Author Topic: Did you think about early retirement in your 20's?  (Read 15175 times)

BlueMR2

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Re: Did you think about early retirement in your 20's?
« Reply #50 on: December 08, 2015, 10:01:52 AM »
I did not think about it in my 20's.  I didn't have many responsibilities in life, so I was able to fully commit to work and enjoy it.  Plus, when you're young, IT jobs are stupid easy to find.  "Hey, you, ever used a keyboard, under 30, fine, here's a job!" Did not realize that once you have some experience that nobody wants to hire you anymore.

I think more people would plan for ER if they realized how things go as you age.  It becomes MUCH harder to find a job.  AND, you've got so much other adulting you have to do that working 50-60 hours a week leaves you with zero time to do anything else.

Nancy

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Re: Did you think about early retirement in your 20's?
« Reply #51 on: December 08, 2015, 10:27:12 AM »
Ha! Adulting is a great word. I'm 31, and I don't have that much adulting to do. Any? But I don't have kids, and I don't own a home, and I enjoy all my activities outside of work.

Luck12

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Re: Did you think about early retirement in your 20's?
« Reply #52 on: December 08, 2015, 11:03:45 AM »
I thought about it when I was 8 and realized my parents barely had time to do anything fun during the weekdays due to work, etc.  I also remember crying on my first day of full time employment after college so I 100% committed to making FI stage ASAP. 

ReadySetMillionaire

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Re: Did you think about early retirement in your 20's?
« Reply #53 on: December 08, 2015, 11:10:53 AM »
I'm 27. I really didn't care about personal finance until I was about 25. Learning that just knowing the basics (401k, Roth IRA, power of compound interest, etc.) put me ahead of most of the crowd was pretty motivating. I then began craving more and more and stumbled upon this website and others.

So now I think about FIRE all the time. Probably too much, actually. But that's better than the mind-numbing alternative of just going through daily life and feeling like a victim.

RonMcCord

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Re: Did you think about early retirement in your 20's?
« Reply #54 on: December 08, 2015, 09:20:01 PM »
I'm 25 now, and yes.  FIRE appeals to me because a crappy college experience combined with a bad job market don't instill a large amount of confidence for the future.  Rather than hope I'll be able to constantly find work until my 60's and not run into all the pitfalls associated with the job market, I'd rather just get in and out before 40. 

Hank Sinatra

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Re: Did you think about early retirement in your 20's?
« Reply #55 on: December 08, 2015, 09:59:13 PM »
I not only dreamed of it, I actively pursued it by the time I was 10 years old.  Saw all the adults around me working hard for nothing. No way was I spending my life working

NoStacheOhio

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Re: Did you think about early retirement in your 20's?
« Reply #56 on: December 09, 2015, 07:26:58 AM »
I'm 29, and it's something I sort of started thinking about this year. Like a lot of other people above, I don't think I'd retire, but I'd love to go freelance. My job has excellent insurance, and the other benefits are pretty good, but the salary isn't great. It's frustrating because if my wife carried the "benefits job," we'd probably have much higher income. My field is very much freelance-oriented, but also has somewhat high startup costs (probably $10-20k) before you can do any work.

Maybe in another 5 years or so I can make the leap, but right now I'm sticking with my job while my wife looks for something better.

little_brown_dog

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Re: Did you think about early retirement in your 20's?
« Reply #57 on: December 09, 2015, 08:57:38 AM »
28 years old – been thinking of FI for the last year and a half. I have never been materialistic and always questioned a lot of our consumer culture and the employment rat race. When I read mmm and other likeminded blogs, I realized there were tons of other people like me. My husband is of a similar mind. Our goal is to get to a point where he doesn’t have to work full time so he has more time to spend with the family and pursue goals in his field that might not be as lucrative as his traditional full time work. We want our 40s/50s/60s to be about enjoying life which is hard to do if you are stuck working 40-50 hours a week just to ensure you aren't completely destitute when you're 70.

Having a child is also very motivating- I've seen what it is like for adult children to take on the bills for their elderly parents. My family members are still paying off medical bills from grandparents who died years ago because they didn't plan sufficiently. I don't want to be a burden on my kids.
« Last Edit: December 09, 2015, 09:06:31 AM by little_brown_dog »

NoStacheOhio

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Re: Did you think about early retirement in your 20's?
« Reply #58 on: December 09, 2015, 09:18:27 AM »
Having a child is also very motivating- I've seen what it is like for adult children to take on the bills for their elderly parents. My family members are still paying off medical bills from grandparents who died years ago because they didn't plan sufficiently. I don't want to be a burden on my kids.

Have they looked into whether or not they're actually on the hook for those bills? My grandmother died about 10 years ago, and we basically just walked away from all her bills/debts. She didn't have many assets, and was on Medicare and Medicaid. A lot of creditors will harass family to try to collect, but often there's no legal obligation to pay.

zephyr911

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Re: Did you think about early retirement in your 20's?
« Reply #59 on: December 09, 2015, 09:36:36 AM »
Yeah, I started reading about investing at 21 (senior in college), and dreamed of going like gangbusters through my 20s to a life of leisure with a million in the bank at 30.

