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Feel like this doesn’t exactly apply but I’ll throw it in there. I know someone who retired in late 30s in rural Japan. Less than 1MM. It’s always been his dream to live there. Now he runs a cafe.
Ya! He found his wife there! I think many things went according to plan but he’s still flexible to changes. I think there’s plans to move to a major city like Tokyo. In that case I’m not sure if he will stay retired or will have to go back to work to afford it. Retiring that early inevitably means you can’t know how everything will turn out and have to stay open to pivoting.
Before he made the move, I was in my early 20s and knew nothing. He essentially told me you can retire at anytime as long as you know what kind of lifestyle you want. Requires some capital but you don’t have to be a multimillionaire.
He was single till he went to Japan and lived not completely frugally but pretty down to earth life. He did this in his late 30s after being an engineer and later consultant.
Key is definitely that he had a high earning career and analytical mind, to not only find but execute this unique path. He did years and years of research then hesitated for years as well. The seed and desire was there early so he kept making trips to Japan. It certainly wasn’t overnight. I’d guess about 10 years of musing then prep closer to.
Coach
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Retired from corporate at 39 with $2m funds to draw from. Paid off home. M/Lcol area. Great school district.
6+ years in, funds stands at $2.5m.
It's very doable for most people in this bowl. But 99% won't because 1) they fear the unknown, 2) they don't know when/what is enough, 3) self worth tied too much to the *work* they do.
You are so right about the corporate identity part that most can't let go of. If more people knew what was possible they wouldn't fear going for it. I feel there is more risk in keeping working for corporate. Start by "Soft" retiring.
Coach
They aren’t on fishbowl
Coming to the US with zero English 30+ years ago, my dream is to learn, work, and build a family/give my kids the opportunity to excel. 30+ years later, I am in my 50s and not planning to retire anytime soon. I am still enjoying work. Net worth is about 5.2M (paid off home 2M, and 3.2M in investments [mainly SP500]). Unfortunately, my 40s is way gone.
P1 - My approach is super boring, but I am happy to share. I just save 15-20% (buy SP500) year over year before I spend on anything. I only buy what I can afford and I pay off credit card every month. There are only two things that I finance, formal education and mortgage that I paid off both in 5 and 11 years, respectively. My best investment education where I accelerate my earning significantly. I used to buy used-cars so I don’t have to finance and that’s all to it. Hope that helps. 😊
Not yet, but looking at 3-4 more years to hit $10M and call it quits at 42. But it’s all theoretical still. $8M is my minimum… $10M is “safe”. At $6.7M currently and adding about $1M a year at this stage.
You are killing it. 10m is beyond safe....good for you.
Not quite there (doubt there are many retirees on here) but early 40’s and 1 regular market year away from my number of 1.5M
40 at 2.5M and thinking of retiring in Asia or at least find a gig that’s more fulfilling
We've been in SE Asia for 10 years now. We left the US destination unknown. Best decision ever. I don't feel that mentioning our net worth in my comment is necessary since everything is super cheap here. We live very comfortably, and have a large nest egg "just in case".
Knowing our liquid net worth won't help you since your retirement number is tied directly to your individual spending habits.
I retired in a suburb of NYC with just under $3million and am comfortable knowing I'll never run out of money because my annual spend has been consistently under $110k for the past 5 years that I've been tracking it.
A friend of mine retired over 10 years ago in his 30s with only $2million. He's living in NYC with a wife and two young kids. He's a stay at home dad and does algorithmic trading for extra earnings.
On your friend, you say he's a stay at home Dad. Does that mean his wife still works?
I’m retiring this year from my field…and doing gig work. I’m good with money so I’ll be living my best life in 3 months 🙌🏾
Uber Eats, Refereeing and podcasting
40y.o. Waiting to hit $7m. On track for this year subject to market conditions. That's own wealth. Will put us around $12m nw with partner but he plans to keep working. Got there through many long, consistent years slogging away and living WAY below my means in consulting since undergrad. For reference, my annual spend is about 1/20 of my annual income now.
I'm in South East Asia - I retired from corporate at 32 with around 100,000 USD savings
Now I'm just consulting when I feel like it. take on fractional roles for a month or 2 when I feel like it.
If I feel like not working at all for a few months, I can do that too.
Where exactly in South East Asia does a 100k have that much impact?
48. 350k net worth travel half the time and half the time in FL.
Apologies. I ddidnt see any alerts. I fully invest all my money and live off the returns. It wasn't until last year that I fully figured things out and made more money than I took out. I don't really have a budget but avg spend is 10k a month. I didn't have a permanent place in FL until last year so I did save while I was out of the country but now I rent a house in FL. I go mostly to Romania, Spain, and Greece.
I retired a month before my 47th birthday and my husband retired at the same time (he was 44). My husband and I had about $5M in total net worth including a $1M nearly-paid-off house and another $2M in real estate (kicking off passive income). The rest was mostly investments (401K, etc) and cash.
I still work on contract doing leadership consulting roughly 10-30 hours a month depending on the season with my former ad agency (to stay fresh). And because we also have passive income from real estate, our net worth has not really changed much over the last 3 years.
One thing I'd recommend in the year before you retire is to live on income OTHER than your salary (distributions, real estate, etc). We socked those yearly incomes away for a rainy day and confirmed we had enough money coming in otherwise to go ahead and quit our jobs.
I don't know if I would have liked to retire in my 40s, gotta keep my mind active or it will rot away.
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Just argue on here. That will keep your mind active.