Recently in our FIRE community talks, we brought up many topics as usual. Not only did I find out there are so many ways to FIRE (barista FIRE, coastal FIRE, FINE, or even seeing FIRE as “Financially Independent/Recreational Employment instead of Retiring Early), we also asked the folks who have already FIREd to share what would they have done differently knowing what they know now, and here is my internalization of the information regarding me and Mr. Xennial’s journey to FIRE.
Upon our career transitions, while we are doing a-okay financially, we probably would categorize as going towards “barista FIRE” with our current incomes. That said, we are definitely not accumulating as fast as I had hope to. With my current February budget, we are looking at roughly 23% of saving, and that is if I don’t dig into the “remaining” category that I use as a buffer in case anything has an overflowed expenses in any other categories. Ideally, and I’m not even sure how at the moment, I would like to up this percentage to as close as 50% if possible, which is something I felt I’ve heard on podcasts in regards to savings rate for people who are interested in the FIRE journey.
This brings up one of the things I heard in our FIRE MeetUp group from fellow FI-ers who have FIREd, which had me wondering if my mindset on my savings rate needs to be tweaked. One of them said, “had I know what I’ve known now, being FIREd for 9 going on 10 years, I wish I had taken my time to FIRE and really slow down to enjoy the journey.” That got me thinking, is it worth going above and beyond and take out the funzies in life just so we can FIRE sooner? Considering that I’ve budgeted personal care, fitness, and fun money aside, I think already answered that question for myself. I feel like even though I’m not making as much as I used to be, I still need to set up my life the way that makes me happy and balanced, otherwise I would be saving money with no fun at all, and get depressed and anxious all the time? No thank you.
That said, would I love to get a pay raise so I can up the savings percentage more? Absolutely. And that’s always been my goal, too. With me getting past the 90-day trial period at work, I am also setting up the 401(k) (3% at 100% match, and 2% at 50%), which would up my percentage of savings straight out of my paychecks too, and that always has a nice ring to it. I still haven’t gotten bold enough to bring up the conversation yet (and I know I should), so that is still TBD. But honestly, as much as I enjoy doing what I do now with almost zero stress and guilt to log off at 5pm everyday and NOT engage at all on weekends? I’d think I’m doing well where I’m at now.
Another conversation we had was about “what is your life like after you are FIREd?” And that was eye-opening, too. Another younger FI-er who has been FIREd for 2 years shared that she started to get curious about the job market because she felt bored, or simply wanted to have something to do while she travels the world as a nomad. I love that she has the power, being where she’s at financially, to really evaluate the offer and say no if it isn’t a match at all. I feel that this isn’t something many people have the privilege to do. So often, we get “trapped” in a position because it’s what you know (aka comfort zone), and maybe because of the benefits that comes with it. But more often, for many non FI-ers, this is coming mainly from the fear of lack of income especially if they are paycheck-to-paycheck and their livelihood depends on each paycheck. This is even harder if they don’t have any emergency funds available, they can be really trapped by those soul-sucking jobs.
More importantly, I think I would really struggle if I don’t work at all, either. So having an employment opportunity that is fairly stress-free and that I enjoy doing will always be my goal, and being FIREd would just give me more options to work even less if I want to, or take a long vacay if I wish so. And that is my takeaway as far as mindset goes: I’m not trapped in a job that drains my energy, and I’m saving, budgeting, and keeping up with it now. What’s not to like?
Speaking of benefits, I had to reset my mindset on that too. Coming from working in government positions (as most public colleges are state agencies), we were told that the benefit is great. Really, though, I feel that this great benefit still comes at a fairly hefty price tag. This is yet to be calculated, which I definitely plan to do so once I find out the numbers, but did I really get the $hit end of the stick when I switched to a smaller company that offers FREE but high deductible healthcare plans? I’m definitely not used to paying $56 for a month of prescription (when I used to pay less than $10 for 3-month supply), but somehow I feel like if I really do the math, I may be surprised.
What about you? What’s your current mindset if you are also on your journey to FIRE? I feel that our mindset, similar to our budget, may need to shift from time to time too. What has shifted before for you? I’d love to know more from you for sure. 🙂
Xennials on FI/RE 
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