Author Topic: Option to retire by 30  (Read 11033 times)

retirein5yrs

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Option to retire by 30
« on: April 24, 2014, 08:42:53 PM »
Hi guys

This one goes out to all the under 30's on the forum! Or anyone else with a roughly 5yr time frame with humble savings currently.

As the subject suggests - My challenge for myself and my girlfriend to "be able" to retire by the age of 30. It'd be awesome if others are keen to join and maybe post a little about their current situation and financial retirement goal.

Our situation:
I turned 25(girlfriend same age) at the beginning of this year and so have little under five years to achieve our goal. We currently have 30K in savings, we have no debt and are saving about 45% of a net income.

What we want to do is travel! We've decided that we want to replace one of our salaries through whichever means we can think of. We want diversification which should consist of savings, funds, property and business. The business idea really appeals to us as we would have the option to keep it running while travelling which will perhaps enable us to not have to touch our other investments.

We will of course have to get creative with our investments and take on extra work!

We currently live in Australia and costs are pretty high especially rent, which means that if we achieve the above goal, that money will go far in other countries.

So, anyone interested to join and keep each motivated?

retirein5yrs

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Re: Option to retire by 30
« Reply #1 on: April 24, 2014, 08:45:15 PM »
Forgot to add that I in no means want to stop work completely!

I would love to take on extra jobs while travelling (if I am allowed to do so of course) and after a few months of travelling, settle down wherever and just have the option to do whatever job I choose and not have to worry about how much it pays!

limeandpepper

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Re: Option to retire by 30
« Reply #2 on: April 24, 2014, 09:07:41 PM »
What we want to do is travel!

We currently live in Australia and costs are pretty high especially rent, which means that if we achieve the above goal, that money will go far in other countries.

Hey, I'm currently in Australia too and planning to quit my job soon to travel indefinitely (for several months at least, and then re-assess and either continue or settle down a bit) with my boyfriend. Neither of us are at the retirement stage, though I can conceivably retire in a low-cost country if I am frugal about it.

So I won't be joining the gauntlet, but good luck to you and your girlfriend! I look forward to seeing your progress.

retirein5yrs

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Re: Option to retire by 30
« Reply #3 on: April 24, 2014, 10:35:07 PM »
Hey limeandpepper!

I read your posts on your journal - sounds epic!

It's one of the nice things about making your money in a really expensive country - everywhere else is cheaper! Like you said about your friend, life is short and you never know what's going to happen tomorrow!

Good luck with your travel arrangements, hopefully all goes smoothly!

arebelspy

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Re: Option to retire by 30
« Reply #4 on: April 25, 2014, 01:03:51 AM »
I'm in with that.  The wife and I are planning to retire while age 30 (right before I turn 31), so while that may not be "by" 30 (if by means before, I'm not sure how you define it), it's close at least.

My goal is to become an accredited investor and FIRE while 30.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Silvie

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Re: Option to retire by 30
« Reply #5 on: April 25, 2014, 04:45:08 AM »
I'm 28, and probably won't be able to retire by 30, but that's not my goal

I live in the Netherlands and have 7,500 euros debt (to my dad, 0% interest), and a mortage of 127,500 euros at 4.4%.

At the moment I live in Barcelona, making double income as I combine my fulltime office job with my freelance job, so I'm aggresively paying down debt.
I also have 6.5k in savings and my plan is to start investing, saving more, paying off my mortage and contributing to a pension fund especially created for freelancers after I've paid off my debt to my dad at the end of this year.
The Dutch government is currently working on creating said fund, so as soon as it's available in January, I will start contributing.

I am only in Spain until July, so after that I'm back to "normal" income of about 1600 euros per month.

samburger

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Re: Option to retire by 30
« Reply #6 on: April 25, 2014, 08:23:28 AM »
I have 5 years 'til 30. I don't expect to FIRE until 40, but I just ran the math and realized my wife and I could retire from our accumulation-phase jobs at 30 if we wanted to. I would have to create an income to cover living expenses (26k annually for two people at current spend) for 10-15 years while it grows.

