Updating Your FIRE Plan

I’m going to assume that you’ve answered the questions at the bottom of my first post , if not, go do that and then come back.

In my case, these were my answers:

How important is holding to that same timeline? Pretty fucking important

Am I willing to work longer in my current job\industry? Hell to the No. If no, am I willing to do some kind of other work to supplement? This took some thought, but the more I thought, the more I realized I didn’t really want to sit on my ass and do nothing anyways, so Yes, yes I was willing to do something else to supplement.

Am I willing to live off less than the two of us had planned on? I always thought I could live happily on a lot less. So yes, just how much less I’m not sure. Seeing what my living costs are going to be now that I’m on my own should be an interesting test.

Once you’ve got those questions answered, it’s time to run some scenarios to update your plan, which means time for firecalc or cfiresim. Punch in your numbers, run the scenarios and come up with your new number and your timeline. I decided that I could tolerate some more risk, live off less and could live somewhere lower cost for the first few years after leaving my current gig and do something to earn a modest income to ideally avoid living completely off my investments.

Depending on how you answered the previous questions, this may look very different from your previous plan and could be depressing or if you’re lucky, you can be happy with the new results.

This left me with some interesting next questions….

How much longer do I keep working at my current gig? I don’t have a full answer on this yet, but I know I’ll keep it up at least until my divorce is final and our assets are split. More to come on this one later…

What kind of other work would I enjoy\makes me happy\would I be good at?

What changes would I need to make to my lifestyle to live on less?

Until next time…Quique

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