Those who want to FIRE, what’s your plan?
By plan, I mean - After what networth you want to FIRE? - By what age you think you’ll achieve that Networth? - How are you going to build that networth? - What are you going to do after you FIRE?
1899
Stealth
9 months ago
Travelling is overrated. People influenced by instagram videos are mostly color graded to make it look really cool.
Travelling is not for everyone and mostly a tiring process. The videos we watch makes it look very easy.
I agree to some extent . Now i feel like going to places away from people, that too for a while , just for few day break.
foreign vacation seems like waste of money, when we have a lot here in india.
ANYWAYS IT'S A Personal choice...
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10 crore
- current 7 crore
- will reach there in 1 year
- currently 37 yo and 1 kid
- will focus on teaching, coaching and freelance consulting
samosa
Stealth
8 months ago
could you please tell us a bit about how you gained a corpus of 7cr till now ?
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Qwerty2398
Stealth
8 months ago
FIRE is the corporate equivalent of every kid's dream of becoming a fighter pilot.
For 99% of salaried employees it will never happen. It will happen at 58 or at 50 when they fire them and they cannot find an equivalent job.
At todays prices for retiring this month:
USD 1 mil + Own House + Kids education.
Lower if you're in a T2 city / don't plan on kids.
I don’t plan on retiring early specifically.
But the goal is to make as much as 15Cr and then can pursue purely passion projects.
I think I’ll achieve this by 45. I’ll build that networth through ESOPs (I know 🤡)
Snake_babu
Stealth
8 months ago
Na, it makes sense. ESOPs in a good business which you helped build esp. if you had joined in when they were at the 50-100cr revenue range will get you your FIRE funds fast.
And this is even better if its a business in the so called boring fields like ITES and/or component manufacturing.
Because these firms start paying out dividends by the time they get to 500cr -1000cr which can happen in 5-10 years with a decent business plan.
So not only does your net worth increase you get goos dividends as well.
All of the above is my personal experience and basically my plan for FIRE.
Makes a lot of sense!
But traditional companies: how will you get in such a business early and have enough stake? Especially given I may not have experience expertise or connections
I’ve always thought of startups in this context
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Surprised the low numbers being presented here. Sustaining a lifestyle with a corpus which lasts for a larger period of non earning years is very very costly. My calculations for retiring at 55 itself requires 14crs for 25 more yrs.
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Here am just 18 lakhs savings. Marries with 1 yr old kid. 10 yr experience 16 lac package.... Even 1 crore seems like a journey of a thousand miles for me..
HopefulTv
Stealth
9 months ago
- 6cr. plan to have a kid
- around 50, currently around 40
- continue working, invest in equity and RE
- consulting work, teach to enable a part of the running costs
Apes
Stealth
9 months ago
8 cr
Fire/coast by 32 to spend time with kid
Currently 25 yo
Quick question - Those who want to FIRE in 30s and 40s. What you’ll do then? What will be your purpose after that?
In my 30s, I don't think I'll FIRE soon but if I can, I'd like to start my own nursery, do a little farming, spend time with my child, pursue full time singing... I guess the idea is to work on self happiness and consciously make choices that make you happy😊
That’s so nice to hear. Self happiness I believe is a state of mind rather than doing things to make one happy. Again I can be completely wrong.
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Nahin ho payega. Hoping to work 6 hours a day, 5 days a week till age 85
Hopefully passaway at the end of a working day in sleep
FIRE tends to make you live in constant FOMO & passion, I can't live like that
I can't put off living for a golden tomorrow
Save a lot of money by focusing on essentials, put it in the mutual funds & forget them for 15 years
But don't expect to earn so much money that you wouldn't have to work, that thinking sends you into constant optimisation mode
Yeah, thats what I noticed recently when I was selecting the new model of bike I wanted to buy, automatically my brain tried to get the cheapest bike that serves the purpose of moving from point A to B because anything more expensive would not be in line with the FIRE mentality. Saving up for FIRE is a very thin line that you need to tread extremely carefully so that you do not ruin your present for the future.
That’s what people don’t get it. They worry about future alot and forget the present. Live the life but save for the future. Why can’t we enjoy both? For me, it’s fine to retire little late but I wanna make sure to live the present.
Don't want to retire early. I plan to work till 60. Will switch to some rest and vest place once I cross 40.
Target NW is 30 cr.
Currently at ~ 2.5 cr, 28 yo.
Holy hell @Kafkaa
How much would it be minus stock? Although Uber is a great stock to have too, just curious.
8-10 cr. Currently at 3.6 cr. Age : 33 planed to reach there in next 7 years
I want to work on random things without worrying about money
JackDaniels
Student
8 months ago
I just want to add a statement that I recently read, "Its not bad to have enough money that you dont need, its bad to not have enough money when you need."
WolfgangMozart
Stealth
8 months ago
Rs. 3 crore. I started saving too late in life, so have this lower target. Will reach it by 55 and retire.
- 10 cr. Currently at ~3 cr, maybe a little more due to the great returns in the last two months.
- 37, currently 28.
- Just disciplined investing.
- I am not completely sure but I plan to take a sabbatical later this year to see how it's like.
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