Loading...
Remove Text Formatting

Likes Likes:  10
Results 1 to 8 of 8

Thread: Anyone into FI/FIRE?

  1. #1
    Club Supporter
    Join Date
    Mar 2014
    Location
    Bolton
    Posts
    7,564

    Anyone into FI/FIRE?

    Anyone into FI/FIRE (Financial Independence, etc)? There are pros and cons and can be overdone. This video seems to be popular right now.

    Password is: FIRE (until Dec 11th)


    https://vimeo.com/374814086?fbclid=I...lxWVJ3u4HL4yUw
    Last edited by 92redragtop; 12-07-2019 at 10:45 AM.

  2. #2
    Super Moderator Scrape's Avatar
    Join Date
    Mar 2014
    Location
    GT-A
    Posts
    9,206
    Thanks Richard. Watching it.

  3. #3
    Die Winter Die Snaketamer's Avatar
    Join Date
    Mar 2014
    Location
    North Bay
    Posts
    611
    Thanks for the share! Very informative doc...

  4. #4
    Member
    Join Date
    May 2014
    Location
    Bruce county
    Posts
    312
    Some interesting concepts at the beginning of the documentary. Worth watching. Thanks.

  5. #5
    Club Supporter hammerhead's Avatar
    Join Date
    Jun 2018
    Location
    Melancthon,Ontario, Canada
    Posts
    2,725
    Cool concept - left me with a lot of questions - I see most of the people are young and have none or one child - I live with the concept of not purchasing things on credit but have six kids and still supporting four and find it very difficult to save money even having almost no debt other than a mortgage - its only been recent that I've purchased a car on credit - this program would be a tough task - since my accident I've set myself on a two - three plan but realistically five, but aiming for two, by then I will be in my 60's - don't really have a desire to retire just change a lot of the static - this concept seems almost impossible to me especially when I add up the money I have to spend just to earn the money I make - this is what I will be changing the most - thanks for sharing
    1979 Pace Car 302 4spd
    1981 Cobra t-top option - power to be determined, in the works

  6. #6
    Club Supporter
    Join Date
    Mar 2014
    Location
    Bolton
    Posts
    7,564
    The folks in the video are young(er) and a mix of no kids/kids (1-2 IIRC) but in the FI/FIRE community (via podcasts/FB/etc) there is a wide range of ages. Some people start early as in 20's or some are starting in their 50's if they've just learned about it since it's not taught in schools and the marketing/economic growth complex is designed around spending so you're only exposed via parents, specific education, colleagues, friends, etc. Also, there are folks with more kids and their plans may have a longer timeframe but the idea is not so much a cookie cutter timeframe but more about a conscious mindset once you have the info versus the typical consumer who is influenced by the psychology of advertising/marketing machine and social norms set up to have you unconsciously spend and live paycheque to paycheque, so to speak.

    For example, the RRSP and TFSA programs we have in Canada are simple and great (I wish they had higher limits though), even compared to the US where it's a puzzle and not universally accessible, but not everyone who is eligible to use them actually do, and then the number than max them out is even smaller....even though the math says this is the optimized path (either both or one depending on tax bracket).

  7. #7
    Club Supporter hammerhead's Avatar
    Join Date
    Jun 2018
    Location
    Melancthon,Ontario, Canada
    Posts
    2,725
    Quote Originally Posted by 92redragtop View Post
    The folks in the video are young(er) and a mix of no kids/kids (1-2 IIRC) but in the FI/FIRE community (via podcasts/FB/etc) there is a wide range of ages. Some people start early as in 20's or some are starting in their 50's if they've just learned about it since it's not taught in schools and the marketing/economic growth complex is designed around spending so you're only exposed via parents, specific education, colleagues, friends, etc. Also, there are folks with more kids and their plans may have a longer timeframe but the idea is not so much a cookie cutter timeframe but more about a conscious mindset once you have the info versus the typical consumer who is influenced by the psychology of advertising/marketing machine and social norms set up to have you unconsciously spend and live paycheque to paycheque, so to speak.

    For example, the RRSP and TFSA programs we have in Canada are simple and great (I wish they had higher limits though), even compared to the US where it's a puzzle and not universally accessible, but not everyone who is eligible to use them actually do, and then the number than max them out is even smaller....even though the math says this is the optimized path (either both or one depending on tax bracket).
    Personally I was never a big fan of RRSP, I'm a little afraid of investing in something other than real estate - also raising my family on a single income for he last twenty years is a challenge on its own - I've set myself up so my children could take advantage of the idea of FIRE - at the time I had no idea of what FIRE was but the opportunity is there for them. If they choose and don't wait too long...lol. But I think it would be ideal for a young person who is single to take advantage of their parents and do something like this even with minimum wage. When my first marriage caved I moved back with my parents for a year and saved the money I needed to get me back into the real estate market, it only took one year. I can see this can work after that experience.
    1979 Pace Car 302 4spd
    1981 Cobra t-top option - power to be determined, in the works

  8. #8
    Club Supporter hammerhead's Avatar
    Join Date
    Jun 2018
    Location
    Melancthon,Ontario, Canada
    Posts
    2,725
    one thing in this video (I forgot to mention) teacher - said he was making 34,000/year in the USA to make extra cash he tutored and did a number of other teaching jobs...
    1979 Pace Car 302 4spd
    1981 Cobra t-top option - power to be determined, in the works

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SiteUptime Web Site Monitoring Service