Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,567,170 times
Reputation: 16693
Advertisements
Quote:
Originally Posted by eddiehaskell
It’s very DANGEROUS to have a top 2-3% net worth by 35!!
For most no, but in your case it is. Others are working for many years to come and adding to the nest egg while it grows on its own. You are just sitting on yours hoping it grows on its own. One bad incident and you are wiped out. I doubt you could get a job of any significance if needed sine you’ve been unemployed so long. Not to mention if things get tight, there’s a whole labor pool waiting to take any job you might hope for.
You originally claimed to retire in you early to mid 20s no?
Quote:
Originally Posted by eddiehaskell
I’m giving round numbers that even people who don’t earn particularly high incomes can shoot for. My philosophy isn’t about any one particular person...it’s about providing the framework that can allow for others to do it.
I wasn’t asking about round numbers. I was asking you about your specific situation.
I’m capable of doing math. If a 20 year old saves 5k a month at a 6% return for 10 years they would have 676k in the bank should they choose to retire. So the question is really did you from 15-25 years old save 2400+/- a month with a 6% return? Or was it form 10-20 years old? I’m pretty sure you said you had 400k roughly when you entered retirement
For most no, but in your case it is. Others are working for many years to come and adding to the nest egg while it grows on its own. You are just sitting on yours hoping it grows on its own. One bad incident and you are wiped out. I doubt you could get a job of any significance if needed sine you’ve been unemployed so long. Not to mention if things get tight, there’s a whole labor pool waiting to take any job you might hope for.
But I’m actively contributing to my nest egg...more than many who are working.
Remember the simple concept of ERT that I gave a lesson on?
Even if living expenses surpass income by $10k for a decade...so what. That means one would have a decade to find some kind of employment.
I wasn’t asking about round numbers. I was asking you about your specific situation.
I’m capable of doing math. If a 20 year old saves 5k a month at a 6% return for 10 years they would have 676k in the bank should they choose to retire. So the question is really did you from 15-25 years old save 2400+/- a month with a 6% return? Or was it form 10-20 years old? I’m pretty sure you said you had 400k roughly when you entered retirement
Again, details of my personal finances are pointless at this point.
But overall you are catching on. Perhaps check out my thread about how working class people can retire in their 30s...I cover a simple method of doing it.
Remember the simple concept of ERT that I gave a lesson on?
If you are wondering what people might take issue with it’s statements like this. You aren’t giving anyone a lesson on this. Living well below your income, saving and retiring isn’t new, it’s not something you are teaching anyone in this thread.
Again, details of my personal finances are pointless at this point.
They are relevant to your credibility
Quote:
But overall you are catching on. Perhaps check out my thread about how working class people can retire in their 30s...I cover a simple method of doing it.
Broseph I’ve been in the wealth management business for a couple of decades. It’s not me that’s catching on and trying to pretend I’ve created something great
If you are wondering what people might take issue with it’s statements like this. You aren’t giving anyone a lesson on this. Living well below your income, saving and retiring isn’t new, it’s not something you are teaching anyone in this thread.
Somehow doing it to the degree of allowing for extreme early retirement gets people confused.
Think of the nest egg as one’s ticket to a life of freedom...not something to spent down with a safe withdrawal rate.
Last edited by eddiehaskell; 12-30-2019 at 09:01 AM..
Broseph I’ve been in the wealth management business for a couple of decades. It’s not me that’s catching on and trying to pretend I’ve created something great
You may know a lot, but I’m having to do a lot of explaining here which leads me to believe I’m thinking in a different language or something.
It’s not about me. I’ve already done it. As I’ve said from the beginning, every person will have to find their own path. I’m not an investment strategist...I’m just a guy saying if you hit X net worth by Y age you can shut the work thing down.
Understood. You made this scenario up, didn't save what you claimed, and made a thread with poor, unrealistic advice. Again, I've worked in investment and wealth management for a long time. I've seen people actually try what you're claiming. The 'how' matters more than I can say. I see no evidence to make me think you've done what you claim. It seems like you did a back of the envelope math problem, and extrapolated a theoretical lifestyle and retirement plan from it.
Understood. You made this scenario up, didn't save what you claimed, and made a thread with poor, unrealistic advice.
If that’s what you would like to believe so be it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
