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Retirement Discussions / FIRE Wannabees
|Subject: What is a FIRE Wannabee?||Date: 8/6/2003 12:22 PM|
|Author: mazske||Number: 2 of 5048|
Ok, first things first. I'm mazske and I'm the Fool who requested this board. FIRE stands for Financial Independence/Retire Early. It's a goal of mine and I hope of yours to become financially independent. Once you reach FIRE, does that mean that you will retire? Not necessarily, but that option will always be there and odds are you will take it. Or, you may change to a more enjoyable, but less pay and hours type of job. That's the joy of being financially independent.
Why am I a Wannabee? First of all, this is not a negative thing. Normally, a wannabee is a gang wannabee, a cop wannabee or some other sort of wannabee and it's a negative type thing. A FIRE Wannabee is a good thing.
FIRE Wannabees are in short supply. I would recommend that you not walk around talking about being a FIRE Wannabee as other peoples eyes will begin to glaze over and they may start to think that you are a little off of your rocker.
Now, why should anyone strive to reach FIRE? Think about all of the things that you would like to do, but that you don't have time to do. Some suggestions are: Read more books, hike more trails, volunteer in your childs school, travel more, visit with friends more, run errands during the week while everyone else is working, play more, plant more flowers, play on the internet more, plant a garden, find new hobbys, be lazy, watch tv, work a PT job, go to the library etc. etc.
How do we reach FIRE? First, we have to save and invest. To really FIRE early, some have saved 40-50% of their incomes. Some of us with kids cannot do that. If you work a job that has a 401K or a 457 plan, invest in it. Open up a Roth IRA as well. Invest in a taxable account if you have the money to do so. Just save and invest as much as you can and you will reach FIRE one day.
Hopefully, as this board evolves into whatever it will become, myself and others will post on our progress towards FIRE.
I requested this board because I have hung out on the Retire Early Home Page for several years and I've watched that board evolve. Those who have FIRE'd, have much more time on their hands than those like me who are still working. I don't mind if this board stays slow, but I like to see good posts dealing with trying to FIRE. I ramble in my posts, but you'll see stuff from me about my family and how we live and love life, but at the same time how we are striving to reach FIRE. I may post some tips about living below your means.
I plan to invite Fools here from other boards, so let the party begin. I have written a bit about what I would like this board to become, but from here on it's up to anyone who decides to participate here.
Welcome, pull up a chair, grab a good book, put another log on the fire, take a sip from you drink of choice, and throw in a few comments from time to time. I'm here for the long haul or until I FIRE, whatever comes first.
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