I'm imagining strolling into my boss' office on my 30th birthday and saying, "Hey, thanks for the laughs, but I'm going to go be a kayak instructor. Peace!"

Good to know.

JohnGalt

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Re: Option to retire by 30
« Reply #7 on: April 25, 2014, 09:50:39 AM »
Turned 29 at the beginning of the year, on track to hit my first stage of FI right around my 30th birthday. 

Gen Y Finance Journey

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Re: Option to retire by 30
« Reply #8 on: April 25, 2014, 10:55:25 AM »
I have 5 years 'til 30. I don't expect to FIRE until 40, but I just ran the math and realized my wife and I could retire from our accumulation-phase jobs at 30 if we wanted to. I would have to create an income to cover living expenses (26k annually for two people at current spend) for 10-15 years while it grows.

I'm imagining strolling into my boss' office on my 30th birthday and saying, "Hey, thanks for the laughs, but I'm going to go be a kayak instructor. Peace!"

Good to know.

I went kayaking for the first time in years a couple months ago and had the magnificent idea of semi-retiring in a couple years and moving to Hawaii to be a kayak tour guide. :)

arebelspy

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Re: Option to retire by 30
« Reply #9 on: April 25, 2014, 11:35:23 AM »
Turned 29 at the beginning of the year, on track to hit my first stage of FI right around my 30th birthday.

Those of us that found MMM (and/or ERE, or just the idea of FIRE in general) in our mid-20s or earlier and were already naturally frugal have such a ridiculous start that it's hard not to be at lest some level of FI by early to mid-30s.

Pretty much the main factor is what age and baggage you already had when discovering the concept of FIRE.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

dragoncar

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Re: Option to retire by 30
« Reply #10 on: April 25, 2014, 11:51:39 AM »
Turned 29 at the beginning of the year, on track to hit my first stage of FI right around my 30th birthday.

Those of us that found MMM (and/or ERE, or just the idea of FIRE in general) in our mid-20s or earlier and were already naturally frugal have such a ridiculous start that it's hard not to be at lest some level of FI by early to mid-30s.

Pretty much the main factor is what age and baggage you already had when discovering the concept of FIRE.

I'm in.  Just gotta get my 1.21 jiggawatts.


JohnGalt

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Re: Option to retire by 30
« Reply #11 on: April 25, 2014, 12:27:23 PM »
Turned 29 at the beginning of the year, on track to hit my first stage of FI right around my 30th birthday.

Those of us that found MMM (and/or ERE, or just the idea of FIRE in general) in our mid-20s or earlier and were already naturally frugal have such a ridiculous start that it's hard not to be at lest some level of FI by early to mid-30s.

Pretty much the main factor is what age and baggage you already had when discovering the concept of FIRE.

For sure. 

Cheddar Stacker

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Re: Option to retire by 30
« Reply #12 on: April 25, 2014, 12:52:25 PM »
I'm in.  Just gotta get my 1.21 jiggawatts.

Me too. I missed the boat already by a few years. Maybe by 40 if all goes well and the stars align properly?

Good luck OP and everyone else. It's one hell of a nice goal to have.

dragoncar

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Re: Option to retire by 30
« Reply #13 on: April 25, 2014, 02:39:44 PM »
I'm in.  Just gotta get my 1.21 jiggawatts.

Me too. I missed the boat already by a few years. Maybe by 40 if all goes well and the stars align properly?

Good luck OP and everyone else. It's one hell of a nice goal to have.

By 40 I'll be having brunch EVERY DAY

William

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Re: Option to retire by 30
« Reply #14 on: April 25, 2014, 02:42:57 PM »
Surely you can do better than a 45% savings rate.. :)

voxpopular

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Re: Option to retire by 30
« Reply #15 on: April 26, 2014, 03:06:30 PM »
I'll join in! I'm 23 and living in the US, with about $7k in cash and no debt. Once I graduate in a month, I'll go full time as a software developer and plan to save 2/3 of my income.

