Would you retire at 30 and live frugally?
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The sky is the limit on hobby spending, but we've also never had more access to inexpensive hobbies and entertainment options.
Hobbies won't nourish your soul for the next 40 years.
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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 don't think I could keep my expenses at 65% of what I spend now because I already spend as little as I can since I'm trying to save up for an early retirement. I'd love to retire as early as possible.
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Okay. This is irrelevant to what I was saying but go off.
wrote last edited by [email protected]I am not sure we are seeing eye to eye on this and that is okay. I wish you good luck on your learning journey.
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Hobbies won't nourish your soul for the next 40 years.
wrote last edited by [email protected]Sure. People need socialization and relationships with other people. Similar to hobbies, that can be as expensive or as inexpensive as one wants. Socialization often even combines with hobbies and recreational activities.
What else do people need? I'd say that purpose. That's why many people choose to volunteer.
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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]If living on 65% of my current income was possible.
If I had that little I would be homeless, not retired.
But by 30 most people have already contributed way more than they will ever consume by existing peacefully.
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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'd do it, but retiring early = doing my hobbies instead. Long days writing books, making art, volunteering, and pet sitting. Retiring would just mean working the jobs I want instead of the ones I have to.
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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 wasn't even out of school yet.
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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?
Fuck yeah. Nothing's more tiresome and stultifying than the whole work routine. That's time you're never getting back.
The whole idea of retiring at 65 after you've been squeezed like an orange that's been sent twice into the press, just to "enjoy" your failing body, failing senses, failing brain in your twilight years is absurd.
If you can retire at 30, hell yes do it.
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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?
Personally, no. You're barely an adult at that point. If you have the privilege of a disposable income at thirty, splurge and enjoy yourself. Treat yourself to new experiences.
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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?
Healthcare costs grow rapidly as you age, and have been outpacing inflation in the US. If your remaining money is only keeping up with inflation over time, you are very likely to fall behind later in life, when job opportunities are more scarce, and less lucrative.
If you can make changes to live more frugally now, and work a year or two more while your money is growing in the background, you will be much better off long term.
I have numerous family members that have lived a long time, and eventually faced severe health issues, so I expect that in my future. I will work until my retirement savings are more than I need for my current lifestyle, and then cut back on certain things to do my best to prepare for that eventuality.
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Sure. People need socialization and relationships with other people. Similar to hobbies, that can be as expensive or as inexpensive as one wants. Socialization often even combines with hobbies and recreational activities.
What else do people need? I'd say that purpose. That's why many people choose to volunteer.
What else do people need?
Surprised I have to point this out but...
People need to be challenged. People want to test their mettle and push boundaries and produce value and be useful and show everyone what they can achieve.
When you're in your 80s and all messed up and just sitting around waiting to die, a great collection of knitted gloves and scarves might not be very satisfying.
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What else do people need?
Surprised I have to point this out but...
People need to be challenged. People want to test their mettle and push boundaries and produce value and be useful and show everyone what they can achieve.
When you're in your 80s and all messed up and just sitting around waiting to die, a great collection of knitted gloves and scarves might not be very satisfying.
I'm not sure why you think hobbies can't be challenging. Aside from various types of competitive activities, many hobbies very much involve pushing boundaries.
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We "retired" when my wife was 30 and I was 33. That was nine years ago.
As Australians, healthcare is free, so that wasn't a concern. (That being said, we also take out yearly travel insurance policies, which are surprisingly cheap compared to regular private insurance.)
That, not having kids (but we've met people who did a similar thing BECAUSE they wanted to spent time with kids), and living very frugally was what made it possible, and continues to make it possible. When we were working, after having paid off our small apartment, we could live on less than 20% of our combined income by being very tight.
The more you save, the more you can invest, and the less you'll need invested to sustain yourself. It's a positive feedback loop, and after three years of trying to be as frugal as possible, tracing every dollar, it became second nature.
After building our investments, our cost of living has gone up, but not by much. When you're building your portfolio, being extra stingy pays off greatly. We have been slow traveling non-stop for the last nine years, because the cost of living is cheaper in (almost) every other country, even when you consider paying for short-term rentals. Next year we'll hit 100 countries visited.
We've also done extra university courses, languages courses, and have a ton of hobbies. Even without work, there's not enough time in the day if you have an active mind.
That's the dream! Travel a ton, learn languages, work on just the stuff you care about...I hope to be able to do that someday!
