25 year old.. How can I retire ASAP?

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  • droopsnoot
    droopsnoot Posts: 1,759 Forumite
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    There's plenty of stuff around the web on this subject, FIRE is a term I hear a lot. You could read some of the stuff on the "Mr Money Mustache" web site though some of it is very US-centric and the poster handily started with a very well-paid tech job. Plenty on the site comments and forums that have not, though. ( http://www.mrmoneymustache.com/ )
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    I made a career change in my early 20s after thinking I was in a job-for-life. To get to that stage, I went to college three nights a week after work for several years. It was hard work but it put me in a position that I could never have dreamed of in my 20s.

    That made my days effectively 9-5 work, 6-9 college. So, 12 hour days.

    If you want something, you have to work for it. You are in your 20s. If you cant handle 8 hours now then you have no hope in your 40s or 50s. However, now is the time to do something about it. Decide what you want and how you need to get it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Curos
    Curos Posts: 28 Forumite
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    droopsnoot wrote: »
    There's plenty of stuff around the web on this subject, FIRE is a term I hear a lot. You could read some of the stuff on the "Mr Money Mustache" web site though some of it is very US-centric and the poster handily started with a very well-paid tech job. Plenty on the site comments and forums that have not, though. ( http://www.mrmoneymustache.com/ )

    +1 for MMM but for a UK slant/insight on Financial Independence check out The Escape Artist at https://theescapeartist.me/ (who cites MMM as his inspiration for creating his blog).

    There's an episode of the Choose FI podcast that had The Escape Artist and Alan Donegan on that was interesting.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    I'm 25 too and by the time we reach retirement age, it will probably be 70/71.
  • MoneyGeoff
    MoneyGeoff Posts: 256 Forumite
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    You are doing very well but it's a bit mind boggling to see threads like this without the word Pension mentioned even once.

    If you are serious about it you could retire in your 40s given the start you have already made. FIRE is something of a lifestyle and you need to do a lot of reading up if you want to get into it. Here's some examples:

    http://www.retirementinvestingtoday.com/
    http://www.mrmoneymustache.com/
    https://theescapeartist.me/
    http://financiallyfreeby40.com/blog/
    http://monevator.com/
    http://diyinvestoruk.blogspot.co.uk/
    https://www.reddit.com/r/financialindependence/
    https://simplelivingsomerset.wordpress.com/
    http://earlyretirementextreme.com/

    Most of the above contain lists with links to other sites.

    Tax efficiency (and therefore pensions) is one of the keys along with saving hard and investing wisely.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Simms92 wrote: »
    I don't want to be working 8 hours a day for the rest of my life

    Eight whole hours? Ooh, the agony.
    Free the dunston one next time too.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    MoneyGeoff wrote: »
    You are doing very well but it's a bit mind boggling to see threads like this without the word Pension mentioned even once.

    If you are serious about it you could retire in your 40s given the start you have already made. FIRE is something of a lifestyle and you need to do a lot of reading up if you want to get into it. Here's some examples:

    http://www.retirementinvestingtoday.com/
    http://www.mrmoneymustache.com/
    https://theescapeartist.me/
    http://financiallyfreeby40.com/blog/
    http://monevator.com/
    http://diyinvestoruk.blogspot.co.uk/
    https://www.reddit.com/r/financialindependence/
    https://simplelivingsomerset.wordpress.com/
    http://earlyretirementextreme.com/

    Most of the above contain lists with links to other sites.

    Tax efficiency (and therefore pensions) is one of the keys along with saving hard and investing wisely.
    Retiring on a private pension in the next few years appears to be unlikely aged 25.

    While pensions should be part of a retirement plan, they're no use for income for another three decades.

    The OP seems to need a dose of reality to match a retirement ambition which most probably share and few can achieve.
  • Freddie_Allen
    Freddie_Allen Posts: 22 Forumite
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    It seems like you want to enjoy rest of your life with your girlfriend instead of wasting time for about eight hours daily So just start investing in any of the best early retirement benefits scheme.
    HNY:A
  • economic
    economic Posts: 3,002 Forumite
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    Im 34 and thought i would just "retire" but i got bored and found myself recently back in work. I had 10 years of good income. I have my own home worth 600k (45% ltv) and wealth outside of my own home worth over 500k. I do not consider it a lot to retire on tbh (even though i know i will receive decent inheritances when i am older). So i have got back into work.
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    Do a detailed budget and cut your spending to a minimum
    Max out pensions and ISA
    Don't have any children.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
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