My goal is to keep working on a flexible schedule (i.e., no mornings) or volunteer my time to worthwhile free software projects. I plan to stay in the country, but I'm also interested in moving to a country that happens to have a lower cost of living.

Cottonswab

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Re: Option to retire by 30
« Reply #16 on: April 26, 2014, 04:06:56 PM »
I accept the challenge. 

Age 27. Single. No debt.

First goal is to be able to take a year leave of absence to try the permatravel climbing lifestyle and maintain positive cash flow from investments (after accounting for inflation).  However, I do plan to continue working after age 30, even if I am FI.

train_writer

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Re: Option to retire by 30
« Reply #17 on: April 27, 2014, 05:46:46 AM »
I am in - though like Cottonswab, i imagine taking a sabbatical a year or 2 before 30 and thus delaying potential FI to 33-35 or so.

- 25
- spouse is on board
- investing 25 % of our income
- savings/ diversification another 20 % of our income because of current bull market and allowing a bit flexibility. I will up the investing rate hopefully soon.
Total saving rate excluding our pension accounts (non US): 45 %

- + 7 % of our income in paying off the mortgage
- + pension account double matched by current employer, available by age 59

Our saving rate should ramp up to 60% to make full FI by 30 possible, not sure if that will happen soon, but our expenses are still decreasing monthly.

Ascotillion

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Re: Option to retire by 30
« Reply #18 on: April 27, 2014, 06:02:34 AM »
I'm 25 as well, and not quite graduated (looking to be by end of 2016 with all of 2015 a paid internship) so I think two or three years of working might be slightly too few before retirement :P

My hazy goal is to be comfortably retired by 40, but I think I'm a bit too far off to make specific plans just yet. Once I graduate and get a few years work under my belt, I'll take a closer look at the feasibility of <40 FIRE. I will say this though, based on conversations with my friends all over the world, software engineering is a pretty lucrative career with a bit of networking and a lot of hard work. I'm so impatient reading all of this advice and hearing graduate SE students talk about their wonderful earnings... just let me at it already!!

By 40 I'll be having brunch EVERY DAY
Nice to see somebody else focusing on the important things in life! My goals as a retiree are mostly food-related.

palebluedot

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Re: Option to retire by 30
« Reply #19 on: April 27, 2014, 10:44:24 AM »
26 here and have one more year to finish engineering school. Working two part time jobs at the moment.

Found MMM last July right around when I started an internship and opened up a Roth IRA immediately instead of increasing my spending. I was already frugal before reading MMM but had no idea where to start investing and making my money grow. Reading Jim Collin's blog and A random walk down wall street has fixed that though! I was able to max 2013 IRA by February of this year and well on my way to max 2014 by December.

I am hoping to go FT work near the beginning of 2015 since my school schedule will settle down to a few classes on my last year. Then I can start putting away at a 401k aside from my current IRA. The only obstacle I see will be my ~$10k-15k  federal loans to repay. Actually it won't be much of an obstacle since I already have a good handle on saving and prioritizing.

If I find myself a young lady with similar lifestyle I can see myself being semi-FIRE by 30. We'll see though!

Abe

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Re: Option to retire by 30
« Reply #20 on: April 27, 2014, 09:45:10 PM »
I'm 28, but my wife and I have been in med school and training for the last 8 years. We plan to have enough for FIRE 10 years out from completing training (age 45). Alas, we will be far behind you all.

Digital Watches

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Re: Option to retire by 30
« Reply #21 on: April 28, 2014, 12:31:53 PM »
I'm 24 in a week, and want to throw down this particular gauntlet. However, doing the math, my current income + rate of savings won't get me there, so I've got some work to do to increase my badassity if I'm to assume I'll never get a raise.

