Author Topic: Starting Age!  (Read 7445 times)

SheenaM

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Starting Age!
« on: February 19, 2018, 02:26:18 PM »
Hi Everybody!
I have been listening to podcasts and following bloggers about financial independence for a while now, and everybody seems to be in their 20's and/or making six figures. I'm getting very frustrated hearing stories of younger millenials that are way ahead of me. I know it's not a race, but I am 30 and still 3 years away from even being debt free much less getting to FI. I have this feeling that I'm way behind and compound interest is now against me. I KNOW there are people who successfully started at my age or later than me. For all of you who have made it, how old were you when you started and did you feel too old to enjoy it when you were done? (I know this is silly guys but I need to hear it)

2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 4688
  • Age: 31
  • Location: Earth
  • K Thnx Bye
Re: Starting Age!
« Reply #1 on: February 19, 2018, 02:31:09 PM »
Started at 15, retired at 21.

You're a millennial, do you like smashed avocado toast?

Are you paying interest on your toast? If so, then yes, compound interest is working against you. Your gray hair is only getting grayer thinking about it. 

Slow&Steady

  • Pencil Stache
  • ****
  • Posts: 528
  • Location: Midwest
Re: Starting Age!
« Reply #2 on: February 19, 2018, 02:48:32 PM »
I joined this forum 2 years ago, I will be 35 this year. 

I do have a positive net worth and have always contributed to 401k but I also still have a lot of debt (2 houses, 2 vehicles, solar panels).  Paying down debt or building investment accounts are both working towards FI.

Comparing yourself to others vs comparing your current practices to your past practices will do nothing to help you on your trip to FIRE and in most cases will cause unnecessary envy.  I don't actually plan to FIRE until my kids are out of high school, considered I have a baby due in March it will be a long time but no I do not feel I will be too old to enjoy my hard work.

Candace

  • Bristles
  • ***
  • Posts: 499
  • Age: 52
  • Location: Hampton Roads, Virginia
Re: Starting Age!
« Reply #3 on: February 19, 2018, 02:52:55 PM »
Hi Everybody!
I have been listening to podcasts and following bloggers about financial independence for a while now, and everybody seems to be in their 20's and/or making six figures. I'm getting very frustrated hearing stories of younger millenials that are way ahead of me. I know it's not a race, but I am 30 and still 3 years away from even being debt free much less getting to FI. I have this feeling that I'm way behind and compound interest is now against me. I KNOW there are people who successfully started at my age or later than me. For all of you who have made it, how old were you when you started and did you feel too old to enjoy it when you were done? (I know this is silly guys but I need to hear it)
I'm 51 and FIRE'd last year. I found MMM about five years ago, which helped me improve my already good savings and investing habits. When I read your post, I almost laughed out loud when I read the part about you being 30. Child, please.

My suggestions are to keep in mind a few things. One, being frugal and saving money/investing has many benefits even if you're not going to retire anytime soon. Living without fear that an unexpected car repair or furnace blowout is going to sink your bank account below zero is a huge benefit all by itself. The more you exercise discretion over your spending and the more you make deliberate choices to optimize the enjoyment/utility of the money you do spend, the more empowered you'll feel. Two, there are several threads on here for people in various stages of getting to their goals. There's "Racing Toward Zero" for people who are in debt, and threads for people working toward $10k, $100k, $500k and beyond. There's a Low-Income Group Journal too.

Please don't think you're behind because you're 30. If you feel that way now and do nothing about it, how will you feel when you're 31, 33, and 35? As Gandalf said (paraphrasing), the most important thing is what we do with the time given to us. You can't do anything about what's in the past. But you do control your future.

bacchi

  • Magnum Stache
  • ******
  • Posts: 3183
Re: Starting Age!
« Reply #4 on: February 19, 2018, 02:54:51 PM »
Started at 3, retired at 7. I franchised out lemonade stands.

Forgot about everyone else. You're only competing against yourself.

RetirementInvestingToday

  • 5 O'Clock Shadow
  • *
  • Posts: 66
    • Retirement Investing Today
Re: Starting Age!
« Reply #5 on: February 19, 2018, 02:57:28 PM »
Hi Everybody!
I have been listening to podcasts and following bloggers about financial independence for a while now, and everybody seems to be in their 20's and/or making six figures. I'm getting very frustrated hearing stories of younger millenials that are way ahead of me. I know it's not a race, but I am 30 and still 3 years away from even being debt free much less getting to FI. I have this feeling that I'm way behind and compound interest is now against me. I KNOW there are people who successfully started at my age or later than me. For all of you who have made it, how old were you when you started and did you feel too old to enjoy it when you were done? (I know this is silly guys but I need to hear it)
Congratulations for starting on your journey so early.  When I woke up to this FIRE lark (I predate MMM and so didn't even  know the term, I simply called it early retirement where work becomes optional) I was earning a lot less than 6 figures and was 35 years of age.  Will FIRE in just a few short months at age 45 and with current wealth of £1.3M.  Save hard, invest wisely and retire early I say.  It works but you need to start, show determination, never become a victim, not be afraid of mistakes, remember it's an AND game and don't forget to track progress along the way.

