“...Some good practical advice ...”
-
What is it?
And the Bidenomics took it all away...
14. Dedicate 20% of your paycheck or more to retirement fund. Work up to it. Start maybe at 6-8% and add two percent more each year. Divert 50% of your annual raise or bonus into savings. It works.
“Some good practical advice”
You can’t retire on $1 million. And that was an uptick in the market.
He used to drink at a lot more expensive joints than I did.
“13. I stopped going to the bar.
Early in my career, I often went to the bar with coworkers. Each trip, I would spend $70 to $100 for the privilege of drinking. Over a month, my bar habit drained my wallet of $350 to $400. “
Retiring at 35 on a million? Hmmm....Assuming he lives another 40 years, he would only have $25K to spend a year discounting what he would make from that million, and considering the Biden economic Holocaust going on right now I would assume that million is now a lot less. I would not retire at all on that especially now with the country under domestic enemy occupation.
I don’t need millions of dollars. As long as I have money for food and a roof over my head, I’m happy.
Neither he nor his wife are over 50.
So their 401(k)s maxxed out at $36k/yr.
Add the 4% company match -- and hell, assume each of them was making $120,000 and they got the full match. Add $5k/yr.
That's $41k/yr.
At that rate it takes 25 years to get to a million (depending on market fluctuations).
Yes you should max out the 401(k).
But good look growing it under Biden & Stagflation.
Oh, btw.
If he's 35, he has (say) 40 years to make that million last.
Works out to 1,000,000/40 = 25,000 spending money.
Hope he never has any kids or unexpected medical bills.
(Yeah, I read his losing 70 lbs. BFD.)
I don’t know if anyone else has said it but:
It is unseemly and perverse to retire that young. I don’t care HOW one did it.
Just an opinion (and I may be wrong).
What the hell is with the clickbait on Free Republic tonight? Find out here....
$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.
‘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.
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.
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.
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.
He and his wife retired at 33 and 35 with only $1m? They’re going to live on $1m for forty or fifty years? Fat chance.