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Old 04-11-2016, 10:38 AM
 
Location: Tennessee
23,606 posts, read 17,589,896 times
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Quote:
Originally Posted by JONOV View Post
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.
Professional athletes, singers, celebrities, etc., could easily do it, but those are such a small segment of the population they shouldn't even count IMO.
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Old 04-11-2016, 10:53 AM
 
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It's possible without being a ceo/selling company or being famous...

Retirement is mostly dependent on how much you want to spend. Living in a box and eating from garbage takes about $0 a month...

But just working from 22 to 29, in seven years I have saved/invested $250k or about. Using a 4% swr, I could just find somewhere to live on about $900/month. It isn't that hard to save money if you don't spend it. Do well in school, get scholarships for college, get a job that provides housing/allowance and work overtime and someone can retire in early 30, or late 20

Biggest issue is me not wanting to live on just $900/month...

Last edited by MLSFan; 04-11-2016 at 11:08 AM..
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Old 04-11-2016, 11:15 AM
 
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I think that's called "trust fund baby, but I see all kinds of people claiming to be retired very young... They're getting money from somewhere, but it's not usually an employer for whom they've worked 20-30 years. In fact, I find it such an annoying trend that I started a thread about it a few months ago...
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Old 04-11-2016, 11:28 AM
 
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Quote:
Originally Posted by Serious Conversation View Post
This isn't retirement in the traditional sense at all though.

I could save up $30k-$40k and take off for a year. These days, I'd be more worried about how an employer would view that than the difficulty of saving up the cash.
You know the part where if you just keep saving $30-40k each year for a decade and keep it invested, you would have a million. You don't even need to live "poor" during the time. That's pretty much what I do now, but I save around 50% ad live on the other half.

To me, it just makes sense in what I want to do. Instead of working 80-100 hours in med school/residency for near a decade. I rather work same hours and at end of it still be as well off.
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Old 04-11-2016, 11:40 AM
 
7,936 posts, read 5,048,234 times
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One supposes that some people were just born retired....

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Originally Posted by Mattks View Post
...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, ...
My cunning plan is entirely the reverse: to keep working full-time at my office job, but to "retire" from everything else: domestic chores, cooking, managing investments. I'm quite content with a 60+ hour workweek, provided that outside of work, everything is done by hired-help, or by other means.
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Old 04-11-2016, 11:40 AM
 
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Quote:
Originally Posted by ohio_peasant View Post
One supposes that some people were just born retired....



My cunning plan is entirely the reverse: to keep working full-time at my office job, but to "retire" from everything else: domestic chores, cooking, managing investments. I'm quite content with a 60+ hour workweek, provided that outside of work, everything is done by hired-help, or by other means.
Now THAT'S thinking outside the box!
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Old 04-11-2016, 12:40 PM
 
Location: Moku Nui, Hawaii
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I've had off and on again retirement since my early twenties. It started mostly since it seemed to me that retirement is wasted on the elderly and by the time they can afford to retire, they're not able to get out and about and have much fun. So I took time off to have fun when I was young. I'd keep my living expenses really low (living on a boat) and then gather up a chunk of change and then 'retire' for a year or so. Then the money would get low and I'd go back to work for awhile. That was fun for a couple of decades and worked really well since that was before enforced health care requirements and I was young and healthy anyway. You can pay dentists and doctors in cash, you know, medical insurance isn't absolutely required. They had different prices if you were going to pay cash, too. But this was quite awhile ago, I'm sure things have changed by now.

I've worked more lately in the past decade and a half to save up for a more proper sort of retirement, but most of the income has been used to make cash flow instead of savings. There's not a lot of return in stocks and such so we're working on cash flow and eventual capitol gains when the rentals are sold. Probably we'd cash out at well over three quarters of a mill, with acquisition costs of around 300K. There's a lot of sweat equity in it, though, and living in houses while they're being rehabbed so I'm not sure if everyone would want to do this.
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Old 04-11-2016, 12:42 PM
 
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To me, "retirement" is putting in enough years to draw income/benefits from your employer and you never work full-time again unless you want to for the fun of it. Any other arrangement is either good luck or smart moves, but it's not "retirement" in my book.
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Old 04-11-2016, 01:02 PM
 
4,665 posts, read 2,643,151 times
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Quote:
Originally Posted by ohio_peasant View Post
One supposes that some people were just born retired....



My cunning plan is entirely the reverse: to keep working full-time at my office job, but to "retire" from everything else: domestic chores, cooking, managing investments. I'm quite content with a 60+ hour workweek, provided that outside of work, everything is done by hired-help, or by other means.
No problem with that plan either, any way that makes life easier.

People with plans that follow through are almost always going to be more successful then people who have no plans. I see so many of my peers who go through life with no plans, being lazy, partying, working 25 hours a week, living on credit cards month to month. Those people are going to get hard wake up calls later in life.
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Old 04-11-2016, 01:22 PM
 
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...or that the taxpayers will just end up supporting.
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