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Thread: FIRE

  1. #11
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    Quote Originally Posted by Tybee View Post
    I think too that FI was a big part of YMOYL, that "crossover point" on the graph where the income (I think it was passive income, basically, although you can definitely define that different ways) exceeded the expenses each year, so you worked at getting the expenses down, or you worked at getting the job income up long enough to transition to that FI state--remember the story about the waitress who achieved FI in 18 months, by being super waitress?

    I have read MMM forums and Early Retirement (which uses the FIRE acronym) and prefer ours, because accumulation of wealth seems most important on those, with a lot of aggressive show-off ness about accumulation of wealth and putting down others without so much accumulated. But obviously, YMMV on any forum!
    Hi, Vicki Robin here, perhaps as close to the horse's mouth you'll get since Joe Dominguez passed away 21 years ago. To me YMOYL is a set of tools for observing the flow of money and stuff through your life and asking "Is the money I'm spending buying me a life I love?" The byproduct of doing the steps is that expenses drop naturally by about 20-25%, representing the useless consumption that happens when we aren't conscious that money = your life energy. As people see their expense line go down, and pay off debt and start to save, they become more intentional about driving that process, and thus Step 6, increasing your savings. here's where FIRE folks get a little bragg-y about how much they're saving per month but that's fine with me. Step 7 is about increasing income once you see that the more you make the faster you get to the point where your income from savings (invested wisely) will cross over expenses. This is when people kick into high gear; they see FI on the horizon and they are like horses racing to the stable. So everyone here is right about some aspect of the program. BTW just updated the book for 2018 and have put up a platform http://yourmoneyoryourlife.com.

    Would love to have you take a look - at the book and the platform. Same 9 steps but lots of new ideas.cover ymoyl makeover.jpg

  2. #12
    Senior Member iris lilies's Avatar
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    Vicki, it is wonderful to have you here! Thanks for stopping in.

  3. #13
    Senior Member gimmethesimplelife's Avatar
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    Quote Originally Posted by iris lilies View Post
    Vicki, it is wonderful to have you here! Thanks for stopping in.
    Agreed! So nice to have Vicki Robin drop by. YMOYL -though I'm not a 100% adherent - has helped me get my financial act together along with unexpected money coming into my life through the passing of a family friend and also being promoted helped, too. I'm interested in seeing the lastest edition of YMOYL, definitely. Rob

  4. #14
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    Hi Vicki, thank you for posting the link! I am very much looking forward to it--the year I first read the book, I think it was 1997, I gave seven copies as Christmas presents! It has had a wonderful effect on my life, and I want to thank you.

  5. #15
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    It's good to hear from you Vicky. I looked at your platform and like the section, "Is Financial Independence Just for the Privileged?"
    Last edited by Yppej; 4-8-18 at 6:21pm.

  6. #16
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    Vicki, I also read your book in 1997 and thought it was very helpful and informative.

    Steve, I know you and your wife agreed that she would work and you would retire but now it sounds somewhat unfair that if you guys want to go on vacations, etc she must keep working. What about a compromise where you both work p.t.?

  7. #17
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    I think I'm in a similar position as Steve's wife...

    Three years ago, the only real employer I'd had went out of business. Hubby and I decided I would stay home and we would live on his income. We are debt free and own two homes free and clear - as well as three trucks, eight motorcycles and a motorhome. Our living expenses are low.

    I did compare what every.litte.thing was costing during that time. Denied so many things, just to hold onto that dollar as the dollar was worth more to me than the whatever.

    Then, my hubby had a medical event. Lifeflight was involved. As is the way, so much was deemed "not medically necessary". The helicopter ride was $30K! And there was five days stay in hospital and a ton of pricey tests. All denied by our so-called "good" insurance. Once we knew dh wasn't going to die - he had a long recovery time - I got a job. And a simple request to review our case resulted in coverage of all but a manageable sum.

    Now, since my working is "my choice" as opposed to something I have to do, mentally it's easier to get up each day and go work. We still live frugally, and actually just reviewed where we'd like to be when we both stop working. I think since we are 56 and 54, theres a number of work years available to us!

    BTW, that recommended $100K for medical can get gone in one long weekend! Our eyes were opened!

  8. #18
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    Vicki, been talking up your book for many many years. Used to give a copy away (and keep several in storage) when someone expressed an interest. Flexible and thought provoking.

  9. #19
    Senior Member gimmethesimplelife's Avatar
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    I just read the section under the heading of Universal Basic Income on the new platform for the updated YMOYL. Very interesting! I will read the rest of the platform as time allows this week. Looking forward to getting my hands on a copy of the updated book! Rob

  10. #20
    Senior Member rosarugosa's Avatar
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    Thanks for visiting us, Vicki! YMOYL was one of a few books that helped change my life for the better.
    Lmerullo: I have retiree medical insurance from my former employer, with a $3000 out of pocket annual maximum. That OOP is one of the most critical numbers in my world, and I am so grateful for my retiree medical benefits. Not surprisingly, the premium is very expensive and gets more so every year.

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