Playing with FIRE

Discussion in 'Financial Independence, Retire Early (FIRE)' started by Redwing, 14th Oct, 2018.

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  1. Redwing

    Redwing Well-Known Member

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    @Alex_Alex

    I've never seen a firefly, would be a pretty cool thing if the movies are any guide

    Apparently tasty to frogs also

    [​IMG]
     
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  2. Redwing

    Redwing Well-Known Member

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    Retirementality every day's a Sunday :D
     
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  3. Nodrog

    Nodrog Well-Known Member

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    Not sure what day it is but it’s certainly another day in paradise. Just had a shave and got cleaned up to look my best as today I’m taking my wife for our regular date at Bunnings along with gourmet dining at the sausage sandwich stall. Then off to Stratco as I think variety is important in keeping romance alive.

    42667AB8-88F5-4B56-A5B6-0BBE95083CA9.jpeg
     
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  4. Zenith Chaos

    Zenith Chaos Well-Known Member

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    I think one problem is that some people think retirement is this positive life changing event, but then don't necessarily have things to keep them occupied, which could lead to boredom. My point is retirees still need hobbies and goals because retirement won't create these for you, just give you more time.

    One of the first things I want to do in retirement is "find myself" and by that I mean to metaphorically find my own "bodhi tree" and sit under it until I reach enlightenment about my own life. I'm still quite confused to be honest. o_O
     
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  5. truong

    truong Well-Known Member

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    Not sure if FIRE is a new concept. People were quietly doing it during our time, including us, without giving it a name.

    The whole idea seemed natural enough and we did it almost instinctively. We were reasonably frugal (not by design but by temperament), invested our savings in IPs and LICs (because it seemed wasteful to do otherwise) and retired at about 50 when the passive income was enough (in fact we overshot by waiting a bit too long)!

    A couple we knew also did it in about the same time frame despite being on a lower income.

    The key I think is not in the detailed planning but the constant rejigging of plans to move steadily in the right direction as circumstances change. I remember I had a little spreadsheet that I updated from time to time that showed a retirement date swinging wildly between my late 40s and late 60s!

    Anyway it turned out OK for us in the end. As someone has said, achievements tend to exceed expectations when you work for the long term.
     
  6. Befuddled

    Befuddled Well-Known Member

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    Like this?:oops:
     

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  7. Islay

    Islay Well-Known Member

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    We had what we called our Clayton’s superannuation fund. The superannuation fund you have when you are to young to access your superannuation. (If you were around in the 70’s and 80’s you will probably remember the advertising campaign for Clayton’s.) We were able to retire in our early 50’s and this year our super went into pension mode. We have happily lived off our Clayton’s fund and are very pleased the principle is still in tack. Might be our nursing home money now!
     
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  8. truong

    truong Well-Known Member

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    He he… been doing this lately…

    Got a hut in SEA on a friend’s property where I spent two 6-month stints last year and this year. Did nothing but sit there and watch life go by... and get bitten by mosquitoes!:eek: No desire for enlightenment whatsoever as the damned insects made it impossible.:D

    Expenses were really minimal (<$2000 for both stints excluding airfares) although my aim wasn’t to save money. FIRE adepts would be very envious of me!:cool::D What a change from my hectic first 10 years in retirement when I got involved in all sorts of (mainly volunteer) projects.
    Ha yes, but without the fancy colours:p
     
    Last edited: 20th Oct, 2018
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  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    claytons, the drink your having when not having a drink.
    Must have been a great advertising campaign that people remember it still 40 years later.
     
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  10. Islay

    Islay Well-Known Member

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    I think we started calling our accumulated funds outside super Clayton’s in the 80’s and it stuck! we will need a new name for the funds now
     
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  11. Nodrog

    Nodrog Well-Known Member

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    @truong, welcome back mate. You must be thirsty after 6 month’s of being confined to your hut:).

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  12. Perthguy

    Perthguy Well-Known Member

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    I think Paul Keating is responsible for putting Claytons into the Australian psyche. I recall he used it on a number of occasions but can't remember the context. Put it this way, when I hear "Claytons" I don't think of the ad campaign, I think of Paul Keating
     
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  13. truong

    truong Well-Known Member

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    Yeah, a bit sick of coconut water actually :)
     
  14. Nodrog

    Nodrog Well-Known Member

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    Easily fixed, just add some rum:cool:.
     
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  15. TAJ

    TAJ Well-Known Member

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    I concur with your thoughts that people don't plan well enough for their retirement. I have known people to retire after working a 40+ hour week for decades, and, quite quickly start to flounder in retirement. They have ample finances, but very limited interests outside of the work environment they had become conditioned to.
    Personally, I have made it a priority to take note of this fact and make sure that while I am now winding down from work, I fill the void with pursuits and interests which will occupy a great part of my time in retirement. Just over 12 months to go for me, but hey who's counting....haha.
     
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  16. HomePage

    HomePage Well-Known Member

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    Being a dutiful project manager before I retired, I wrote up a plan for this risk. Turns out after 5 years in that I haven't done even half of what I wrote in that plan, but since the only way the plan would fail was if I ran out of things to do, I call that a successful outcome :D
     
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  17. Indifference

    Indifference Well-Known Member

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    Let me guess..... these people you refer to that flounder in retirement.... what age did they retire?

    I'm assuming 55+........ IMO the longer you're in the Rat Race, the more conditioned you become to the daily grind hence greater difficulty in filling that void in retirement.

    Like everything in life, FIRE is not for everyone & definitely has many interpretations.

    If the biggest problem in your life is "What am I going to do today?", then do you really have any problems at all......
     
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  18. TAJ

    TAJ Well-Known Member

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    You are spot on. Most have been well into their sixties when they decided to pull up stumps. People don't realize how conditioned they actually were until the need to set the alarm clock stops. Then if one's partner passes away, they often lose all direction and fall in a heap. I have 2 mates who have been going to retire for the past three years, but continue to push it back due to poor planning on the financial front. Always chasing those extra dollars! I'm always telling them that you can't buy time!
     
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  19. Perthguy

    Perthguy Well-Known Member

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    Work gives people a purpose. If they don't find a purpose beyond work then they won't enjoy retirement.

    As mentioned above, it's a mindset issue
     
  20. truong

    truong Well-Known Member

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    Boredom is bad but to get busy just to fill up your time isn’t going to cut it either. You may feel less empty for a little while but eventually the void will catch up with you.

    As others have said, it’s much better to go for things that you really enjoy. It can be satisfying enough as you find pleasure and even passion in doing it.

    However I suspect there’s still a higher degree beyond that, one where you look for purpose and meaning. What you get isn’t just enjoyment but fulfilment, even in those later years because meaning is one area where age will work for you.

    I know a guy who’s doing that by going back to his community of birth to be a volunteer teacher in his field of expertise. He says it’s the high point of his life, better than even his best win in a long career, as everything he’s done before now seems to come together to make it happen.

    So this has been my aim in retirement: first, get busy; second, get enjoyment; third, get meaning. I’m in my 13th year trying to go as far down that road as I can :).
     
    Last edited: 23rd Oct, 2018
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