I certainly don't feel too old to enjoy it.  Quite the opposite in fact.  After 10 years of hard graft and learning to invest I'm quite looking forward to it.

Miss Piggy

  • Handlebar Stache
  • *****
  • Posts: 1224
Re: Starting Age!
« Reply #6 on: February 19, 2018, 03:02:26 PM »
Started at 3, retired at 7. I franchised out lemonade stands.

Forgot about everyone else. You're only competing against yourself.

What the hell did you do at 1 and 2? Slack off? Missed opportunity...you could have retired at 5. Ponder that.  ;)

SheenaM, some people start at 50 and wish they started at 30. You're WAY ahead of the game by starting at 30.
« Last Edit: February 19, 2018, 03:04:28 PM by Miss Piggy »

Metta

  • Pencil Stache
  • ****
  • Posts: 656
Re: Starting Age!
« Reply #7 on: February 19, 2018, 03:59:08 PM »
We were in our mid-thirties with lots of debt. I had just left my job because I was required to take unethical actions and I couldn't do those things and look myself in the mirror afterwards. My husband was a grad student making grad school teaching assistant pay (very, very little). For a while I supplemented our meager income selling blood. We also made crafts and sold them to bring in extra money.

We found "Your Money or Your Life" and it was transformative. I had a Scarlet O'Hara moment where I metaphorically shook my fist at the sky and said, "As God is my witness, we will be financially independent and I will never have to choose between my ethics and paying for food again." (It sounds much nicer when Scarlet O'Hara says it, but I am a much nicer person than she was.)

I never made a six figure income. I made $18000 a year at that awful, unethical job that I left. I started with lots of debt from school that probably totaled about 5 years of my total income at the time. We couldn't afford to buy a house for years. We could barely afford food some months in the early years. But we managed to pay off our debts, get better jobs, and invest money by embracing the self-respect that comes from the Pay Yourself First philosophy.

We were financially independent in our early fifties. I left my (good and ethical) job at age 55 because waiting enabled me to get extra benefits. There is not a single day that goes by that I do not enjoy my life. Even my father's death was improved by being financially independent because we could afford to do everything that needed to be done without financial hardship.

You are on a good course. You are still quite, quite young.

steveo

  • Handlebar Stache
  • *****
  • Posts: 1692
Re: Starting Age!
« Reply #8 on: February 19, 2018, 04:02:27 PM »
I'm 44 and I intend to retire in 3-5 years time. I found MMM/FIRE I think about 5 years ago. Our income compared to the number of kids we have isn't high although it's a little above average.

CupcakeGuru

  • Stubble
  • **
  • Posts: 143
Re: Starting Age!
« Reply #9 on: February 19, 2018, 04:08:20 PM »
I'm 47 and DH is 52. We jumped on the MMM bandwagon only 3 or 4 years ago. We were somewhat frugal, but made lots of money mistakes along the way (too big house, new cars, whole life insurance). Stop comparing yourselves to others and be glad that you have a plan and won't be working until 80 years old!

Cezilous

  • Stubble
  • **
  • Posts: 157
  • Age: 31
  • Location: Milwaukee, WI
Re: Starting Age!
« Reply #10 on: February 19, 2018, 04:08:35 PM »
I was reading a couple early retirement blogs when I think I was 18/19, just starting out in college...  I read them but it didn't click at all, I didn't know what exactly I was reading.  I had had no real-world experience, and I was not aware that I would have to pay back the school loans that I signed on for 4 years.  So nothing sunk in.  About 5 years after that, I found the community again (reading RetireBy 40 and such), and things started making a little more sense in my mind at a slow rate.  I'd say I got serious in 2014 and started paying off debts.  Here I am, 31 years old, and this year I'll finally pay off my final debt (leaving me just the mortgage).  By the end of this year, I expect to be in the accumulation stage. Ideally, I'd be done in 3 years, but that's just fantasy.  More like 10, but I can't bear that thought.

