Would you retire at 30 and live frugally?
-
If I could retire now I would. But living in the US is expensive and gets more expensive every year. From real estate taxes or rent, from insurance, from cost of food, from basic utilities like electric, heat, gas... Neverind if you want a hobby, or a vacation, or Any leisure activities.....
Every time I leave my house it costs me $100 no matter what I am doing.
There's no way I would have enough money to retire comfortably.
You don't need to buy new shoes every time you go for a walk, you know?
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
I was pretty close to this option, but in the end we moved to a much nicer house. So now our expenses are a lot more. I don't regret it, it's a much better place to raise kids.
I did took a sabbatical for about a year, and will probably do that again in 5 years or so. It doesn't have to be a binary option, you can do sabbaticals (mini retirements) and still work.
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
wrote last edited by [email protected]Instead of hypotheticals, am Auatralian. I (m) retired at 35 and divorced/moved at 45 and lived frugally in a mud brick cabin, off grid (solar and septic) on a dirt road in the bush, for a decade with my new (f) partner, she worked part time 2 days a week, grew lots of our own food, rode our MTBs on fire roads and trails, hiked, kayaked, swam in the river (we could cycle to) on hot days etc etc. Never thought we were missing anything, quite the opposite.
My small untouched share investments compounded hugely. As well as that, I only took 1/2 the dividends to live on, the outer half were reinvested as well,
A series of unfortunate events (aka mega bushfire) saw us buy an apartment in the city near the beach to get our heads stright just before covid lockdown, lived car free there etc , sold that 2 years ago and made a ridiculous profit, bought a place in a small rural village in the back of bumfuck for way less. No flood risk, no bushfire risk and it gets decent rainfall.
Now I have more money then I know what to do with...by that I don't mean I am a billionaire, I mean living frugally becomes a habit so my shares and income have grown and grown. I now donate 25% of my investmwnt income to charities, 25% is reinvested.and I.use the other 1/2 to live on.
My parter works 4 days a week for 6 months of the year, then has 6 months off completely. She wants her.own independent income etc
My only regret was not being brave enough about retiring earlier. I missed those years of freedom and wing get them.back. Am now 60.
-
Instead of hypotheticals, am Auatralian. I (m) retired at 35 and divorced/moved at 45 and lived frugally in a mud brick cabin, off grid (solar and septic) on a dirt road in the bush, for a decade with my new (f) partner, she worked part time 2 days a week, grew lots of our own food, rode our MTBs on fire roads and trails, hiked, kayaked, swam in the river (we could cycle to) on hot days etc etc. Never thought we were missing anything, quite the opposite.
My small untouched share investments compounded hugely. As well as that, I only took 1/2 the dividends to live on, the outer half were reinvested as well,
A series of unfortunate events (aka mega bushfire) saw us buy an apartment in the city near the beach to get our heads stright just before covid lockdown, lived car free there etc , sold that 2 years ago and made a ridiculous profit, bought a place in a small rural village in the back of bumfuck for way less. No flood risk, no bushfire risk and it gets decent rainfall.
Now I have more money then I know what to do with...by that I don't mean I am a billionaire, I mean living frugally becomes a habit so my shares and income have grown and grown. I now donate 25% of my investmwnt income to charities, 25% is reinvested.and I.use the other 1/2 to live on.
My parter works 4 days a week for 6 months of the year, then has 6 months off completely. She wants her.own independent income etc
My only regret was not being brave enough about retiring earlier. I missed those years of freedom and wing get them.back. Am now 60.
Damn, sounds like a dream
-
Instead of hypotheticals, am Auatralian. I (m) retired at 35 and divorced/moved at 45 and lived frugally in a mud brick cabin, off grid (solar and septic) on a dirt road in the bush, for a decade with my new (f) partner, she worked part time 2 days a week, grew lots of our own food, rode our MTBs on fire roads and trails, hiked, kayaked, swam in the river (we could cycle to) on hot days etc etc. Never thought we were missing anything, quite the opposite.
My small untouched share investments compounded hugely. As well as that, I only took 1/2 the dividends to live on, the outer half were reinvested as well,
A series of unfortunate events (aka mega bushfire) saw us buy an apartment in the city near the beach to get our heads stright just before covid lockdown, lived car free there etc , sold that 2 years ago and made a ridiculous profit, bought a place in a small rural village in the back of bumfuck for way less. No flood risk, no bushfire risk and it gets decent rainfall.
Now I have more money then I know what to do with...by that I don't mean I am a billionaire, I mean living frugally becomes a habit so my shares and income have grown and grown. I now donate 25% of my investmwnt income to charities, 25% is reinvested.and I.use the other 1/2 to live on.
My parter works 4 days a week for 6 months of the year, then has 6 months off completely. She wants her.own independent income etc
My only regret was not being brave enough about retiring earlier. I missed those years of freedom and wing get them.back. Am now 60.
No major health issues?
