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.
This pretty much sums up the problem. You make over 135K a year but can only manage to contribute the bare minimum to retirement.
You would not need to sacrifice anything to max out your 401k. You would just need to actually give a crap.
Do the math on around a 13 percent savings and a 13 percent match. I’ve started young. I think I’ll do just fine to be on track to retire. That’s far from the “bare minimum”.
There isn’t a “problem” to sum up. There’s competition for that same money after securing the match like student loans and securing equity increases with a home. And I value going places.
Last edited by Thatsright19; 09-11-2018 at 06:42 AM..
There’s competition for that same money...like student loans and securing the equity of a home. And I value going places.
Quote:
Originally Posted by Thatsright19
new cars, travel, eat out all the time, live in nice areas, ect.
Yep.
Anyway, not really talking about you specifically, but your post is an example of the stereotypical middle income family that could very easily have a million in the bank in their 30s. But choose not to.
Anyway, not really talking about you specifically, but your post is an example of the stereotypical middle income family that could very easily have a million in the bank in their 30s. But choose not to.
I guess I value my time more. You don’t get your 20s and 30s back. It’s absurd to tell me I’m spending my money wrong when people value things differently.
And I’d be willing to bet my savings rate was higher than about 95 percent of the population, especially at my age. Assuming I avoid the big 3, I’ll retire a multi millionaire.
And I’d be willing to bet my savings rate was higher than about 95 percent of the population, especially at my age. Assuming I avoid the big 3, I’ll retire a multi millionaire.
Congratulations.
But you were the one saying how hard it would be to retire in your 30's with a million. Now you're a multi millionaire.
Ironically, you are part of the 10% for whom this article is very practical.
Quote:
Originally Posted by Thatsright19
This article isn’t practical for probably 90%+ of the population.
But you were the one saying how hard it would be to retire in your 30's with a million. Now you're a multi millionaire.
Ironically, you are part of the 10% for whom this article is very practical.
You’re taking quotes out of context. The person who retired in their 30s (he didn’t...he was 42...and his wife was still working) made more than 100k per year on just his income. It didn’t mention what his wife made from what I saw.
Their earnings are clearly in the top 10 percent of wage earners...and so yes it doesn’t apply to 90%+ of people.
And no, I didn’t say it was too hard for those who do earn that much. I said I don’t value that life enough to do it compared to the life I have now.
I guess I value my time more. You don’t get your 20s and 30s back. It’s absurd to tell me I’m spending my money wrong when people value things differently.
And I’d be willing to bet my savings rate was higher than about 95 percent of the population, especially at my age. Assuming I avoid the big 3, I’ll retire a multi millionaire.
This.
Time is literally priceless. You can't buy it back. I'm only going to be spry and young enough to enjoy an expensive experience that would be better enjoyed with full health. I'd much rather enjoy 20-40 and retire late 40s / early 50s rather than potentially lose out on some awesome health and experiences. On top of that, if most of your friends aren't on the same page, its not AS much fun unless you get new friends. And who wants to do that late in life? (unless you chose crappy friends from the earlier years)
--You're living like a monk (or more bluntly "you're a loser")
Why not just admit that you don't want to do what it takes instead of throwing out unjustified criticisms?
But usually most of these young millionaires or those that retire old with millions are quite monk like.
No passports or they never left North America, outdated clothes, non existent dating life, small circle of friends, no hobbies that require or barely any money, rarely eat out, are thankful the internet was invented to fill up the majority of their time.
On top of that, if most of your friends aren't on the same page, its not AS much fun unless you get new friends. And who wants to do that late in life? (unless you chose crappy friends from the earlier years)
Fallacy. Frugality and socialization rarely mix. These type of people hardly have any social functions to attend to because they balk at paying. You can count the number of weddings they attended on one hand because they don't have many friends.
Time is literally priceless. You can't buy it back. I'm only going to be spry and young enough to enjoy an expensive experience that would be better enjoyed with full health. I'd much rather enjoy 20-40 and retire late 40s / early 50s rather than potentially lose out on some awesome health and experiences.
I totally get that, but I would say, why not try to do both? Most people on the F.I.R.E. path, particularly those in the 100K+ income bracket, are not sacrificing much, especially not travel. It's about figuring out what really makes you happy and eliminating spending on things that don't.
I totally get that, but I would say, why not try to do both? Most people on the F.I.R.E. path, particularly those in the 100K+ income bracket, are not sacrificing much, especially not travel. It's about figuring out what really makes you happy and eliminating spending on things that don't.
Because you can’t do both at an elite enough level. thats especially true when you’re young and have major life events (college, marriage, kids, house) and you’re in your lower earning years.
It’s the same way some football teams are more run heavy and some are more pass heavy on offense. You can’t be great at both, but you can seek balance. Or maybe they try to build up a good defense instead. That requires taking resources away from offense in a cap world. We all operate within restraints and have competing sources for the money.
I don’t want to scrimp and save the majority of my income in the prime of my life (while working damn hard for it...and having my reward be an electronic number going up. That’s a real motivator day in And day out...smh. ) so I can spend 45 years scrimping and saving in retirement too hoping to god a stock market crash doesn’t blow up my glide path I’m drawing down on.
Last edited by Thatsright19; 09-11-2018 at 09:00 AM..
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.
