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?
Talking product sense with Ridhi
9 min AI interview5 questions
8 cr. have a kid
By 48-50 I want to retire and travel the world
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...
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
How did you reach there? Earned in dollars 💵?
could you please tell us a bit about how you gained a corpus of 7cr till now ?
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.
I read that by 45 we can't work in IT
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.
Have tried calculating using swp?
Care to share why you think it would take 14cr?
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 🤡)
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
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.
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.
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.
