Scenario A: this is why balance and moderation is important in achieving FI. Appropriate withdrawals to enjoy life will keep to process rewarding

Scenario B: disagree. One primary reason of FI is security, i.e., we really never knows when a company will sack us and therefore with FI this is no longer a worry. In addition, with FI we have the call of staying in the job over the boss than vice versa - I see this as a very important element because of the following third reason - no need to "see people face", if you know what I mean. Politics is always unavoidable in any institution and I find it tiring. And yeah, with FI we can focus on doing the things that we love to without all these factors coming in.

Just to repeat my post, I said "The FI bit is always sensible and desirable, but the RE is questionable."

So, actually you agree with me.

PS: Just to add, your post is not compatible with FIRE anyway. "FIRE" is not about "moderation". "FIRE" is about "EARLIER" -- that's the word in "E" = "earlier". If in moderation, that should become "FIMOD", but that's not the case. What you said and what FIRE stands for are two different things.

This post has been edited by howszat: Sep 12 2018, 10:46 PM

ez peasy...

Mr Money Mustache
madFIentist
Frugalwoods
Physician on Fire
Early Retirement Extreme
jlcollinsnh
Root of Good
Go Curry Cracker!
1500 Days to Freedom
Our Next Life
Early Retirement Now
Millennial Revolution
Millennial Boss
The Escape Artist
OTHALAFEHU

Can we avoid /k replies?

Thanks.

I think renting is not an ideal solution in old age. Firstly, you don't know what kind of rent increases will precipitate in the unforseeable future. Secondly, you want to have the security of not having to move (when you don't want to) in your ripe old age. Thirdly, landlords are less likely to engage you as a tenant when you are in your seventies/eighties for fear of you passing on in their house.

I think 'having a roof' over your head is essential/crucial (i.e. not having to pay rent) before you can even start to consider FI. Owning your own place will give you peace of mind esp in old-age (past 60).

I have only heard of mr money moustache He has a lot of traffic.

If it is that easy to be more successful after retirement than before, why not start immediately ? Don’t waste any more time on the current job...RE and become a blogger everybody !

This has begun to sound like MLM recruitment. Come join us the RE MLM to turn over a new life. See our platinum diamond leader Mr Moustache. He makes RM100k per month sitting at home after joining RE MLM. If he can do it, so can everyone of you....

This post has been edited by Showtime747: Sep 13 2018, 06:45 AM

I think people who want to retire early so that they can do something they are passionate about. Of course to achieve that, some one must be able to be financial independent/freedom in order to quit his full time job and use his passion to contribute to something that he/she think that can create a more impact in the society.

Some choose to retire early for church mission, they travel to orang asli area or remote area to provide medical aids and teaching those kids.
some choose to focus on what they do best and serve the public, like chef in the orphanage home, rescue worker and others.

These people they know what is their passion and they choose to retire early when they are able to and contributes to society on this.

Of course there are people who choose to retire early because they have inheritance wealth from their family and they don't know what to do.

Let me share a bit about my journey to achieve FIRE, which I hope to do in couple of years. By FIRE, I mean no more working. First, I found that one needs to define the type of lifestyle you want after retirement, and then define your magic NW number which will give you target passive income to meet your chose lifestyle over the years, taking into account your ROI and inflation. Sounds simple. Anthony Robbins gave me a fresh way of looking at these targets. According to him, there are different levels of lifestyle which one can target. These range from having enough to provide shelter, food and pay bills, i.e., basic, next step is to be able to indulge in some dining out, shopping, entertainment, next will be ability to go on vacations, splurge on some pampering, more dining out and enetertainment, golfing, change car say every 8 years, upgrade furniture, etc, and maybe the final level will be to do things which you are not even doing now - charities, luxury vacations, branded clothing, 5 star hotels, business class flights, etc.. As I get closer to my NW number, I keep realizing that I need to account for things which I did not earlier, such as old age care for parents, maybe my kids wish to do post graduate studies, maybe help them with their first car, renovate the house after 10 years, etc, etc.. So all this kept increasing the target NW I require, which has delayed my RE date. Anyway, getting close now, may not be a significant E in the RE, but definitely and E, in any case.

So think carefully on the type of lifestyle you expect to have when retired and don't forget that there will always be something you have not thought of that will eat into your nest egg, so some contingency will be wise.

