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Great job. I will hopefully work until my mid 50's but then I am done too. I have a paid off home at 39 and 600k in investments with just over a million dollar net worth. My wife and I early in our career had probably $70,000 in debt. We moved to a small apartment in a cheap area and spent three years paying down all our debt. From that point forward we saved like crazy and splurged occasionally. We donāt always have the nicest iPhone but weāre going to have a phenomenal retirement knock on wood. I still listen to Dave Ramsey a few times a week just to keep my mind right and my second job is learning from personal finance blogs and podcasts.
You are an inspiration to us all!
So I had actually written out a more thorough response but the message editing function on FishBowl is capped at a 5 min window. That said, I made a typo when I wrote my original message; the thread is Financial Independence / Retire Early [FIRE]
Hereās the link: https://www.reddit.com/r/financialindependence/
Additionally I offered some advice on getting started and some ideas to help save in an area with a high cost of living.
I find it helps to always consider the opportunity cost of your purchase decisions. For those who didnāt pay attention in Econ, opportunity cost is the lost potential gain when given alternatives. A good example of this for New Yorkers is cabs/car service. Letās say you spend only $2500 a year on cabs, well the opportunity cost of that $2500 is actually $4477 (assuming you would invest it with 6% return and held for just 10 years). Same goes for anything you spend money on, meals out, rent, etc.
The best advice I can give: learn to live with less stuff. It doesnāt even mean you have to move out of that great neighborhood you love, or not go on that dream vacation. My wife and I love our neighborhood, but itās expensive, so we compromised and leased a 2 bedroom and rent the other room out. It saves us about $25k a year in rent to have a roommate. Every. Year. By the time we retire, that $25k will be (conservatively) more like $53k.
We also travel very frequently, but we donāt upgrade or stay in the fanciest hotels even though we could easily afford it. We stay focused on that mountain in the horizon, and we are enjoying the hell out of life through enriching experiences.
My last piece of advice: earn more money. Thinking about retirement when youāre 25-30 already gets you into the mind set of being future-minded. Start looking at your career as a game; move companies, ask for titles, seek a mentor, negotiate better, push harder, be ambitious. When I first started I was often the first one in the office and the last to leave. I take pride in my appearance, network (with follow-up), consider how I spoke and come across in every form. I went from a designer to SVP CD in 5 years, increasing my salary by 800%. This whole thing is a game, and those who play it best are rewarded handsomely for it.
Websites would be early retirement.org, Mr money Mustache. I have a paid off home and 2.4 million in investments which should generate approx 90,000 dollars per year in income . I can comfortably live within that with no mortgage/rent and no further need to save for retirement .
No kids. Not married . But no inheritance. Started following those early retirement blogs/websites after feeling demotivated by a couple of awful bosses . Then it snowballed into a life goal.
My wife and I are set to retire in 10 years, sheās 35 and Iām 36. She religiously reads the reddit forum called FIRE (fixed income retire early.) I highly recommend joining that group, thereās a whole community to interact with.
My financial plan has a 93 percent chance of lasting for another 55 years according to firesim website
Yes. That's true. But I think I am ready for a whole new chapter and now seems a good balance of being done with agency life but still have energy to try new things . Worst financial scenario would be to downsize home, which I am fine with. Worser case scenario would be to do 5 more years and then get a terrible illness and regret I spent all my time working
If you are really nervous work another 5 and be certain. You can make money NOW but not at 70.
Wow. That is true determination and focus. I think marriage and/ or kids would have made this muuuuuch harder. Congratulations! I'm 39 and extremely jealous but very happy for you. What I wouldn't give to be looking at 5 years out from now with an option to retire!
So all I need to do is generate 2.4 million and FAST?!
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This is legit my dream. Can you recommend some sites you followed? How long did it take you to amass what youāre comfortable retiring with?
Thank you. I have had some unexpected reactions from the few people I have told. Some of them kind of aggressive or dismissive . The ones who have just been happy for me have made me the most appreciative of my circumstances
Once you do the math on all the interest you pay to banks every year and how much you could be making instead growing that with investments, your behaviors might change. Worked for me.
I like all the Dave Ramsey and cast podcasts but also listen to the Million Dollar plan. The best book to read or listen to is the Millionaire Next Door.
Retire! Then go do something fun and low stress so you can live all of the next 55 years in bliss. And thank you so much for the inspiration !
Fuck me. Iām going to be working till Iām 70 minimum
Standing ovation for OP šššš
You're retiring at 45? Damn. Good for you. How'd you do it?
Jesus teach me your ways. You have some inheritance or what? You know you could live longer than you are right now, right?
Great job, congratulation!!
This is all mega-inspiring and #goals!!