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I'm glad that you're happy with your life but there are HUGE tradeoffs to that kind of lifestyle. Unfortunately in life, money talks and without money you're left to fate. Yeah, there are folks who scratch and claws to keep up with Jones, but most people work for money not to buy the big tv but to survive and, more importantly, to take control of their lives. Most people don't want to be left with empty pockets and having to ask for assistance, whether from friends or family or from the government. There are outliers, but most of us have pride in our job, in taking care of our family, in ourselves. It's great if you want to live for the moment and don't want to think too far ahead, but know that life can be a total ***** and is so very cruel.
Also regarding finding easy jobs: It's....not easy, at least finding the good jobs. Retails and low level jobs (maintenance, etc) doesn't pay that well, so if Eddie needs money badly enough to have to work then working $10/hour is probably treading water at best.
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Originally Posted by WouldLoveTo
When I worked at the shop, that was what was said - it's a lifestyle. It certainly wasn't about the money! I had gotten that idea in the last year of the death job. That year I bought a kayak and a mountain bike and couldn't believe how HAPPY these people were that worked in those shops. I was making more money than I ever had, but had gained close to 30 lbs and often cried at work out of sheer frustration. These people were making peanuts and were fit and happy. I couldn't understand how they could be so happy on what was probably not more than minimum wage.
I asked one girl what they did in the winter as business obviously slowed. She rented a room in a large house, and every winter headed south to do the same. She was probably in her 20s. I thought that was fascinating and scary all at the same time! But she was living HER dream.
When my death job contract ended, they thankfully didn't offer me a position. I was eligible for unemployment so I took a month off and just tried to get my life in order again. Went down to the local shop a few times, made some great friends, helped out and was offered a part time job. I had that job (became the unofficial assistant manager, did the books and sales) for over 5 years until it shut down due to a merger. I'm still involved with the past owner at his new place of work, and when a friend of his found out we were shutting down back then, I was offered TWO jobs - one from a sales rep and one from an eventing company. Years later, I'm still at the eventing job. I have a room of my own, come and go as I please (except for events, we are NOT late for those). In addition, I still help out at a local event one day a year - once the shop closed the event offered to pay me for my time as they didn't want to lose me. I also picked them up as a client for my own business. Funny how things work out.
If I hadn't been brave enough to step out of the traditional world that I was told I had to be in, I'd never be so happy and I would wonder for the rest of my life how people were able to do such crazy things with "no" income. Now I know, and I am working towards that myself.
BTW - all but one of my jobs are within 3 miles of my house. I have one job for 3 hours a week that is 16 miles away. I don't even need a car if I don't want. And even if I get stuck in traffic on that one day a week, there is no stress because I don't have to be there at any set time as long as paychecks are written by Thursday. How many of you drive an hour or more twice a day, stuck in traffic or on a train? (I get carsick so public transportation and car pooling are not for me)
For those of you that say Eddie won't be able to get a job as he hadn't been in the workforce, that's not true either. There are many many things that people do in every day life that can relate to a "real" job. Look how many moms drop out of the workforce in their 20s for 10-20 years. I have a friend who NEVER had a job until she was in her 30s.
I don't have passive income so I will probably be working in some way all of my life. But that's ok because it won't be full time and it will be doing what I like. I won't be like the people in my death job who were so depressed and would count the years towards retirement. They had been there so long they knew they couldn't start over without losing everything. That's not life, that's prison to me.
I wish Eddie the best of luck! He seems like a smart guy and I'm guessing he'll figure something out.
My main contra argument isn't that it can't be done, but rather it can't be done like the OP's situation. Ask yourself this: How many of us accumulated $500k (because that's what you'd need in the bank to earn 5% interest for $20k annually in a safe investment) in order to retire before 30? Not saying it's impossible--Zuckerberg can do it right? But I can't do it, you can't do it, go ask 1,000 people and I'd bet 99.999% of those people can't do it.
This topic was discussed to death on SD's forum and it turned out very much the same as here.
