Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
I maybe the youngest member here. Lol.
Old 03-08-2016, 01:26 AM   #1
Confused about dryer sheets
 
Join Date: Mar 2016
Location: NYC
Posts: 6
I maybe the youngest member here. Lol.

Hi there.

Let me introduce myself. I am Greg, and I am only 24 next November. However, I have a wife and a daughter (2 yo now). I earn maybe 50-70k/year now, from my online work.

I joined this forum, because I know that many (if not all) of the members here have a good way to earn money from business. I want to learn that, and make my own moves offline (not only online job). I hope I have a right reason to join this forum. Last, thank you, and nice to know you all.
__________________

__________________
gregzx is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-08-2016, 01:35 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
Welcome, gregzx. I think most forum members here have not learned to earn a lot of money. Rather, they have found the secret to achieving financial independence is to spend less than they earn. Regardless of how much you earn, if you spend more than that amount you will end up broke. Similarly, regardless of how little you earn, if you spend less than that you will end up saving some of it for retirement. (Oops, did I spill the secret?) Another learning is to start saving young when you have the power of compounding on your side.

Best of luck....
__________________

__________________
scrinch is offline   Reply With Quote
Old 03-08-2016, 03:57 AM   #3
Recycles dryer sheets
 
Join Date: Jan 2015
Location: Toronto
Posts: 179
Gregzx, this is absolutely the right time to start planning. I'm retiring in eight weeks at age 50. People of my generation are asking me for financial advice - I can't help them. People your age - I can help them. I started planning at 26, and it has worked out even better than planned.

Live below your means, save as much as you can, and invest well.
__________________
Davis65 is offline   Reply With Quote
Old 03-08-2016, 07:18 AM   #4
Recycles dryer sheets
Greencheese's Avatar
 
Join Date: Oct 2013
Posts: 261
There's a few of us who are younger, myself being 26. Gotta start early to retire early right?
__________________
Greencheese is offline   Reply With Quote
Old 03-08-2016, 07:37 AM   #5
Full time employment: Posting here.
 
Join Date: Jan 2007
Posts: 854
Well, if the youngsters join now, eventually there will be a section of the forum where FIRE turns into FIVER for those who VERY Early Retire!

Go for it!
__________________
spncity is offline   Reply With Quote
Old 03-08-2016, 10:20 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,423
Youngest one here? Nah, there was a 13-year-old girl from Missoula, Montana, though she signed in with a screenname of unclemick.

Oh wait, that was more than 10 years ago. She is now perhaps 25, but still posts with a "heh heh heh" signature.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 03-08-2016, 12:15 PM   #7
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 408
Simple advice.

Separate the needs from the wants. Examples.

1. Basic Toyta camary or fancy SUV.

2. Internet/Phone plans. Best Plan, or good plan.

3. Do repairs/maintenance yourself, rather than call plumber/electrician.

Take advantage of all 401K and IRA and Roth IRA plans.

Talk to people who "have" made it. Avoid those who are just talkers.

Enjoy life, do not go extremely frugal or over spend.

Be extremely careful when talking to Financial Advisors. Very, very, very,
difficult to find a successful one.

For average wage earner, Rental real estate, (in good location) great
investment. Provides income and appreciation when you are retired.

However, you must be able to manage and maintain (early years) the
property. Later years, the rental income allows you to hire out the work.
__________________
wolf is offline   Reply With Quote
Old 03-08-2016, 12:18 PM   #8
Full time employment: Posting here.
 
Join Date: Jul 2014
Posts: 616
Welcome, I think Scrinch is right in his description. No magic formula here to earn lots more, but some help in being sensitive about the many factors that can impact your financial well being.
__________________
Katiek is offline   Reply With Quote
Old 03-08-2016, 07:57 PM   #9
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 402
If you are earning $70K, your net after tax is probably around $50K. Spend 50% of it ($25K), and save 50% of it (the other $25K). Save $25K and in 20 years (even without growth) will be $500,000. With stock growth, you may hit $800,000 - $1,000,000, and you can retire before 50 yrs old. That's it - that's the secret. Only spend 50% of your income.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 03-08-2016, 09:00 PM   #10
Confused about dryer sheets
 
Join Date: Mar 2016
Location: NYC
Posts: 6
Thanks all for all those great advice. I like to read the contents of this forums, because most all of them discuss everything that I need to know now.

