If I could let ChatGPT do the work…

Financial Independence Retire Early:

Financial independence, retire early (FIRE) is a movement that advocates for saving and investing a high percentage of one’s income in order to achieve financial independence and the ability to retire at a young age. The idea is that by living below one’s means and investing the difference, it is possible to accumulate enough wealth to be able to live off of the passive income generated by one’s investments and not have to work for financial reasons.

To achieve financial independence through the FIRE movement, it is generally recommended to save and invest a high percentage of one’s income, often 50% or more. This can involve things like reducing expenses, increasing income, and investing in assets such as stocks, real estate, and businesses.

While the FIRE movement has gained popularity in recent years, it is important to note that achieving financial independence and retiring early is not a realistic goal for everyone. It requires a significant amount of discipline and sacrifice, and it may not be possible for those who have large debts or who are not in a position to save a high percentage of their income. It is also important to carefully consider the long-term financial implications of retiring early and to have a plan in place for managing expenses in retirement.

write me a blog post article for lifeinfire about Financial Independence Retire Early:

Financial Independence Retire Early (FIRE) is a movement that has been gaining popularity in recent years. At its core, FIRE is about living below your means, saving and investing a high percentage of your income, and achieving financial independence and the ability to retire early.

Many people dream of retiring early and having the freedom to do what they want, when they want. But for many, the idea of retirement seems like a distant dream, something that is only attainable for the wealthy. The FIRE movement is changing that perception by showing that, with discipline and focus, anyone can achieve financial independence and retire early.

The first step to achieving FIRE is to take control of your finances. This means living below your means and cutting back on unnecessary expenses. It also means increasing your income through side hustles or taking on a higher-paying job. The more you can save and invest, the faster you will be able to reach financial independence.

Once you have a handle on your expenses, it’s time to start investing. The FIRE movement emphasizes the importance of investing in low-cost index funds, which have been shown to provide higher returns than actively managed funds. It’s also important to diversify your investments across different asset classes, such as stocks, bonds, and real estate.

While FIRE may seem like a lofty goal, it’s important to remember that it’s not about becoming a millionaire overnight. It’s about building wealth slowly and steadily over time. It’s also about being mindful of your spending and making conscious choices about how you allocate your money.

For many people, the idea of retiring early is a dream. But with discipline, focus, and a commitment to living below your means, it’s a dream that can become a reality. The FIRE movement is proving that anyone can achieve financial independence and retire early, if they’re willing to put in the work.

What do you tell someone that you do when you are retired early:

If you are retired early, you might tell someone that you are no longer working for financial reasons and that you are able to live off of the passive income generated by your investments and savings. You might also mention some of the activities that you enjoy doing in your free time, such as traveling, pursuing hobbies and leisure activities, volunteering, or spending time with friends and family. If you are retired early, you might also mention any plans that you have for the future, such as continuing to invest in order to grow your wealth or using your free time to learn new skills or pursue personal interests. It is important to be mindful that while retirement can be a fulfilling and enjoyable phase of life, it can also bring new challenges and require a different approach to managing time and finances.

how to spend a “fun bucket” in retirement:

A “fun bucket” in retirement can be a way to set aside money for activities and experiences that bring joy and fulfillment. Here are a few ideas for how you might spend your fun bucket in retirement:

1. Travel: Retirement can be a great time to travel and explore new places. Consider using some of your fun bucket money to plan a trip or vacation to a destination that you have always wanted to visit.
2. Hobbies and leisure activities: If you have always wanted to learn a new hobby or activity, now is a great time to do so. Consider using some of your fun bucket money to take classes or lessons, or to purchase equipment or supplies for your hobby.
3. Entertainment: Whether it’s going to the theater, attending concerts or sporting events, or just enjoying a night out with friends, there are many ways to have fun and be entertained. Consider using some of your fun bucket money to treat yourself to these types of experiences.
4. Giving back: Many people find that giving back to their community or to causes that are important to them is a rewarding way to spend their time in retirement. Consider using some of your fun bucket money to make a donation or to volunteer your time and talents to a cause that you care about.

how great is the upcoming year if you’re retired early:

It is not possible for me to predict how great the upcoming year will be for someone who is retired early. It will depend on a variety of factors such as the individual’s personal circumstances, their health and well-being, their financial situation, and the events and circumstances that take place in the world around them. Some people may find retirement to be a very fulfilling and enjoyable phase of life, while others may face challenges or find it difficult to adjust to a different lifestyle. It is important for anyone who is considering retiring early to carefully plan for and consider the financial, social, and personal implications of this decision.

I’m back typing…I don’t really know what to say. This is honestly not much different than what basement article-mill people come up with all the time. There is no way (at this moment, for my topic) that a computer can quite generate the experiences that I (we) have encountered to, into, and through this FIRE journey. That is almost the exact same sentence I would use for many of the article churners.

I’ll just say, FIRE is amazing if it fits you.

*** Nothing in this article is to be construed as financial advice.  Almost nothing in this post came from a human. Neither ChatGPT or I am not a financial planner, nor do I (we) pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had for ChatGPT to generate..

