2809: [Part 2] How My Perspective of the Fire Movement Changed After Turning 40 by Lisa Harrison of Mad Money Monster

[00:00:00] This is Optimal Finance Daily. How my perspective of the fire movement changed after turning 40 part 2 By Lisa Harrison of Mad Money Monster.com and I'm your host and personal finance enthusiast Diana Merriam

[00:00:15] Now today's post is a continuation from yesterday. So if you're new here, I'd recommend listening to yesterday's episode first But if you're all caught up, let's hear part two and continue optimizing your life

[00:00:28] How my perspective of the fire movement changed after turning 40 part 2 by Lisa Harrison of Mad Money Monster.com Just before my 40th birthday and getting married I went to see my OBGYN to discuss the possibility of having another child

[00:00:49] I mean, I knew I was getting up there, but I certainly didn't have a problem the first time around Turned out I didn't have many viable follicles left That meant a donor egg would need to be a high consideration and that means a huge expense along with it

[00:01:06] Even though my corporate job provides 25,000 towards fertility treatment. It doesn't cover donor eggs Wow, I never incorporated that expense into my fire plans to live off of 4% after reaching our goal

[00:01:20] So, although I still feel very good and have nothing to complain about in terms of my overall health I'm cognizant that my health and everyone else's is fleeting

[00:01:31] It doesn't matter how many miles I run or how many salads I eat. I'm getting older and nothing will stop that Enter fire from my new 40-something perspective I was still all about the fire movement and retiring early until all of these health issues crept into my life

[00:01:48] And to be fair I acknowledge that they're not real health issues They're just reminders that the years are taking their natural toll on my body in Light of accepting that my health will likely not get better with age

[00:02:02] Having high quality health care has suddenly become a major deal for me and my family Health care is expensive and I want to make sure I'm covered in every possible way

[00:02:13] To be completely honest the health care solutions that some early retirees adopt don't give me the warm and fuzzies Since I don't hate my day job I'd much rather keep my corporate benefits and have the peace of mind that they will cover X Y & Z

[00:02:28] Then hope I stay healthy enough to not pay ridiculous out-of-pocket costs with a less desirable or flexible plan The older I get the more options I want After turning 40 and realizing that staying healthy into old age isn't a guarantee. I shifted my view of fire

[00:02:47] I was also no longer enamored by extreme frugality in exchange for enjoying my life now with my family In the same breath. I also came to realize how much I actually don't hate my cubicle Despite how I felt I was supposed to when chasing fire

[00:03:04] Don't get me wrong. We're still chasing financial independence and we're still very frugal I mean, I super glued my ten-year-old shoes back together the other night But now that I'm sitting on this side of the middle-aged fence

[00:03:17] I'm not willing to never go out to eat or stay in crappy hotels or take a chance with my health care plan Just to retire early My perspective after turning 40 is that I want to enjoy my life now and make sure I have plenty for later

[00:03:32] Having a job isn't a bad thing either For most people myself included a job you mostly enjoy is worth its weight in gold in terms of feeling productive Interacting with like-minded individuals and being financially secure

[00:03:46] Not only do I want to feel productive and financially secure, but I also want to have options I want the option of switching jobs or quitting altogether I want the option to pay for my daughter's college wedding or whatever she chooses to embark on

[00:04:01] I also want the option to go on a four-week family vacation to relax explore and make memories For me, I'd rather have the things listed here and keep the corporate job that affords it

[00:04:14] Then to live a Spartan lifestyle of clothes buying bans and no TV just to retire early and sit around the house And before someone yells at me I'm not suggesting that all early retirees are just sitting around the house to not spend their savings

[00:04:29] What I'm suggesting is that the majority of people with families can't save enough money in a truncated amount of time to be able to afford it all a comfortable and enjoyable life now and later real money talk for real life

[00:04:45] By no means am I anti fire or not supportive of anyone inside the fire movement? However, in my opinion chasing an early retirement for most people with families just isn't a realistic goal So instead of encouraging you to cancel cable and ride your bike to work

[00:05:02] I'd rather focus on encouraging you to just be smarter with all major financial decisions You don't have to cut cable or swear off lattes if you right size your home and don't drive a gas guzzling SUV 50 miles to work every day By getting the big things, right?

[00:05:18] You can enjoy the little things on a more regular basis And if you're not planning on an early retirement, but rather a comfortable retirement somewhere in your 60s or even early 70s

[00:05:30] You're much more likely to get there with a family if you hold on to that job of yours You just listened to part two of the post titled how my perspective of the fire movement changed after turning 40

[00:05:46] By Lisa Harrison of mad money monster comm and I'll be right back with my commentary For a lot of people myself included different finance apps can be stressful and make it difficult to manage finances But then I tried monarch money and everything got so much easier

[00:06:03] Maybe you're saving for a down payment a wedding a dream vacation your kids college I found that monarch makes it so easy to help you reach your financial goals, whatever they are I definitely wouldn't be able to allocate my finances or plan as clearly without help from monarch

[00:06:20] In fact monarch is the top rated all-in-one personal finance app. It gives you a comprehensive view of all of your accounts investments transactions and more create custom budgets track progress towards financial goals and collaborate with your partner and

[00:06:37] Now get an extended 30 day free trial when you go to monarch money.com OFD after trying out monarch for myself I understand why it's the top rated personal finance app and right now listeners of this show will get an extended 30 day

[00:06:54] Free trial when you go to monarch money.com slash OFD. That's M O N a R CH M O N E Y dot-com slash OFD for your extended 30 day free trial I think it's important to remember that fire isn't a race

[00:07:13] No one is handing out prizes for reaching fi as quickly as possible But when we compare our journey with other people who talk about fire online, it can feel like it is It can give us the perception that a defining factor of fire is a focus on speed

[00:07:31] Some people reach fire in five years while for others it can take 20 years Some are laser focused on their approach and plan and others allow for some fun detours and changes to their approach along the way It's all valid and really there are no rules

[00:07:49] If you like your job, you have a good work-life balance and there isn't any clear post fi ambition I would encourage you to embrace your good fortune Any progress made towards financial independence is strengthening your financial security

[00:08:05] So if circumstances change you're much better able to handle it. I've come to see fire as such a niche goal That's probably too big of a stretch for the general population Most people would be perfectly happy with financial security and flexibility when it comes to work

[00:08:24] So if you already have this that should be celebrated and appreciated But that's gonna do it for today Thanks so much for being here and sharing the show with others and I'll be back tomorrow with more optimal finance daily Where your optimal life awaits?