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  • Discuss Latest POF Blog Post: They Don’t Need More Money, But He Wants More

    My friend Jim retired from his career at the same age and around the same time that I did. He ... Read more

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    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    I enjoyed this post as it was thought provoking.

    It seems to me that the individual who retired early is clearly not ready. You need to work at least another ten years.

    What a downer it would be to listen to how much every little things costs. It seems that the cost of EVERYTHING is eating into your joy of daily living.

    Comment


    • #3
      I enjoyed it also but I'm not sure the plan was sustainable if I read correctly and their entire yearly budget is $55,000. I'm not a high earner <$300,000 year and therefore not a high spender but the thought of trying to live on less than $150,000 a year wouldn't be possible for me and spouse without watching our pennies which I don't want to do. Could anyone here actually live comfortably on $55,000 a year? Especially with kids to raise?

      Comment


      • #4
        Originally posted by StateOfMyHead View Post
        I enjoyed it also but I'm not sure the plan was sustainable if I read correctly and their entire yearly budget is $55,000. I'm not a high earner <$300,000 year and therefore not a high spender but the thought of trying to live on less than $150,000 a year wouldn't be possible for me and spouse without watching our pennies which I don't want to do. Could anyone here actually live comfortably on $55,000 a year? Especially with kids to raise?
        We lived on 42k/year in med school, had 1 kid and owned a house. It wasn't a bad life. Living in TX with lcol certainly helped. But I prefer having more choices and I'm happy to work to provide that. I certainly would not want to have to question how much every little thing cost, that's a really stressful way to live . . . Much more stressful than having a job. I kinda don't understand why anyone would choose that. I feel like that family isn't retired, they're just working a poorly paid freelance writing job as they live off savings for a bit. I'm not sure who their blogging target audience would be. Like who reads that and thinks- what a sweet life- I want to live like that- let me read more so I can figure out how!

        Comment


        • #5
          "It’s also a reason I have a hard time with folks on the far end of the spectrum chasing after Lean FIRE. "

          LOL, Dude, IMO, you ARE living Lean FIRE. People also forget that some expenses go up over time, including medical and dental, and while many of the expenses associated with children are optional (cars, cell phones, sports and arts, college), many of us do not choose to deprive the kiddos of these things.

          This FIRE obsession, when done poorly, can totally suck the joy out of life. I wonder what the success rate is for true, authentic, FIRE, not "change careers and downsize my income a bit" FIRE.

          Comment


          • #6
            If he thinks an extra 10 grand a year of income is going to allow him stop asking about prices or thinking twice about international trips and staying in hotels, I think he is going to be in for a surprise.

            Comment


            • #7
              I did not finish the article. I spent more than that being retired last year also. I just buy what I want. My dog just had a $ 3500 operation. I did not consider not doing it.

              Comment


              • #8
                55k a year would be pushing it for us. But it's not out of the realm of possibility. Again that is a average American spending. And the average American has to pay to live someplace. So if you already paid off your home and you do not have to work therefore do not require child care and can do things slower and cheaper because you have the time you could probably get your spending down lower if you desire. I'm sure there's other places that would be cheaper too like no commuting could possibly downsize to one car. Vacations can be done off season or midweek to capitalize on cheaper flights or drive because you have the time.

                Something breaks in your house rather than hiring someone to come fix it for a few hundred bucks you could watch a few YouTube videos and figure it out yourself.

                This past spring we remodeled our backyard and it cost us about 10 grand. None of the work was very complicated or technically difficult. It took the team three days and the project was done. If I wanted to do it myself I probably could have done it for $1,000 but it would have taken me every weekend for the entire summer and I would have hated every moment of it. If I did not have to work I probably could have gotten it done in 2 weeks. And probably would have enjoyed myself doing it because it was at my own pace and there was no time pressure.

                Comment


                • #9
                  Originally posted by VagabondMD View Post
                  "It’s also a reason I have a hard time with folks on the far end of the spectrum chasing after Lean FIRE. "

                  LOL, Dude, IMO, you ARE living Lean FIRE. People also forget that some expenses go up over time, including medical and dental, and while many of the expenses associated with children are optional (cars, cell phones, sports and arts, college), many of us do not choose to deprive the kiddos of these things.

                  This FIRE obsession, when done poorly, can totally suck the joy out of life. I wonder what the success rate is for true, authentic, FIRE, not "change careers and downsize my income a bit" FIRE.
                  $1,127,049. at 43 years old with a 30 year plan? This gentleman plans on spending all his money by 73 years old.
                  $55k is about what? This is a 3 year fantasy living in the "resort life". I feel sad for the wife and the daughter. Tales of spending $200 for drinks or dinner and international flights just because he doesn't want to work is foolish. Your daughter will be deprived of most things that could have been possible. Dress for the 8th grade dance? Prom or "going out with friends"? Not talking about lavish or spoiled, just a chance to be average. Earn a living and provide for your family. I could care less about HIS stress. Get your sweet a$$ to work and make some money for your wife and daughter. This is beyond lean, it is poor by choice.

