Murdered My FIRE Plan
Originally published at Reddit before I deleted my account: https://www.reddit.com/r/Fire/comments/1bkegih/murdered_my_fire_plan/
I’m a willing accomplice to the murder of my own FIRE plan.
It was bound to happen because I came to FIRE late in life - age 37. While all of my debt was paid off by 38, my retirement savings essentially started at zero around that same time. The first year had me dreaming of an early retirement - but then I fell in love, we moved in together, lifestyle inflation crept in. I still met my FIRE goals - but they became part of a compromise versus commandments I’d live by. I was also never too keen on the self-flagellation or depravity associated with extreme efforts at lowering expenses - and my goals began to slip.
During the past year I’ve had a destination wedding in Ireland. Paid in cash. Held a reception for friends and family, paid in cash. Didn't save as much as I wanted in 2023 - but felt a bit of pride in those accomplishments and still saw a path to an earlier retirement - but nothing short of 60.
Enter 2024.
We’re now expecting our first child. The house we were living in was small, had one bathroom; our neighbor was a mental health case who screamed into the street 24/7. In December we had a fentanyl addict parked in front of our house and after a slow response from the city, decided we’d had it.
I cashed out a portion of my 401k, signed on to a $3650 mortgage in the suburbs, and almost over night the next twenty years look starkly different. My emergency fund needs to balloon by 50%. My early retirement looks more like an on-time retirement. The job I dislike has become a lifeline for consistency and balance. Any travel plans are on hold.
There are still flickers of hope.
As part of the home-buying process we negotiated a new roof; the appraisal came in $15k above the purchase price - and similar homes are already selling for $50k over what we paid.
The mother-in-law will move in to offer free childcare - and she will have her own space to retreat to.
We’re talking of becoming a one car household and relying more on our bikes.
We have two bathrooms - and sweet christ - that alone is (nearly) worth the extra expense.
The new house offers plenty of room to spread out, and I have a new room that I’m in the process of updating that will be dedicated to my side project.
We live in a peaceful neighborhood with walkable access to nature.
I may find that I’m able to switch jobs and draw a higher salary. My wife may do the same. My side hustle may bring in the desired extra cash flow.
Yes, we probably could have entered the next phase in that loud, cramped, unsafe neighborhood - with me scampering off to nearby establishments when the bathroom was occupied and I really had to go. And we could have probably saved more money that way, too.
But I’m finding I’m at peace with this decision. I’ll just have to work harder to meet the same goals.
I don’t know what the future holds - but I’d love to discover/prove that FIRE is a little more flexible than we sometimes believe.
