Reply
Page 1 of 4 1 2 3 4 LastLast
Like Tree49Likes

Penny Pinching Retirees in their 30s

  1. #1

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,583

    Penny Pinching Retirees in their 30s

    PBS feature in the mushtachian way of retiring.

    https://youtu.be/RyF40JydVNU

    Have a GeoExpat related problem - please create a support ticket.

  2. #2

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,583

    And a Bloomberg columnist's view..



    The ‘Radical Saving’ Trend Is Based on Fantasy

    https://www.bloomberg.com/view/artic...is-impractical

    Have a GeoExpat related problem - please create a support ticket.

  3. #3

    Join Date
    Jan 2018
    Posts
    922

    It seems more like quit your main job (engineering, etc.) and run a blog and odd-jobs that pay your living expenses. Wait until you get older and health insurance is totally insane, good luck with that...

    shri and Kowloon Goon like this.

  4. #4

    Join Date
    Oct 2010
    Posts
    17,543

    For me, financial independence will be the point I don't have to work. From then on, I can choose to work but am not obliged to.... and work could be part-time, low-stress, new vocation or whatever,.

    I realize FIRE means different things to different people, but that is how I would think about it.

    Even then, it is complicated - I feel if I retired now, took my children out of international school, moved to the UK and scaled back on luxuries (foreign holidays, eating out, latest gadgets) then we could probably be FIRE now. However, if I want to put all my children through their current school... and university... and continue enjoying travelling then our FIRE is 15-20 years away,

    Most likely the real answer is somewhere in the middle - we'll keep saving, keep investing and then I'll change jobs in a few years to something less stressful. HK is ideal for FIRE due to the low/zero taxes on most types of passive income.

    shri, bdw, kittykaitak and 1 others like this.

  5. #5

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,583

    A bit of this debate has been sparked by Suze Ormon - she has come back from "retirement" to promote a new book.

    Mustache responded to her promotional interviews with this... and it does make sense.

    By the way @TheBrit - with you 100% on being pragmatic about expenses related to kids / education. The way I look at it - one needs a passive income, but not just one pot - today's passive income might not exist elsewhere, you need to take time to build a few pots, diversified passive income is not easy.

    Everybody uses the FIRE acronym because it is catchy and “Early Retirement” sounds desirable. But for most people who get there, Financial Independence does not mean the end of your working career.

    Instead it means “complete freedom to be the best, most powerful, energetic, happiest and most generous version of You that you can possibly be.”

    Does this mean you will quit commuting through traffic into a lame corporate office to sit in meetings about products you don’t really care about? Yes.

    But does it mean you won’t work hard at things that are important to you, for the rest of your life? NO!
    https://www.marketwatch.com/story/mr...ent-2018-10-05
    Have a GeoExpat related problem - please create a support ticket.

  6. #6

    Join Date
    Oct 2010
    Posts
    17,543

    I do agree with a lot of what MR MM says. I haven't religiously followed his site, but did spend a few hours reading a lot of it and it seems pretty solid - get your expenses down, build a passive income and know what you are spending. You can still enjoy some luxuries, but just not every luxury you did before.

    If places like HK, the UK, presumably chunks of Western Europe ever walk back on universal, free-at-delivery healthcare I think that would blow a huge hole in many FIRE type's budgets - especially if provision were assessed on both income and assets.

    That seems the single biggest risk to me in most people's planning. I guess simply building a bigger pot to allow for purchase (if needed) of family health insurance annually is the counterpoint - that could easily be the biggest expense in someones budget too.

    z754103 likes this.

  7. #7

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,245

    Here's the Suze Orman podcast.

    A lot of it I don't agree with, but there is a lot of stuff she talks about that does make sense. I would listen to the whole podcast (its about an hour long) before you make your own judgements.

    She does talk about the power of compounding interest and starting young, and the importance of saving and living within your means. All of which is important to being financially independent. I however don't believe with her belief that you have to work until you are 65. And by work she seems to refer having a job and working for the "man".


  8. #8

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,583

    I don't think she means "working for the man", or may be thats my bias. I suspect she means "trading your skills and knowledge for income" and the Mustache guy considers this "doing what you enjoy".

    If your skills and knowledge are marketing and tech based and you're a good writer, can influence people positively - then starting a online blog, building a community etc are "a job" that you enjoy - some say that is not working.

    Have a GeoExpat related problem - please create a support ticket.

  9. #9

    Join Date
    Feb 2006
    Location
    Kennedy Town
    Posts
    998
    Quote Originally Posted by shri
    I don't think she means "working for the man", or may be thats my bias. I suspect she means "trading your skills and knowledge for income" and the Mustache guy considers this "doing what you enjoy".

    If your skills and knowledge are marketing and tech based and you're a good writer, can influence people positively - then starting a online blog, building a community etc are "a job" that you enjoy - some say that is not working.
    Maybe her courses offer better advice.

    https://www.suzeu.com

  10. #10

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    24,583

    May be.. but I don't pay for courses from people who claim to have retired.

    Have a GeoExpat related problem - please create a support ticket.

Reply
Page 1 of 4 1 2 3 4 LastLast