EscapeVelocity2020

  • Handlebar Stache
  • *****
  • Posts: 1816
  • Age: 45
  • Location: Houston
    • EscapeVelocity2020
Re: Starting Age!
« Reply #11 on: February 20, 2018, 12:09:40 AM »
I started at 21 (1996) and could've FIRE'd at 24.  Glad I didn't because March 2000 kinda sucked for me.  Still would've been OK ultimately, but learning all those life lessons about how small I am and what is important to me from mid-2k until 2005 helped me understand what really was important. 

Did better than average during the 2008 downturn and am currently riding high, but perfectly aware of where I came from.  Can't wait to continue doing more and more good in the coming years, but still only FI, not ER!  I still feel very fortunate that I can share my good fortune and it seems to be appreciated more (unless it's just me getting older).

marty998

  • Walrus Stache
  • *******
  • Posts: 5823
  • Location: Sydney, Oz
Re: Starting Age!
« Reply #12 on: February 20, 2018, 12:28:51 AM »
Started at 3, retired at 7. I franchised out lemonade stands.

Forgot about everyone else. You're only competing against yourself.

What the hell did you do at 1 and 2? Slack off? Missed opportunity...you could have retired at 5. Ponder that.  ;)

SheenaM, some people start at 50 and wish they started at 30. You're WAY ahead of the game by starting at 30.

Babies are such welfare dependant dole bludgers! By age 3 weeks all babies should have their own youtube channel filled with videos of them playing with cats and sleeping curled up on the family dog. Should be working for a living instead of taking benefits from the gubbmint!

/s (of course)

SheenaM

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: Starting Age!
« Reply #13 on: February 20, 2018, 06:23:27 AM »
Thanks for the constructive commentary! I see so many featured stories in different communities with the younger half of the millennial generation that it was getting a little discouraging. I also have a much younger brother that turns everything into a competition so it's hard not to get sucked in. You guys definitely helped put things in perspective!

I'm 47 and DH is 52. We jumped on the MMM bandwagon only 3 or 4 years ago. We were somewhat frugal, but made lots of money mistakes along the way (too big house, new cars, whole life insurance). Stop comparing yourselves to others and be glad that you have a plan and won't be working until 80 years old!

I have met quite a few people still working a job they hate in their 70's and I'm very glad I started the path to FIRE in time to avoid that!

jim555

  • Handlebar Stache
  • *****
  • Posts: 1861
Re: Starting Age!
« Reply #14 on: February 20, 2018, 07:04:56 AM »
I was on the MMM bandwagon way before MMM even existed.  From day 1 of work I had planned to save my way out of the Megacorp plantation.

PizzaSteve

  • Pencil Stache
  • ****
  • Posts: 505
Re: Starting Age!
« Reply #15 on: February 20, 2018, 07:09:10 AM »
Hi Everybody!
I have been listening to podcasts and following bloggers about financial independence for a while now, and everybody seems to be in their 20's and/or making six figures. I'm getting very frustrated hearing stories of younger millenials that are way ahead of me. I know it's not a race, but I am 30 and still 3 years away from even being debt free much less getting to FI. I have this feeling that I'm way behind and compound interest is now against me. I KNOW there are people who successfully started at my age or later than me. For all of you who have made it, how old were you when you started and did you feel too old to enjoy it when you were done? (I know this is silly guys but I need to hear it)
I'm 51 and FIRE'd last year. I found MMM about five years ago, which helped me improve my already good savings and investing habits. When I read your post, I almost laughed out loud when I read the part about you being 30. Child, please.

My suggestions are to keep in mind a few things. One, being frugal and saving money/investing has many benefits even if you're not going to retire anytime soon. Living without fear that an unexpected car repair or furnace blowout is going to sink your bank account below zero is a huge benefit all by itself. The more you exercise discretion over your spending and the more you make deliberate choices to optimize the enjoyment/utility of the money you do spend, the more empowered you'll feel. Two, there are several threads on here for people in various stages of getting to their goals. There's "Racing Toward Zero" for people who are in debt, and threads for people working toward $10k, $100k, $500k and beyond. There's a Low-Income Group Journal too.

Please don't think you're behind because you're 30. If you feel that way now and do nothing about it, how will you feel when you're 31, 33, and 35? As Gandalf said (paraphrasing), the most important thing is what we do with the time given to us. You can't do anything about what's in the past. But you do control your future.
+1

The journey of a thousand miles is completed one step at a time.  If you enjoy each step, then the destination is not so important.  You shouldnt measure your journey against others...just travel well.

