I am stuck at 70% of my FIRE target. I am just not motivated to save money anymore. It feels like I am FIRE already. That if I would simply do whatever I like then the last 30% will take care of itself somehow. That’s because I am naturally frugal and my interests are naturally commercial. I expect that over the long term I will earn more than I spend even without external pressure.
This feels like what MMM means when he says that money and confidence are interchangeable. I have a FIRE mindset today. 70% of that comes from money and the other 30% comes from confidence.
Questions is: Is this overconfidence? Am I deluding myself? If I indulge this mindset then after 10 years will the stash be gone (and the confidence with it)?
This is a practical question because I work as a consultant and I am able to decide how much work to do each year. I could work long and hard now to save until the stash is 100%. But I have small children, good health, and personal interests. Isn’t this the time to slow down and enjoy life? There will be plenty of time to work more later, if necessary, but the kids will only grow up once.
The middle road that I take now is working just enough to cover living costs without withdrawing from the portfolio. This way the stash can be left to accumulate and gradually reach 100% without new contributions. This feels like a conservative approach to me, that I don’t really need to work even this much, but it is the limit of my confidence right now.
Can anybody relate? Is it reasonable to change your approach to savings once you come close to your FIRE goal, or is this a classic mistake? Is it time to glide blissfully towards the finish line or is it time to crack the whip and finish the race?