance/integration.  #2 FIRE.   I wouldn't put #2 in front of #1 as burnout risk is very real and high in the medical field.  So if 0.75 is needed for that to keep going toward FIRE? sure.

                      That said, cutting down on time during early on does extend FI.  Savings 101:  Compounding makes a difference.   So I would advocate the saying 'make hay' but within reason what matches your lifestyle.  To me that meant, no weekends, no nights from the get go--that's family time.

                      It's so true that one really needs something to retire into.  If you don't develop some basis can go from Full time to no time---40 hours of nothing gets boring fast.   Most docs I know are self-starters inherently.  To not be able to develop new interests is hard to fathom and would say there's something more like than not underlying that issue.

                       

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                      • #26
                        For me the key has always been FI. Financial Independence gives you the flexibility to work where, how, how much and if you want to.

                        And I always considered RE to mean Retire Earlier, not Early. I never understood the Mr. Money Mustache crowd focus on retiring at the earliest possible moment, even if at a drastic reduction in lifestyle.

                        I think retiring at age 55 - 60 with a comfortable retirement is a reasonable goal. I still pick up the occasional part-time limited duration (2 - 4 months) contract in my 60s, but only if it the work interests me and occurs between 11/1 - 05/1.

                        It just didn't feel right completely retiring when my girls where still in school, but it was certainly nice to be more available for them in high school/college and retired when the youngest went to college.

                        Life is all about timing.

                         

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                        • #27
                          POF did a great series on this:

                          https://www.physicianonfire.com/372-2/

                          The impact of part time work on FI. It's pretty simple math-the earlier you go to part time, the further you will be from getting to true FI. But you don't need to be full time until you get to FI. Note the small difference in time to FI between working full time and cutting to part time (50%) after working full time 8 years. Or between full time and cutting to part time after working full for 4 years. You're talking about working another 5-10 years, not working another 20+

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                          • #28


                            I think age 55 – 60 with a comfortable retirement is a reasonable goal.
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                            Being able to retire in your late fifties without a reduction in your lifestyle is a huge accomplishment that the vast majority of people cannot do.  I know many people still working 10 years later because they cannot maintain the lifestyle they want at "full retirement age"

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                            • #29
                              Nice thread

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                              • #30
                                Time is the one law of nature that a person has a finite capacity to influence.




                                My kids want me to be with them 30 hours a day right now.
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                                Not gonna happen. There is a saying, "You can have anything you want, just not everything." The qualification is that time has a 24 hour limit. I would suggest you let them keep dreaming as long as you can! Good luck.

                                Life balance, my spouse is the "artsy craftsy mom". With the kids out and heading into RE, she wants to explore how these "weekend" and "events" work to see if she wants to take a shot at turning this into a small side hustle. Hmmm, is it about time to "sacrifice" and spend time getting involved? I can assure you making "stuff" and "selling it" won't be near as satisfying for me as her. Yet, this may be "her private time" to do what she wants for her own enjoyment. Nothing wrong with "happy wife, happy life".

                                I'll try to frame it as a "sacrifice" either way. Doubt that will influence her one little bit. Haven't been invited either. Might already have the answer. I'll ask anyway, the best case and worst case are the same. Time supporting her hobby or more free time.

                                 

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