Dude retired at 33.

lalman

Does anyone listen to the doughroller podcast? If you don't although its not all relevant there are some gems in there with interviews from Mr Money Moustache and Bigger Pockets etc.


There was an interview on the last podcast with a guy (33 years of age) married young (after/ during Uni) Engineer who is retired now with 3 kids.... not what seemed like a net worth of over 2 million dollars all accumulated by himself over time on earnings on a maximum of 100k - but only in the last few years.


I just can't get the maths to work in the UK to do something like that.


Property in the UK is more expensive
We have higher taxes
Our food/ bills are more expensive


I save a good 50%+ of my net salary.... am I missing something? or is it easier to achieve in the states?

Radiantsoul

Seems unlikely. If he left university at 21 he would have had just 10 years to accumulate $2m, hard to do on $100k/year before tax, even with great investment returns.

Presumably Doughroller don't check out the stories in much detail.

Gadfium

It's a bit less than $2m.... its actuallt $1.4M (£930K). Still a pretty decent chunk of change. Here's the full narrative:

http://www.doughroller.net/retirement-planning/how-a-husband-and-father-retired-at-age-33/

kingrulzuk

I just earn just over 2k a month after tax. and i save 1.5k or more every month.
Im 31 now and when i was 18 my Target for 10 years was to save 100k
and i saved just under 300k. which i invested outside uk.

Now my target is to save and see the world

TheTracker

And it's a good counterbalance to pension consideration - I hope to be able to retire in my 40s, and often wonder if it's sensible to throw money in a pension albeit with the tax break it provides.

kingrulzuk

TheTracker wrote: »

And it's a good counterbalance to pension consideration - I hope to be able to retire in my 40s, and often wonder if it's sensible to throw money in a pension albeit with the tax break it provides.

I have not join any pension scheme and i save my own money.
I feel like the Gov wants people to believe what they want them to believe.
Which is wrong.

lalman

I think accumulating 930k sterling by 33 - if you start at 21 is still impossible.... 200-300k is potentially possible... unless you are earning in the top 1%...

TheTracker

lalman wrote: »

I think accumulating 930k sterling by 33 - if you start at 21 is still impossible.... 200-300k is potentially possible... unless you are earning in the top 1%...

50k/pa for 10 years at 10% is 1m.

Ryan_Futuristics

You can work it out on the How Much Do I Need to Save calculator

http://www.hl.co.uk/tools/calculators/regular-savings-calculator

Looks like about £3k/month, over 12 years, estimating US market returns have been about 10% nominal

colsten

Gadfium wrote: »

It's a bit less than $2m.... its actuallt $1.4M (£930K). Still a pretty decent chunk of change. Here's the full narrative:

http://www.doughroller.net/retirement-planning/how-a-husband-and-father-retired-at-age-33/

He obviously lives very frugally, or plans to die early, if he expects to get by with $1.4m without having to work again. I feel very sorry for his 3 kids as they'll probably have to start working very early in their lives instead of being able to go to uni. Unless, of course, the mother is earning, and/or big inheritances are coming their way.

C-dog

Bet he cut cable....

Anyway hopefully its not all bull, as I'm trying to do the same myself.

Is the guys name Justin? Root of Good is his website. Will get a read through the article now.

Edit: Yep it's the same guy. Seems he does live frugally but doesn't report any less happy life.

He's most likely able to take £25k annually from his investments. Does that sound like a cheap lifestyle?