Any other late starters here?

[ender]

I did all the dumb things you can imagine until 31, made a few steps in the right direction for the next few years, but didn't really kick it into high gear (or get NW much over 0) until 35, almost 36. Just two years later I am amazed at how much my picture has changed. You don't have to be actually FI yet for this stuff to benefit you. The feeling of empowerment from setting and achieving goals and knowing that you have more command of your future than you always thought, can arrive very quickly. For me, not hating life was a near-immediate side effect.

One thing too is that when you start later you often have a lot of the misc life things that you do not have at age 22 but might need (depending on your lifestyle).

Even if you overpaid, it's a sunk cost, and as long as the item is useful you can utilize it to lower your expenses. Things like selfowned kayaks (vs renting), baby toys/accessories, gardening supplies, etc.

As a practical example, my wife and I want to garden someday but currently rent an apartment. Eventually we will need to get basic things like shovels or hoes or starter pots or things like that. It is certainly possible to get some of that stuff for cheap or free, but it is more effort/expensive than if previously-spendypants-us had already bought it :-)

[caracarn]

Came to this later as we are in our mid-40s.  I do not think we can realistically FIRE but if we can make improvements we might surprise ourselves.  I've already seen a much lower spending rate in just the two months or so I've become acquainted with MMM.  With six kids there are a lot of expenses that are hard to trim until them move out and by the time the last one is in college we'll be in our mid-50s so that is why we think it unlikely that a RE has any possibility for us.  We so have some good savings in our retirement fund but I think we will just end up with the $600 - $800K we would need by the time we hit 65.

[Lindy]

Really buckled down and started saving the majority of my income about a year and a half ago.  I'm now 35.  Kicked student loan debt (the last debt) out of my life about two years ago and moved in with my boyfriend soon after that.  That's when I was really able to ramp up the savings.  Hoping to FIRE in 10-15 years.  Too far out to really tell right now. 

[bkmnky72]

We're in our late thirties/early 40's and we have less than a year's income in retirement.  We are thankful for the housing appreciation on our primary and rental.  I doubt we'll hit our target amount by our target FIRE year, but maybe we can work PT. 

[Tabaxus]

How late is late?  I saw the light in my last year of law school (though I didn't discover MMM until later), at 26.  It was less about seeing the light of frugal living, more about "oh jesus h christ, I've been eating out and spending a ton of money on stupid stuff, but I owe Sallie May $200k at 6.8%-8.5%, WTF HAVE I BEEN DOING?!  I'VE BEEN DEBT FINANCING MCDONALDS."  That got me focused on paying off that debt, to the point where I got a $50k signing bonus and applied every penny--other than money I used for an engagement ring--to the debt. 

Then, by the time I killed the debt, I had a bit of the frugal living/ER bug, and also became lazer-focused on saving money to buy a house.  The hitch:  I have no idea where I will be buying said house, so I have no idea how much money I need for a down payment.  Could be $40-80k (in the midwest), could be $200k-$400k (if we land in New York, S.F. area, or D.C.).  I'm still about 180k away from having the cash for the upper end of that range, so even if I didn't have a bit of the ER bug, I would feel very constrained in my spending.

Hoping that once the house thing is situated, I keep the ER bug and keep on my current path.

[turketron]

I think it's natural for us all to wish we had discovered MMM earlier than we did and lament the "wasted" potential had we discovered it earlier- like any dumb purchase from our pre-mustachian days, that time is a sunk cost. All I can do now is move past the mistakes and make up for lost time as best I can.

[Julard]

I can't see myself getting to FI before age 60 when I can access my superannuation.  I've always been pretty good with limiting spending and avoiding debt, though could have been much more focused.  I'm a single parent, and the potent cocktail of divorce and children hasn't been conducive to vast accumulations of wealth.  My ex is dreadful with money, which has never helped.

But if I manage FIREver I'll be pleased.

[Nickels Dimes Quarters]

Yes, I was definitely a late starter, but feel I am making up for lost time. I also went back to school later than most. Right now, life is great. I worked up to a job that feels worthwhile, pays well, and provides good challenges. My hobby is building wealth so that I can retire in six years or when I choose.

NDQ

[Trimatty471]

I am age 40.   I did some things right.  I lived at home post college (agreement between my parents and I).  This enabled me to pay off my student loans and save money for a down payment on a house.  I put 20%.  I always saved up to the match to my 401(k), saved money for emergencies, and saved for house repairs.  Opened a taxable account and a ROTH IRA.  Rode public transportation for years.

What I did not do right?

In 2000, moved my 401(k) into bonds.  Should have stayed in equities.

I should have saved 10% in 401 (k) much sooner. 

I should have signed up for HSA when my company first offered it in 2002. 

Should have refinanced my mortgage sooner and I regretted buying my house in 2005 at the top of the market. 

I learned a lot from reading this forum and others like it.  Hopefully, I will be FI by age 55.

[Dicey]

Should have refinanced my mortgage sooner and I regretted buying my house in 2005 at the top of the market. 

Kudos to you for not walking away from your loan.

[SingleMomDebt]

I am in the same circumstances except I now have a small net worth. But in reality I have about $50K worth of debt to finish paying off.

Its true, once you have a plan and can stay its course - you will see the positive effects.

[CATman]

I started at 29 and thought that was really late, but this thread has given me a healthy dose of perspective. It's never too late to start living frugally and reaping the benefits. The biggest benefit from me will be piece of mind. Knowing that no matter what happens I'll be safe financially and that's priceless.