I don’t seem to do all that much in retirement.  I often feel like I am not accomplishing a lot.  I do get all kinds of things done, and even more things started.  I also LOVE my life and the activities I am doing every single day.  But, I wonder, is there more, can I do more, should I do more, do I care to keep score for more?

JD Roth once made a passing comment “if it takes two hours to do, it takes 2 weeks in retirement to complete.”  That sure strikes a chord with my structure. 

I track items on my “Remember List.” I put tasks on my calendar (often with a ? at the end).  I have a lot of notes and plenty of Apple reminders to add to my remember list.  But, what do I do?  Or more clearly, when?

The other day, I asked a friend if we could talk (about taxes, year-end planning, life, spending, etc).  I used almost two hours of his precious time, but I came away with dozens of thoughts and insights that I’ve been thinking about for days.  That was a great call for me.  He ended the call by saying “every time I talk with you, I end up with action items/tasks.”  Oops.  That’s not my intent, but I do have ideas—ideas all the time.

When will you…?

If not now, when…?   If not (starting right) now, when will you…?

If you are waiting, why?  Why exactly do you think a possible future time is the correct time?  How will you (feel, think, or be worth) at that time? 

I ask this for myself and for others who have been smart spenders, smart savers, smart planners, risk-averse, deferred gratification-ers, and future thinkers.

I always want the bad news first.  I want to know and deal with the problem.  I always save the good news for later.  Sometimes I never even get to the good news.  Often I get consumed by the bad until I sort it out in my brain.

I think for decades my spending has been mostly the same over time.  I deferred that spending to the future.  I made sure I really wanted to spend on that.  Sometimes, it turns out that I didn’t end up needing or wanting the item and I’ve saved myself some money.

Now?!

But what about the case of dying sooner and having instituted more old age deference?  Shouldn’t I realize each and every day, that I’m not getting younger or healthier?  How do I know my future days, weeks, and opportunities are ahead of me?  What if they’re not?  (or what if they are?)

I may be at or near my last peak of wealth and physically (mental? My ability to enjoy some extra experiences or items?  I know multiple older people who tell me “they missed their window” to do some things.  Health, life changes, family issues, regional politics, living situations, etc. can get in the way of “opportunities.”

I know I’ve shared many of these concepts and thoughts before in different ways.  It’s not that I’m forgetting I’m coming back to these, but more importantly, it’s that they are not resolved.  This FIRE thing is a process.  I will process many thoughts and tackle many phases throughout the remainder of my time. 

Passion:

I just realized that I may be lucky that I’m not struggling with “life purpose” confusion or “working desires.”  I’m just thinking about “living life” in a great way.   A base great life plus (or times) an amazing life far beyond the “base.”

For all the “I’d rather have experiences than ‘things’ people,” I understand.  I however have been lucky enough to have been all around the world a couple of times, and while there is still more to do/see, I also want more fun at home.  Much of that fun was sacrificed and delayed for decades.

I do have LOTS of little gadgets, toys, and hobby items to message around with.  It’s funny that ALL of those items add up to almost no money, just the tiniest fraction of our net worth.  (True, my wife’s items add up to noticeable amounts, but she deserves to enjoy all she deferred, and for putting up with me).

I’ve written about going crazy and spending $500 on a guitar because it seemed cool and it turned out to be amazing.  It sounds like a buzz saw and honestly makes me not sound -horrible.  That’s not a large price in the guitar world, but to me, it was a pretty big purchase.

I’ve written about my mistake of not buying a Peloton bike for my wife,( I do love how they got in trouble for the commercial of the husband buying his wife a bike for xmas…then in mid-2020 the twits were saying “how do you like that peloton now?!”) 

I wrote about fixing our items only to sell them and let others enjoy the improvements when those improvements should have been completed for our enjoyment during our ownership. 

What is your money (your life) for?

Shouldn’t you get a reward for the position you’ve placed yourself into?

Is now is not the deferred spending time, when should that deferred spending be used?  Why?

*** Nothing in this article is to be construed as financial advice.  I am not a financial planner, nor do I pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had.

For as long as I can remember I’ve been trained to defer gratification.  I will think of something(s) I want and then I put these items on my don’t forget list while I fine-tune my requirements, monitor pricing options, and then purchase at what seems like a great time to buy.

Vehicles

We did this for our 2006 BMW X5.  We bought it in 2008 when gas was “outrageous at $4/gal and demand disappeared for SUVs and we got a great price.  We did this in reverse for our Toyota Venza in Jan 2021 when there was no demand for cars because everyone was working from home.  We ended up with a hybrid model because gas was so cheap and there was low demand for hybrids.  We ended up with a $1500 dealer discount, plus $1500 cash back from Toyota, and were able to pick our exact vehicle and ship it from Texas at a low transport rate (nobody was shipping anything-pre supply chain news story).

Those two vehicle purchases are great examples of buying off-peak and saving thousands of dollars on each purchase because we planned and lined up our purchasing strategy.  My wife was thrilled with her vehicles.

