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Retirement Discussions / FIRE Wannabees

URL:  http://boards.fool.com/i-dont-know-if-there-is-a-right-or-wrong-answer-30464150.aspx

Subject:  Re: FIRE Update Date:  1/3/2013  1:13 PM
Author:  SRenaeP Number:  4970 of 5088

I don't know if there is a right or wrong answer to your first concern. You have a low mortgage interest rate, so some out there may don't pay any extra on it as you can make more by investing. However, for peace of mind, I fall into the side that says pay some extra on your mortgage to pay it off quicker so it's not hanging over you.

I'm leaning toward putting everything I can into paying off the mortgage early. I think no debt = freedom and will feel way better than having $XX mortgage debt but $XX in investments.

FIRE plan. What do you enjoy doing? If you can pay your house off, can you work PT and make enough to save enough to build up your pot large enough that it will last you?

That's the $64,000 question. I know what I like to do but I don't know how to get paid for it. My main two interests are travel and personal finance. The biggest driver for wanting to FIRE is to have more time to travel. I only get 3 wks/yr vacation and that's really not enough for me. At one point I thought about becoming a CFP but a) I don't like trying to 'sell' to people and b) any job would have to allow for the flexibility to travel a lot. I figure if I can make ~$50K/yr, that would be enough to live and continue to build the pot. Note this is contingent on my employer continuing to utilize our pension plan (I'm expecting that to b