I make $73,000 a year before taxes, and as of the last month, I am at a savings rate of just under 40% of the take home portion of that. That's a marked improvement over my 10% last month, coming mostly from low-hanging fruit like cutting out most restauranting and giving up my habit of using a car in Portland goddamn Oregon of all places like a chump, but I'm sure there's plenty of fat to trim yet, and I'm resolved to continue improving.
« Last Edit: April 28, 2014, 01:05:48 PM by Digital Watches »

griffin

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Re: Option to retire by 30
« Reply #22 on: April 28, 2014, 06:45:40 PM »
Whoop! I'm in. 23 next month, with a NW of about 5-10% of what I need to be comfortably FI. It's all very exciting!

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Re: Option to retire by 30
« Reply #23 on: April 29, 2014, 05:54:50 AM »
If we'd known about FIRE at 22, we'd be pretty damn close even with our 3 kids along for the ride.

We're currently saving about 50%, and nearly 25% of the remainder is tied up in debt service (mortgage and SLs).

10-15 years is our FIRE goal, being 30 right now.

ethereality

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Re: Option to retire by 30
« Reply #24 on: April 29, 2014, 10:54:27 AM »
Whoop! I'm in. 23 next month, with a NW of about 5-10% of what I need to be comfortably FI. It's all very exciting!

I also turn 23 next month, and am in a similar place. Good luck! I think I can reach FI in 8 - 10 years, short of any disaster.

randymarsh

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Re: Option to retire by 30
« Reply #25 on: April 29, 2014, 12:06:09 PM »
I'm in!

I've got time on my side, only 22. But considerable debt - 80K total. Not sure if full FIRE is in the cards, but I'd like to have  enough to switch to part-time work.

lolzmonster

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Re: Option to retire by 30
« Reply #26 on: April 29, 2014, 12:13:53 PM »
I'm definitely in :) from Western Australia, currently aged 20. turning 21.

No debt, paying off university fees by juggling work and studies.
7,500 in liquid assets. Hoping to have the option to retire by what i originally calculated was 32. But if i had the option. 30 would be sooo on the cards :)

griffin

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Re: Option to retire by 30
« Reply #27 on: April 29, 2014, 12:21:13 PM »
Whoop! I'm in. 23 next month, with a NW of about 5-10% of what I need to be comfortably FI. It's all very exciting!

I also turn 23 next month, and am in a similar place. Good luck! I think I can reach FI in 8 - 10 years, short of any disaster.
Let the race begin :P

FIreDrill

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Re: Option to retire by 30
« Reply #28 on: April 29, 2014, 12:33:21 PM »
I'm in!  My wife is 20 and I just turned 24 a couple days ago.  Started taking finances seriously a several years ago so at this point we have no debt other than a mortgage that we will be getting shortly and a net worth of about 75K.  Current savings rate is around 50% but we should see that increase as income rises between the two of us.

waltworks

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Re: Option to retire by 30
« Reply #29 on: April 29, 2014, 12:45:13 PM »
You guys are all awesome - sort of. When I was in my 20s all I did was ride my mountain bike and be a professional/not very serious graduate student in 5 different subjects. I just worked enough to not be in debt and lived on my $15k stipend and the occasional (ok, very occasional) check from race winnings. Accumulation phase? Accumulation of crazy experiences and odd bits of knowledge, I guess. But not money. I mean, I was ultra frugal even then and didn't go into debt, but I also had a net worth of basically zero at 30 (actually, it might have been negative since when I married my wife she had $20k in student loans and $10k in medical bills for a broken arm).

So I'm sort of torn - I would not have changed all that or missed those experiences for any amount of money, but I'm still a bit jealous of folks who are talking about being completely FI at ~30 or under. I think if I'd put my nose to the grindstone when younger I'd have a hard time getting off that treadmill later (and I actually thought about it at the time and made a conscious choice not to). I also could not have pursued being a "professional" athlete when I was older, at least in my sport. Different strokes, I suppose.

