The ERE Wheaton Scale
Re: The ERE Wheaton Scale
Yes and focusing on experiences tends to cost more than the stuff one considered important before
Re: The ERE Wheaton Scale
It seems that the Wheaton Level chart is more of a rubric (versus a checklist) with people having strengths and weaknesses on certain facets with an overall average. Even the guru’s espoused skill sets have a range and, hence, could span levels.
Re: The ERE Wheaton Scale
Hello everyone,
In addition to navigating our ERE number, let's consider the impact of lifestyle choices.
Many of us aim for FIRE with a 3% or 4% withdrawal rate, seeking an annual sum that precisely covers our desired COL. This approach eliminates the need for additional income, as SWR fully covers the COL.
However, let's explore an alternative perspective: What if we continue earning income from our primary job but reduce our workload?
For example, imagine working at full capacity (e.g., 10 hours) and saving significantly. Now, consider reducing your work hours to just 2, after some years, but, eliminating savings, but still covering 50% to 80% of your current COL.
In this scenario, our FIRE number is undoubtedly lower, correct?
This approach could particularly benefit people who work by themselves. Instead of working long hours (e.g., 10 hours) to maximize savings, you could pursue your preferred work at a reduced capacity for maintenance purposes.
For instance, working just 2 hours a day could still cover 50% (or more) of your COL, later in life.
Now, how do We estimate how many hours a day you need to put into your daily activity to reach semi-independence?
(Example 2025 hours 10, 2027 hours 8, 2029 hours 4, 2031 hours 3, 2033 hours 2, etcc)
In addition to navigating our ERE number, let's consider the impact of lifestyle choices.
Many of us aim for FIRE with a 3% or 4% withdrawal rate, seeking an annual sum that precisely covers our desired COL. This approach eliminates the need for additional income, as SWR fully covers the COL.
However, let's explore an alternative perspective: What if we continue earning income from our primary job but reduce our workload?
For example, imagine working at full capacity (e.g., 10 hours) and saving significantly. Now, consider reducing your work hours to just 2, after some years, but, eliminating savings, but still covering 50% to 80% of your current COL.
In this scenario, our FIRE number is undoubtedly lower, correct?
This approach could particularly benefit people who work by themselves. Instead of working long hours (e.g., 10 hours) to maximize savings, you could pursue your preferred work at a reduced capacity for maintenance purposes.
For instance, working just 2 hours a day could still cover 50% (or more) of your COL, later in life.
Now, how do We estimate how many hours a day you need to put into your daily activity to reach semi-independence?
(Example 2025 hours 10, 2027 hours 8, 2029 hours 4, 2031 hours 3, 2033 hours 2, etcc)
Re: The ERE Wheaton Scale
You're pointing at the concept of semiERE, which is the whole spectrum of choice in between "work fulltime to hit FI ASAP" and "work only enough to earn COL, as little as possible". As such, there are an infinite variety of possibilities in terms of desired stash size over time, desired savings rate, min/max income thresholds, min/max weekly or annual hours w*rked, etc.
The hard part is deciding what your ideal life and work-style is and what your target date for FI/RE is, if at all. That's a personal subjective call. Once you do have those rough numbers, the customized calculation is straightforward enough. Build a spreadsheet year by year and play with the number of hours worked/yr until you get a scenario you find attractive.
I'm not sure what this has to do with the Wheaton Scale, though. I recommend a separate thread if folks want to get into the weeds of semiERE calculation methods.
The hard part is deciding what your ideal life and work-style is and what your target date for FI/RE is, if at all. That's a personal subjective call. Once you do have those rough numbers, the customized calculation is straightforward enough. Build a spreadsheet year by year and play with the number of hours worked/yr until you get a scenario you find attractive.
I'm not sure what this has to do with the Wheaton Scale, though. I recommend a separate thread if folks want to get into the weeds of semiERE calculation methods.