I do always dream to have early retirement (not more than 45 if possible), and it will be better if I still have passive income after I am retired. And I find so many great sources here. Thanks again, folks.
__________________
gregzx is offline   Reply With Quote
Old 03-09-2016, 05:21 AM   #11
gone traveling
 
Join Date: Oct 2007
Posts: 1,135
I started planning at 21 to FIRE at 45. I hit that goal.

It's one of my proudest accomplishments in my life.

Start early. Compounding power

Save half. Income AND expenses

Have a spouse that carries those same life goals..
__________________
papadad111 is offline   Reply With Quote
Old 03-09-2016, 07:50 AM   #12
Recycles dryer sheets
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 251
Quote:
Originally Posted by Davis65 View Post
Gregzx, this is absolutely the right time to start planning. I'm retiring in eight weeks at age 50. People of my generation are asking me for financial advice - I can't help them. People your age - I can help them. I started planning at 26, and it has worked out even better than planned.

Live below your means, save as much as you can, and invest well.
Exactly so. I hear SO many 50 year olds say they wish someone had told them this stuff when they were in their 20's.

More people end up in financial difficulties due to their spending habits than how much money they make. I know couples who make $250K per year and can't make ends meet and couples who make what you do and are headed for early retirement. Be careful of creating expensive habits!
__________________
Projected retirement 2018-2020
ugeauxgirl is offline   Reply With Quote
Old 03-09-2016, 03:49 PM   #13
Recycles dryer sheets
 
Join Date: Jul 2015
Posts: 423
Quote:
Originally Posted by papadad111 View Post
I started planning at 21 to FIRE at 45. I hit that goal.

It's one of my proudest accomplishments in my life.

Start early. Compounding power

Save half. Income AND expenses

Have a spouse that carries those same life goals..
Very wise words. I didn't get serious until my early 30's, but had a good engineering income and relatively low expenses/tastes. The biggest difference was that I fortunately married a strong saver and all-around sensible person. I FIRED at 46. It too has been one of my greatest accomplishments.

I strongly commend young folks to control expenses so that FI is possible around 50 years of age, at the latest. It gives you options, even if you never retire. Leverage...
__________________
Living the dream...
FreeBear is offline   Reply With Quote
Old 03-09-2016, 03:53 PM   #14
Recycles dryer sheets
 
Join Date: Jul 2015
Posts: 423
Quote:
Originally Posted by gregzx View Post
Thanks all for all those great advice. I like to read the contents of this forums, because most all of them discuss everything that I need to know now.

I do always dream to have early retirement (not more than 45 if possible), and it will be better if I still have passive income after I am retired. And I find so many great sources here. Thanks again, folks.
I wish I started so early and had as many online resources when I started. Is you wife on board? It's important to be on the same page re money, not just to save but also to have the same priorities when just living your life, retired or w*rking.

FB
__________________
Living the dream...
FreeBear is offline   Reply With Quote
Old 03-09-2016, 05:43 PM   #15
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,584
You're definitely on the younger side of the scale, but the important part is you have realized that *now* is the time to start the process to enable early retirement. The basic formula has been stated by many: LBYM and save as much as you can as early as you can. Don't get caught up keeping up with the Jones's. Don't carry unnecessary debt. House mortgage is OK debt, but pay off soon as you can is good goal.

Not sure if I understand you question, with regard to your online work and then you infer a regular job? For the self-employed work you have some savings you can take advantage of, and for a regular job with employer you can use 401k/Roth type savings. Since you are on a 20+ year savings, you should be pretty heavy in equities to maximize long-term growth potential.
__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is online now   Reply With Quote
Old 03-09-2016, 06:33 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,433
I suggest that you and Greencheese used a tool like Quicken Lifetime Planner to plot your financial future and, using its what-if function, see how changes in assumptions affect your results. You'll be able to see how your savings will grow to an amount necessary to support a long retirement. Once you have a plan formulated you can then use Quicken to monitor your progress.

