What the Hell is the FIRE Tribe
The FIRE tribe stands for Financially Independent Retire Early Tribe. They are a group of people, usually from early 20’s to 40’s who have managed to, or are planning to be retired as soon as possible. This tribe consists of people under 30 who have retired on over $2 million.
Don’t get depressed, stay with me.
At first I was so depressed reading all their stories and busy comparing my failures against their successes that I just curled myself into a ball and rocked myself with the soothing mantra “There’s no point, there’s no hope.” But there is a point – and hope. If you’re breathing, there is always hope.
I had to, and you do too, stop comparing yourself to anybody else on the planet, especially those 20 years younger than you and me and way more successful.
WE BLEW IT.
We KNOW.
There is no going back. Stop with the what if’s and the if only’s and slap yourself with some cold water for a minute.
All is not lost. I read this post recently that gave me a glimmer of hope. Although it’s aimed at retiring by 50, you can still apply the principles. I can still get to $1 million in 20 years, and sooner if I save like a demon. The trickiest part of this is getting an actual job, but we’ll put that on the back burner for now.
Once the kids are pretty well off your hands in your mid 50’s it is easier to start saving harder. There will still be the occasional hand outs to the kids, don’t get me wrong, but the constant refilling of the fridge? That disappears once they move their butts out. Even if they come back eventually, use the time that they’re not there to pound those savings accounts.
The article recommended saving 35% of your income if you’re around the $50K salary mark and that is pretty well doable, especially if you’re lucky enough to have a low (ish) mortgage repayment. Chances are you have probably already increased your mortgage over the last few years to cover the costs of the kids etc., so I’m going to assume that your mortgage is in line with rents and running at around $400.00 a week. If you have a partner (lucky you) then it’s possible to live on one wage and save the rest for your dual retirement.
But if you’re alone like me (cheers) it’s going to take some serious belt tightening. However, I have honestly found that the older I get, the less I need. I still don’t even have a bed, just a mattress on the floor and can’t seem to substantiate the expense of a frame at over $200.00.
So another plan I have is to listen and learn from the FIRE tribe and stop comparing myself to them, but learn as much information as I can from then. If I get a job again, I know exactly how I’m going to divide that money up to put away for my retirement and invest a little on the way in some stocks as well.
Yes I said stocks, and yes I actually know what I’m doing. I just do not, and have not, trusted my judgement with them, or had the courage to put actual money into the market for almost a decade. This opinion is changing and I will probably do some posts on some of my strategies going forward.
So if you’re over 50 and broke like me, take a look at the FIRE tribe and pick a few to follow that you can relate to and remember, no matter where you’re starting from, you’re not alone at this broke thing.
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