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YOu bring up a great point. I have my "FU MONEY" number. For me its 600K which is basically 24k a year times 25 years. I'm young so that may be a bit less than I truly need. Basically the amount of money I need to not work for 25 years. I know 24k a year to some probably sounds like poverty level but I already have a couple properties, have a 401k and some other savings in addition to this money I'm talking about. I live a pretty simple life as is my bigggest expenses are housing and I'm actually researching and planning on doing some tiny living whether it be RV'ing, vandwelling, living on a sailboat or getting a tiny house or storage auction house so actually once I make that step my living expenses will be cut by about 3/4
This may be a bit overoptimistic but I'm thinking I can retire by 36. If I get married or have kids this whole thing goes out the window but for myself will work fine.
That is a pretty cool plan. I hope you achieve it, and it sounds like you are on the right track. I disagree that marriage and kids may prolong that dream, if anything it may make you more determined. My Husband recently read me a forum post from mid 40s retired couple with 6 kids who are thinking about adopting another one.
We are hoping for financial independence no later than 50. Husband wants to be able to retire but still do some consulting work on the side, I just want to retire, lol. I have also researched families in tiny homes and shipping container homes (the latter sounds amazing to me). Not having to rely on a job is our ultimate goal.
YOu bring up a great point. I have my "FU MONEY" number. For me its 600K which is basically 24k a year times 25 years. I'm young so that may be a bit less than I truly need. Basically the amount of money I need to not work for 25 years. I know 24k a year to some probably sounds like poverty level but I already have a couple properties, have a 401k and some other savings in addition to this money I'm talking about. I live a pretty simple life as is my bigggest expenses are housing and I'm actually researching and planning on doing some tiny living whether it be RV'ing, vandwelling, living on a sailboat or getting a tiny house or storage auction house so actually once I make that step my living expenses will be cut by about 3/4
This may be a bit overoptimistic but I'm thinking I can retire by 36. If I get married or have kids this whole thing goes out the window but for myself will work fine.
Woulda couldas don't help anybody once it's done and in the past.
Agreed. I was mostly saying it for the benefit of young folks who often say "I want to live life now when I'm young", blah, blah, blah...Many don't seem to realize they can still enjoy life while young and still be able to walk away from paid employment if they play their cards right. Granted, not everyone can do this, but many more can than are actually doing it.
Quote:
Originally Posted by ShampooBanana
A lot of people would love to retire even at 62. They just don't realize it's possible to retire sooner with the right strategy. I feel like I'm figuring it out way late and I'm only 37. If I knew what I know now in my early 20's I might have been able to retire by 40! But c'est la vie. My goal now is to retire by 50, which is still far ahead of most people.
Right, that's why I'm pointing it out. People in their 20s just don't realize they can totally set themselves up for a life where they're the ones in control (instea of their employers, the government, etc.)...if only they let go of the consumer/wage earner mindset where you don't save or save only a skimpy amount that keeps you working until 65 (if you don't lose good paying employment before that age).
Banking the difference when you get a raise is a great idea, but I have to imagine that, in practice, almost nobody does it.
Therein lies the problem.
So many like to complain about how the corporations, the government, etc. is keeping them down, but they refuse to change anything about their lives to create a different result.
So many like to complain about how the corporations, the government, etc. is keeping them down, but they refuse to change anything about their lives to create a different result.
Should've saved my repping capacity on you for this one.
That is a pretty cool plan. I hope you achieve it, and it sounds like you are on the right track. I disagree that marriage and kids may prolong that dream, if anything it may make you more determined. My Husband recently read me a forum post from mid 40s retired couple with 6 kids who are thinking about adopting another one.
We are hoping for financial independence no later than 50. Husband wants to be able to retire but still do some consulting work on the side, I just want to retire, lol. I have also researched families in tiny homes and shipping container homes (the latter sounds amazing to me). Not having to rely on a job is our ultimate goal.
Hey thanks for sharing your story as well. I was just curious if you've come across any good info on zoning and things like that? I really love the tiny house concept, simpler living, green, cheap, mobile, etc. The one problem I've found is your always kind of living in a gray area of the law. You basically have to be in a super rural area off main roads where nobody cares or you are constantly wondering if a city is going to make you leave because they don't allow housing under 400 sq ft or they dont allow homes on wheels, etc.
I did, and it was a bad mistake to get into. Now I try to live on around a bit less than 1/2 of my takehome pay, and save the rest. "Stay Hungry/Stay Foolish"...well, ok, just "Stay Hungry"....
Just curuios what your guys thoughts are on allowing your lifestyle to grow with your income and if you do it or not?
For example say you'r making 40k a year and you take a new job, get a raise, start a business and begin making 60k or even 80k a year, maybe double your salary. Do you get a better car, take a vacation, eat out more, or do you continue to live your old lifestyle or invest that money or put it in the bank?
I'm guessing most people on this forum put most of that money away but just curiuos.
I see so many people making good money but still living check to check because they get a raise and their living expenses grow right with their salary.
At what point do you take advantage of a pay increase and improve your lifestyle while not going overboard?
I wish I had mint.com from when I started working and spending my own money. our spending has definitely increased as my income has increased, but not as much. i really haven't spent more on myself but my wife's budget has increased and ive added 2 kids to the family. so a large amount of the increase probably would have happened anyway. I think in my early years I was saving around 30% of my net income and now its over 60%. things should remain relatively steady until my next housing upgrade which should happen within 5 years. that will probably double my housing expense but I will have more income also.
Last edited by CaptainNJ; 12-16-2014 at 06:57 PM..
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My Husband recently read me a forum post from mid 40s retired couple with 6 kids who are thinking about adopting another one.