Fishindude

  • Handlebar Stache
  • *****
  • Posts: 1856
Re: Starting Age!
« Reply #16 on: February 20, 2018, 07:46:41 AM »
Being debt free at 33 (3 years) is great.   You should be proud.
I'm 58 recently retired and carried some debt into my late 40's.   Nothing wrong with a little debt if you keep it manageable and don't let it interfere with saving / investing for the big picture.
Whole lot of 60 year olds out there still strapped to mortgages and car payments.   Don't be that guy.

SailormanDan

  • 5 O'Clock Shadow
  • *
  • Posts: 14
  • Location: Somewhere on a beach sipping something strong...
Re: Starting Age!
« Reply #17 on: February 20, 2018, 07:55:25 AM »
Started at 15 yrs old, as in the mindset, of a frugal lifestyle and havenít stopped since.  My parents were that way so guess I just adopted to what they did.  I retired at 44 yrs old and now a few years later yes, still enjoying sitting on the back of my boat in the Caribbean sipping sundowners.

When people ask how I was able to retire so early I tell them I invested at an early age in a very special fund called Compound Interest.  Of course, not many people know about this ďfundĒ (which is surprising in itself) and I get to share what Iíve learned by investing in something, anything really, at an early age especially in your 20ís and 30ís. 

My advice is start investing every single week or month and donít let up.  Try to increase it year after year.  Sacrificing early will pay off tremendous dividends later.  Donít worry too much about paying off ALL debt as some debt can be OK.  Keep reading here as youíve found a good place to build a foundation.  Oh, and keep in mind the really early retirees (pre-40 yr oldís) are probably more exclusive than billionaires Ė extremely rare.  Youíre on the right track.

Mr. Green

  • Handlebar Stache
  • *****
  • Posts: 1764
  • Age: 35
  • Location: Wilmington, NC
Re: Starting Age!
« Reply #18 on: February 20, 2018, 07:57:22 AM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.

You can keep up with the Jones' in anything, whether it's material possessions or financial independence, which is why comparison is the thief of joy. Play your cards the best way you know how, appreciate the positives in your life, and know that everything else is outside your control, and therefore not worth worrying about.

Mmm_Donuts

  • Bristles
  • ***
  • Posts: 331
Re: Starting Age!
« Reply #19 on: February 20, 2018, 08:55:48 AM »
Thereís no point comparing yourself to others. I donít even know how to pinpoint a starting date - the changes were gradual and still ongoing. I wish I was at the point Iím at now in my habits when I was 20, but canít really do anything about that. Who I was at 20 led me to where I am, mistakes and all. I can only be where I am today and hope to get even more in tune, with smarter habits and more appreciation for what I have, as I get older.

Bird In Hand

  • Bristles
  • ***
  • Posts: 475
Re: Starting Age!
« Reply #20 on: February 20, 2018, 10:06:44 AM »
I'll pile on with "don't compare yourself to others -- do the best with what you have, starting right now".

However, as a point of reference, it took my wife and I a little under 20 years to achieve "barebones FI" -- that is, for us, $52k/yr in retirement income at 4% SWR.  And we didn't even try very hard.

We are neither super-high earners nor super-high savers.  I have an average engineer's salary, but the bulk of my savings occurred earlier on in my career when my salary was quite a bit lower.  My retirement savings consists almost solely of maxing out pre-tax plans and my employer match.  My wife makes about 1/2 what I do, and has only worked about 1/2 of the last 20 years, maxing out her pre-tax plans at most 5 of those years.  We had up to ~$50k of debt into our late 20's.

My point is, you're starting less than a decade later than we did, so with a firm commitment to saving and keeping our expenses low, you could reasonably expect to be FI before you're 50.  If you can keep your expenses low while managing to ramp up savings, you could be FI in 10 years.  See also The Shockingly Simple Math Behind Early Retirement.
« Last Edit: February 20, 2018, 10:32:29 AM by Bird In Hand »

lagniappe

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: Starting Age!
« Reply #21 on: February 20, 2018, 08:57:36 PM »
At 32 I had six figures worth of student loan debt.  I enjoyed lots of great fun while saving, traveling around the world on my employers expense account, and working really hard.  At 47 I comfortably retired.  I was probably FI by 42 or so, but lived in California and didn't quite grock that I could move to a less expensive location and have a great life until a few years later.  I'm about to retire for a second time - its great to WANT to work on something you are passionate about, and still get paid.  Its also great to be able walk away because the BS bucket is getting too heavy.  You are not late, we all have our own path.

