How to retire at 40

mystic_trev

Program on C4 tomorrow night at 20.30.

http://www.channel4.com/programmes/how-to-retire-at-40

http://www.independent.co.uk/life-style/how-to-retire-at-40-tips-plan-saving-earning-average-salary-a7828801.html

http://www.dailymail.co.uk/femail/article-4673030/How-retire-40-don-t-earn-fortune.html

I managed it at the age of 42 nearly 21 years ago. It was done with a lot of hard work, and a little bit of luck, having been involved in a Company MBO 10 years previously.Friends thought I was mad and would run out of money in my 50's. Now, aged nearly 63, my net worth is well excess of that when I retired, thanks to some canny investing.

The last 21 years has given me the ability to do many things that would probably have been more difficult if I'd waited to retirement at 60.

fewgroats

Round the neck you're forty! :rotfl:

A_T

"Jason and Julie, now 45 and 44, currently live in a campervan which allows them to travel all across the world. Of course it helps that the couple were both earning £90,000 a year previously"

blindman

A_T wrote: »

"Jason and Julie, now 45 and 44, currently live in a campervan which allows them to travel all across the world. Of course it helps that the couple were both earning £90,000 a year previously"

So they were DINK'ys

Earned nearly 4 times the average salary EACH

Most likely had a decent pension and bonus scheme :cool:

Now they live in a campervan :eek:
Not exactly rocket science.

@ Mystic_trev

What was your secret?
Luck by the sound of it and loads of Ca$h due to work or Bonus schemes?
Kids?
Married?
I'm sure we can all retire at 30 if we had £1M and no responsibilities :cool:

When we moved her there was a famous local guy who lived in the bus shelter and had been there for 20 years +
Used to walk into town, got fed, very polite.Locals gave gifts\Xmas cards and food.
Bus company even built another bus shelter nearby so that he was not disturbed in his new abode.

Apparently he was a headmaster and then he "retired"

Must have been "living the dream" for those 20 years.

So we can all retire at anytime.

atush

Exactly. I had 3 kids (twins so wasnt looking for 3 lol) and I would never live in campervan.

Plus no campervan

which allows them to travel all across the world.

exists. cant get to the USA, aus etc.

if that is early retirement to you- great. Have fun. Not for me.

Fireflyaway

Sure some people can retire at 40 but for most people it depends what sort of life you want. In theory I could retire at 40 but I don't want to be living in a tent eating scraps out of bins!
Same with that mortgage free show. Yes some people had a nice paid for family home but many lived in buses, boats or trailers!
I'd rather work till 60 and have a great lifestyle than be scraping by at 40.

auldblerk

It's all about definition, the definition of retirement and what's after work.
We all have our dreams and ideas on after retirement and we're all different. Luck or money or even both don't gaurantee happiness

bostonerimus

Retirement depends on the amount you need to live and your ability to generate that income. If you are a high earner and frugal so you can save a lot then it won't take you long to save enough to be financially independent. If you also don't have kids then you have another financial advantage, but maybe you are disadvantaged in other ways.

I was able to retire at age 52 because I had a good salary, saved a lot into low cost tracker funds and controlled my spending. I got divorced in my late 30s and my ex and I split out assets 50/50 so that was a bit of a hit for both of us. Stil without children I was able to live a simple lifestyle and save money. I do all my own cooking....even bread......I rode a bike to work so my last car lasted for 16 years. Marriage and children make it very difficult to retire early.

atush

But I expect that in Boston, you arent living in a Campervan?

And I just sold our 17 and 14 year old cars to buy new ones (but were 2/3 years old so not new).

But we would have been able to reite at 52 as well, if we didnt have 3 children.

You were Dinkys, and that is great ( I always thought I would be one too) but I feel that is why you were able to retire so young. Children cost a whole lot (even more than a divorce esp a divorce w/o children).

bugslet

bostonerimus wrote: »

Marriage and children make it very difficult to retire early.

I'd agree on the children, I'm definitely richer for not having them. However marriage/life partner....that must depend on if you are with someone who is on the same financially frugal page as you. If you are married to a spendthrift, then yes, early retirement is difficult. However if you are both of the same mind, then you are halving some bills such as housing and reducing your share of the council tax.

bostonerimus

atush wrote: »

But I expect that in Boston, you arent living in a Campervan?

And I just sold our 17 and 14 year old cars to buy new ones (but were 2/3 years old so not new).

But we would have been able to reite at 52 as well, if we didnt have 3 children.

You were Dinkys, and that is great ( I always thought I would be one too) but I feel that is why you were able to retire so young. Children cost a whole lot (even more than a divorce esp a divorce w/o children).

My ex did not work for most of our marriage as she was going to college... so one income and a lot of tuition fees. Being single and without kids certainly makes early retirement a lot more possible because you have far fewer responsibilities.

You are right, I don't live in a camper van, I live in a very nice two family home that I own and I rent out the ground floor apartment which provides nice income diversification.