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Dude retired at 33.

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  • N1AK
    N1AK Posts: 2,903 Forumite
    Part of the Furniture 1,000 Posts
    edited 14 March 2015 at 2:21PM
    Goldiegirl wrote: »
    It's all about balance

    C-Dogs friends are preparing for the future as they are paying into pensions - but they also want to have some life now.

    The 'right' balance requires understanding of both sides and a reasoned determination.

    Based on C-Dogs account they are not preparing for the future. They are paying the minimum amount required into their pension to get an employer contribution, and otherwise "living for today".

    It may be that the amount they contribute will be enough to retire at the time they wish and in the manner that they desire, or they may not.

    There is a night and day difference between:
    > Considering your options, deciding that you value spending more today over retiring earlier or having more money, and doing so.
    > Having no idea when you'll be able to afford to retire, or how much you'll have to live on when you do, but putting an arbitrary amount into a pension because it gets you a couple of £k extra in tax relief and employer contribution in the naive assumption that'll work out just right.

    My point is entirely unrelated to whether choosing to 'live now' or 'save for winter' is the right choice, and entirely about the fact that people should actually make an informed and conscious decision about it.
    Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    KingKenny wrote: »
    I would love to hear your investment advice. Not that I have 600k, but a drinking buddy owns a house outright which would fetch 600k. And he is working 50 hours a week for minimum wage. He inherited the house by the way.
    50 hours a week on minimum wage is £16,900 gross a year, £15,640 net using a £10,600 personal allowance. The 4% guideline suggests that it would take £391,000 invested to achieve that gross taxable income, less as he moves money into ISA investments. He doesn't have the 50% or so safety margin I'd like but if he sold the house and bought a flat for £100,000 or so, or a house in a cheaper part of the country, he could stop working now.

    A mixture of tracker funds, equity income funds and P2P is the sort of thing I'd go for to do it today.
  • No idea why people are getting so worked up.
    The media is full of stories of people who made a lot of money by themselves, but then dig deeper and you find that it is not the whole truth. A disproportionate number of these stories originate from America.
    I can immediately think of the Beardstown Ladies Investment Club, and the story this year about the New York schoolboy who made 72 million dollars trading.

    Tuition fees are much higher in US than here. I fail to see how somebody who is not at executive level or owns a business, with children, can pay back all student debt and amass enough money to retire after barely 10 years working.
    If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is ...
    Note to self: People who made a real fortune do not go on the internet and brag about it.
  • Reue
    Reue Posts: 569 Forumite
    A disproportionate number of these stories originate from America.

    Probably because a disproportionate amount of english speakers in the world are American. I've no doubt there's just as many spanish and french 'got rich quick' stories out there, just we don't hear them in the english speaking media.
  • edinburgher
    edinburgher Posts: 13,872 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A lot of people on his site are fanatics as he was. And so fanatical others with less extreme view cannot post.

    Americans are wonderful when it comes to being fanatical about things, aren't they? They form elitist groupings/clubs and then pour scorn on everyone else who hasn't found religion. It reminds me a lot of school, where there's always something that's 'in'. Has anyone else noticed how there's normally some other trendy lifestyle interests thrown in (i.e. they're all triathlon runners, crossfit fanatics or are thinking about trying a paleo diet)? ;)

    Can't abide MMM, it's basically the cold logic of ERE's Jacob with heaps of swears and a fan club.

    Like anything else in life, it's probably best to take what you can from these 'movements' and then move on. They don't seem very welcoming to the average Joe/Jane.

    Still, there's plenty to glean from our fellow internet fanatics. Thanks to inspiration from ERE etc., I've earned more and managed to invest £££££ this year while spending more time with my wife and enjoying life to the full (with a fair bit of spending thrown in). £100k salaries? That'll be the day... :rotfl:
  • DireEmblem
    DireEmblem Posts: 930 Forumite
    Part of the Furniture 500 Posts Name Dropper
    kingrulzuk wrote: »
    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 :)

    How on earth do you manage to save 75% of your salary? 40% of mine is fixed bills alone...
  • 115K
    115K Posts: 2,678 Forumite
    Part of the Furniture
    Has anyone else noticed how there's normally some other trendy lifestyle interests thrown in (i.e. they're all triathlon runners, crossfit fanatics or are thinking about trying a paleo diet)? ;)

    That is another thing that bugs me about the forum.:p I prefer the people on here.:)
    HOUSE MOVE FUND £16,000/ £19,000
    DECLUTTERING 2015 439 ITEMS
    “Don’t let your happiness depend on something you may lose.”
  • edinburgher
    edinburgher Posts: 13,872 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    115K wrote: »
    That is another thing that bugs me about the forum.:p I prefer the people on here.:)

    Indeed - we're all too busy relaxing to take up extreme exercise :)
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