Then, as I have shared elsewhere and won't repeat in detail, I failed to execute for a full decade. But hey, I learned a lot from failure. And supposedly I'll appreciate FIRE more as a result, or something like that. Now 37, having more fun than ever, saving more than ever, near 300K NW, on track for late 30s / early 40s.

mustachianteacher

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Re: Did you think about early retirement in your 20's?
« Reply #60 on: December 09, 2015, 06:04:37 PM »
Having a child is also very motivating- I've seen what it is like for adult children to take on the bills for their elderly parents. My family members are still paying off medical bills from grandparents who died years ago because they didn't plan sufficiently. I don't want to be a burden on my kids.

Have they looked into whether or not they're actually on the hook for those bills? My grandmother died about 10 years ago, and we basically just walked away from all her bills/debts. She didn't have many assets, and was on Medicare and Medicaid. A lot of creditors will harass family to try to collect, but often there's no legal obligation to pay.

+1,000

My husband's brother died at age 41 with a mountain of debt, and my husband was his only heir. We were terrified we'd be on the hook for it all, but nope. Not the credit cards, not the student loan, not the car loan -- none of it. Creditors will harass you and tell you that you are responsible, but legally, you are not. Creditors are paid out of the estate, but if there is no estate, that's it.

mustachianteacher

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Re: Did you think about early retirement in your 20's?
« Reply #61 on: December 09, 2015, 06:08:05 PM »
Oh, and to answer the OP's question, HECK YES! I started work straight out of college and saved like a maniac to be able to buy a house. Once we had the house, the focus shifted to saving for retirement, and after I discovered The Millionaire Next Door, I realized it was all so much more attainable than I thought. We were used to being house-poor, so even after our income rose, we lived like misers and socked away a ton of money. We've eased up on our miserly standards a little, but we still save a lot, and I still feel like FI is a relatively straightforward attainable goal if you stay focused.

meyling

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Re: Did you think about early retirement in your 20's?
« Reply #62 on: December 09, 2015, 06:14:38 PM »
I'm 23, and yes, I'm definitely thinking about early retirement. My goal is to be financially independent by the time I'm 30. Probably won't *retire* that early though.

spokey doke

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Re: Did you think about early retirement in your 20's?
« Reply #63 on: December 09, 2015, 06:20:08 PM »
I was retired in my 20's...occassional work, lots of free time, few responsibilities, tons of adventures, didn't think much about money...then I started down a career path that I'm struggling to get off of and back to my 20's life...
« Last Edit: December 09, 2015, 06:30:12 PM by spokey doke »

RelaxedGal

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Re: Did you think about early retirement in your 20's?
« Reply #64 on: December 09, 2015, 07:38:02 PM »
Did you dream of early retirement and being in that position when you were in your 20's or is it something your developed the desire for later in life?

When I was in my early 20's I maxed out my IRA because that's what my parents told me to do.  I also paid off my car loan in 1 year, paid off my student loans within 6 months, and lived with roommates.

When I was in my late 20's I saved like gangbusters because I figured I was having kids soon and they're expensive, I'll never be able to save like this again!  I also bought a house and paid cash for a fabulous kitchen remodel with my now-husband.  Around here I told my Mom I planned to save enough to retire at 40 because I wanted to move to my home state, and there were no good jobs for either of us there.

In my early 30's our daughter was born, and our savings slowed down a wee bit but nowhere near the impact I'd expected.  The next year I got a nice raise and our savings rate rebounded.

Later I found MMM.  Felt a little less weird. 

I don't think we'll retire at 40.  I guess I'm one of the ones on the under side of 40 who "could never imagine not working and not wanting to work even once I was older" as Spartana said.   

kpd905

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Re: Did you think about early retirement in your 20's?
« Reply #65 on: December 09, 2015, 07:40:39 PM »
Yes, and I am glad I did.  I started reading about it when I was 25 and still in grad school.  So when I started actually making money, I never developed any horrible spending habits.  And I didn't fall for any 5% front-end load fees for my IRA.

Just paid off the student loans so now it is time to max out investment accounts and try to save money for a downpayment at the same time.

MrsPete

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Re: Did you think about early retirement in your 20's?
« Reply #66 on: December 10, 2015, 03:28:48 PM »
I thought about retirement /saving and planning for retirement in my 20s.  I didn't really think about early retirement at that age; given the poor circumstances in which I grew up, retirement at all seemed rather a remote possibility at first.  Of course, even now, early isn't my primary goal.

Anti-ComplainyPants

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Re: Did you think about early retirement in your 20's?
« Reply #67 on: December 11, 2015, 03:30:41 PM »
I'm 28, and think about it very often.

It isn't often a source of stress for me, but is very often a source of motivation. I make a pretty modest salary, but am amazed at how much I've been able to save by making small life adjustments and how much these changes have been reflected in my Mint account!

