Anyone here has plans of retiring early (30s-40s)?
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Eh I'd get bored. I can't even be on the beach longer than like two weeks without coming up with more work for myself
Glad to finally see a thread like this. My target date for early retirement is 32, at which point I hope to pursue a more fulfilling part time job (writing, blogging, web design).
I don't think I'll ever retire, but finding a way to effectively monetize my interests/passions is an immediate goal I hope to achieve by my early-mid 30s
Wait..... What am I missing. What blog do I need to read in order to retire in my 30s...... Open to any and all suggestions.
Goal yes. Plan not clear yet
D2 - by aggressively saving (more than 50% of your pretax income), switching companies for pay increases, investments, moving to a low COL city, etc. It's not going to be easy and luck will definitely play a role as well. And your definition of "enough money" could be different than mine. Some people aim for 1.5-2MM, others aim for 5MM
ACN1, leaving the corporate life behind and living on a 3-4% withdrawal rate from your investments. Pretty much having enough passive income to cover your expenses where if you wanted to quit tomorrow, you could.
@OP I'm assuming you've read some MrMoneyMustache?
D3 - not many of us around! My target date is between 35-37, might go part time after that. And I've definitely read his blog. Another good one is RootofGood
For the record, finding a way to monetize your passion... An MBA is the worst route for that
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ACN1 - that's the first step! Have enough passive income for passions/hobbies. Then enough passive income to cover basic expenses. Then enough to cover lifestyle expenses.
I've also read the millionaire next door. Basic premise is good (stay out of debt, don't play keeping up with the Jones') and it had a few great chapters, but I found it to be about twice as long as it needed to and a bit repetitive. Another great read for investing (a key part of early retirement) is The Intelligent Investor. Incredible dense (and at times slow) read but completely worthwhile
@Booz1 in my opinion the best place to start is MrMoneyMustache.com. He's a pretty funny and intelligent guy, though he can come off as a bit extreme in is saving habits at times.
Similar behaviors seem to be not buying gas - bike or walk instead - never eating out at restaurants, and buying a cheaper house than you need. Millionaire next door is a good reference as well - study of many actual millionaires.
I don't plan to ever retire. But I take work breaks every few years and travel or study something new
It has slowed my firm progression a bit, because I'm simply not putting in the sequential years of effort... But I am a lot saner and happier, and have something to look forward to every few years. And indirectly it has helped me a ton; I find I stay more connected to clients, I know what my other options are outside of consulting, and I'm a much more interesting person over-all. Consulting is too monotonous for me to do non-stop for 10-15 years 😵
^I also make sure that what I'm doing isn't completely off-the-wall. For instance, I took a break and did non-profit consulting in Kenya and Rwanda... It wasn't hard to explain how that enriched my work tool kit
I'm 36 and will be retiring this year. Saved 1/2 my income for 10 years and bought residential rental properties. They now kick out 6 figures / yr. Get into real estate kids! 👍😊
Start small. My 1st was a $37k 2 bed condo I rented out for $650/month, then I got crazier from there buying 4-plexes borrowing against my 401k and scaring myself shitless taking out 8 total mortgages. I also live in the SW US where things are a bit cheaper. Learn what cap rates are and target 9 cap properties and above. Get a prof property manager! LIVE BELOW YOUR MEANS at all times!pass up the impulse to buy a luxury car,big house or Louie Vuitton 😊