I read with interest on one FIRE aspirant on his target to retire as soon as possible. The unique point is that this FIRE aspirant is now at the age of 50. He spent the last 30 years of his life chasing his passion and this led to him homeless. He started to take a degree and aim to start work at the age of 53. He targeted to retire at the age of 63.
The details of his current situation are as follows:
- Student debt of $40,612
- Asset – $675
Based on the scheduled graduation, he is expected to earn a pre-tax of $72,330 and $61,481. His annual expense is $12,200 per year. Based on his annual expense of $12,200, he requires a portfolio of $305K to become FIRE.
It will take him seven years to earn the portfolio of $305K. This is despite the fact that he spent the first 50 years of his life basically getting screwed by the writing industry with nothing to show for it. In just 10 years, he could still make it to FIRE.
The above circumstance show that it does not matter what mistakes one made in the past, all that matters is that one starts doing the right thing NOW.
One cannot undo the past. However, one can take action at the present moment and shape the future.