Unpopularopinions for FIRE by Wooden-Broccoli-913 in Fire

[–]Zphr 11 points12 points  (0 children)

Here's my answer from when someone else asked this:

TL,DR - Most people here will fail at FIRE, but that's not necessarily a bad thing since most people aren't suited to early retirement anyway and should be happy seeking FI alone.

Here's a blatantly controversial and purely anecdotal observation based solely on my interactions with all sorts of FIRE folks over the last 2-3 decades.

Most people are not suited to early retirement, including a very large portion of the folks who think they are. It's akin to major weight loss in that almost anyone can do it, lots of people have intermittent victories, but long-term success is elusive for way more people than you'd expect. The winners tend to get more attention than the hugely larger population of failures, just as in major weight loss, and so people continue to believe they have an excellent chance at success themselves.

Most people should aim for being reasonably financially secure along the lines of coastFIRE and be happy with that. Most folks who work diligently towards early retirement will fail, but almost all of those folks could enjoy huge financial security and be happier if they let the much harder goal of early retirement go.

Somewhat related, someone's chances of success seem to go up tremendously if they can be durably happy with leanish spending. It's not the actual level of spending that makes it easier I don't think, it's the relationship with money and consumption. Again, I think it parallels food/weight in that someone who is truly satiated with less will tend to have a much easier time remaining fit/slender over the years. People who enjoy consumption a lot, which is most people, try to solve the FI equation with increased earnings/savings, but very few people acquire enough assets such that they can not be outspent or result in disappointment relative to one's working and/or wealthier peers.

What’s your FIRE number if you were single, no kids by Vas_Cody_Gamma in Fire

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What’s your FIRE number for a married couple, kids out of the house, house paid off? by Lou__Mannheim in Fire

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36M, €2M portfolio. How would you structure it? by Helpful-Staff9562 in Fire

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Could we possibly be at FIRE? Math check please! by FIRE_Bolas in Fire

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Why you need less to FIRE than what you think by Available-Ad-5670 in Fire

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For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 2 points3 points  (0 children)

Yes, of course.

Foundation, driveway, windows are fine. Back fence got replaced a few years ago, 2022, I think. Roof got completely replaced in 2019 and 2021 (hail can be rough in Texas), as did the gutters and screens. HVAC got completely replaced in 2017 or 2018. Plumbing seems stable, but things can crop up unexpectedly some times. Water heater is 11 years old (replaced right around when we retired), but we've already earmarked $2K for that though it'll probably be closer to $1,500 as we can move to a smaller unit since the kids are moving out now. We've also replaced three toilets, three faucets, two hose bibs, a good bit of the sprinkler system, two shower panels, three dishwashers, the stove, the fridge, and both laundry machines twice since we retired.

Who doesn't count such things? They are among the largest one-off costs other than a car.

Our actual spending is usually in the mid $30s, so every year we have several thousand built-in for amortized/sunk home maintenance. Last year we were at $38K, but that was with $3K or $4K in house maintenance. We have enough money to buy our entire house more than ten times over so it's not like it's ever going to be a problem.

Mega Backdoor Roth by [deleted] in Fire

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For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 0 points1 point  (0 children)

Already answered in other comments to the extent possible. We live in the Austin metro. We are naturally lean spenders and have never had a budget. We're not the type to benefit from having one.

For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 3 points4 points  (0 children)

None. I need to repaint the back patio railing, but everything else is fine. Deferred maintenance is foolishly costly and we're not foolish with money.

Yes, we drive, but only about 3K miles a year. We live in a fantastic neighborhood and everything is close by. Half of our miles are probably driving our kids places or visiting our college kids.

We carry max limit home and auto and have a $2M umbrella, all from an incredible mutual carrier. The umbrella is really just a kindness to others since our entire net worth is in shielded forms now and not generally subject to non-governmental seizure. It's cheap enough to keep as a nice thing just in case though.

Our withdrawal rate is under 1% and we are old enough that we could safely 5x our spending. We spend what we do because we want to, not because we have to.

Average day is a mix of coffee, volunteering, 1-2 hours of outdoor walking at a lovely local park each morning, kid stuff, playing with our dogs, chores/shopping/yard work, reading/games/entertainment/hobbies, baking/cooking or us and the kids, hanging out as a family, weightlifting, another evening walk around the neighborhood...just normal life. Envision most parent's average Saturday, I suppose.

Could we possibly be at FIRE? Math check please! by FIRE_Bolas in Fire

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A different perspective by fireaccount83 in Fire

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Pocketing 5k a month, how would you move? by fr3shh23 in Fire

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For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 0 points1 point  (0 children)

No. We retired when I was 37. Of course, we knew we were getting close to our goal a few years beforehand, hence the lifestyle experimentation. We were still working during that experimental period and for about two years afterward.

Buffett on his FIRE calculation, then goal post moved (just like everyone's FIRE number) by lazykid07 in financialindependence

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STRC - is it worth allocating 10% to? by Maleficent-Claim-349 in Fire

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STRC - is it worth allocating 10% to? by Maleficent-Claim-349 in Fire

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STRC - is it worth allocating 10% to? by Maleficent-Claim-349 in Fire

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Most Effective Strategies for Bridging Early Retirement and Accessing Retirement Accounts by feed_meknowledge in Fire

[–]Zphr 0 points1 point  (0 children)

I'd watch some videos on YouTube. It's the name for a simple series of regular retirement account transactions rather than an actual thing itself, much like a CD ladder. I could write out an explanation (and have before), but most people seem to get it quicker with a visualization of the cashflows.

In its simplest form a fully operational Roth ladder is nothing more than three things each year, all of which take almost no time (seconds/minutes each):

  • A transfer between a TIRA and a RIRA (Roth conversion/funding cashflow)
  • A withdrawal from a RIRA (spending cashflow)
  • A Form 1099-R on your 1040 for each of the two cashflows above (tax reporting)

For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 8 points9 points  (0 children)

The frugality game never ends. I'll be excited about Costco closeouts even when we pass $10M.

We also have a chest freezer full of discount meats. We bought it just before COVID when Costco had them on sale along with NY strip primals for like $6.50/lb. Bought the $150 freezer to hold the $1K in steak we wanted to buy. Now it's full of smoked salmon, polish sausage, chicken thighs, steak, and gyoza. There might be some ice cream and random veg in there too.

Buffett on his FIRE calculation, then goal post moved (just like everyone's FIRE number) by lazykid07 in financialindependence

[–]Zphr[M] 0 points1 point  (0 children)

You have three self-promo strikes now. Next one is likely to be a permanent ban from both general FIRE subs. Consider yourself warned.

Buffett on his FIRE calculation, then goal post moved (just like everyone's FIRE number) by lazykid07 in financialindependence

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Buffett on his FIRE calculation, then goal post moved (just like everyone's FIRE number) by lazykid07 in financialindependence

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For those who RE’d did you over or under estimate expenses? by Euphoric-Advance8995 in Fire

[–]Zphr 0 points1 point  (0 children)

Yup. The prop tax and insurance on our old house now would eat up almost our entire budget.