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I am 38 and only have 200k in 401k. I started late and made some bad investments and lost about 150k in options in 2021.Is there any hope left for me for FIRE? Now I am doing DCA to VTSAX but markets seem all time high. Looking to buy investment property but feels like I am buying on top of the cycle. Any suggestions on path forward?
Coach
Choosing what type of work I do (if any) without thinking of the financial implications of my decision
For me I am aiming for CoastFIRE by my mid 30s mainly as the mental milestone where I know I don’t have to save a dime more towards retirement (though still probably will) and my investments will snowball to where I can stop working for good in my 50s. That way I can spend late 30s - 40s doing work I actually enjoy without worrying about the paycheck.
That’s goals for me MC1 ! Although my target by 35 is lower than where you are. No kids and no plans to have any though, so that helps with the calculations.
Mentor
Farming
Passion projects only, lots of time focused on my kids and volunteering at their school, and plenty of travel is how I envision FIRE life.
Do a consistent podcast possibly while traveling. Learn woodworking and make some custom furniture. Audition for acting roles in open casting.
I like this response! Cool ideas.
For me, the “RE” part is to retire from a full time job. I expect to make income from dividends, rental property, and any one-off side gigs (consulting projects, board of director grants, etc). Any spending above that would be funded by withdrawals from the nest egg.
For me - Having the possibility to no longer work full time (or at least not have to work a demanding but super high paying job) when I reach 50
Enthusiast
I would work for hours in the mornings and have rest if the day to spend with the family. That is my life.
I plan to live in a low cost locations like SE Asia and move around. I can live on my dividends and passive incomes.
I plan to live fully off of investments (dividends, interest and principal), maybe do passion projects if I feel like it, travel a ton, and only work for The Man (and then part time hopefully!) if some sort of financial catastrophe happens.
Current view is it means we are work optional. I like what I do but would love to do it either part time or work X number of months per year and taking the rest off.
FIRE to me is working because I want to, not because I have to. I’m too young to retire and frankly find it boring to do so. What am I going to do? Watch Netflix all day? Can’t hangout with buddies, they have to work. I am getting involved in more philanthropic and giving efforts in my community as well. I’m also dedicating my time to trying to help family and friends to also achieve FIRE.
And do those things alone? Doesn’t sound so enjoyable to me, I do those things in the weekends when others can join me. Also I kill all plants, I have the opposite of a green thumb.