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Author: fredinseoul Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5069  
Subject: Re: Some questions Date: 1/19/2005 5:49 PM
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JOETAB24,

FIRE is a life-style decision. You have to decide that saving and investing now is more valuable than all the toys and gidgets and gizmos and all the other financial trappings people face. If you have the desire, dedication and discipline to save a good portion of your income, you can FIRE easily.

If you want to retire, then, yes, pick a date, and then figure out how much money you will need to have at that time and then figure out how much you will have to save to meet that goal. There are many calculators around that do the math for you. Even here on TMF there are a couple.

Figuring how much money you need is the key. That is a lifestyle choice, which only you can make. You're having a child, will you have another? They get expensive. How do you want them to live? Your choices for you will affect your family's lifestyle also. If your wife doesn't agree with this choice, you will have dificulty with FIRE.

FWIW, I plan to FIRE and figure I could make it in about 12-15 years, I'd be 52. You are 10 years younger than me and have a longer amount of time to work with, but you could retire early, if you wanted to. My wife agrees that saving is important, so I have a big advantage there. Also, after October, I have my house paid off and I will not need to pay for a mortgage/rent again, unless I choose to. It is a lifestyle choice, I don't need all the trappings others choose, I would prefer to spend my time doing things I want to, rather than working to pay off things that sit around collecting dust.

Good luck with your choice.

fredinseoul

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