This post has been edited by Mattrock: Sep 13 2018, 07:10 AM

Nothing is easy and I would say those who choose to retire early, they must know and plan what they want to do once retire. Like I said before, they are many people choose to retire early so that they can do something that they like and contributes to society.

I don't think sky18 sound like MLM recruitment. he is merely showing example of people who choose to retire early and still contributing to society and sharing the knowledge.

Anyway, you have mentioned in one post that you are 57 or so, so mind to share with everyone what is your retirement planning?

I am already semi-retired.

I have 4 businesses. Currently run by may long time staffs (I considered them as partner). I gave them 50% share in the respective companies (except property renting company). So the daily running of the businesses has since delegated to them, and they have been doing a great job. I usually go to the office in the morning. My partners will come and brief me if there is any new development. Otherwise, it was just a routine just to show face.

For passive income portfolio, currently I am out of the stock market. And let my RM manage for me. Mostly long term (15 months and above) bank products with capital guaranteed. So, less time spend on overseeing the portfolio now compared to when I was active in stock market

After that, it's all my free time

I have quite a number of hobbies. I think I posted my expenses in the other thread about monthly expenses. Most of my expenses are related to my hobbies

Good plan for retirement there.
Just ignore what others said.

Some people just cannot accept criticism and red-eye when seeing others are more successful than them. These people usually will not learn and would not accept advice to change themselves in order to improve. In short, thick face

I guess this is a sign the end of fruitful discussion on FI/RE=selfish.

The list above is the site with Alexa rank (500k min) complied by reddit. Just hit https://www.reddit.com/r/financialindependence/wiki/faq for more valueable info.

Among of them including JL Collins, JD Roth which contribute a lots of valuable knowledge in this space.

Thanks.

No lah....unlike the /k, the overwhelming majority here are ok. I know there are many silent readers. I was one before I joined....

I must say I learnt a lot of things here....its a forum with good source of info

It was fruitful nonetheless

You and I got our points across, and readers are well informed and can choose their own path

Look at it this way, we have somewhat contributed to the forum

I previously mentioned the conditions to FI (RE if you achieved this at a younger age). Above is exactly the condition you have to meet in order to become FI - as in the case of @Showtime747 it is having multiple businesses (should be stable and recurring) and a significant enough amount of investable asset (which in this case provides capital gauranteed but stable returns - when you have a large enough investable asset, even a lower percentage return is enough to let u live handsomely).

When you are FI/RE, you will realise that you have more time on your hand and will slowly be bored of your lifestyle, sometimes even your hobbies won't be enough to fill up your time. Those FI/RE will actually prefer to work part time - meaning they are either high ranking/or owner that they don't have to be bounded at their desk 9-5 - i believe this is the true meaning of RE, whereby you can still work but under your own terms. So if you want to go golf at 10am and go into office at 2pm you can do that. You don't have to be completely retired.

This is very true. Once you have achieved FI, you will have a lot of leisure time. You can travel all you want but after a while, you will probably be so sick of travelling. You will need a solution to your free time otherwise you will be dead-set bored. Having somewhere to go (to occupy your time) would be highly sought after.

I am currently working so i find time passes extremely quickly (even though bored at work but i am getting good money to sit down and do nothing ). Once retired getting some hobbies would probably be quite desirable.

Thanks for the information.

This "contribute to society" after RE is just "meaningless".

You can contribute to society anytime. Contribute when you are young, middle age and when you are old. Throughout your whole life, in fact. When you have a job, you can contribute during your weekends. When you are working, you can contribute part of your salary. I'm sure society will welcome your financial contributions at any stage of your life with open arms.

Deleted. Moot question.

This post has been edited by spiderman17: Sep 13 2018, 11:08 PM

I not yet reach stage FI/RE, but I think if can I will just continue to work. Right now factor in weekend, public holiday, annual leave the total free activity days per annum are about 140++ days, for me the number is quite good enough.

Other than that, during working days nite time also can spend few hours on something that I preferred, isnt that bad to keep working unless I am hating my own job.

Like bro Garysydney mentioned on travel too frequent, keep doing the same thing whole year 365 days probably is too boring. What make it worst is when you are the only one retired early but your friend are all still working, last time you only need to find your friend once in a while but now your everyday is weekend you must have activity to keep the life moving but hardly got people free like you to entertain you.

Worst come to worst retired early just make yourself contribute to the statistic of retire early die early.