If the message is to "live within your means" or "spend less than your income" then everyone in the whole wide world would agree and this thread would get a handful of replies. OP probably knew this and went for the controversial "retire by 30" trolling schtick.
You don't need $500k.
And not everyone needs to be a carbon copy of me.
Perhaps one generates $10k/year relatively passively and supplements this income with a part time job they enjoy. I know of several $10-11/hr jobs that only require one to work ONE day per week. One of these allow one to work from 7am-11:30pm (a double) once per week.
Perhaps another person's comfortable living number is $15k/year? Perhaps they even decide to rent a room in their home for $400/month? This reduces their number to $12k (lets assume a 40% vacancy rate).
When your expenses are kept under control you can get more creative with what you do.
Last edited by eddiehaskell; 01-02-2014 at 07:53 AM..
My family and I live far, far away from the Dakotas so no, I cannot do it. Also, driving a truck is long grueling work. I thought the point is to not have to work.
There are no old mansions where I live, so no... I cannot do that either.
If it is that easy, we ALL would be rich and living off of passive income.
edit: The best plan that I could come up with was to get an education, find a good job that pays well that I enjoy, and hopefully (I can't tell what the future will be like) retire early. Yeah, I'm trading working 9-5 for a family, children, a house, and knowing that *they* are taken care of as best as I can.
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Originally Posted by GotHereQuickAsICould
Actually, you could do it. Truck drivers hauling crude out the Dakota oil fields are pulling down $100K/year.
Couple of friends bought an old mansion, turned it into a B&B, plowed all the income back into fixing the place up and paying off the mortgage. Owned it for seven years and sold it for just under a million a few years ago.
What other ways can you think of to make $100K/year with minimal living expenses?
$10 x 16 hours x 4 weeks = $640/month pre-tax.
$10,000 / 12 = $833 pre-tax.
Combined $1,473 per month pre-tax.
Unless you're letting me and my family move into your house and living rent-free, $1,473 is not going to do it.
Also, $10k/year passive will require $250k if we're talking about super safe investing options.
Quote:
Originally Posted by eddiehaskell
You don't need $500k.
And not everyone needs to be a carbon copy of me.
Perhaps one generates $10k/year relatively passively and supplements this income with a part time job they enjoy. I know of several $10-11/hr jobs that only require one to work ONE or two days per week. One of these allow one to work from 7am-11:30pm (a double) once per week.
My family and I live far, far away from the Dakotas so no, I cannot do it. Also, driving a truck is long grueling work. I thought the point is to not have to work.
There are no old mansions where I live, so no... I cannot do that either.
A mansion to harbor a roommate?!? Sounds like the logic of those that need 4000 sq ft for a family of 4.
You can it. But you also asked me to join you, so that's what I'm trying to discuss. How can I realistically join you.
"Assuming your home and car is paid off" eliminates practically everyone in their 20's and most people in their 30's.
You took the two biggest current expenses out of the equation and ignore the biggest future expenses in order to retire early. Of course YOU can do it, you got a lot of money from somewhere and now you can stomach sitting around doing nothing. Your advice on retirement is not practical for most of us as you can tell. I mean... if I have a rich relative that has my name on the will.... or if I suddenly win a million $ lottery... then I would follow your plan. But how realistic is that?
Hell... might as well change it to "Still living at home with my parents. Can I survive on $20k/year?" Of course you can. We all did prior to being 18!
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Originally Posted by eddiehaskell
Go back and read the OP.
I said assuming your home and car is paid off. I can and do live on not much more than $1473/month.
Huh? Um no, now it's your turn to learn to read.
I was responding to that other poster who suggested that I find a mansion to renovate and sell for $1million, therefore having money in the bank for "passive income". LTR.
Quote:
Originally Posted by eddiehaskell
A mansion to harbor a roommate?!? Sounds like the logic of those that need 4000 sq ft for a family of 4.
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Sounds like the logic of those that need 4000 sq ft for a family of 4.