Toaster

On the other hand, I’ve decided I want something smaller, let’s say hypothetically, a $20 toaster and I research the models (smart) then I spend 90 minutes looking for the best price to save $4 (dumb).

I’ve written about being smart and using your money for things you enjoy.  I’ve also written about being dumb and purchasing/fixing something just before selling it—spending the money, but not getting the enjoyment of the item.

Spinning Bike

This week my wife and I were talking about upgrading her peloton app membership from $14 by buying a peloton bike and subscribing to the All Access membership for $45.  The back story is when covid stopped in-person spinning classes my wife switched to her old spin bike at home and used the peloton app (on a 32” TV).  Six months into the lockdown mess, in the fall of 2020 while still only in the midst of vaccine development, we bought a nice $700 commercial spin bike.  It was MUCH nicer than the old “Rusty” spin bike she had been riding 3-5 times per week.

Through the pandemic, her favorite spin studio closed permanently and she just kept app/TV spinning at home for 2 ½ years.  On a trip in October, she was able to use a peloton bike at a hotel using her app account and realized it was a very nice bike.  Late last week I said, “let’s just get a used one on Craigslist or FB Marketplace from someone who purchased one during covid and doesn’t ride it.”  So, 36 hours later and with a few messages to people, we had a barely used (44 rides) bike in the back of my truck heading home.  An hour later it was set up, plugged in, and connected to wifi with a test ride underway.

The next day we upgraded her membership from the $14 app to the $45 all access membership (amazing how easy they make that) and the dizzying amount of ride statistics began generating data.  I added a member account for myself and we are now both addicted to the statistics.  This may not be a good thing according to our legs.

WHY?!

I was thinking, why did I wait to give my wife the best spinning experience?  It wasn’t really about the money the peloton bike would cost or even the membership.  I think it was that I assumed she would go back to in-person classes ($96-140/mo +gas +driving time) and not need the home bike much. 

Health

There is nothing more important than our health.  Moving our bodies and getting our blood pumping are so important to the ability to live a strong, active life.  There is no question that we should be investing heavily in this activity.

Used Purchase Timing

Did I mention my theory that buying used items on Craigslist or FB Marketplace is often a great strategy before thanksgiving and toward xmas?  I think people are raising money for their holiday purchases so they are motivated to sell.

On the other hand, we did NOT want to buy the bike the last week of, or the beginning of the year when so many have resolutions for fitness.  I feel the demand would increase then, as well as the prices.

Identify the things that enable your Great Life and go fit it if you have created a plan for it to make sense.

*** Nothing in this article is to be construed as financial advice.  I am not a financial planner, nor do I pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had.

There are times when things happen that cause total chaos in our lives.

Some unexpected action or issue that throws everything that was flowing along out of control.  It’s not the same as a freeway backup caused by an accident…unless you’re in the accident.  It’s not like a dam bursting and the rushing water flows down river wiping out structures and nature along the river banks because you kind of—in the back of your mind—know there’s a HUGE amount of water pent up behind that concrete structure.

What happens when something horrible happens to a spouse, thereby  leaving the remaining spouse and family with dozens of issues, problems, and disasters?  What happens when the remaining family (and friends) are distraught with grief and want to work on issue resolution but run into brick walls, bureaucracy, lack of information and quite possibly have health issues that impair their ability to take on the tasks?

I want to state first and foremost, I cannot understand, or explain all of—or most of—the possibilities that can unfold.  I just want to spark in you (hello anyone out there?) the idea that you may be able to pre-prepare (I thought I would double emphasize that) some structure to help in case you get hit with the bad card.

1. Make sure those you love and care for know you love and care for them.  (I’m making note of this now for myself)
2. Create an organized structure of “what.”  What things need to be taken care of?  What accounts do you have?  What the logins are?  What your wishes are?  What the process is.  What’s most important?  What are the procedural steps?  Some call it the “love letter” for their spouse.  “Hey honey, I love you, but don’t forget to pay the electric bill.”  Maybe that’s not the best example.
3. Do not leave your distraught follow-up person (spouse, child, executor, trustee, lawyer, friend, bad person) to have to do forensic accounting to put your financial and personal records organization into an organized manner.
4. Death vs Disability.  If you become incapacitated, that is different than being deceased and having a death certificate to assist in taking action.  Power of attorneys are important as are Medical Rights documents…and having those medical documents ready at a moment’s notice and when arriving at a hospital.
5. Monthly operations, bill paying, cash flow, stabilization.  Share the bills/accounts and the process that you use.  Hopefully, you have an automated process.  Also, make sure both you and your spouse are listed as approved/trusted parties on each account.

It’s so much better to have planned for those taking over your operational duties before there is a need for such a transfer of power.  Don’t leave a pile of paperwork, or worse, PDFs for someone to deal with.  Leave instructions and the ability for them to make changes.

*** Nothing in this article is to be construed as financial advice.  I am not a financial planner, nor do I pretend to be.  You should always consult your own professional when seeking advice. This post is not a piece of literary mastery, just a random thought I had.