25 year old.. How can I retire ASAP?

Options
1356789

Comments

  • Bravepants
    Bravepants Posts: 1,503 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Simms92 wrote: »
    Apologies if this is in the wrong section, I'm just looking for the best advice for me moving forward. I'm 25, not too far from 26 and I really don't like working. I don't want to be working 8 hours a day for the rest of my life, I want to have the option to stop working and do something that's more fulfilling for me.


    Start reading and draw some inspiration...


    www.mrmoneymustache.com


    http://earlyretirementextreme.com/


    https://theescapeartist.me/
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    economic wrote: »
    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.

    We are a similar average age and having accumulated similar wealth (ours more weighted in property) with similar inheritance potential and desire to retire it still feels an incredibly long way away!

    Alex.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    bostonerimus wrote: »
    Do a detailed budget and cut your spending to a minimum ...

    Don't have any children.

    And don't waste money on baccy, cars, gambling, or excessive booze.
    Free the dunston one next time too.
  • economic
    economic Posts: 3,002 Forumite
    Options
    Alexland wrote: »
    We are a similar average age and having accumulated similar wealth (ours more weighted in property) with similar inheritance potential and desire to retire it still feels an incredibly long way away!

    Alex.

    I think its because we live in London?

    Having a property is certainly a huge help as is potential inheritances. But i feel its more safer to build more wealth then you estimate to need. Lots of room for error.

    Despite being comfortable financially, i minimize costs as much as possible, am always on the look out for deals!
  • yellow218
    yellow218 Posts: 116 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
    Options
    Retire at 25? That’s not retirement. It’s unemployment. My mum has just retired early at 55 and even she has had to find something to replace work with. Everyone needs a purpose in life.

    Sounds like you need to find yours. And quickly before not enjoying your job eats you up emotionally and mentally. Life is too short to wish it away. Life has to have meaning and enjoyment.

    Firstly, find a job which you can enjoy, at least most of the time. Something you are good at, as it’ll give you confidence and a bit of a buzz at this early stage in your career. Which in turn may push you to challenge yourself.

    Learn how to ‘work to live’ not ‘live to work’. Make the most of your time out of work. Set yourself and your girlfriend goals to achieve together. Enjoy the money you work hard for. Enjoy life.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    economic wrote: »
    I think its because we live in London?

    Well we are in the south but our property wealth comes from purchasing a property each when we were younger, my over payments, my wife upgrading hers at a low cost during the financial crisis (it was probate so the family just wanted a reliable buyer) and a particularly good deal on our current property (again the seller just wanted a reliable buyer as his wife had just died with a big insurance payout).

    So we have done well due to hard work, market timing and giving the sellers confidence.

    Alex.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    Options
    aj23 wrote: »
    I'm 25 too and by the time we reach retirement age, it will probably be 70/71.

    Anyone younger than I'd say 40 won't get to retire. What's paid in now is paid out now. It's unaffordable as it as and we borrow more and more to fund it. It won't carry on indefinitely
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • TheShape
    TheShape Posts: 1,779 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    HappyHarry wrote: »
    Being unproductive for the next 60 years is unlikely to make you happy.

    I'm 39 and couldn't think of anything better than to be completely unproductive for the rest of my days. If I won a £40k a year for life scratch-card I'd be done!
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
    Options
    dawyldthing wrote: »
    Anyone younger than I'd say 40 won't get to retire. What's paid in now is paid out now. It's unaffordable as it as and we borrow more and more to fund it. It won't carry on indefinitely

    a bizarre claim.

    retired people are always supported by the work done by people who are still working. that is how it's always been, and there's no other way to do it. it can also carry on indefinitely, providing (some) people continue to have children.

    there are things each generation can do to help the next generation to support them after they've retired. basically, all kinds of investment - in physical infrastructure, in skills, in knowledge - can help.

    debt and savings are always 2 sides of the same coin. if there's more debt, there's more savings; and vice versa. if there's a lot of debt (i.e. "we're poor!"), there's equally a lot of savings ("we're rich!"). this gets us nowhere.

    however, there are good and bad forms of debt/savings. e.g. debt can be deployed to make productive investments happen. OTOH, if households are over-burdened with debt, their income can sucked away to be hoarded by the 1% . so you have to look at how debt is used. just worrying about the overall level of debt is not sensible.

    but when debt is harmful (which does happen), it's a completely solvable problem. we can choose to cancel debt. this is unlike physical or environmental limits.
  • economic
    economic Posts: 3,002 Forumite
    Options
    Alexland wrote: »
    Well we are in the south but our property wealth comes from purchasing a property each when we were younger, my over payments, my wife upgrading hers at a low cost during the financial crisis (it was probate so the family just wanted a reliable buyer) and a particularly good deal on our current property (again the seller just wanted a reliable buyer as his wife had just died with a big insurance payout).

    So we have done well due to hard work, market timing and giving the sellers confidence.

    Alex.

    I wonder at what point i am actually financially independent. I guess if i were to stop working, the worse that can happen is that i eventually run out of money and so i will have to let out my home and move in back with my parents.

    I was thinking about going travelling for a year, let out my flat and move my stuff back in with my parents. Net income a month from the BTL would be about £850, enough to fund my travels.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards