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F I R E - Financial Independence, Retire Early.
- Thread starter hender
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I like to believe total mehnat sabko same karni hai. Personally i can work extra early years because i have time and energy, after a few years, i want relaxed life.
That 3 slider thing is what I remember
Time
Money
Energy
One will not have all 3 of this at the same time.
Early career time and energy will be there but not enough money.
Peak of career money and energy is there but no time to spend for ourselves
60+ time and money is there but physically unfit.
Fire is striking a balance of all 3. It can be done in many ways. Either earn huge before 40 and do what you like before you become too old.
Or take small breaks in between working and enjoy life.
Or be content with what we have and just move on.
Time
Money
Energy
One will not have all 3 of this at the same time.
Early career time and energy will be there but not enough money.
Peak of career money and energy is there but no time to spend for ourselves
60+ time and money is there but physically unfit.
Fire is striking a balance of all 3. It can be done in many ways. Either earn huge before 40 and do what you like before you become too old.
Or take small breaks in between working and enjoy life.
Or be content with what we have and just move on.
mayankcse10
TF Premier
Batao, the contrast in experience. I am assuming this is true for metro cities and the like. In my hometown, it feels like people have never heard of the word 'retirement'. You'll hardly find people just chilling at home. My 75+ uncle still puts in a full shift daily with my cousin brothers at the shop.
sunit123
TF Legend
There are 3 categories
1. No option in life but to work (Not earned enough to retire)
2. Working as a hobby (earned enough and now working as time pass i.e. to kill time)
3. Enjoying life (earned enough, not working now and hobby is full time job)
Sadly 95% people fall in category 1 in India..They work till they die because no other option..My grand father worked till he die at the age of 78
4% in category 2
and rest 1 % in category 3
I will prefer to stay in category 2 till 50 and after 50, i will happily shift to category 3
That's the meaning of early F I R E.☝️, not 60 or 70+ retired.
How do you see the people's mind set, lifestyle outside(India), when they attain FIRE in 30-40 !!
As India is evolving, so are the options to calibrate the lifestyle and earning...
India is now in a very dynamic stage...
You will see more drastic changes in next 10-20 years...
Still working for few months and enjoying life many months is far away for most...(both in terms of mental, social and financial block)....
Yeah. India has a lot of discrimination based on age as well, in addition to region, caste etc. The young people seem to live in a fantasy world where they imagine anyone 45 or 50 onwards to be too old to do anything. I met a lady recently at a mall. She was only 50 years old and stated that after 50, people in India were expected to give up material things and focus on the spiritual. Similarly, I read a comment on Redditt yesterday where someone was surprised that a 65 years old person would be on Redditt!!! This mentality where the parents devote all their lives and resources to their children and then become babysitters for the grand children is super prevalent and is the root of the problem. In reality, a person can be super active till 65 to 75 depending upon their health and reasonably active till around 80 to 85 as well if they remain healthy. At 65, I would no have hesitation in buying the latest tech, the latest car, traveling the world, doing things, dating (if single) and so on.
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real_name_hidden
TF Premier
Letter to A Young Investor #15: Are You a Stock or a Bond? - Safal Niveshak
Two Books. One Purpose. A Better Life. 🎁 Now Available At Special Prices! I am writing this series of letters on the art of investing, addressed to a young investor, with the aim to provide timeless wisdom and practical advice that helped me when I was starting out. My goal is to help young...
www.safalniveshak.com
A good article
50* current annual expenses
sunit123
TF Legend
only theoretical gyaan.Letter to A Young Investor #15: Are You a Stock or a Bond? - Safal Niveshak
Two Books. One Purpose. A Better Life. 🎁 Now Available At Special Prices! I am writing this series of letters on the art of investing, addressed to a young investor, with the aim to provide timeless wisdom and practical advice that helped me when I was starting out. My goal is to help young...
A good article
Human capital is appreciating for professions like Doctors, CA's, Lawyers etc
It is depreciating for professions like IT and it is fixed for govt servants
Always do opposite of what youtubers and online influencers suggest
Sorry, please explain this point...
Yes, FIRE is not for everyone. Just like anything else in the world. We need to choose our battles which we want to fight....
sunit123
TF Legend
Human capital depends whether funnel is increasing with experience or decreasing
Funnel becomes narrow for IT professional with increasing experience
However, funnel becomes wide for professionals like doctor, lawyer etc with experience....these professional career peak is after age of 55
real_name_hidden
TF Premier
Yes but new gyaan is gyaan.
However I agree that it's not in one's Best interest to blindly follow influencers.
I have a complete 180 opposite perspective than you...
I believe after 50s, one gets experience which is very much helpful for organizations, if not as an employee then as a consultant. (Which is basically similar to a Doctor as both are considered self-employed)
I would like to understand more about tour PoV.
Do you work in IT?
sunit123
TF Legend
I worked in IT but achieved FIRE no. through my business not by job....In my Fire corpus, i earned only 7.5% through job and 92.5% from business
No one can achieve FIRE no from regular job except you become "real" VP/President by 50 (Not for namesake VP to impress the client)....One of my known person is VP at the age of 34 but salary is only 1.5 lakh per month.
85% recent large scale retrenchments/forced resignations in all top IT companies is of the employees 40+ years in age
Sadly, Funnel is getting narrower and narrower for IT professionals.
Giyu-san
TF Legend
Guy who works in IT company here and completely agree to this. Read all the news about massive layoffs happening in IT companies. A bulk of those being let go are in middle management which is your typical 40 ish people. The issue with IT is that after a certain point there is nothing you can acquire in terms of knowledge because IT as such grows at the bottom (new technologies, extensions and parameters) and not from the top like medicine or law (which build on on existing knowledge).
For example after working 20 years in Java you are demanded to learn Python. Suddenly all the knowledge you have acquired over the past 20 years is useless. In addition to that, most of what you did has been automated and now you are a liability to the company who can get a 5 years experienced guy to do the same thing you did at a fraction of the cost. This is why unless you invest what you earn while you are young it is difficult to achieve FIRE from IT. On the other hand, the knowledge a surgeon acquired from doing 20 years of surgeries becomes invaluable as time goes on. It is almost guaranteed that your income will continue growing if you keep building on your existing skills. In IT on the other hand you need to keep starting from scratch.
What people forget about IT is that fundamentally it exists to automate things. Including itself. So everything in IT has an expiration date.
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So, taking your situation as a case study... You worked in IT and then you went to your own business. So, You moved to the Self employed group of people...
What do you attribute your success in your business to? The knowledge you gained over the years of experience? The connections you made throughout your career?
Or did you switch to a cmpletely different branch of business altogether, like import/export, shipping, manufacturing, or something non IT, then I stand corrected, otherwise my case in point... You always grow, even in IT.
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