Bloggers on FIRE – Wannabe Walden
In our Bloggers on FIRE series, we interview European FI bloggers to find out what makes them tick. Our aim is to build up a “who’s who” directory for the European FI blogging world. We hope you enjoy the series and discover some new blogs to follow. You can find a full list of our Bloggers on FIRE interviews here.
Please briefly introduce yourself to FIREhub.eu readers
My name is Loui, I’m 28 years old and from Copenhagen, Denmark.
I currently live on Southern Fyn (a Danish island) where I’m in the middle of my mini retirement which includes a boat load of sailing here in Denmark. And in November 2019 I will be leaving for the pacific ocean, where I’m going to be a skipper on a sailing boat for 10 months.
What is your backstory?
Back in 2012 (age 22) I went to the library voluntary for the first time in my life.
I did it because I wanted to learn how to get rich. So I borrowed this book called ‘A Safe Investment’. Which was all about buying shares in 10 to 25 well known companies, and hold them forever.
So I did. (Sort of).
Because I started investing (about 100$/month), I ended up on a social media platform for investors where a guy introduced me to no other than Mr. Money Mustache.
At that time I was in the middle of finishing my education as a building constructor. Which is a period where I was supposed to spend six months working on this exam. I ended up spending one to two months on reading MMM’s blog, which was a life changer for me.
Why do you want to reach Financial Independence?
I often do things because I know what I don’t want.
Paying attention to the majority of people I know who are 40+ years old, they are often super stressed about their everyday life.
It would be a game changer for many of my friends if they could work half as much as they do now. Either working less during the week, or just working six months a year.
And that’s why I’m chasing FIRE. I don’t want to spread myself thin in family, job and hobbies. For me, the family and hobby part might be the what matters the most. Which will be the areas of my life I would like to focus on most.
How much is your “enough”?
The 4-%-rule is quite conservative if you ask me. The people I know who have ‘reached FIRE’ take on hobbies or start small companies that generate some sort of income.
If I have 20 times my annual spending, (aka, 5% SWR), I wouldn’t worry about earning another dollar in my life.
But there are many ‘enough’ milestones in my FIRE journey.
Where are you on the road to Financial Independence?
I have just reached the milestone I call ‘Coast FIRE’.
Which means that if I just left my portfolio alone from now till the age I would ‘normally’ retire from the workforce, I should be a very wealthy old man. I have just below 100.000$ in my portfolio, and that money could grow into 1.5m$ (40 years with 7% ROI). At that point, I will also receive a pension from the Danish state. So with my 5% SWR, I could spent about 75-50.000$ / year which would be more than enough to live a decent life, while I’m spoiling my grandkids as well.
I spend about 15.000$ / year at the moment, which is something that I could earn either working two to three days per week, or three to four months a year. So from this point, I could actually do that.
Not that I think I’m going to. But is fun and healthy to try what it feels like reaching FIRE by taking a year or two off (which I’m doing right now). Imagine if we looked so much forward to reaching FIRE, and then we simply didn’t like having that much free time. That would be a pity.
What do you want to do with your life once you reach Financial Independence?
Just living a simple life.
I can take my hobbies on gentle steroids. I love sailing, so instead of cruising around in Denmark for a couple of weeks in the summer, I could take the whole family for trip sailing around the world.
I also do Brazilian Jiu Jitsu (a martial art), which I would love to do daily.
Rowing has been a part of my life for ten years, and I can imagine doing some coaching there, too.
Other than that, I could be a part time writer, mason, building constructor and keep meditating on what there is to this thing called ‘life’. And inspire people to thrive on less.
What is your strategy for reaching Financial Independence?
100% stock index funds. (Preferably with an environmental twist).
You can follow my FIRE journey and my mini retirement at wannabewalden.com