While it is laudable that you are planning so far ahead... DO NOT be excessive about it... enjoy the here and now... just do so sensibly and frugally. I cringe when I think of an great-uncle who scrimped and saved for his retirement and IMO did not enjoy life the the extent that he should or could have and then retired and dropped dead from a heart attack about 9 months later.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 03-09-2016, 06:59 PM   #17
Full time employment: Posting here.
ShortInSeattle's Avatar
 
Join Date: Jan 2012
Location: Seattle
Posts: 517
Hi!

It's great that you're starting so young. DH and I began saving at age 20/22 and we're financially independent as we're rolling up to age 40. Starting young is one of the best things you can do! Welcome.

SIS
__________________
ShortInSeattle is offline   Reply With Quote
Old 03-09-2016, 07:53 PM   #18
Recycles dryer sheets
killingme's Avatar
 
Join Date: Apr 2013
Posts: 85
Grats on planning ahead. Many have said it, and it's true, we may not have figured how to make a lot of money but to make the most of what we have made. The simplest method I have found comes from something my grandfather taught me when I was starting my career, always spend your last dollar first. Imagine you only had one dollar in your pocket, when all you have is that one dollar, you tend to think harder about what you spend it on. That doesn't preclude enjoying your efforts but tempering how you enjoy them.
__________________
killingme is offline   Reply With Quote
Old 03-09-2016, 09:35 PM   #19
Confused about dryer sheets
 
Join Date: Mar 2016
Location: NYC
Posts: 6
Quote:
Originally Posted by FreeBear View Post
I wish I started so early and had as many online resources when I started. Is you wife on board? It's important to be on the same page re money, not just to save but also to have the same priorities when just living your life, retired or w*rking.

FB
She's helping me with some of my project/work. She also has the exact same idea with me, always! I always discuss this kind of things with her.

Quote:
Originally Posted by papadad111 View Post
I started planning at 21 to FIRE at 45. I hit that goal.

It's one of my proudest accomplishments in my life.

Start early. Compounding power

Save half. Income AND expenses

Have a spouse that carries those same life goals..
YEah, I always think of that. From now, I definitely will save half of my income (which previously just 25% of them), and cut all of unnecessary expenses. Thank you.

Quote:
Originally Posted by killingme View Post
Grats on planning ahead. Many have said it, and it's true, we may not have figured how to make a lot of money but to make the most of what we have made. The simplest method I have found comes from something my grandfather taught me when I was starting my career, always spend your last dollar first. Imagine you only had one dollar in your pocket, when all you have is that one dollar, you tend to think harder about what you spend it on. That doesn't preclude enjoying your efforts but tempering how you enjoy them.
Yes! Thank you for the advice!
__________________
gregzx is offline   Reply With Quote
Old 03-09-2016, 09:43 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
Quote:
Originally Posted by pb4uski View Post
While it is laudable that you are planning so far ahead... DO NOT be excessive about it... enjoy the here and now... just do so sensibly and frugally. I cringe when I think of an great-uncle who scrimped and saved for his retirement and IMO did not enjoy life the the extent that he should or could have and then retired and dropped dead from a heart attack about 9 months later.
DH gets a retirement newsletter with a page that lists retirees and employees who passed away since the last newsletter. I noticed this last issue how many had died while still working or within a year or two of their retirement dates. The reality for at least some is that a golden years kind of retirement never happens, despite the best laid financial plans.

Having said that, many of the best things in life really are free. We've never regretted a live below our means kind of lifestyle in order to retire early.
__________________

__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I think I'm FI...maybe not, maybe so...um I dunno! panhead FIRE and Money 18 11-19-2012 12:40 PM
Retirement here I come, maybe Samtex Hi, I am... 6 09-05-2009 10:16 PM
Hi, new here, maybe in the right place though! clf0309 Hi, I am... 34 03-23-2006 08:43 PM

 

 
All times are GMT -6. The time now is 10:11 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.