EricEng

  • Stubble
  • **
  • Posts: 164
  • Location: CO
Re: Starting Age!
« Reply #22 on: February 22, 2018, 09:52:04 AM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.
Retired as a sperm before meeting the egg by selling all the other sperm to the sperm bank.

bluebelle

  • Stubble
  • **
  • Posts: 212
  • Location: Toronto
Re: Starting Age!
« Reply #23 on: February 22, 2018, 10:48:42 AM »
Hi Everybody!
I have been listening to podcasts and following bloggers about financial independence for a while now, and everybody seems to be in their 20's and/or making six figures. I'm getting very frustrated hearing stories of younger millenials that are way ahead of me. I know it's not a race, but I am 30 and still 3 years away from even being debt free much less getting to FI. I have this feeling that I'm way behind and compound interest is now against me. I KNOW there are people who successfully started at my age or later than me. For all of you who have made it, how old were you when you started and did you feel too old to enjoy it when you were done? (I know this is silly guys but I need to hear it)
I think alot of podcasts and blog entries are alot like Facebook, it's all sunshine and unicorns.  If you compare yourself to others, you'll always find someone richer/thinner/more attractive/higher salary etc.

since debt free means different things to different people, I'm not sure if you mean you'll be mortgage free by the time you're 33 (which would be amazing).  But I (re)started mid-30s after a divorce that left we with only 70K in the bank....I'm retiring in 2 years to a very luxurious retirement (could go now, but waiting on current hubby's DB to kick in)....So you've got lots of time.  Will you retire at 35?  No, but you're still far and away ahead of the crowd.  Be proud of yourself for being here and doing something about it.

timstobbs

  • 5 O'Clock Shadow
  • *
  • Posts: 5
  • Location: SK, Canada
    • Canadian Dream: Free at 45
Re: Starting Age!
« Reply #24 on: February 22, 2018, 02:59:48 PM »
Really?!?! I started getting serious about early retirement when I was 28 and retired last year at 39.  It don't matter when you start this game, it matters that you decided to try.  That is what matters most even if it takes longer than you think to get there.

pegleglolita

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Starting Age!
« Reply #25 on: February 23, 2018, 05:00:05 PM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.
Retired as a sperm before meeting the egg by selling all the other sperm to the sperm bank.

Slacker!  I retired as an egg by living in a rent-control with 400 roommates. 

G-dog

  • Senior Mustachian
  • ********
  • Posts: 12107
Re: Starting Age!
« Reply #26 on: February 23, 2018, 07:10:55 PM »
Started what, exactly?

FIRE? Never heard of it until about 2013

Saving/Frugality? My parents stressed saving, but knew nothing of investing (many options available to us didnít exist for them). Mom was most definitely frugal

Firehazard

  • 5 O'Clock Shadow
  • *
  • Posts: 87
Re: Starting Age!
« Reply #27 on: March 08, 2018, 05:22:16 PM »
I started saving for retirement after my divorce at 36.  I had no debt, but only a few thousand in my IRA.  I made some costly financial mistakes along the way, but now at age 52, I am about 10 months away from retiring debt-free, with no mortgage.   I got real serious and ramped up the savings about 5 years ago and got more serious about reducing my spending (which was never really that high) 2 years ago and I'm still tweaking it even now. 

The man I was dating at 36 is now my husband.  He was very bad with money back then (credit card balances, student loans, upside down on car loans, ate out all the time, drove gas guzzlers, bought books instead of using the library, etc, etc), but I've worked on him bit by bit, and today he's pretty damn awesome financially.  He is 8 years younger than I, but he will retire with me at the end of this year at age 45.  He actually has a bit bigger nest egg than I do, thanks to a couple of small inheritances and some company stock grants he received. 

It really doesn't matter when you start.  No matter what, it will bring your retirement date closer than it would have been otherwise.  And while you're getting there, you will enjoy much more financial security than most people do.


sixup

  • 5 O'Clock Shadow
  • *
  • Posts: 84
Re: Starting Age!
« Reply #28 on: March 09, 2018, 05:27:28 AM »
Great thread, thanks OP. I'm in a similar boat and sometimes find myself having thoughts like yours. Appreciate the thoughtful and inspiring responses here.

I wonder if part of the "Low Information Diet" would ideally include NOT reading these forums very often, or at least limiting it.

rob/d

  • 5 O'Clock Shadow
  • *
  • Posts: 38
  • Age: 54
  • Location: blighty
  • Grumpy ? me ?
Re: Starting Age!
« Reply #29 on: March 09, 2018, 11:44:24 AM »
Stop . Be calm . Relax.
Woke at 30 ! Excellent.
So much time left  to get where you need to be . Get going .
Screw everyone else at twenty and crushing it. There will always be some  of them. Ignore their noise.
God , if i were 30 again ......yada  yada ......

