We explore the idea of semi-retirement, or semi-FI. Which can give you a lot of the benefits of financial independence in much less time.
Semi-FI is a hugely underappreciated approach. Tune in to hear about the benefits of semi-retirement, as well as the trade-offs, to help you decide if it’s right for you.
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I agree so many FIRE variants can get confusing, but it’s still awesome to hear you guys talk about them!
I built a calculator for different types of FIRE that may be of use to people: https://ughhrrumph.blogspot.com/2019/09/fire-milestone-calculator.html
Just this year I have transitioned to my own version of Flamingo FIRE and have to say I’ve found most of the benefits you discussed ring true for me.
That’s really great to hear you’re experiencing the same benefits. Semi-retirement is definitely underappreciated in the FIRE community I reckon!
Hi SMA!
I have been in high income job for 2 years now but part time. With a saving rate of 50% approaching fire using semifire. Thanks for discussing this topic, it is very underrated like you said. Best of both worlds and a solid backup.
That’s awesome Tom, thanks for sharing. It’s really good to have examples like yourself of real people using this approach and enjoying it too!
Thanks Guys,
This is helping me get in to the FIRE mindset. It’ll be a few years from now (6-7, if all goes to plan, hopefully sooner), but it will happen!! Thanks for discussing – so many people are focused on paying down mortgages, then wondering how they’ll live as they get older. For those of us that got mortgages later in life, I think a different strategy is needed, to replace income AND bring the mortgage down. It’s a fine balance!
Good stuff Jackie, glad it’s helpful. You’re right it can definitely be tough to balance those two goals. In case you missed it, I wrote about different strategies for dealing with that here – https://strongmoneyaustralia.com/paying-off-your-mortgage-vs-investing/
Brilliant – thank you! Definitely checking that out next. J
Another good one fellas. Simple and useful advice. Even for those of us not planning to retire early, it will be good to be able to choose part time or other options (…Bunnings-FI? Jims Mowing-FI?).
Cheers mate! Haha don’t get me started on the different types of FI 😉
Hi Guys
Thanks for a great episode. I think this is the best option for a lot of people and can make the FI journey more enjoyable and achievable. For us it’s not about getting off the work merry go round completely but being in control of the ride.
Thanks for sharing your info so freely it really is appreciated.
Cheers, Andrew
Cheers Andrew glad you liked it! You’re totally right, it’s all about controlling our time, and having more choices available to us.
Great Podcast
I would like to throw out a couple of ideas that I am using for my own fire journey and part fire.
My job does not really allow for working a few days instead of FT. However they will allow a sabbatical and project work. When i hit fire i am taking a year off. Then when i come back I will work FT but for projects that will run for a few months. Then i will have break for a few months then repeat. I have already discussed with the businees and this has been approved for mid 2023.
My wife works part time currently in retail and uses this hack. She always offers to work weekends, nights and public holidays. These times have higher rates of pay. So she works less hours for a higer rate of pay. She would rather do this than work more hours monday to friday
That project/sabbatical setup is a great idea, which we didn’t really mention. And your wife is onto it, very savvy indeed! Thanks for sharing!