Comment by satvikpendem
Comment by satvikpendem 2 days ago
Save up and then FIRE; retire early by moving to a lower cost of living area.
Comment by satvikpendem 2 days ago
Save up and then FIRE; retire early by moving to a lower cost of living area.
At the job you work currently? Or if you're unemployed, then this advice doesn't work of course.
Well I got work but the pay is minimal and supplemented by what freelance gigs I can grab. Not much to save per paycheck.
I think FIRE was basically just a fad for awhile. I say this as a 52 year old "retiree" who isn't working right now and living off investment income. It takes a shitload of wealth to not have to work and I'm borderline not real comfortable with the whole situation. I live in a fairly HCoL area and can't up and move right now (wife has medical needs, son in high school, daughter in college). I'd be freaking out if I didn't have a nest egg, we would be trying to sell our house in a crap market. As it stands, I don't really want to go on like I am, my life is a total waste right now.
It's not a "fad," it's a mathematical observation that investing more generates more returns. Maybe the media was covering it more at some point but the concept itself is sound. You are in fact FIREd by the same definition, it's just that in your case it seems you would need more money than you have currently due to the factors you stated, but that's not the fault of the concept of FIRE in general. And anyway, there are lots of stories of people doing regular or leanFIRE too, it doesn't require so much wealth as to be unreachable if you have a middle class job. For example, https://www.reddit.com/r/leanfire/s/67adPxZeDU
If you think your life is a waste right now, do something with it. That's actually the number one thing people don't expect from being retired, how bored they get. They say in FIRE communities that all the money and time in the world won't help if you don't actually utilize it.
save up at what job?