Financial.Velociraptor

  • Handlebar Stache
  • *****
  • Posts: 1310
  • Age: 46
  • Location: Houston TX
  • Devour your prey raptors!
    • Financial Velociraptor
Re: Starting Age!
« Reply #30 on: March 09, 2018, 12:13:41 PM »
You could argue I started around age 9 when I asked to go to the bank to open a passbook savings account for my birthday because I had learned about compound interest in math class at school.

But more realistically, it was around mid 1998 in my last year as an undergrad.  I hatched my EVIL PLAN to buy my freedom back from the man within 10 years of graduating.  I like to say I failed well because I hit the goal is 2012, about 4 years behind target.  I was 26 in 1998 (took me 8 years to get a so-called 4 year degree but I did it without going into debt.) 

FunkyChopstick

  • 5 O'Clock Shadow
  • *
  • Posts: 42
  • Location: Philadelphia, PA
Re: Starting Age!
« Reply #31 on: March 11, 2018, 08:58:02 PM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.
Retired as a sperm before meeting the egg by selling all the other sperm to the sperm bank.

Nailed it! LOL

Seriously though we are all on a journey at different speeds. I do a slight eye roll when people making 100k a year post ( bc ain't that the good good life already?) but realize I am where I am, and damn it I will make the best of it. Think of Dory and "just keep swimming, just keep swimming."

evanc

  • 5 O'Clock Shadow
  • *
  • Posts: 41
Re: Starting Age!
« Reply #32 on: March 13, 2018, 10:51:37 AM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.

You can keep up with the Jones' in anything, whether it's material possessions or financial independence, which is why comparison is the thief of joy. Play your cards the best way you know how, appreciate the positives in your life, and know that everything else is outside your control, and therefore not worth worrying about.

1. Start up
2. Cash in
3. Sell out
4. Bro down

Go fund yourself http://southpark.cc.com/clips/4hskvu/washington-redskins

koshtra

  • Pencil Stache
  • ****
  • Posts: 573
  • Location: Portland, Oregon, USA
  • massage therapist, database guy, worder
    • Mole
Re: Starting Age!
« Reply #33 on: March 13, 2018, 11:17:17 AM »
Heh. From the perspective of 60, the difference between 20 and 30 looks pretty trivial :-)

My financial trajectory has been weird as hell, but frugality works at any age. I didn't get serious about reducing expenses until about a year ago. But when you really cut them, if you've got work at all, the money just piles up. My wife and I make well under household median income in a not-very-prosperous state, and we're still saving the stuff in heaps. It's not going to be the compound-interest magic that makes for retiring wealthy, but it's still going to be retiring comfortably.

Cut your expenses, toss the savings into index funds, look after your health, and you'll be thumbing your nose at the man in no time. We're already at the total FU stage -- we could walk any time, so our employers better treat us right.

soccerluvof4

  • Magnum Stache
  • ******
  • Posts: 3703
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: Starting Age!
« Reply #34 on: March 13, 2018, 04:13:35 PM »
I was a spendaholic till around 40 then decided I needed to get my shit together. Made some changes but really hammered it when came across MMM and Fired with 4 kids at 50. If I was 30 probably have 3 times as much with what i know now and I still am learning everyday. Look to the future and just get going your a kid at a your age.

Much Fishing to Do

  • Bristles
  • ***
  • Posts: 379
Re: Starting Age!
« Reply #35 on: March 14, 2018, 08:54:03 AM »
I wouldn't necessarily look at the FIRE end game as being the first time you will reap the benefits of starting now...

One year in can prevent a stroke of bad luck from being a disaster.  A few years in can give you the ability to walk away from a really bad situation. 

When I was at about 5x annual expenses saved of course I wasn't anywhere 'near' FI, but it gave me the guts to start a business without a lot of worry, and that business led to me working from home and eventually making many times what I was previously making. 

poppydog

  • Stubble
  • **
  • Posts: 134
  • Location: Scotland, UK
Re: Starting Age!
« Reply #36 on: March 15, 2018, 10:50:29 AM »
DW and I only got together in our forties, after financially ruinous divorces.  We pretty well started again with next to nothing - then both lost our jobs when our employer went bust (that's how we met...... at work.)  The one thing we had going for us is that we had both always taken up our various employer's pension schemes from when we started work.