-W

cdttmm

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Re: Option to retire by 30
« Reply #30 on: April 29, 2014, 03:54:31 PM »
So I'm sort of torn - I would not have changed all that or missed those experiences for any amount of money, but I'm still a bit jealous of folks who are talking about being completely FI at ~30 or under. I think if I'd put my nose to the grindstone when younger I'd have a hard time getting off that treadmill later (and I actually thought about it at the time and made a conscious choice not to). I also could not have pursued being a "professional" athlete when I was older, at least in my sport. Different strokes, I suppose.

+1 to this

I didn't make it to FI until I was just shy of 36, but much like waltworks, I had a grand old time in my 20s and early 30s racing mountain bikes and triathlon, snowboarding 40+ days every year (mid-week, mind you, none of this weekend waiting-in-lift-lines crap), and generally just gaining life experience. All the while I was working part- or full-time, depending on what I felt like at the moment and what I needed for funds. I only had about 2-3 years where I really kicked it into high gear and minimized my play time and was devoted to "the man." But by then I knew I wanted a quasi life of leisure so I stashed the cash and got out. Traveling isn't important to me so I don't require complete freedom. Instead I now live my FI life working part-time as an "intellectual" and generally just pursuing whatever athletic endeavor strikes my fancy. Not sure I could have done it any other way, but I give mad props to those of you who can buckle down early and grind it out so that you're FI by 30. That's some impressive focus, IMO.

waltworks

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Re: Option to retire by 30
« Reply #31 on: April 29, 2014, 04:53:36 PM »
My point might have been lost in that stream-of-consciousness gibberish. Your experiences will inform the rest of your life and create habits and train your brain in what to enjoy. I really disagree with making FI a "race". Spending ALL your time thinking about money because you don't have any is really no better than spending all your time thinking about money so that you can quit your job, IMO.

I have a business that is not all that profitable - but super fun. It's been more than a decade and I make money at it but FI is not super close (I also have kids and choose to live somewhere expensive with singletrack out the back door). If I'd gone into a field in my specialty (statistics/applied mathematics), I'm sure I could have been FI long ago. But I think it would have been a bad move (this is not sour grapes) because I think I would have permanently damaged my ability to enjoy my life in the process of busting my butt to make as much money as possible.

So, once again... gibberish. My point is this: make sure you spend plenty of time doing things you love that have nothing to do with money, or even set you back a bit on your FI goals. Stay in good physical shape and keep your stress level down. Because if you spend 5 or 10 years in the FI-as-fast-as-possible tunnel and don't do those things - I think when you come out the other end your life will be less happy.

-W

+1 to this

I didn't make it to FI until I was just shy of 36, but much like waltworks, I had a grand old time in my 20s and early 30s racing mountain bikes and triathlon, snowboarding 40+ days every year (mid-week, mind you, none of this weekend waiting-in-lift-lines crap), and generally just gaining life experience. All the while I was working part- or full-time, depending on what I felt like at the moment and what I needed for funds. I only had about 2-3 years where I really kicked it into high gear and minimized my play time and was devoted to "the man." But by then I knew I wanted a quasi life of leisure so I stashed the cash and got out. Traveling isn't important to me so I don't require complete freedom. Instead I now live my FI life working part-time as an "intellectual" and generally just pursuing whatever athletic endeavor strikes my fancy. Not sure I could have done it any other way, but I give mad props to those of you who can buckle down early and grind it out so that you're FI by 30. That's some impressive focus, IMO.

ch12

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Re: Option to retire by 30
« Reply #32 on: April 29, 2014, 07:19:09 PM »
You guys are all awesome - sort of. When I was in my 20s all I did was ride my mountain bike and be a professional/not very serious graduate student in 5 different subjects.

Frankly that sounds awesome. I discovered ERE when I was 18, so I've never financially stood on my own two feet without being conscious of early retirement.

Walt sounds great (if I didn't care about money as much as I do, I too could've stayed in school for a very long time), but considering the reaction of the people my age to whom I've presented the topic, it feels like the lament won't be "I wish that Mr. Money Mustache and Early Retirement Extreme existed when I was a young lad!" It'll be "I wish that I had listened to that wise and deeply attractive CH12 when I first heard of FIRE!"

