If I achieved FIRE

Finance
If I achieved FIRE

There are many people who are on the FIRE (Financial Independence Retire Early) journey. Many people dream of achieving FIRE. But once you have achieved FIRE what will you do?

In most cases achieving FIRE is just the next phase of your life. In a recent podcast with some of the veterans of the movement it was discussed along with many misconceptions. I believe you should be prepared. Although I strive for FI, I am still unsure about RE or to push to fatFIRE or any other option. It therefore helps to be prepared in order to make the right decision when it comes along. I have previously referred to the “Filling the void” chapter in the 4 Hour Work Week and how underrated it is, so this is planning for it.

A typical FIRE day

So, if I achieved FIRE what would I do? In order to think about this, I drew up a schedule of a typical FIRE weekday in my present circumstances. I believe it is good to analyse a weekday as there are certain things that will still take place like our kids going to school. Weekends can be the really flexible time. So here is what I came up with:

It is an interesting thing to look at. I still seem very busy as I likely would not want to fall into the laziness trap. There is a good balance between various categories and I know that I also need some alone time to recharge. There’s also some activities that can be alternated or changed to only 3 times per week between 09:00 and 14:00. I know how much I have changed in the past 10 years so this is definitely not set in stone. If I go down this path one day it will probably look very different, I might even look back and laugh at this. So why is it important to think about this already? If this is a large goal in your life, I believe this exercise can assist with the following:

Strive for this

The first reason I would say this is a good exercise is that it is something you can strive for. By understanding the goal, you can align your life closer to it. So, try and fit in as many of the activities into your current journey according to your priorities. Why not start now? It does not make sense to wait until you have achieved FI thinking everything will then fall into place.

I would suggest to start looking at your own box of daily life and express gratitude towards it. Then you can always decide what you would like to add to that box. Add as many items as possible that is currently missing and would like to have at the time of FIRE.

Be prepared

Life will change a lot before you achieve FIRE. Life is what happens while you make other plans and FIRE is no exception. But to think about it and constantly update what you want from FIRE will simplify the adaption to this phase of life.

From a mental and financial perspective, it is important to be prepared. Mentally you must be aware of what provides purpose in your life in order to maintain or even enhance it during the FIRE phase. Financially you must be sure you have what you want. It is easy to apply the 4% rule where you have saved 25 years’ worth of expenses. Only to realise that you actually want a yacht as part of this FIRE thing.

Understanding what a standard day in your FIRE life will look like will allow you to:

  • Already adjust toward it.
  • Prepare for it mentally.
  • Ensure you are financially in the FIRE position you want to be.

Although a basic exercise, I believe it will leave you far more content with your journey as well as when you eventually enter that next phase of life.

Always grow your wealth for tomorrow while being content with your wealth today.

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