We've paid off the mortgage, built up our stache and maxed our pension contributions.  We're working our notice now, FIRE-ing in six weeks, on Friday 04/27.  I'll be 63 and DW 59.  We've recently become grandparents.  We anticipate a great and prosperous retirement.

The moral is that you're never too old to start - don't be envious of those who get there before you - focus on your own achievements!

mspym

  • Handlebar Stache
  • *****
  • Posts: 1093
  • Location: Downunder
Re: Starting Age!
« Reply #37 on: March 24, 2018, 09:18:09 PM »
I was free of my student loans at 36, got serious about frugality & investing at 39 and we are on track to retire at 50. For the first couple of years all the hard work was done by my savings but in the last year, the investment return began to ramp up which helps keep up the momentum. You're in a great spot.

GOFU

  • Stubble
  • **
  • Posts: 170
Re: Starting Age!
« Reply #38 on: March 25, 2018, 05:32:56 AM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.

You can keep up with the Jones' in anything, whether it's material possessions or financial independence, which is why comparison is the thief of joy. Play your cards the best way you know how, appreciate the positives in your life, and know that everything else is outside your control, and therefore not worth worrying about.
This!!!
I have noticed this as a recurring theme among the early retirement set. Some people in another world will try to impress you with the labels on their clothes or their fancy car. In this world some people try to impress with how early they can claim to quit high-paying productive careers.

"Oh daaahhling. You're still working at 42? Why, I myself retired at 30, though I could have walked away earlier. I simply don't know how you stand it. I mean, I could never. And I don't even look at my portfolio any more. Oh by the way did I show you pictures of our year in Thailand?"

There should be a special kind of face punch for that.

To the OP:  Get out of debt and stay out, save your money, invest wisely, be good to others and try to make yourself happy. And remember that a lot of people are full of shit.

2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 4688
  • Age: 31
  • Location: Earth
  • K Thnx Bye
Re: Starting Age!
« Reply #39 on: March 25, 2018, 06:42:05 PM »
I'm waiting for someone to say they retired in the womb, selling amniotic fluid to biotech companies for top dollar.

You can keep up with the Jones' in anything, whether it's material possessions or financial independence, which is why comparison is the thief of joy. Play your cards the best way you know how, appreciate the positives in your life, and know that everything else is outside your control, and therefore not worth worrying about.
This!!!
I have noticed this as a recurring theme among the early retirement set. Some people in another world will try to impress you with the labels on their clothes or their fancy car. In this world some people try to impress with how early they can claim to quit high-paying productive careers.

"Oh daaahhling. You're still working at 42? Why, I myself retired at 30, though I could have walked away earlier. I simply don't know how you stand it. I mean, I could never. And I don't even look at my portfolio any more. Oh by the way did I show you pictures of our year in Thailand?"

There should be a special kind of face punch for that.

To the OP:  Get out of debt and stay out, save your money, invest wisely, be good to others and try to make yourself happy. And remember that a lot of people are full of shit.
Well if I went to a sports car forum where people talked about wanting to get a sports car and I owned a sports car I would probably talk about my sports car, how and why I got it, and show a picture of it. Some of us call that "sharing".

You might even brag about the great deal you got by being an educated consumer!

GOFU

  • Stubble
  • **
  • Posts: 170
Re: Starting Age!
« Reply #40 on: March 25, 2018, 07:19:05 PM »
... Some of us call that "sharing".

And what I am talking about is more aptly described as "douchebaggery."

I think you know the difference.

RedmondStash

  • Pencil Stache
  • ****
  • Posts: 804
Re: Starting Age!
« Reply #41 on: March 26, 2018, 12:23:54 PM »
You're comparing yourself to the wrong others.

Try comparing yourself to the people who can't handle an unexpected $400 bill, or who know they'll never be able to retire, or who can't save at all, or who panic at the thought of money or math.

It's like a millionaire fretting because they're on a billionaire's forum. (Also, on that billionaire's forum, there are lots of other secret non-billionaires looking for the secret to achieve billionairehood.)

You've got a plan, you're managing your finances, you're on your way to getting out of debt. You are already way ahead of the game, and you've got lots of time to get there.

You're doing fine.

evanc

  • 5 O'Clock Shadow
  • *
  • Posts: 41
Re: Starting Age!
« Reply #42 on: March 27, 2018, 09:44:51 AM »
You're comparing yourself to the wrong others.

Try comparing yourself to the people who can't handle an unexpected $400 bill, or who know they'll never be able to retire, or who can't save at all, or who panic at the thought of money or math.


Point well taken. We (Mustachians) are in the minority.

