this post was submitted on 10 Jun 2023
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FIRE (Financial Independence Retire Early)

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Welcome!

FIRE is a lifestyle movement with the goal of gaining financial independence and retiring early.


Flow Charts:

Personal Income Spending Flow Chart (US)

Personal Income Spending Flow Chart (Canada)

Finance Flow Chart (UK)

Personal Income Spending Flow Chart (Australia)

Personal Finance Flow Chart (Ireland)


Useful Links:

Bogleheads Wiki

Mr. Money Moustache - a frugal lifestyle blog

The Earth Awaits


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submitted 2 years ago* (last edited 1 year ago) by [email protected] to c/[email protected]
 

Hi all, I wanted to create this community for those interested in the FIRE movement to share their experiences.

A few years ago, I started tracking my net worth and increasing my savings to hopefully even have a chance to retire, and now want to push further to achieving financial independence and MAYBE HOPEFULLY retire a few years earlier as well.

Anyone else in a similar situation? How has the journey been for you so far?

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[–] [email protected] 9 points 2 years ago

Thanks for creating the community! I'm mostly posting to signal boost here so others can see that someone actually posts here.

I'll give my brief story. I've been happily married for >10 years and a couple years in, my brother recommended I read Mr. Money Mustache's blog, and I ended up reading most of his posts within a week or two and I was hooked. I'm a SWE and love optimizing things, so I soon found Mad Fientist and loved that style, and soon I was off building my spreadsheet. At first it was just a few calculations, and now it handles most of my taxes, tracks payroll, does a ton of projections (many of which are irrelevant), and so on.

Fast forward to today, my brother is FIRE, and I'm on my way to get there in my mid-40s. I don't make a crazy salary, but I do well enough that I can sustain a 40-45% savings rate while still keeping up somewhat with the neighbors. I'm very frugal and look forward to sharing frugal ideas, as well as just crunching numbers.

Anyway, welcome everyone! I'm going to make an effort to post a bit over the next few days, so please don't hesitate to ask questions so I can throw together some relevant posts. I'll try to ask some of my own so others get good ideas of topics to post about.

[–] yenahmik 8 points 2 years ago

Thanks for starting this community!

I started on this path back in 2015, while working at a low paid dead end job. I figured at least if I followed the investing principles from bogleheads, MMM, and r/financial independence, that at least I could retire someday.

Now 8.5 years later, I'm at a much better job in a career I enjoy. More importantly, I'm much further along the FIRE path and could conceivably retire in the next 5-10 years.

It's crazy the confidence that comes from being able to last years on your current savings. With all the rumblings of layoffs/recessions I don't really care if I'm one of them or not. I'm still at a point where I'd have to get a new job eventually if I was to be let go, but I'd be fairly comfortable for several years if I needed to be.

[–] DogMom 3 points 2 years ago

I discovered the FIRE community way back when ERE was still posting. I saw one of Jacob's guest post or interview on some blog I followed at the time. I thought it was a cool idea but certainly not something I could pull off. Then I saw a post detailing his budget and realized that if I paid off my student loans and trimmed some dumb spending my numbers were just a bit higher than his.

That started my journey towards FIRE and 2 years ago I retired. Ive been puttering around the house and yard working on small projects and decompressing. I was just starting to feel inspired to tackle some bucket list things when my mom started needing more help with day to day life. So my retirement plans have taken a pretty drastic hit. I joined here to help me refocus and find some inspiration for a more home bound FIRE.

[–] [email protected] 3 points 2 years ago

I have subscribed & know to learn plentiful from this community. Thank you.

[–] sevan 3 points 2 years ago

Thanks for starting this group. I started on my FIRE journey in 2018,though I didn't know it at the time. After years of just barely getting by, I decided to take control of my finances, track everything, and aggressively pay off my student loans. In 2020 I finally paid off my loans and switched to saving money, though I've also spent far more than I would have liked on deferred maintenance projects that I couldn't afford before.

Somewhere in there I learned about FIRE and started working on a plan for my family. At first I thought I would only manage FI and not RE, but that would still be a great outcome. Right now I'm looking at late FIRE in about 15 years (I will be in my late 50s then).

I don't usually post much, but will try to participate more to help contribute to growing this community.

[–] [email protected] 3 points 2 years ago

Thanks for setting this up! I was planning to create a lemmy FIRE community if one didn't exist.

As I've succumbed to lifestyle creep over the past decade, I've been about 10 from being FI for roughly the last 10 year. I go back and forth between wanting to RE and simply seeking FI. I recently started a new role that has me shifting toward RE, but am not sure I ever want to completely stop working. A sabbatical might be in the cards in a year or two though.

Anyway, glad to have discovered this community!

[–] bloodsangre7 2 points 2 years ago

Ditto on the thanks and same on trying to post here to help out. I've probably only made a handful of comments over on the subreddit over the 5-6 years I've been on the path, but want to help out here

A big part of my savings rate comes from aggressively avoiding most advertising. Seeing the direction Reddit is taking it seems unlikely I can continue to be part of that community and do that, so I am eager to see this place succeed and thrive!