                  In 2020, $68,400.00 was the median household income in the United States. This is up from $63,030.00 in 2019. What was the average household income? The average household income was $97,973.61 in 2020.

                  Comment


                  • #10
                    I think the article should be retitled: We FIREed too early. Now it’s time to go back to work.

                    Comment


                    • #11
                      Originally posted by VagabondMD View Post
                      I think the article should be retitled: We FIREed too early. Now it’s time to go back to work.
                      Shocking to see that upending their lives to move to Central America on a lean fire budget didn’t work out. Also, their assets have grown by ~40% since retirement and he still doesn’t feel like they have enough cushion.

                      Mistakes were definitely made but the author sure does have a way of rationalizing.

                      Comment


                      • #12
                        Originally posted by Hatton View Post
                        I did not finish the article. I spent more than that being retired last year also. I just buy what I want. My dog just had a $ 3500 operation. I did not consider not doing it.
                        Hope your buddy is doing OK! They are like family! No, that is not really right......they are family!

                        Don't tell anyone but I love my dogs more than some of my immediate family.......yikes.......don't say that over dinner tomorrow.

                        Get well soon doggie! That pup is so lucky to have you!

                        Here are mine. Click image for larger version  Name:	Ena cute  2 8-2021.jpg Views:	16 Size:	2.23 MB ID:	304311 Click image for larger version  Name:	Emi cute 2021.jpg Views:	16 Size:	1.03 MB ID:	304312
                        Last edited by Tangler; 11-24-2021, 06:20 AM.

                        Comment


                        • #13
                          Originally posted by VagabondMD View Post
                          I think the article should be retitled: We FIREed too early. Now it’s time to go back to work.
                          It can happen. meaningful work is really important. Medicine is a hard job and easy to get burned out. RE is a tricky timing deal. Lot to discuss and has been discussed.

                          Glide path. Being truly FI with a fat cushion and contingencies. Hatton has done it right. She is my hero / role model.

                          Comment


                          • #14
                            Originally posted by Lordosis View Post
                            55k a year would be pushing it for us. But it's not out of the realm of possibility. Again that is a average American spending. And the average American has to pay to live someplace. So if you already paid off your home and you do not have to work therefore do not require child care and can do things slower and cheaper because you have the time you could probably get your spending down lower if you desire. I'm sure there's other places that would be cheaper too like no commuting could possibly downsize to one car. Vacations can be done off season or midweek to capitalize on cheaper flights or drive because you have the time.

                            Something breaks in your house rather than hiring someone to come fix it for a few hundred bucks you could watch a few YouTube videos and figure it out yourself.

                            This past spring we remodeled our backyard and it cost us about 10 grand. None of the work was very complicated or technically difficult. It took the team three days and the project was done. If I wanted to do it myself I probably could have done it for $1,000 but it would have taken me every weekend for the entire summer and I would have hated every moment of it. If I did not have to work I probably could have gotten it done in 2 weeks. And probably would have enjoyed myself doing it because it was at my own pace and there was no time pressure.
                            Dang man, I love to do landscaping work. I don't have much of a yard. (live near city)..

                            I don't get to do as much as I want (I know, crazy) so next time you want to do a yard project if you want a redneck to work for free and hang out send me a PM.

                            I could get a hotel in your town, Drive there from MA and be an extra set of hands. I think It would have been fun!

                            We could have tried to kill ourselves with shovels and wheel barrel etc.

                            I keep trying to talk my wife into buying some land......she keeps telling me I am an idiot and it is foolish financially.......she is right (as usual) but I would love to have a few acres in NH or in south AL (near family).

                            Aside from money, doing it yourself is an adventure. You 1. learn 2. make it your own 3. get exercise and be outside!

                            Save money? (maybe.......as a doc you could take some calls/shifts and pay for it so the last one is a bit of a myth......but if you are retired?

                            Do you save if you are retired if you do it yourself?

                            Hmmmm maybe, assuming you still have the physical capability to do the work but then you could argue that you could still work as a doc and pay someone.........

                            Anyway, next time you get a project send me a PM!

                            My wife would probably say: No. But, dude it would be fun!

                            My wife would look at me funny.

                            She would say something like: "you want to drive to NY state and help a guy you know from a forum do landscaping for a week of your vacation?

                            Well, I got some stuff around here for you to do.....some rooms need new paint........bathroom sink needs to be fixed.............blah blah blah....." and I would not be able to go.

                            Anyway, send me a pic of the yard!
                            Last edited by Tangler; 11-24-2021, 06:04 AM.

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                            • #15
                              Click image for larger version

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ID:	304318 My babies. The white dog had surgery and is happy to be cone free for the holidays.

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