3/5 Americans are unable to pay an unexpected expense of a thousand dollars. Should put things in perspective for you (OP).

http://money.cnn.com/2018/01/18/pf/lack-of-savings-cover-unexpected-expense/index.html

TheAnonOne

  • Handlebar Stache
  • *****
  • Posts: 1424
Re: Starting Age!
« Reply #43 on: March 27, 2018, 10:00:27 AM »
I was always really interested in investing even as early as 19-20 but never really executed on it.

I didn't actually start amassing any amount of cash until around 24-25. I am now nearly 28 and expect to FIRE in my early to mid 30s.

What I find interesting is that people here have their "number" down to a science. My expenses change every year, sometimes dramatically. So I just get a good guesstimate at FIRE age...

Samuel

  • Stubble
  • **
  • Posts: 220
  • Location: the slippery slope
Re: Starting Age!
« Reply #44 on: March 27, 2018, 11:03:21 AM »
The best time to plant a tree was 20 years ago. The second best time is now.
(Supposedly a Chinese proverb)


What's done is done. All that matters is what you do now that you have this information.

It can be difficult to draw inspiration from the FIRE superstars without getting discouraged, or to watch the trainwreck masses without becoming complacent. I encourage moderation in both activities.

Budget aggressively, automate whenever possible, and then just try to be present and enjoy your life. That's my strategy at least. I might be on a slightly slower track to FIRE but I find if I spend too much time thinking about it I'll fall into one of those 2 traps.

And to answer the question... I got out of debt around age 28, but didn't start aggressively saving until maybe 33. I'm 38 now and 40% of the way to FIRE having never made 6 figures and having never really felt materially deprived.

Ozstache

  • Pencil Stache
  • ****
  • Posts: 817
  • Age: 50
  • Location: Oztralia
Re: Starting Age!
« Reply #45 on: March 28, 2018, 11:49:03 PM »
Retired at 45, but probably could have done it a couple of years later in hindsight. No regrets though: those last few painful years make every day not having to repeat such unfun all the more worthwhile.

MrThatsDifferent

  • Pencil Stache
  • ****
  • Posts: 804
Re: Starting Age!
« Reply #46 on: March 30, 2018, 11:02:01 AM »
I wish I had known and bought into this at 30. Although, my life would be completely different. Anyways, discovered all this mid-40s. Fortunately Iíve hit a good job and can accelerate so it should take 5-6 years to FIRE. Not great but better than 15-20 years like most I know.

FreshPrincess

  • 5 O'Clock Shadow
  • *
  • Posts: 63
Re: Starting Age!
« Reply #47 on: March 30, 2018, 12:46:17 PM »
Found this site at 34 and am now... 34.  We all gotta start somewhere, right?

We had good savings habits, but no real "goal" so we also had some reeeeeeeeal good spending habits.  We will get there in 7-8 years and sure, I wish I had started sooner.  But I didn't and I love the life I've built.  So, you win some you lose some!

dude

  • Handlebar Stache
  • *****
  • Posts: 2241
Re: Starting Age!
« Reply #48 on: March 30, 2018, 06:22:22 PM »
Graduated law school at 32 with @$80k in student loan debt, and another $12k in credit card debt. Borrowed $12.5k to buy a ring for my financee at age 40. Yeah, I was an IDIOT. But I started saving in my 401k as soon as I started my career, and kept increasing the amount I was putting in with every raise or promotion I got, until I started maxing it out around 2005. Today, that account sits at @$730k, and our (DW and I) combined net worth is in the $1.6mil range. Didn't find MMM until @ 4 years ago. Despite all the money mistakes I made, the one thing I got right was saving early (and vanquishing that cc debt early on with a fixed rate personal loan from my bank), and it's made all the difference in the world. Time is your ally if you make good decisions early on.

Basenji

  • Pencil Stache
  • ****
  • Posts: 982
  • Location: D.C.-ish
Re: Starting Age!
« Reply #49 on: March 30, 2018, 07:35:12 PM »
Deep breath. In. Out.

Here's a quote about meditation that I think applies to frugality:

Dan Harris on meditation:
It's just like when you go to the gym. If you're not panting and sweating, you're cheating! And if youóas I like to jokeóif you sit down to meditate and all thoughts evaporate and you're flooded with bliss, then you're either enlightened or you're dead. And that is the point that needs to be hammered home over and over and over to people. You're not failing at meditation because you've become distracted. The fact that you noticed you were distracted means you have succeeded.

Adapted to frugality:
You're not failing at frugality because you've become aware of your money. The fact that you now look after and notice your money means you have succeeded.