Some questions for the already financial independent

Favorite quotations, etc.
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opinatron
Posts: 5
Joined: Thu Jan 19, 2017 10:22 am

Some questions for the already financial independent

Post by opinatron » Fri Jan 20, 2017 12:04 pm

Hello all. My name is Marc and I’m from Spain. First of all forgive my English, since it’s not my first language and I’ll possibly write a bit weird :)

I write in a blog about money (mostly how to save it and how to invest it long term) called Opinatron (in Spanish) and I firmly believe in reaching early retirement. To encourage my readers to believe in the possibility of retiring early I’m doing a series of articles about people that already reached it, interviewing them. With 8 quick questions, people can really learn a lot about the experience of others and the interviews I got until now are really interesting and people loves it. I know it is a lot to ask, but I think if there was people here willing to answer the interview me and my readers could learn a lot and get new points of view, being this a great forum and one that has a completely different style from the ones in Spain.

If someone that has already reached financial independence was so kind as to answer the interview I’d be honored and really happy, I would then translate it to Spanish for my blog. I’m sure this forum’s visitors could also learn from your very interesting and experienced point of view.
Here are the questions:

• What motivated you to want to retire early?
• How old were you when you early retired and how many years did you have to work for it?
• How did you do it?
• Is it necessary to earn a lot of money to retire early? What’s the key factor?
• How would you define your investment strategy? What do you live from now?
• Which were your biggest hits and your biggest mistakes?
• If you had to give some advice to people that’s starting, what would it be? Whats your recipe to reach early retirement?
• What do you do now with your time? Was it worth it?

Thank you very much for your precious time :D

elegant
Posts: 93
Joined: Sat Apr 13, 2013 2:19 pm
Location: Land of Milk and Honey

Re: Some questions for the already financial independent

Post by elegant » Sat Jan 28, 2017 3:49 pm

• What motivated you to want to retire early?

For me it was the combination of an unsatisfying career and reaching age 30 (one third-life-crisis)

• How old were you when you early retired and how many years did you have to work for it?

I found ERE in 2013. I was 29 at the time. I didn't really "work" for it because I was already pretty much financially independent given my existing savings and extremely low expense levels (single male, living with an aging parent). Jacob's blog gave me a conceptual framework to reorganize my thoughts about the subject. I also began to invest around that time.

• How did you do it?

I spent 70% to 90% less than what I earned for about a decade.

• Is it necessary to earn a lot of money to retire early? What’s the key factor?

Your expense level as a percentage of your total income.

• How would you define your investment strategy? What do you live from now?

I invest 50% in global stocks and 50% in local government bonds and cash. I don't touch my portfolio though. I have an apartment that I rent out for 1000$ and I make another 1000$ from passive online income. my expense level is about 500$ per month (sometimes even lower - I live with my mom and mostly study in university).

• Which were your biggest hits and your biggest mistakes?
That I didn't start investing sooner.
And that I didn't quit sooner, I think.

• If you had to give some advice to people that’s starting, what would it be? Whats your recipe to reach early retirement?

Don't share your efforts with anyone. Keep it a secret. People will not (and sometimes cannot) understand, see ERE wheaton scale.

• What do you do now with your time? Was it worth it?

I'm a full time student.

ffj
Posts: 1500
Joined: Thu Aug 26, 2010 3:16 am

Re: Some questions for the already financial independent

Post by ffj » Sun Jan 29, 2017 11:59 am

• What motivated you to want to retire early?

I wanted my freedom back. The ability to choose what I did each day, go to bed when I wanted to, get out of bed when I wanted to, not have to deal with co-workers all of the time, get some enthusiasm back for regular activities, and to stop having to compete with people stuck in the same work routine and vacation schedule as I. When you are not forced to do everything in a two-day period or a one-week vacation then a host of possibilities opens up.

• How old were you when you early retired and how many years did you have to work for it?

Pretty much on my 46th birthday. I've been working since I was 14 years old so I don't know how much of a success story I am other than being a little young for such things. What is interesting about my situation is that I live in a relatively poor state with lots of people not working so nobody bats an eye when they don't see me going off to work. I blend right in.

• How did you do it?

Again, fairly uninspiring. I worked a job until retirement with a pension. My family and I live off that pension and if I were to die first, my wife will receive the pension until she dies. I understand completely that this is not an avenue available to everyone, but then again the work I performed (hazardous duty) is not something a lot of people want to do anyway. What's important to note however is that I have enough savings and investments to live off of should my pension ever go under. I worked very hard for twenty years to insure that myself and family were covered for most contingencies.

• Is it necessary to earn a lot of money to retire early? What’s the key factor?

Absolutely not. The key is adaptability to your situation and becoming versatile in several skills. And focusing on the long game. Almost everything I do or learn is in furtherance of a larger goal. At the bare minimum, everyone should be able to cook from scratch and have at least two skills that can earn them money. That alone will get you very far in life.

• How would you define your investment strategy? What do you live from now?

Mutual funds, IRA's, tools, skill-sets. I don't like the idea of having everything tied to the stock market and that is why I have lots of tangible assets that can earn me money and a paid for home. I currently live off of my pension.

• Which were your biggest hits and your biggest mistakes?

Finding like minded people. Thank god for the internet. I have made very few financial mistakes in my life and delayed gratification has been my friend.

• If you had to give some advice to people that’s starting, what would it be? Whats your recipe to reach early retirement?

Diligence and picking your long-term significant other very carefully, doubly so if you want children. If you are not a team, then this will not work. Read Jacob's blog entries, all of them. Beautiful logic and reasoning. Read his book too, but read his blog.

• What do you do now with your time? Was it worth it?
Whatever I want, pretty much. I have many interests that I dabble in and yes, it was absolutely worth it.

opinatron
Posts: 5
Joined: Thu Jan 19, 2017 10:22 am

Re: Some questions for the already financial independent

Post by opinatron » Mon Jan 30, 2017 7:42 am

Thank you both so much, so much interesting knowledge in a short space :D

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