The main rule of this book is to be frugal. Frugal people generally drive Ford 150's, work with blue collar workers and do not drive luxury cars.
Posted on 11/07/2022 6:36:01 PM PST by nickcarraway
To each his own.
The nice thing about real estate you can keep your own hours.
I’m used to a turn key style business, where business might be open during set hours but I can still do my own thing as long as I remain on site.
For me, it would be like living at home because I would have all the amenities in the back of home, like a fridge and stove and whatever else.
I retired 5 years ago after making the decision early in life to pay off my house FIRST. The secret my father-in-law revealed to me was to “stay out of debt”. The house was the big nut, but after that I found out that so much money was spent on things I could do and repairs I could make. As a result of not being afraid to try anything myself...and watching hundreds of YouTube DIY videos, I would estimate that I can repair 85% of anything that goes wrong with my house or car. All those avoided expenditures turn into money that stays in my investment accounts, earning more money.
Also, if it’s busy enough than you can hire somebody to run the business while you just do the accounting.
“ So far, Firl stashed away roughly $380,000 and hopes to save at least $625,000 to fund an early retirement at age 35. A portfolio of that size would provide his family $25,000 per year in annual income.”
$25K is tough now.
Then in 10 or 20 years, after inflation, it will be Impossible.
Except Biden years are like dog years in that scenario.
He might try calling that “being frugal”, but I’d call it freeloading. Not much different than if he and his family squatted in someone else’s property, and he boasted about how his “frugality” was saving them on housing expenses.
This guy is delusional about his prospects of retiring at 35 on the bankroll he’s proposing. Even retiring at a normal retirement age, it is essential to figure out what you need to live the lifestyle you expect, then take that number and double or triple it, minimum. So many forget what inflation (just normal 2 or 3% inflation, not even Biden-level) does to the cost of living over time. And most people will live longer than they tend to estimate as well, so that’s an additional factor.
One can work hard, not gamble, not take big vacations, try to invest wisely, and have a family member (including a sibling, or member of a sibling’s family) that got hit with a terrible hardship, and one then realizes why he was blessed with prosperity.
When you have your health, surviving is not a day to day challenge.
Once his house is paid off, $25K should be plenty to live on, especially if he has a large savings to fall back on. But, he'd better have a good health insurance plan.
I made ends meet for my family of 4 on $33K, and the mortgage was 60% of my income. Life wasn't exactly glamorous then. But, if I'd had no mortgage, $25K would've been easy to live on.
Yep
I was blessed greatly while my father lived with me
Yes
Some are rather arrogant thinking it couldn’t possibly happen to THEM
(They can’t imagine it. It has to happen to them for them to understand it.)
And that is it in a nutshell.
Cant fully grasp why people want to retire that young (age 35). These should be the peak productive years of one’s career and earnings. I’m 66 now and looking back I just cant fathom being retired at age 35 or even 45. Maybe take a sabbatical year off but not full retirement. Just my own opinion.
He earns $135,000 a year as a software engineer, and about half of each paycheck goes toward food and living expenses every month.
He is spending half? He needs to cut back.
Plus gain about 30lbs and stop running.
Food waste non-profit sounds like enhanced dumpster diving.
No job is perfect but if you have one that makes it easy to go to bed early and easy to wake up early why quit?
I’m in my 70’s and plan to retire at the end of the year.
I’m not exactly looking forward to it.
I told him to sell his 3000 sqft house in CDA, ID for 1.3mm last March. Now its around 900,000. Told him to move to rural AR where they can get a 3000 sq foot house for <$300,000.00. <200 if on well/septic.
I'd help him save the money since I'm a banker/broker but he just hated not being able to spend money he earned. Oh yeah, he's the type that will not get a will or trust.
Told my wife, NO funds from us when he asks. None. We have small kids.
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