I'll be FI by age 30, but that's a bit longer than 5 years away for me.

Cwadda

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Re: Option to retire by 30
« Reply #33 on: April 29, 2014, 09:26:50 PM »
I'm 19 and age FIRE by 30 is my goal number right now. In other words, I'm in.

arebelspy

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Re: Option to retire by 30
« Reply #34 on: April 30, 2014, 07:32:01 AM »
You guys are all awesome - sort of. When I was in my 20s all I did was ride my mountain bike and be a professional/not very serious graduate student in 5 different subjects. I just worked enough to not be in debt and lived on my $15k stipend and the occasional (ok, very occasional) check from race winnings. Accumulation phase? Accumulation of crazy experiences and odd bits of knowledge, I guess. But not money. I mean, I was ultra frugal even then and didn't go into debt, but I also had a net worth of basically zero at 30 (actually, it might have been negative since when I married my wife she had $20k in student loans and $10k in medical bills for a broken arm).

So I'm sort of torn - I would not have changed all that or missed those experiences for any amount of money, but I'm still a bit jealous of folks who are talking about being completely FI at ~30 or under. I think if I'd put my nose to the grindstone when younger I'd have a hard time getting off that treadmill later (and I actually thought about it at the time and made a conscious choice not to). I also could not have pursued being a "professional" athlete when I was older, at least in my sport. Different strokes, I suppose.

-W

+1 to this

I didn't make it to FI until I was just shy of 36, but much like waltworks, I had a grand old time in my 20s and early 30s racing mountain bikes and triathlon, snowboarding 40+ days every year (mid-week, mind you, none of this weekend waiting-in-lift-lines crap), and generally just gaining life experience. All the while I was working part- or full-time, depending on what I felt like at the moment and what I needed for funds. I only had about 2-3 years where I really kicked it into high gear and minimized my play time and was devoted to "the man." But by then I knew I wanted a quasi life of leisure so I stashed the cash and got out. Traveling isn't important to me so I don't require complete freedom. Instead I now live my FI life working part-time as an "intellectual" and generally just pursuing whatever athletic endeavor strikes my fancy. Not sure I could have done it any other way, but I give mad props to those of you who can buckle down early and grind it out so that you're FI by 30. That's some impressive focus, IMO.

Sorry, but I think those that say "Oh I'm glad I didn't FI earlier, I'd have missed out on so much, blah blah" are bullshitting themselves with excusitis.  Saying you "had a grand old time" in your 20s, and wouldn't have traded it for striving for FI is crap.  You are making a false dichotomy.

You are implying that one can't both have a blast and save for FI.  You can.  Spending money is not required for happiness.  Therefore you can have a blast and be happy in your 20s, and still save money.

I'm having an amazing 20s, and, frankly, couldn't think of a way to make it better even if I took the 75% of my income I was saving and spent it all.

From my post where I announced hitting one level of FI:
Quote
We also enjoy travel, so we've done plenty of that along the way, including such lavish trips as (all of the below are separate trips):
- Over 2 months backpacking through Europe
- A week in Barbados
- A week in Loreto Bay, Mexico
- Many trips to Southern California to see my in-laws (at least 4x per year, approximately 20-25 trips) and Seattle to see my family (at least once or twice per year, approximately 8-10 trips)
- A week cruise out of Miami to St. Lucia, St. Kitts, and St. Maarten
- A week in Athens, Greece (separate from Europe backpacking trip)
- A week in NYC/CT
- 3-4 days in Boston
- Trip to WA peninsula to go to the beach/rain forest
- I also individually (without the wife) did quite a bit of traveling for a hobby (Texas several times, New Jersey, Philly, Chicago a few times, Indianapolis, etc. - probably another 11 individual weekend trips to cities in the U.S. for just myself)

Most (all?) of those were done quite frugally, with deals, special promotions, whatever. 

