Broke the £10k barrier

[mohawkbrah]

this is the most money i've ever seen in my life. now onto the 25k goal!



Meanwhile i see people with goals of $1mill :( i don't earn anyway near enough to hit that much even after 20 years of working at 80% savings rate

[Doubleh]

That is truly awesome - don't be put off because the total number is not as high as some others talk about on here, they have had a lot longer to build it up. Even having a positive net worth at 20 years old is a huge achievement - I was probably in my early 30's before I achieved that - so you are probably within the top few % of the uk population for that age group. And if you can just keep on building it then it will grow and grow.

[2Birds1Stone]

this is the most money i've ever seen in my life. now onto the 25k goal!



Meanwhile i see people with goals of $1mill :( i don't earn anyway near enough to hit that much even after 20 years of working at 80% savings rate

When I was your age I didn't even have a job.....now 8 years later a six figure income doesn't feel all that high. Your only limitations are self imposed.

[Butterfingers]

I think the number in pounds sterling is a red herring. I have targets based on % of my retirement number. You're at 10% (roughly) of your target aged 20, which is way ahead of almost everyone else here. Your earning power goes up as you get older, so you could conceivably hit your target in your mid-to-late twenties. You then have sixty years of doing whatever the fuck you want, which sounds pretty amazing to me.

Keep at it, young saver!

[mohawkbrah]

I think the number in pounds sterling is a red herring. I have targets based on % of my retirement number. You're at 10% (roughly) of your target aged 20, which is way ahead of almost everyone else here. Your earning power goes up as you get older, so you could conceivably hit your target in your mid-to-late twenties. You then have sixty years of doing whatever the fuck you want, which sounds pretty amazing to me.

Keep at it, young saver!

what alot of people on this forum assume is that we all work career's. i do not, im working in a job at just above minimum wage, with no formal qualifications. I find nothing interesting apart from things that are out of my reach due to money constraints (farming, land too expensive)

[BBub]

Nice work mohawk!  10k is a nice milestone.  Pull your head out of your ass though.  You're 20 years old with an expected 60-80 years of life ahead of you!  And I assume you're quite intelligent, based on your contributions around here.  And able bodied.  Not to get all Tony Robbins on you, but go make it happen!  Suck it up for a few years and get entrenched in some type of 'career' or vocation that pays well.  Stash the money then go do whatever you want.  Buy a farm, ER, whatevs.  But no need to make excuses for why your interests are beyond your reach.  That type of BS defeatist self talk won't help anyone.

[SoccerLounge]

this is the most money i've ever seen in my life. now onto the 25k goal!



Meanwhile i see people with goals of $1mill :( i don't earn anyway near enough to hit that much even after 20 years of working at 80% savings rate

Yeah, but according to my math, at that point you could still RE with what would be the approx. UK equivalent of that $25,000pa benchmark. So I think you are doing pretty well. You know how few people retire around 40?! Virtually nobody. ;) Keep at it!!

[arebelspy]

Meanwhile i see people with goals of $1mill :( i don't earn anyway near enough to hit that much even after 20 years of working at 80% savings rate

This is the third time I've seen you make this same sentiment.

The other two (you can click quote link to go to thread):

well this sucks

20 years old and only working part time atm. 100% savings rate because living with mum and dad still.

£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.

it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(

i could retire within 2-3 years if i had your salary...

:(

So now, third time posting the same attitude means that it's time for the face punch:
Get over it.  Stop comparing yourself to others.  Take charge.

You've gotten 10k gbp by age 20. That's phenomenal, and way ahead of most people!  But that doesn't matter.  All that matters is your own metrics.  You need to stop whining and comparing yourself to others, and push yourself.

it's up to you if you want to succeed, or not.

what alot of people on this forum assume is that we all work career's. i do not, im working in a job at just above minimum wage, with no formal qualifications. I find nothing interesting apart from things that are out of my reach due to money constraints (farming, land too expensive)

So you have three options:
1) Do something you don't find interesting (at the moment--you could become interested in it), in order to make more money
2) Do something you want to do (farming, for example), but find a way to do it on your own, cheaply, or for someone else, cheaply (intern, or something similar, to start)
3) Don't do anything, but complain. Don't do what you find interesting, and don't do something else that makes more money, but keep earning very little, but looking at how others are doing, and post a post every six months or so about how you could be FIRE'd now, if only you earned what other people did.

Option 3 has been the choice so far.  I'd encourage you to look at options one and two.

Sorry to be the downer.  After seeing this same sentiment from you for a third time, I had to say something.  However, this should be a CELEBRATIONS thread.

Congrats on breaking into five figures!  :)

That's awesome, for your age.  Time to kick it up a notch!  :D

[JrDoctor]

How are you intending on surviving on a £120,000 portfolio, even at 4% that gives a yearly income of £4750, thats not a huge amount?  Even with a house paid off/free accomodation.  Also what currently stops you increasing your salary/wage?

[arebelspy]

How are you intending on surviving on a £120,000 portfolio, even at 4% that gives a yearly income of £4750, thats not a huge amount?  Even with a house paid off/free accomodation.

His thread on this:
http://forum.mrmoneymustache.com/welcome-to-the-forum/they-call-me-crazy-what'dya-think!!/

He's very ERE, more so than MMM.  Much more extreme.  I tip my hat to him, and anyone like that, who can make it work.

He has a tendency to start threads (like that one) and then disappear from them, though.  Lots of people replied with thoughts, and he didn't reply back.  Likely ditto here.  So don't stress yourself too hard over that thread, or this one.  :)

Also what currently stops you increasing your salary/wage?

He has no advanced education and limited skills.  The only thing stopping him from acquiring either of these, AFAIK, is attitude.  There could be more factors I am not aware of (health, mental or physical ailments, etc.), but I don't believe any have been spoken of.

[shelivesthedream]

Also, comparing £ to $: that way madness lies. Not only is there the exchange rate, but some American expenses are WAY higher than ours - healthcare is the most obvious one, but there are others. It seems to be much easier to be carfree in England - our cities are built for people, not cars. Average salary in the US seems to be higher, and this forum skews heavily towards tech/engineering types which makes it seem higher yet.

Someone on this forum once said that the only person you are competing against is yourself. It's important to remember that.

[shelivesthedream]

I went and read the thread arebelspy linked to. I think the OP should go and read 'The Fat of the Land' by John Seymour and 'The Moneyless Manifesto' by Mark Boyle (available for free online here: http://www.moneylessmanifesto.org/book/foreword-by-charles-eisenstein/). It might help him make a plan which is slightly more flexible (and has a bit more backup) and also give him some things he can get started with now.

Also this, which I wrote last year and am updating soon: https://dolifeyourselfblog.wordpress.com/how-to-spend-0-a-year/

[SoccerLounge]

Also, comparing £ to $: that way madness lies. Not only is there the exchange rate, but some American expenses are WAY higher than ours - healthcare is the most obvious one, but there are others. It seems to be much easier to be carfree in England - our cities are built for people, not cars. Average salary in the US seems to be higher, and this forum skews heavily towards tech/engineering types which makes it seem higher yet.

Someone on this forum once said that the only person you are competing against is yourself. It's important to remember that.

In fairness, the average overall cost of living in the US is somewhat lower, like-for-like (i.e. not comparing rural Louisiana to London!). But that's a relatively minor factor. The most important remains maximizing income and savings, no matter where you live. :)