Gondolin

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Re: Did you think about early retirement in your 20's?
« Reply #68 on: December 11, 2015, 05:16:03 PM »
I'm 25 and I started thinking about FI at 23. As the son of a bankruptcy attorney I knew all about the dangers of credit and debt from a young age. Through college I knew I didn't want to be in debt and was determined to avoid the stress that comes with being insolvent.

Long term thinking didn't kick in until I graduated and starting making money. Then I stumbled on MMM which crystallized a bunch of beliefs I guess I'd always held but never fully articulated.

kasingerd1

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Re: Did you think about early retirement in your 20's?
« Reply #69 on: December 11, 2015, 05:56:54 PM »
My wife and I got married when I was 20 and she was close to 21. We both basically had $0 in the bank to start off and I'm coming up on my 21st this month and we have just over $12000. I work full time and my wife is finishing her degree. Fortunately, over the last year we didn't spend money like crazy and thus were able to save a respectable amount of money without any idea of early retirement or what a respectable savings rate really is. Thankfully going into 2016 we'll reign in our savings even more and bring our savings rate up to 43% on just my salary alone because my wife won't finish her degree until this time next year. We're excited to see where we're at when my wife finishes. So to answer your question shortly, yes we have.

Vee2001

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Re: Did you think about early retirement in your 20's?
« Reply #70 on: December 11, 2015, 08:42:28 PM »
36, single, started thinking about the FI / ER concept back in my early teens.  Growing up, parents had a small commercial building generating passive income and I started thinking along the lines of, "why not get a bunch of these and not have to work a normal job"?  I just found MMM recently along with the concept of investing solely in index funds and annual 4% withdrawals.  I'm already most of the way towards a hybrid FIRE system, monthly expenses primarily coming from rentals and a taxable investment account acting as a type of shock absorber/supplement. 

I could probably retire now but I have golden handcuffs (probably closer to copper/silver handcuffs, decent pay and low stress but honestly not that over the top) and I want to overkill my investments.  I shouldn't have an issue getting by on $20k/year or less long-term and I currently have about $35k/year passive.  I'd like to get to $60k/year passive before I FIRE, which will take me about $190k (paying off mortgages for two of the rentals).  Maybe next time my company has layoffs I'll quietly tell my boss that I volunteer.  Severance plus unemployment would probably be enough to push me over the edge.

SirFrugal

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Re: Did you think about early retirement in your 20's?
« Reply #71 on: December 11, 2015, 10:13:52 PM »
When I was a little kid with my first savings account, and saw how I got a few dollars interest each month...I was already thinking about it.  I thought it would be awesome to have a ton of money saved up so I'd get a ton of interest!  In my little kid mind it seemed ridiculous people worked when they could just do that lol.  FIRE was always in the back of my mind...I knew saving lots = good, debt = bad, and the less of my life I could spend working the better.  I think around 27-28 I actually began crunching the numbers more and realizing how possible it is to retire a heck of a lot sooner than most people do.

FIRE_Buckeye

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Re: Did you think about early retirement in your 20's?
« Reply #72 on: December 11, 2015, 10:51:51 PM »
Have been thinking about early retirement for the last few years, actively pursuing a plan toward it for the last 6-12 months.
I love my job, my boss, the people I work with.....I just don't love the reality of being locked into that obligation five days a week, 200-odd days a year.

Kouhri

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Re: Did you think about early retirement in your 20's?
« Reply #73 on: December 12, 2015, 03:04:50 AM »
Well I'm still in my early 20s so the short answer is yup... definitely thinking about it in my 20s.

But more specifically my main aim is to reach FI as I have no intention of quitting medicine in the foreseeable future, however I'm also fairly pragmatic and the combination of wanting kids in the future and the knowledge that burnout does happen makes me really want the flexibility and freedom to bow out of the workforce. I can't imagine anything worse than being shackled to a job you hate by a pair of golden handcuffs. I'm just super glad I found this site, it's turned vague intentions into realizable concrete plans.

Britan

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Re: Did you think about early retirement in your 20's?
« Reply #74 on: December 12, 2015, 08:30:10 AM »
In my 20s. Thinking about it. :)

Seems like there are a lot of us "millennials" responding here. It is heartening after reading on Reddit that over 50% of "millennials" have <$1000 saved. Bleh.

I'm sure someone somewhere has done a poll on the ages of us MMM forum goers...right?

BarbeRiche

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Re: Did you think about early retirement in your 20's?
« Reply #75 on: December 12, 2015, 08:59:01 AM »
Oh yeah!

Just turned 28, found MMM at 27 but was saving since 26.

I try to introduce young people that are close to me to MMM or early financial independance.  I think it's the best gift I could give to a young person.  I would've liked to found out earlier in my twenties but hey, won't complaint.

iris lily

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Re: Did you think about early retirement in your 20's?
« Reply #76 on: December 12, 2015, 10:33:48 AM »
I didn't think in concrete terms about retiring complelely from a job, but I knew that money=options.

Options such as part time work, or quitting to travel the world for a year, or downsizing to a job with less pay and more satisfaction, etc.

FIRE is often presented as black or,white, you work full time or you don't work full time. It doesn't need to be that.