Asked on 21 Sep 2019
I'm just kapoh-ing...
But seeing that majority of Singaporeans may still have to work until the retirement age, we won't have much time to set aside for enjoyment and personal fulfilment.
Let's say you retire by 45, that's at least 40 more years to go. How would you allocate your time afterwards? Travel the world? Learn a new skill?
Pursue fulfilment in life.
Find more hobbies and learn.
I want to learn cooking, tea ceremony, visit more countries.
Do what you like to do, try out something that you have never done before.
Repeat the above until you find something you truly like doing and keep doing it. Over time if you're sick of it or find it enough, then go search for the next things that you like to do until you're come to the end of the road.
After you have done the above, I would say you have truely live a good life with no regrets! What a life! :)
Enjoy your FIRE! :D (Envy sia) :D
I did a calculation and realized that I do have 20 years of annual solo expenses saved. Even with that, I definitely baulked at the idea of not working on something or having something to look forward to every day. Additionally, I need to think about my parents' living expenses, on top of my own. But let's say I retire (ie. don't need to work) at 45, I would spend my time in gerontology, and explore what makes people age better. Travelling to more interesting places in the world would be another one, but this will definitely be with loved ones. Have done my fair bit of solo business travels, so likely won't do that. I would also have a physical sport as a hobby since candidly, the human body rarely gets more agile with age!
The Reason one FIRE is because one wishes to pursue a passion or hobby without the intereference for work.
If you wish to FIRE just to escape work, you will find yourself with lots of time and just rotting at home. And then bad things may happen. As the saying goes "idle hands create the devil's workshop", if you have too much time and got nothing to do, you may turn to vice or bad spending habits.
So before you ever FIRE, do make sure you know what you want to do or pursue the passions you want to chase
The idea of retiring early is just silly, yet so many people got so fancinated by it. All the hobbies, travel, read books can happen concurrently while working. It's crazy to do that full time. Besides, work gives a person a sense of purpose, achievement and contribution to humanity and society. Most successful people we know works into the 80s and beyond. The real problem is not that you need FIRE, but rather you need work that is meaningful, challenging and rewarding, then you don't want to FIRE.
I'd spend more time volunteering, teaching, and pursuing passions. Find a purpose. :)
And there's also nothing wrong with re entering the work force in the future if you do feel bored. At least now you have more options and power.
I got an anti library of books, media and games to go through. Like you, I'm also working towards an early retirement or at least have the option not to rely a day job.
Would love to travel through Japan in its entirety as well.
I think I would take some years to travel and see the world.
When I am back, I would continue working because I feel like I need some kind of routine in my life. I would also spend more time with my family, and keep learning new things so that I can keep up with the times. Would also engage in hobbies or learn new hobbies!
Run for politics, maybe be a preside... nevermind. :D
here are the serious things I will do if I manage to FIRE.
1) Travel the world
2) support a charity of my choice (I tend to like animals so probably some animal shelters in Singapore, and if I am capable enough, support a nature reserve in Indonesia)
3) HOBBIES - get some interesting hobbies, do a blog on it, or youtube and just live it well and take it easy.
unfortunately, I will never FIRE. I don't think I like to stay still. I like working for myself and I like starting business... so I guess if technically on "FIRE" this will be my major activity
4) starting and guiding new business...
I will enjoy it, I will appreciate the thinking and the planning to keep my brain active. I will probably appreciate the extra income (or losses... lol)
it's gonna be fun.
The best way to assess your situation is to have a clear and concise underestanding on your current cashflow situation. This allows us to examine our expenses in detail and plan for the future. Here is some information that you may find useful: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
With this in mind, we have to understand the importance on managing our expenses and to know when we can spend more than planned. Thereafter, we will have to make careful calculations to ensure that we do not outlive our savings.
At the same time, it will be valued to take the time to understand yourself and know what you like. Spend some time to pursue your interest, hobby, or anything that creates value. Then, find ways to earn an income out of doing things that make you happy. Even if there is a drop in income, at least you will be happy and this income will help you to continue building your retirement nest.
Finally, conduct constant reviews to keep yourself in check. The more we understand ourselves, the higher the probability on achieving our goals.
Here is everything about me and what I do best.
Financial Independence is great! Instead of RE (retiring early) as a final point though, you could consider WO (work optional).
So perhaps at that point when you can afford to take a break, you can take some time to consider what kind of work you find meaningful and that you may want to engage in. Otherwise just take some time for a break to re-envision and plan your non-working year.
Between now and then, think about the things you would like to do when you have more time on your hands. Some of these may require more funds, so do factor this in too.
You mentioned being able to FIRE on very minimal expenses. If you are comfortable with this standard of lifestyle, that is fine. There are many free or low cost activities around. It is also possible to give back to society and bless others through your time and effort, instead of money. Having more funds will offer you more flexibility though.
For me, there are a number of things that I could foresee myself doing if I am not working:
catching up on leisure and self-improvement reading.
retaking up dance and acting classes.
spending more time on my YouTube channel content.
getting more involved in health initiatives.
travelling and exploration of other countries with love ones.
I have a bookshelf of unread books waiting for me... I know what to do...
Besdies that, I have a bucket list of places to visit. Probably will do a backpack trip every year to a different region, provide I am still physically fit.
Spend time to do what you have been wanting to do. Take a day off to reward your efforts and you will feel much happier!
Very good question. Retirement may not always be a good thing if you don't know what to do when you retire. There are drawbacks to the lack of activity, physically, mentally, and socially as well. Need to make sure you have all that you need rather than just your financial needs. Money is only part of the equation.
Stuff to consider:
Kids / Grandkids?
Passion / Strengths / Areas of interest?
Areas of need that you have seen that you would like to make a difference in?
If you're still drawing a blank, I would suggest dropping by some social service centers, or even schools/Polys/ITE, (Old Age Homes, Orphanages, Hospitals?) and asking them about how you might be able to help? Even just as a simple volunteer to provide a warm body and menial work. As you volunteer, it might open your eyes up to those who are needy in our society and FIRE your imagination on how you might be able to help them.
Go look for a job you genuinely enjoy. Live to work (in something fun) than work to live.
The key thing is, do what makes you happy and has the most fulfilment be it your passion, hobby or doing charity,
If you're ready to FIRE, money is secondary.
Happiness is key.
Retirement will bring a lot of free time, which you essentially used to invest in working. So now you should have a paln to make good use of your time. You can pursue a passion, which you had been pushing because of your work and also invest in more quality family time.
I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities.
My personal take is to live a life you want to live, right now!
I am volunteering as a grassroots leader in my neighbourhood, and I am also a mentor to a child who comes from a low income family. I visit my child's home on a weekly basis and encourage and guide him to do better in school and sports.
I am still some way from FIRE, but I saved up enough am invested enough such that I should hit FIRE by 40. This frees me up to do things that I like and choose a job that I am passionate about.