A 23 year old who wants to retire young.

Dave101t

My golden rules to early retirement.
3 houses, rent out 2.
£200,000 in the bank earning around 3-5%.
Job done, retire at 40!

atush

Silly, no equity exposure.

Cash, property, +equities is the way to go.

KeithFlournoy

I assume that 340K USD is in equities, as there's no other way you're getting 3-5% in the US. A savings account yields at best like 0.8% here, which is considered very high.

The best I know of is I think 0.75% with savings at Capital One. My main savings account only yields 0.08% but I don't keep any money in there.

atush

uk board, GBP, i assume current accts and long term bonds

Teaandscones

KeithFlournoy wrote: »

why can't I save 65% of my income and retire at 40? I don't really like working and I don't have expensive tastes.

I have saved approx 65% of my income for the last 15 years. This means that I could retire tomorrow if I wanted to at age 51 (but I don't want to because I still like my job). It does give me freedom though so I don't need to take any Bull s""" & life is beautiful. I suggest that you give up smoking (I saw my grandmother needing oxygen to climb the stairs at 70 when at 65 she was running her own company because of the fags).

chucknorris

ViolaLass wrote: »

Why not work out what you really want to do with your life (apart from retire, that is) and chase that?

I too think it is a bit strange to be focusing on retirement before you have actually started doing something.

edpvito

chucknorris wrote: »

I too think it is a bit strange to be focusing on retirement before you have actually started doing something.

If at 23 you are looking to retire, i.e don't like the idea of working, i would think you are going to find it hard to get there. The devil makes work for idle hands and all that.

Find something you like doing. My dad is 70 and not yet retired, not because of financial reasons, he just likes being productive. At 40, apart from friends and family, Ive come to the conclusion that there isn't much more to life than that. Sipping mai-tais on a beach in the bahamas would bore me rigid. Making money is much easier when you like what you are doing, there is your starter for ten.

chucknorris

edpvito wrote: »

If at 23 you are looking to retire, i.e don't like the idea of working, i would think you are going to find it hard to get there. The devil makes work for idle hands and all that.

Find something you like doing. My dad is 70 and not yet retired, not because of financial reasons, he just likes being productive. At 40, apart from friends and family, Ive come to the conclusion that there isn't much more to life than that. Sipping mai-tais on a beach in the bahamas would bore me rigid. Making money is much easier when you like what you are doing, there is your starter for ten.

I agree, I sort of retired at 42 (from my profession) but I was still running two businesses, 10 years later after selling one of the businesses I felt the need to do something more, so I started lecturing at a university. I'm 56 now and part of me keeps saying that I am getting into the position where I am earning money now that I will probably die before I can spend it, but 4 things keep me going:


1. I quite like what I am doing.
2. You don't know what is ahead of you.
3. The pension scheme is fantastic value (although I have just about bought all the additional pension that I can buy in the teachers' pension scheme, so the extra value of staying is diminishing).
4. I worked quite hard to get to a senior position as a chartered quantity surveyor and it felt strange giving it up at only 42 and only 10 years after graduating.

Although that will change if my wife retires early (which she is musing over), because that opens the door to spending our winters in Spain and/or the Algarve and I do like outdoor activities (running, cycling, walking my dog and bowls which I don't particularly enjoy (or don't do) during our winters.

R_P_W

I suggest you start living in the real world!

To be honest you just sound very lazy and the only ambition you seem to have is to not work, sit around drinking and smoking.

Well good luck with that!