Starting Age!

[frugal_c]

You still have plenty of time.  Just focus on increasing your earnings and decreasing expenses.

There are people here who are in their 40`s and 50`s with debt so it`s not the end of the world.  I don`t know that you will early early retire but 45 to 50 is still doable.

We are about halfway there and I totally think it`s worth it.  Much less stress, much more flexibility.

[PrinsKheldar]

Focus on getting debt free ASAP. Not only because it frees alot on your income towards investing but also because of the step going from carrying debt to be debt free is truly amazing. It boosts motivation greatly!

When I started off I also planned on getting debt free in about 2-3 years. Then I embraced som kind of Chuck Norris-style frugallity and paid it all off in about 6 months...  I also sold my car, my Hi-Fi stereo, computer.. I sold it all! I did nothing exept work, eat and work out. It sure was a few odd months, not fun for sure but still bearable. Time moves quickly and I don't regret it for a second. But I also promised myself to never borrow another cent... ever. This promise have turned out to be really easy to keep, I'm still very frugal but this lifestyle feels nothing like Chuck Norris anymore! ;-)

I realize that this method might not be for everyone but I'm only trying to say that just the early step of getting debt-free does boost motivation alot, so keep at it!!
(I started off in about your age and everything have turned out great anyways).

[HenryDavid]

Didn’t truly start till mid 40s, retiring now at 56.
But, never ramped up consumption THAT much after 10 years as a student. Avoided debt. Read Thoreau and YMOYL young and took it to heart. For enviro reasons, always biked, lived small (for a North American). THis made it pretty effortless once the decision was made to really go for early ish retirement.
And never felt deprived . . . always felt “rich” in fact.
Compared to most humans, I always have been.

[RookieStache]

Curious if most people who retire early don't have kids...

I'm 29, have $100,000 mortgage left and 2 years on one car with no other debts. Salary is $55,000, wife is at $40,000 (Very low cost of living area)

I'm currently saving the following:  (Wife is just 10% 401K)
11% 401K
Maxing Roth IRA
$3,500 a year to HSA
$25 a Week - 529
10$ a week to Vanguard stocks (I know, not smart but I consider it better use of my money than having 2 beers at bar)

We purchase everything on credit card (helps track spending) and our entertainment / hobby category came out to a combined net spending of $400 last year so we really don't have anymore room to save.

We have a 2 year old with another on the way and will most likely have 3. Great public schools in our county so we will most likely choose that route. But kids are still extremely expensive at a young age and have weddings, college, cars, etc. to look forward to in the future. I'd love to max out 401K like all the financial experts say, but with our incomes and expenses of having children, it seems impossible at this moment.

Anyone else go through the same type of situation, yet still retire "early"?

[asauer]

We’re both turning 40 this year.  Started with DR 7 years ago, got out of debt and found MMM the same year.  We’ve been stacheing for 3 years.  Will have another 3-5 years to go before FIRE.  Don’t get frustrated.  Comparison is the enemy of joy.  There are people our age making ALOT more $ that’s we are.  Focus on the actions you are taking for yourself in your unique situation.

[NWOutlier]

I think it "clicked" with me around 45... once I got it; it became a priority, just like rent or a house payment, you don't skip them.... Not only did I not skip savings, I definitely drove towards 50+% of my gross income.

I didn't make the change overnight, I tracked my savings and just kept increasing it.  One thing I do that may be different than most is; I choose a dollar amount to save each month, that comes first, the rest - blow it on your bills and fun.  I don't track down to the individual expense.... savings is the priority.

By the time I'm 55 - I will have more than enough to choose what I would like to do.... I wish I had this information 20 years ago :).....