We see a lot of discussion about being parents and modeling hard work vs modeling a more free life but "FIRE" as a concept has been around for long enough to have actual kids, possibly from users of this very forum, now using reddit. I hope your parents never shared their reddit account names with you!
Obviously there have been non-working parents in all social classes since forever and various professions have early retirement built-in (teachers, police, military, etc) but it would be interesting to hear from a kid whose parents decided to retire from traditional 9-5 employment while they were still living at home.
I doubt I'll be fully retired before my kids leave the nest but maybe I should try.
Kids of FIRE-ed parents- what was your perspective?
byu/liveoneggs infinancialindependence
Posted by liveoneggs
8 Comments
My father fired when I turned 18, im planning on the same trajectory for my family. So not exactly your question. But perhaps I can help answer something?
It didn’t have a name then. My dad never said he was retired but he saved every penny, made some solid re investments and after 40 he only ever had odd jobs that didn’t make much. It was only just recently that it hit me that he had FIRED’d when he was 40. Just recently he finally shared his net worth – 1.5M and single with $100k in pensions. I believe he didn’t have nearly the financial literacy I have today. Often I would surprise myself I knew more than hom. He is just as intelligent as me but I had the Internet. But maybe I don’t give him enough credit.
Turns out my wife didn’t like the idea of my early retirement. It was a change for sure.
But one of her arguments at the time was “and what kind of example are you setting for your son? Just hanging out every day doing nothing?”
Turns out my son saw it as motivation. He’s grinding. Already trading stocks and investing. He can’t wait to retire and do what he wants.
My dad retired when I was 12 (he was 50) after being a C-level executive at a company that was acquired.
He replaced his 9-5 with golf and a couple volunteer opportunities, so while I saw him more he definitely was out and about. He wasn’t a follower of the FIRE movement per se (he seems a bit puzzled by the phenomenon of the last decade or two) but he did RE.
Witnessing his journey gave me mixed feelings toward my own personal finances. I never had a scarcity mindset when it came to money, but by the time I was 26/27 I started to realize if I really buckled down I could also retire by 50. I’m 39 now, on track to retire by 44 (due partially to living below my means and aggressive VTSAX investing over time but mostly getting lucky with a career pivot to a company that grants very valuable RSUs).
Not a kid, and didn’t retire too early (at age 58), but youngest is only 17, and still at home. Interestingly I just had this conversation with him on yesterday. I asked how do you feel that dad and mom are retired now, and you are working so hard at school, getting up early when we are just taking it easy. Does it bother you? He said no, but then he said “you are old!). I told him, middle age! LOL. So it doesn’t bother him, but we are making a concerted effort not to move or go abroad until he graduate. I am sure that he would not be happy if we had moved right when he was in high school. We are trying to impact his life as little as possible. We still have enough money for his extra-curriculars. And, I was never a stay at home mom for him, so I am trying now to make up for it, but cooking dinner more, helping clean the house more, etc. (So he gets an indirect benefit as I try to make his life a bit better by me staying at home)
That’s a really great question, I look forward to hearing the answers.
I like to think they see me modeling healthy habits with exercise, meditation, stretching, and eating real food. I like to think they see me working hard on passion projects and volunteer commitments. I like to think they see me struggling at things but not giving up, as with any new hobby. I like to think they see me being patient and kind, because I have that luxury. I like to think they see me helping out friends and neighbors. I like to think they see me fighting for change in the world. I hope that’s what they see, and not someone who retired early because they’re lazy. But time will tell I suppose.
Didn’t call it FIRE back then, but my father “retired” at 48 and being FI. He worked 2 days a week at a new career he enjoyed and had a 5 day weekend. He was diagnosed with terminal brain cancer at 50 and never saw 52.
He was able to do the things he wanted and lived a life he enjoyed. As I turn 40 now it continues to give me perspective on what FI is truly about.
I am a child (46) of refugee parents who came to the US in 1975 with not a single penny in their pocket. I watched my parents hustle their asses off, working multiple jobs while raising 2 kids, eventually buying and selling many businesses from liquor stores, roach coaches, and gas stations. Meanwhile picking up real estate along the way. My older brother worked with my dad at one of the businesses and as a teen, I would do runs with my mom to pick up inventory to stock the mini markets. Now that my parents are in their 80s, I manage their finances. They spend 10% of their income through their businesses and paid off real estate.
Now with a family of my own, spouse and I work cush 9-5’s, I often wonder what my kids think. They don’t see us busting our asses like how my parents did. We earn our living a different way through education and opportunity. I often wonder how to instill that grit into my own kids. I don’t want them to take their opportunities for granted.