We also have taken advantage of being locals in Vegas, seeing various "entertainment" things such as:
- Cirque du Soleil's Beatles' Love
- Penn and Teller
- 2-3 other magic shows
- Wayne Brady
- 2-3 other comedian shows
- Phantom of the Opera
- Shark Reef
- Madam Tussauds' Wax Museum

Again, most (all?) of those were done quite frugally, with deals, special promotions, whatever.  In fact, almost every single one of those were free (and the ones we paid for were usually at least half off or more).

That's not an exhaustive list of entertainment stuff, those are just the items people would generally think of as expensive. We've done other cheap/free entertainment stuff like camping at Mt. Charleston multiple times, camping trips to the Grand Canyon and Death Valley, hiking at Red Rock, etc. etc.

(These experiences were added because I figured I might as well type them up now, to counter the "but you're living like misers at that spending level!" arguments - not that I'll see it from you guys, but when I use these crib notes to write a more thorough history of our stache it'll be helpful at that point.)

Didn't think that last parenthetical paragraph would be relevant here, but apparently it now is.  That was a year ago, and we've done other cool shit since then. 

Frankly I'm surprised to see that level of complainypants/excusitis bullshit.  I tip my hat to those that can do it younger than I.  I don't make excuses for why I didn't do it earlier.  I have reasons, yes, but not excuses.

MMM retired at age 30.  Do you think he didn't enjoy his 20s?  I bet he'd laugh in your face if you were talking to him and said he couldn't have enjoyed his 20s because he hit FI by 30.  I'm sure he hears it all the time ("you must have holed up not spending any money and not having any fun"), but again, spending money isn't required for happiness

One thing I absolutely agree with: enjoy your 20s.  Hell, enjoy every minute of your life, whether you are age 20-30 or not.  Definitely don't sacrifice and blindly drive towards FI than look back regretful that you wasted your 20s.  I just don't agree that one can't do everything you mentioned and still work towards and/or become FI.  Amazing 20s, FI by 30 is totally possible.  You just didn't do it.  And that's okay.  But no need to put down those that do and imply that their lives are somehow inferior to yours.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

waltworks

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Re: Option to retire by 30
« Reply #35 on: April 30, 2014, 08:07:18 AM »
Hey ARS, just want to clarify again - I didn't *spend* anything when I was in my 20s. I just didn't *make* any money either. I would guess that I "worked" less than 10 hours a week during that entire period (as long as you don't count attending interesting classes in whatever subjects I wanted as work). And I could not have lived the lifestyle I lived if I'd had any form of "real" job - it was, as I said, a conscious choice NOT to pursue a career in one of the (fairly lucrative) areas I have some education in because I wanted to do some specific things that I couldn't do later in life.

I'm not against aiming for FI as early as possible, but as I said: I think it is a bad idea to make it a race or obsess over it. I don't think you have anything to worry about but I read posts by people here who have completely missed the point that FI is about happiness, not money. The money is just a tool, not an end in itself. I worry that some folks here have lost sight of that and will end up like a recent poster who have millions in the bank - but can't bring themselves to quit a job they hate because "They haven't been enjoyable jobs, but they have been very well paying and, truth be told, I've been paid way more than I what I deserve. To walk away from that, knowing that I will likely never make that much again, is very concerning and is something that I can't do without a lot of thought."

So while my intent wasn't to whine, I guess I can see how some folks would interpret it that way. So I'll say again: kudos to anyone who is FI or headed that way. For most people here, that will be the easy part. Quitting that job and finding meaning in your life beyond is the real challenge.

train_writer

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Re: Option to retire by 30
« Reply #36 on: April 30, 2014, 08:16:03 AM »
While I agree with Arebelspy, I do understand the excusitus comments a bit: For (below) average income earners, a saving rate above a certain degree just isn't feasible without exchanging some fun.

That said: I have always saved at least 25-35 % of my income, even when on parttime minimum wage and the only provider for a couple. Without compromising for fun, being quite frugal. That saving rate however does not allow one to retire by 30 (but it does allow one to retire 'in some degree' at 30, e.g. parttime or starting a business without worry; comfortable FU money, et cetera).

