A few months ago, Stephen Baughier, the organizer of the Campfi gathering, invited me to visit in late April at his first overseas camp, running for four days in Santiago de Compostela, Spain. “FI” in CAMPFI stands for financial independence. In other words, most people in the meeting aim to save a lot of money from the investment. FI is related to fire movements – Financial independence will retire early, but not all FIs will retire.
Over the years I have come to know and admire many fire-covered people. Chris Blow, Pola pants, Jordan Gourmet, Jackie Cummings Koski, Brad Barrettand JL Collinsmainly through The Long View podcasts. And although I love Spain, I have never been to Santiago or the area or Galicia. The organizers offered to cover my meals and lodging and I saw that the city, the famous Camino de Santiago city, is fairly easy to travel from Chicago. Also, the meeting was only 50 people and I was grateful that a few of my Boglehead friends had planned to go. I told Stephen I was there despite the very high chance I was there.
I was not really there for a trip so I took a vacation for a trip. But I got some takeaway suitable for some great work.
Define financial independence on your own terms
Many people have a perception of caricatures from the FI community. They assume that everyone is trying to live on $10 a day to cut it at age 35. And I certainly met a very young retiree who was committed to living on a tight budget to get away from paid jobs. Topics such as travel hacking are the source of endless discussions to earn points using specific credit cards to earn free or deep discounted trips.
But I met people in their 50s, parents of young children who worked in very rewarding careers, and people who retired early on excellent pensions. Many people are still working, but they all wanted to build financial reserves. I already knew that the fire community was more subtle than many people trusted it, but listening to people drove this house. Not everyone is committed to quitting their job or a modest lifestyle. It is a work of unified financial independence, and I think it is a valuable aspiration for all of us.
If your job makes you miserable, look for something else
However, the fire “retires early” is alive and well. There has been a lot of talk about people who hit “their numbers.” The amount they deemed necessary to declare themselves financially and freely. People shared stories about how their work was completely and completely crushed, in terms of being unhealthy, which prompted the desire to pursue fire. It made me think about how best it would be for people to work to the point of burnout.
Most of the people I spoke to at the meeting allowed you to continue working if you love your job. But I feel like I’m a little observing about my work and that people may be underestimating the benefits. My career has brought me more than money over the years, including creating a sense of identity, a difference and enduring friendships. I disagree that the concept of work can be obtained as a miserable slogan. If your work is soul-crushing misery, then just go out. But that doesn’t have to be.
If you’ve been working longer and you don’t need to, then we’ll assess your motivation
At the same time, this experience made me think more deeply about my plans. Many people in the fire seem to be iconoclasts. They sniff our consumer culture and enjoy saying no to other norms, such as retiring at the age of 65 (arbitrary volitional). Some are indeed nomadic. I love it about them, but I tend to be more conventional. I began to think how much of my decision to stay at work was a growth in my desire to comply with what people around me tend to do.
Hearing stories of people who retired at a young age and had little assets made him question whether there was a grounds for “sufficient.” One reason I want to keep working is that savings are comfortable and familiar, while spending is a bit intimidating? I won’t rule that out. I’ve noticed it before I’ll be one of those people It will decline upon retirement Because savings are so absorbed in me.
Flexible spending planning
In terms of retirement spending, my biggest technical beef is that I always apply research developed for the traditional expenditure perspective (25-30 years) over a very long period of time, over 40 or 50 years. We’ve heard a lot of mentions among fire departments, for example, about the 4% retirement spending guidelines. However, as time horizons expand, safe spending rates will inevitably shrink slightly. I don’t know if 4% is safe.
However, at the meeting, we realized that firefighters have invaluable tools in their toolkits: they have the flexibility to respond to spending. Most of them have been meticulous about budgeting throughout their lives. They are good at separating their needs from their own needs. And in the worst case scenario, young retirees can even return to work. This is a lever that is not practical for retirees of traditional age. Being flexible and willing to reduce costs, especially in downmarkets, is an invaluable asset to ensure that your portfolio continues. Our retirement spending study Proof.
Rising abundance can be a curse
Finally, the meeting experience made me think about pleasure treadmills. This is until they stop impressing us as our income grows, the natural tendency of human beings to adapt to better things and experiences.
I got off the treadmill for a meeting. The accommodation was quite Spartan and the food was heartfelt, but not gourmet. However, when I discovered that Santiago was home to several Michelin-starred restaurants, I booked a solo lunch with one of them on the last day. It was nothing more than a revelation. I served an epic 8 course meal with incredible care. I enjoyed chewing every bite. This experience reminded me of the value of balance, contrast, and was not for granted. I plan to jump off the pleasure treadmill more often, as I was on a rainy afternoon in Santiago, when luxury comes to my path, I am in a position to truly taste them.
A challenging retirement plan
In the end, I was inspired by my fellow attendees and learned some valuable lessons from them. The key is that we all need to define economic independence on our own terms, such as whether “FI” includes work. I also wanted to challenge traditional trends, such as planning to work beyond the previous retirement age. Above all, meetings reminded me that I sometimes go outside my comfort zone to get exposed to people and ideas who challenge preconceived notions of how to do things. Most of us tend to do the opposite as we age. We self-segregate into like-minded groups of people who are welcomed from similar lifestyles and similar backgrounds. But I think that recipes for healthy aging are to do the exact opposite.
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