Starting a Life Plan

[whitethunder]

I am 24 years old, debt-free with a stable income, and have a 50% savings rate. I would like to increase that rate to 70% and leave my profession within 10 years to earn a living a musician from ~age 35 onwards.

My plan is to build my stash and learn to enjoy life on less over the next 10 years, and then make the jump into a self-employed lifestyle when the time is right! I anticipate that transition occurring in about 10 years, and should any disaster make my plan unreasonable I could always remain in my field of work (teaching) and continue building my stash until another opportunity came up.

Thanks for reading my post! I could list more numbers here if you would like. I thought I'd keep it simple to start!

[2Birds1Stone]

Generally people use case studies to have fellow forumites pick apart their plan, offer suggestions, critique, and advice.

Do you have any questions? What are you looking for in terms of feedback?

Sounds like a very reasonable plan to me, if you can increase your income by doing some additional work (either for teaching) or otherwise (summer work during break?) and get that savings rate up to 75% you could theoretical be FI in 7 years.

[wordnerd]

Sounds like a good general plan, though depending on the details, you may not need to wait 10 years to make a career change. There are a few working musicians on this board, who may be able to lend some guidance. The only one I recall is @bluecollarmusician because the username is so intuitive. :)

[whitethunder]

2Birds - I hadn't read any case studies, was just hoping to see what people thought of the plan!

Wordnerd - Yes, I've wondered if I could make things happen sooner. I love my job, but I would be happier if it were say 3 days per week with more break time. Many of my colleagues seem less-than-happy because it really is a demanding job. I will check out @bluecollarmusician: thank you!!

[plog]

was just hoping to see what people thought of the plan

Your post essentially said--"I agree with your guys' ideals about living life". Now you are looking for us to agree with your agreement of our ideals.  So, yes -- we agree that agreeing with us is a good idea.

[whitethunder]

plog - Haha yes, that's what it sounds like :) I'm not sure if everyone on this blog is an advocate of a 70% savings rate or has much experience making a living with music. Music is also a pursuit that I haven't seen discussed often on the website... It's all easier said than done! I should probably provide more details of my specific situation and goals in order to get more feedback from the more committed Mustachians who are able to easily accept my proposition.

[2Birds1Stone]

We are advocates for having the highest savings rate possible while still enjoying the now.

Enjoy the now more by increasing the utility of your $$ (how much bang for the buck you are getting on the 30% you are spending).

Welcome, lots to read and internalize here.