When someone learns about our story and hears how a couple who averaged making around $100,000 in combined annual salary over the years went from $110,000 in combined student loans in their young 20s to millionaires within 9 years in their young 30s the last thing you are thinking is “ah they took the slow approach”. Instead, you are likely thinking we lived a very deprived life living off ramen and rice & beans (we didn’t). The key to doing what we did was discovering the mindset needed from the get go to learn that a happy life does not have to be expensive and there are many ways to enjoy life without spending your entire paycheck (aka finding that balance and not letting lifestyle creep in).
Most people who are not yet introduced to FIRE could not imagine saving a majority of their income. And that’s totally fine. You don’t have to! We’re just showcasing an alternative to the typical work-spend-work-spend hamster wheel. The key is to figure out that sweet spot for yourself. There is no cookie cutter way to FI!
I truly do not think there is a direct correlation where you have to be a hard core FIRE freak saving 50+% of your income (aka a high savings rate) but also missing out on life (aka deprivation). You have to figure out what YOU value, spend your money there, and cut out the fluff elsewhere. This combination of taking the time to figure out the things you really do value and then cutting out the fluff is key. Gamify life. Find ways to maximize enjoyment while still saving your hard earned pennies. This can thus become an enjoyable experience as you see your net worth grow (which provides a very good feeling) while also enjoying life. It’s a double whammy, again, if you can figure it out.
Some may have that ah-ha moment and go from saving nothing to saving 10%. Someone else may go from saving 10% to saving 30%. Another person may go from saving 30% to saving 60%. You get the point. Figure out some of the life hacks out there to boost up your savings rate while also enjoying life.
Thanks to discovering this shift in thinking, we could have reached our FIRE number a year or two ago in our early 30s if we both kept working full time. But we decided to reign in the hours at work and instead glide into early retirement in fashion. It’s never been about a race to the end for us. It’s always been about balance. Back in 2018, Nic decided not to return back to work after our daughter was born. In 2019, I decided to switch jobs and move into a part time roll. We are now gliding towards our FIRE number.
Why?
We wanted some time to test out all the extra hours at home to see if we’d enjoy it (we do).
We wanted to transition slowly into our next phase of life.
We started a family and wanted to be there as much as possible with our daughter during her early years.
We knew full time positions would be there if we really wanted them again (we don’t).
Some may look at our story and think you were sooooo close to the end goal and you delayed it. Why oh why?! Just grind it out and get there already!
But when life is good (I don’t hate my job at all), a slow transition may make the most sense.
We’re living the best of both worlds. We’re still able to receive a paycheck which allows us to save 50% of my part time income. We’re able to receive employer benefits like paid massages, physio therapy, etc and a majority of coverage for dental, vision, and prescriptions. We’re able to have ample time off together. We’re able to live that FIRE lifestyle by designing a life we love while not having to withdraw any money.
Jess from The Fioneers reached out to see if we’d be interested in sharing more of our story over on their blog as part of their Slow FI Interview Series. I love the message they are spreading to figure out a life you love along your journey. They are helping to create a community for those who like the idea of retiring early but not at as extreme of a pace as some of the “gurus” in the FIRE space. Finding a community of like minded individuals that you can connect with is so important during your journey.
You know we’re always game to spread the love so you can check out our interview with them by clicking on the image below:
Hope you enjoy it! Let us know in the comments below or over on The Fioneer’s Slow FI interview your thoughts on our decision to slow things down. If you were so close to your FIRE number, would you grind it out to get there or would you reign things in? Curious to hear your thoughts on this topic!
Support This Blog
If you liked this article and want more content like this, please support this blog by sharing it. Not only does it help spread the FIRE, but it lets me know what content you find beneficial. Writing is NOT my strong suit and it honestly takes me hours to write each post so the more encouragement the better! Engaging in the comments below keeps me motivated. You can also support this blog by subscribing to receive emails anytime a new post is published. Thank you FImily!
We believe in stacking up life hacks to keep your enjoyment levels to the max without depleting your bank account. Here are some ways to further educate yourself and save thousands of dollars over your lifetime by making some simple adjustments:
- Investing Newbies: Check out our free Investing 101 Series.
- How much are you paying for your phone plan? Canadians, learn more about Public Mobile, and see how we are paying $3/mo for our cell phone plan.
- How much are you paying for internet? Canadians, learn more about the various Independent Service Providers out there to see who services your area so you can lower your monthly bills.
- How much are you paying for home insurance? We were able to reduce our rates by 25% by switching over to Square One Insurance. If you live in BC, AB, SK, MB, and ON, check out Square One for your home insurance, landlord insurance, and/or tenant insurance. Use this link to receive an extra $15 off your quote. (Note that you must use this link to start the process to get the $15 off even if you prefer to pay over the phone.)
- How much are you paying for your monthly utility bills? See how you can likely save on this monthly expense.
A part time job that provides free massages! I knew I was in the wrong career, this just proves it. I’ve got a pretty good part time retirement job, but no free massages. You are living the dream, Court!
Haha yes it’s a sweet setup which makes it hard to think about leaving! Many larger companies in Canada will provide such health perks – it’s all about preventative care here which is that way it should be! Each of my family members get 4 massages a year for free, even our little nugget if we really wanted to spoil her lol.
YES to finding that sweet spot, that life balance. We’re not yet 30 but we’ve already had a life experience where it didn’t matter how much money we had in the bank, and we’ve also taken a 12-month hiatus from work where we realised that we do like (and need) to do some work or volunteering… For me, these experiences have helped me to enjoy the journey and recognise how great life is right now!
Exactly! It’s all about the balance and designing the life you want to live along the way. And realizing how great life really can be 🙂 You guys are doing it right! We took a 6 month break in 2015 when moving from Florida to Canada and it was an awesome reset and travel experience full of memories – I’m guessing your 12 month break was similar!
Once you figure it out, working — and/or gliding — into FI is rather enjoyable (gamified as you point out here). With FI success, the process >itself< is something to be savored, and your decision to glide makes perfect sense in that regard. I concur on all points and have followed that rhyme myself, in an entirely different field and circumstance, but it's the principles that play. The Game Is Afoot(tm)! COMPOUND FREEDOM sends.
Exactly! It’s all about figuring out that mindset shift and once you have that “ah-ha” moment you realize the process itself is part of the experience and should be enjoyable too!
Working part time, with benefits, seems like the best of both worlds. Reap some of the corporate rewards and a semblance of work structure & community without letting it dominate your life. Seems like you are in a great spot!
It really has been a great set up for us for exactly the reasons you laid out. If you’re able to create a happy life as you approach your FIRE number, shifting to part time may be a great way to test the waters and taste the sweet life while allowing your portfolio to continue to grow.
Sounds like you have found a wonderful balance, that includes massages, congrats! That is key, as you mentioned, finding the balance that works for you!
Yes, the balance has been great so far and it’s definitely been the right decision for us! Thanks for stopping by Financial Fred 🙂
I listened to the Fioneers on ExploreFI and my only commentary would be that over the last few years you either want to be FI or your want to FIRE. There is a muddying of waters in the two and I personally embrace the later as life is finite. I admire your path as it is slowed down but is 100% about FIRE. Stay the course and don’t trade hours of life for money, learn what you value most and reach for it.
Hey Chris great comment and I agree that there is some muddying of the waters. As you know, we too are on team FIRE, not FI – we’re just taking a gradual and slower approach to reaching it during these end years. I think the principles of FIRE should be applied no matter how long your plan is projected to take as there are some many additional benefits besides the money (happiness, the environment, etc).