Who is going to retire young

There's an actual system in the brain that is responsible for this, the RAS.

Cut and pasted some info:

The Reticular Activation System (RAS) was first introduced by Anthony Robbins before the turn of the century. The RAS, however, shouldn’t be confused with the part of the brain known as the Reticular Activating System, which is a place where your thoughts, internal feelings, and outside influences converge. They are, however, related.

The RAS is a filter that’s applied to the staggering amount of data that gets picked up by your five senses. This filter works 24/7. It is, in fact, the only thing keeping you from being overwhelmed by the 2 billion bits of information passing through your sensory organs each second.

The RAS essentially “decides for you” exactly what you will consciously give your attention to at any given moment. It then filters out the remaining data and transfers it over to the Inner Mind. It’s somewhat of a reference collector that directs your focus and shapes your beliefs.

When you set a goal, you communicate to your RAS that anything associated with that goal is important to you. Your RAS then goes to work bringing to your attention anything associated with that goal

 

Many folks use a similar acronym (same letters, different order), they just sit on it and achieve retirement in the standard fashion, slowly.

 

wouldn't there be an addition 'e' needed?

 

Roll your "Rs" and the additional letter becomes superfluous.

 

One of my favourite quotes in this area is by Johann Wolfgang von Goethe (1749 - 1832). He wrote:

"Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too.

All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one's favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way."​

Slightly politically incorrect but it was written 200+ years ago.

Anthony Robbins is a relatively newbie on the block at 20+ years .

 

Next time we meet up we must ponder the philosophies of investing as we keep warm near a log fireplace, over a bottle of Château Cheval Blanc Saint-Émilion 2010. Your treat, of course. I'll provide the marshmallows.

 

You’re on .

 

FIRE is about self determination and growth rather than an end-point and entropy. The quotes above illustrate this well.

 

That is absolutely correct..achieving FIRE is just a pit stop in life's journey....it just gives you the motivation to live life on your own terms.

I hear so many stories of people who meticulously planned the perfect retirement..only to get ill or even worse pass away.

 

Just like skiing off a cliff, until you're committed, you don't know what you're going to do.

 

Or where you are going to land .

 

I will retire one day anyway, so why not do it as early as possible. Or at least go part time by 30.

So much to do and see, but so little time on the weekend.

 

Kerry Packer had a good quote ..when he suffered a heart attack that left '''HIM''' Clinically dead for 7 minutes till
a passing Ambulance revived ''HIM''
Quote..
I've been to the other side and let me tell you,son,there's xxxxing nothing there...there's no one waiting there for you ,there's no one to judge you,so you can do what you bloody well like..der Feuerwehrmann..

 

I missed 40. My wife and I really started making our retirement plans in around 2000, although individually we were on the right path before we met. I put this down to our parents who were by no measure wealthy but good money managers. My wife still budgets our expenditure and can tell me exactly what our household costs to run, as she can with our IPs as well. She is a spreadsheet wiz and tracks every cent that is spent.

I left work at 53 in May 2018, took my extended recreation leave and long service leave which saw me through to when I resigned on 11 September 2019. I took the 54/11 option in the Commonwealth Superannuation Scheme where you defer your benefit by resigning just before you turn 55 which is the earliest age at when you can access it. With this option they work out you benefit slightly differently than when taking age retirement.

Here are the details. I bought a non-indexed pension from my (accumulated contributions + interest) which they multiply x 9.25%. So, $630000 x 9.25% = $58000 per annum. I was also entitled to an indexed pension of $80000 per annum. I aimed for a total of $130000 so achieved this. All this came from a 10% contribution rate over 33 years. At my peak salary I was paying about $16000 per annum into superannuation which I no longer pay.

My wife also has a good defined benefit from her superannuation. The only problem is she can't access it until she's 60. We were/are both fortunate to have such good superannuation behind us.

We started with our first joint IP in 2000 and managed to accumulate nine across the three eastern states. We now just have to exit from these and wait for the Darwin market to improve to sell our PPOR. The plan is flexible and somewhat loose. First one went in April 2019. Tried last year to sell a townhouse in Mount Waverly at auction but didn't. I'm now kinda glad it didn't sell. I'm now on my third reno and am exhausted but the learning and the inner satisfaction you achieve day-to-day makes it worth it.

So, we have a few more years putting up with tenants, property managers and their service providers. The latest saga was an oven element that should have been a warranty claim and a tenant leaving a house pretty unclean, however, life is pretty good when you're free to do what you want.

Good health is important. I survived cancer in 2013-2014. I reconnected with a male friend from years ago who I just happened to bump into when I was undergoing radiotherapy at the same time as him. He didn't make it. Seeing him and this outcome really made me rethink my life. We each have only one.

I've always been fascinated with financial markets, trends, cycles, patterns etc. I've now had the time to make the transition from learning to application and have now begun some trading. Not day-to-day but in and out over weeks/months. In no way is it easy or without risk but when you make enough from one trade to pay to paint a house inside and out you realise, wow we no longer need to worry about where the funds for a renovation will come from.

So, there you have it. Superannuation was the base of our cake. IPs are the icing. Some extra money from shares now and then makes up the fruit on top.

 

By the way, in Darwin we still drive an old Lancer named Mitsi. The faithful girl is now promised to a friend and won't be left at the airport. It was only in 2014 we bought a newish secondhand Hilux 4WD which we leave on the Sunnie Coast.

I've also eaten plenty of home made sandwiches for lunch at work. Small things do make a difference and some sacrifices are needed along the way.

I just see I've done 200 posts, 250 here I come!

 

First Goethe, now Feuerwehrmann/frau (it's 2019, let's make it politically correct ). I'm sure it's only a matter of hours before Pauline Hanson warns us that this thread is being overrun by Germans!

Back to the (other) topic, I've become a little bit pessimistic about being able to retire. I'm 37 now. I'm working 5 days a week and my wife is currently working 2 days a week (we've got a 2 year old son).
The plan is that we will both be working 3 days a week when I'm 45.
Based on our current salaries, that would be a decrease of 21% of our current income. Should be doable. If nothing else changes and we're able to refinance with new 30 year mortgages then, that alone should be enough to make up the difference.

 

When I was young I had this dream. Work when I want, reading all day, playing computer games until 4am, watching movies, sleeping in the arvos. Travel to Europe once a year to escape the Aussie winter.

Plan was solid. Starting investing in 2006. High salary. Wife a career woman on a very good salary.

We were 28 and feeling great. 4 properties including PPOR.

Thats when the dream turned into a nightmare (that I wouldn’t change for anything in the world).

Three kids in three years. Original planned timeline? It just cant be done now.

I’ll be 53 when the youngest hits 18. Schooling alone will be $550k to $600k (not even a top school in our area) Soccer, swimming, gymnastics, Kumon, entertainment etc Yes we can “make sacrifices”. Easier said than done. Who doesn’t want the best they can provide for their kids?

Here is our biggest sacrifice. Never stop working. Wife took 3 months mat leave for each child and went back to work pregnant twice.

Always full time. Skill up, head down and keep at it all the while juggling work and family commitments.

Bought our 5th inv property late last year just under $1m. Doing it slowly now but sticking to some sort of FIRE plan, which above all must include a European summer holiday once a year.

 

This was such a good read thanks for sharing

 

Two words.

Sugar. Mamma.

Only need to manage one tenant with immediate significant cash flow decades earlier!

 

We go overseas at least twice a year...sometimes 3 (all during school holidays), and still its not enough