Posted on 07/24/2022 7:35:23 PM PDT by HereInTheHeartland
"I will remember December 23, 2016 for the rest of my life. It was my last day working a full-time job.
My wife and I retired early at 33 and 35, respectively, after accumulating $870,000 working in information technology. With the help of the market, our net worth increased to $1 million shortly after."
(Excerpt) Read more at cnbc.com ...
$1 million at 33 & 35 is not enough to retire unless they get more then 5% every year. They should buy Tesla stock as they will approve a 3-1 stock split Aug 4th and will likely go up 40%+ in the coming weeks before it splits as it did 2 years ago in their last split and then go up from there.
Or AMD which was recently at a low point but rose from $72 to $91 and will go back up as they have excellent quarterly results. They report Aug 2.
I do not know how they are investing and keeping a million but this year has been hard with stocks down 50% because of gov’t actions.
They may also get divorced.
There is a story below theirs that tell of a couple who went from regular jobs to starting a business and now have $141 million in sales. The woman in the video is 35 years old. They made $4 million their 1st year selling clothes.
Retiring with one million is retiring at the bottom end of the scale. $1mill doesn’t go far and if you’re retiring at 35 it has to last a long time.
“But his business how he spends his time.”
Agreed, ultimately.
Sure you can. The first cage/squat rack I bought, (I have two now for convenience) they couldn’t give the damn thing away. It was $600 new and I bought it for $150. A $500 recumbent bike from the same place cost $100 brand new. I bought a new set of Powerblocks for ~$400.
Everything else I bought used.
I have a functional trainer/”complete” home gym machine (Inspire M4) that retailed for about $4k IIRC. I picked it up for $1600.
That takes care of anything I want to do with cables, as well as taking the place of the barbell for a lot of exercises if I so choose. One of my cages also has a cable pull, which gets used quite a bit as well.
Bars, weight plates, etc can be grabbed on FB Marketplace...before and after Covid, prices were pretty reasonable. I have more olympic bars than I could ever use...I think I paid like $150 for 5 of them and around 200lbs of plates back in 2019. I have hundreds of pounds of both olympic and standard weights. I paid very little for any of them.
Any type of cardio machine can be had for a song by just watching Goodwill.
I love my gym and I use it every day.
‘Retiring’ at 35, because you amassed $1m is the most retarded thing I’ve ever heard. You can’t live another 50+ years on $1m and by the time crap hits the fan, they’re going to find that they’ve pissed away prime working years where they could have been banking more for retirement.
Retire at 50? Maybe, if you get things dialed in really right. But 35 on $1M? Effing tardsville. They better hope they got the vax so they die early.
Spoiler alert. Save your money if you have it and quit the bar scene.
I think he listens to Dave Ramsey. It’s what Dave preaches everyday on his show.
IMHO he got a lot right, but quit way, way too soon.
$1M at 35 with a marketable skill is not the time to retire. It is the time to let your savings/investments grow while you add to them, secure in the knowledge that you can outlast any job loss.
Start standing up to management at work. Point out the problems with plans. Not as a gadfly, just to be ornery, but from a thoughtful perspective. Your value to any company will increase, your stress will decrease and you will earn even more.
I thoroughly enjoyed the last decade of my career and had great value to the company. Parted on great terms and few worries.
My father's ranch was equipped with an outdoor home gym - and it didn't cost anything at all!
Woodpile and ax - great for aerobic work-outs.
Manure pile and shovel - ditto.
Bucking bales of hay come harvest time - excellent for upper-body strength.
Etc.
Regards,
“I simply asked you what “the 13 simple rules” were.
You descended that question into chaos.
And, you are still a jerk.”
Oh hang it up, you crotchety old twit; give us all a break and disappear off this thread.
I did many of these sane things. Maxed out 401 and IRA by payroll deduction and have college accounts for my kids. This was on an E6 - E8 army oaycheck or GS9 - GS13 check. Never paid credit card interest. I retired at 55. I make as much retired as I did working. In fact on a take home basis my annual income without the retirement accounts after tax is 10k. With crypto mining maybe another 30-60k a year.
>>You can’t retire on $1 million. And that was an uptick in the market.
Maybe you can’t - but lots of folks could - median income in the US is only mid 30’s/year - $1M will likely supply 30K/year income for a very long time - throw in a bit of SS when you reached that required age and voila.
That said, I wouldn’t want to retire on 33K/year income, but for an awful lot of folks with modest lifestyles and low cost of living, they would just do fine.
I never heard of Facebook Marketplace. I know when I went online during COVID, I could hardly find anything, and what I did find was way overpriced.
When the rush at work is over, I may look into this.
Facebook Marketplace is a free site for Facebook users to buy and sell things online; it took over a lot of the Craigslist/OfferUp market share as more people used Facebook.
If he is childless, then this story is indicative as to what a lot of normal people do just to maintain a middle-class standard of living (never mind saving a million dollars).
I think you can live on a million if you’re house is paid off. I have 65K left and hope it’s true. Having a pension helps though. Unfortunately most don’t have those anymore.
this was a good article- and somehow brought the crabby out in some people who wanna piss and moan about their lives.
and a thread Karen too.
Why would anyone want to give CNBC the clicks?
“Wife and I do just fine and not even have that much but everything we have is paid for, House, farm, vehicles, etc.”
_____________________________
Very good. We are in a similar situation, home is paid, no credit cards or personal loans, kids college are paid for, the only thing we do have is a car loan which will be paid off in December, a 5 year loan paid in 27 months.
It all comes down to living below, not above your means. Since our home is paid for and we live in a fairly low cost of living area we are going to put some money into our place. We have a big list of projects and will tackle them one at a time, paying cash as we go. The other thing is putting the max into our 401ks and saving for our next new car.
We have been in both situations, heavy debt and no debt. Having a paid for home and some money in the bank is a great feeling, making mortgage and cc bank interest payments is not a great feeling. While I hate this economy and what we have here is totally unnecessary, we are not feeling it like some because we don’t spend money we don’t have and we put something in savings every paycheck and we are careful shoppers.
Good job cranked.
A summary of the article would have been nice but fortunately there are hundreds if not thousands of similar articles (and books) out there with good retirement savings advice.
I do stray away from the "Retire at 35" articles. Retiring at 35 is not a good idea no matter how much money you saved. It's actually kind of sad because at that age, you should be in the prime of your life and just beginning to do your best work.
I think of Clint Eastwood still making movies at age 90 because he loves what he does. He had more than enough money to retire at 35 but instead gave us 65 additional years of fine films.
A million dollars is not really enough to "retire" on unless you are already in your mid 60s and able to draw on Social Security.
For example, using the 4 per cent rule, a person at full retirement age (67 for most of us) could safely withdraw $40,000/year from that million dollar savings and with the average social security check would add another $20K for a somewhat respectable $60,000/year in retirement income.
While you should not go hungry on that, it is not exactly the carefree luxurious beachfront country club retirement that so many people fantasize about.
And that's with a million dollars in the bank and being able to draw social security! Only 1 out of 6 Americans are in that situation at retirement. The other 5 out of 6 are going to have to strap on the Wal-Mart apron or do some other type of work well into their 70s to support their "retirement."
But one thing I know from experience is that saving up a million dollars during the course of a working career is not a hard thing. You just need the discipline to put at least ten percent of your income into a 401k, IRA, or some similar retirement investment vehicle from the time you start working (typically early 20s) to the time you retire (typically mid 60s). In the meantime, don't touch it. Just let it grow, keep working, and stay out of debt except maybe a mortgage and simple car payment.
That will get you your million dollars over time.
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