So, I am happily having a good job now and saving 50+%, but can imagine some of my friends who will always work minimum wage parttime jobs just not being able to save over 25 % (not that they are trying..)

arebelspy

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Re: Option to retire by 30
« Reply #37 on: April 30, 2014, 08:16:56 AM »
I think it is a bad idea to make it a race or obsess over it ... The money is just a tool, not an end in itself.

I completely agree.  :)
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Digital Watches

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Re: Option to retire by 30
« Reply #38 on: May 01, 2014, 05:28:47 PM »
Nothing wrong with a little friendly competition as an extra drive though.

Some people have sufficient self-motivation ability already to make large changes to their lifestyle with sheer willpower. More power to them.

But humans are creatures of difficult-to-break habits, and sometimes it pays to find ways to bootstrap or accelerate the creation of new, badass habits to replace the old, squishy whiner ones.

I, and many like-minded others, have found that when engaging in friendly competition, you gain some special habit-changing advantages. For one, a new intrinsic motivator, the drive to win, tips the scales when making decisions, bolsters your willpower, and makes you accountable for your results.

Your new competitors also form a natural group of people to learn from, because they are trying just as hard as you to win at the same game, but have different brains that will come up with ideas you might not have. If the competition is sufficiently friendly, you can even talk strategy with them, but if not, you can still observe and copy what they are doing for a net strength gain! Either way, you're getting several brains and wills working in parallel to optimize each other. They say two heads are better than one, and I happen to think this paradigm scales pretty well.

Furthermore, I've made very good friends out of competitors in many domains, and it makes a lot of sense: We know that we are like-minded and have similar goals, and we know and respect each other in a way you simply can't without going head-to-head.

As for the supposed drawbacks, there are of course going to be people who take it too seriously and become obsessive, but that should be no surprise: things that are great in moderation are often terrible in excess, and like any good thing, competition can be a little addictive. It's something to watch out for, not something to avoid the awesome benefits of competition over!

So I would argue that "making it a race" is exactly what some people need to get off their ass and start running!
« Last Edit: May 01, 2014, 05:34:27 PM by Digital Watches »

JohnGalt

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Re: Option to retire by 30
« Reply #39 on: May 01, 2014, 06:50:40 PM »
Hey ARS, just want to clarify again - I didn't *spend* anything when I was in my 20s. I just didn't *make* any money either. I would guess that I "worked" less than 10 hours a week during that entire period (as long as you don't count attending interesting classes in whatever subjects I wanted as work). And I could not have lived the lifestyle I lived if I'd had any form of "real" job - it was, as I said, a conscious choice NOT to pursue a career in one of the (fairly lucrative) areas I have some education in because I wanted to do some specific things that I couldn't do later in life.

I'm not against aiming for FI as early as possible, but as I said: I think it is a bad idea to make it a race or obsess over it. I don't think you have anything to worry about but I read posts by people here who have completely missed the point that FI is about happiness, not money. The money is just a tool, not an end in itself. I worry that some folks here have lost sight of that and will end up like a recent poster who have millions in the bank - but can't bring themselves to quit a job they hate because "They haven't been enjoyable jobs, but they have been very well paying and, truth be told, I've been paid way more than I what I deserve. To walk away from that, knowing that I will likely never make that much again, is very concerning and is something that I can't do without a lot of thought."

So while my intent wasn't to whine, I guess I can see how some folks would interpret it that way. So I'll say again: kudos to anyone who is FI or headed that way. For most people here, that will be the easy part. Quitting that job and finding meaning in your life beyond is the real challenge.

While I agree with the general sentiment here - that money is just a means to an end and that life should be enjoyed at every step of the way - I also think that it's important to realize that there is a large variety combinations of situations and personalities that may respond differently to those situations.  I think it can be a perfectly valid decision for some to realize that their happiness level will increase significantly enough post FI that it's worth sacrificing for a few years to get there faster than they would otherwise.