-
Instead of hypotheticals, am Auatralian. I (m) retired at 35 and divorced/moved at 45 and lived frugally in a mud brick cabin, off grid (solar and septic) on a dirt road in the bush, for a decade with my new (f) partner, she worked part time 2 days a week, grew lots of our own food, rode our MTBs on fire roads and trails, hiked, kayaked, swam in the river (we could cycle to) on hot days etc etc. Never thought we were missing anything, quite the opposite.
My small untouched share investments compounded hugely. As well as that, I only took 1/2 the dividends to live on, the outer half were reinvested as well,
A series of unfortunate events (aka mega bushfire) saw us buy an apartment in the city near the beach to get our heads stright just before covid lockdown, lived car free there etc , sold that 2 years ago and made a ridiculous profit, bought a place in a small rural village in the back of bumfuck for way less. No flood risk, no bushfire risk and it gets decent rainfall.
Now I have more money then I know what to do with...by that I don't mean I am a billionaire, I mean living frugally becomes a habit so my shares and income have grown and grown. I now donate 25% of my investmwnt income to charities, 25% is reinvested.and I.use the other 1/2 to live on.
My parter works 4 days a week for 6 months of the year, then has 6 months off completely. She wants her.own independent income etc
My only regret was not being brave enough about retiring earlier. I missed those years of freedom and wing get them.back. Am now 60.
No flood risk, no bushfire risk and it gets decent rainfall.
As a fellow Australian - where the heck did you find this unicorn of a location?! I've been house-hunting (well, land-hunting, really) for over a year, and everything seems to come saddled with a bushfire overlay, flood overlay, or both. I've pretty much resigned myself to being stuck in a bushfire zone.
(Note: not asking for you to dox yourself with the actual location, though I am deeply curious.)
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
No. I'm already living frugally. Cutting my spending by further 45% would make my life unsustainable.
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
65% of what I spend right now? do we assume my mortgage is paid off and I get 65% of that money, too?
I'm currently spending less than I would like to so that I can save for retirement. do I just get 65% of all that money that I would otherwise be spending, in this scenario?
if yes to the above questions, easily. if not, no
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
I live frugally now.
I also just like to work. I don't plan to ever retire.
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
No, I live relatively lean already. 65% would mean cutting down to rice-and-beans type diet, no Internet, no investment into hobbies, no travel.
Also, there's inflation. At 30 years old I could expect to live another 40+ years. And 65% of today's dollars is going to get less and less valuable as the years go on.
-
Yes I would like more time and money thank you
Can I get like 3 time and 1 money and… uhhh… a chocolate shake.
-
Yeah this is why I don't have kids lol
Yeah this is why I don't have kids lol
But you should have kids for this reason. At least 5 or 6. Then hope that they care for you (or at least some of them) when you are old.
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
Living frugally isn't the problem, at least not directly.
The boredom is what would get most people.
Most people need to engage themselves in something satisfying and challenging.
-
Commissions doing what? Maybe we can find you some business here!
In Chile, I do reinforcement programming classes. They hire me for few hours per time. Thanks for caring about me
-
Living frugally isn't the problem, at least not directly.
The boredom is what would get most people.
Most people need to engage themselves in something satisfying and challenging.
The founder of Myspace retired in early thirty's after selling his company for $80 million. He travels the world and does photography. People who say they will be bored if they retire aren't being creative enough to think of doing something else.
-
No, I live relatively lean already. 65% would mean cutting down to rice-and-beans type diet, no Internet, no investment into hobbies, no travel.
Also, there's inflation. At 30 years old I could expect to live another 40+ years. And 65% of today's dollars is going to get less and less valuable as the years go on.
wrote last edited by [email protected]And 65% of today's dollars is going to get less and less valuable as the years go on.
That's why it's crucial to invest as early as possible. Investing outpaces the rate of inflation. I wish I had learned more about it when I was younger.
Edit: added info
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
No, because I'm close to 30, literally had a more favorable version of this option (enough money, relocate to a low cost-of-living country and doesn't even have to be frugal) presented to me, and I chose not to. And I already live frugal enough that 65% would be really rough... I'm okay with a lite version though: only take fun and engaging part-time/flexi jobs, and dedicate my full time to a rewarding but not necessarily well-paid (or paid at all) career, while cutting down a bit on spending
I just felt that with all the education & things I have going for me I'd rather do something productive that contributes to society. If I literally couldn't find a job that's not a metaphorical meat grinder then it's another story, but I'm not at that stage yet
-
If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
100% I'd retire. I'd sell all my shit, buy a sailboat and cruise around the world for the rest of my life.
-
The founder of Myspace retired in early thirty's after selling his company for $80 million. He travels the world and does photography. People who say they will be bored if they retire aren't being creative enough to think of doing something else.
Living on $80 million is not living frugally. Living frugally severely limits your hobbies and travel.
-
In Chile, I do reinforcement programming classes. They hire me for few hours per time. Thanks for caring about me
No problemo, amigo Chileno! Tenemos que ayudar el uno al otro.
