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Old 04-10-2016, 05:12 PM
 
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I am in my 20's and I might be tempted to retire whenever I ever get my oil wells in a few years.I wont want to though because I will want to expand my company and start more.
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Old 04-10-2016, 05:33 PM
 
Location: Austin
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Working makes us useful. Spoiled, rich kids on social media who only know designer names and brag about their parents' money are a bore.

Working and supporting yourself financially is imperative for self esteem.
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Old 04-10-2016, 05:41 PM
 
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Quote:
Originally Posted by Westerntraveler View Post
I am in my 20's and I might be tempted to retire whenever I ever get my oil wells in a few years.I wont want to though because I will want to expand my company and start more.
Yeah I am working on digging some oil wells in my backyard. So far just night crawlers and no oil
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Old 04-10-2016, 10:10 PM
 
Location: San Antonio
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There seems to be an entire generation in their 20's that have already "retired"...only problem is they never WORKED before they decided NOT to!!!!
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Old 04-11-2016, 06:59 AM
 
Location: NC Piedmont
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I am aiming for '22 or '23 - does that count?
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Old 04-11-2016, 07:16 AM
 
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There is actually a pretty decent sized community online pursuing FIRE (Financially Independent, Retired Early). Mr. Money Mustache — Early Retirement through Badassity and Go Curry Cracker! - Spend Little, Save More, Travel the World. Go Curry Cracker!Go Curry Cracker! | Spend Little, Save More, Travel the World. Go Curry Cracker! are a couple of the better known ones. It should be noted that it doesn't take high income to do (the key is your savings rate) and it doesn't result in sitting on your butt all day everyday.
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Old 04-11-2016, 07:34 AM
 
1,980 posts, read 1,308,093 times
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Originally Posted by J.Thomas View Post
I know it sounds nonsense but i'm hearing about this stuff.

And i saw this blog post.

How To Retire in Your 20s

Has anyone done something like this??

It seems difficult and ambitious but not impossible.

One has to be frugal of course.

Saving from an early age(possibly before 18) and getting no or little college debt seems like key points.

After couple of years work and aggressive savings it seems doable.

But you need good stock returns which are not possible at the moment.

Retiring at 25-28 sounds nice
I know a couple younger guys who graduated from College, and immediately got jobs approaching six figures in a hot industry (oil and gas). One in particular could probably technically live at home for a decade (but who wants that!).


If he was frugal enough, maxed out his 401K for the 10 years, and then sill saved over half of his salary for the 10 years in investments, I guess it would be doable in his early 30s. But not likely, and he'd have to be pretty lucky. He'd have to then live 30 years on the "savings" part. He couldn't touch the 401K till 59, which at that point would be pretty substantial.
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Old 04-11-2016, 08:23 AM
 
Location: NC Piedmont
3,911 posts, read 2,880,277 times
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Originally Posted by dbsteel View Post
I know a couple younger guys who graduated from College, and immediately got jobs approaching six figures in a hot industry (oil and gas). One in particular could probably technically live at home for a decade (but who wants that!).


If he was frugal enough, maxed out his 401K for the 10 years, and then sill saved over half of his salary for the 10 years in investments, I guess it would be doable in his early 30s. But not likely, and he'd have to be pretty lucky. He'd have to then live 30 years on the "savings" part. He couldn't touch the 401K till 59, which at that point would be pretty substantial.
You don't hear much about SEPPs these days; they were all the rage in the late 90s until they weren't... Anyway, if your 401k or IRA balance gets high enough that you can make the math work, you can tap into it early without penalty. But because of contribution limits, it requires the market to catch fire. Though if you know what you are doing you can use a brokerage account through many retirement accounts (my 401k has that option, but I am not taking a seat at that roulette table).

https://en.wikipedia.org/wiki/Substa...iodic_payments
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Old 04-11-2016, 08:58 AM
 
4,665 posts, read 2,642,189 times
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My wife and I have been working on making it possible to be "part time" retired by 40. We are self employed, we own a business and some rentals. Basically our plan is to no longer work full time by 40 and just manage our rental properties. Which is still a job, but I hope to never see 40-50+ hour weeks again, currently I work about 70-80 hours a week and my wife works around 60. Plus to be able to take off and travel/vacation almost anytime. I'm sure some people don't call that "retirement", and while I have no plans on stopping working altogether, I don't want to work that hard after a certain point. Then by 60 or so we will sell or pass down to our children our real estate assets.
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Old 04-11-2016, 09:39 AM
 
Location: Raleigh
8,327 posts, read 6,173,206 times
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I know one guy that played in the NFL for five seasons before an injury shortened his career. He had lived frugally for an NFL player (bought a reasonable townhouse near the team practice facility, drove a Tahoe that he still has, and avoided a lot of the nonsense distractions,) and he "retired" in the sense that he no longer has regular full time employment. He saved well and is now trying to make it as an artist. It seems most of these guys that didn't blow their money go to work doing something regarding sports or philanthropy.

More often you hear of entrepreneurs that sell one business, live for a while, start a second, start a third...They can only golf or ski for so long before they decide to embark on the next adventure.
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