Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-08-2016, 12:19 PM   #21
Confused about dryer sheets
 
Join Date: Sep 2016
Location: Houston
Posts: 6
Quote:
Originally Posted by marko View Post
You're young enough to have grown up online and recognize an online provocateur when you see one and obviously smart enough to ignore one.

I always look at the number of posts made. This forum has a way of slowly "training" newcomers to the expectations of decorum.

You'll find this is a unique online space with great moderators who keep things on a short leash insofar as unhelpful (or worse yet: political) responses.
You're right. I looked at his profile after replying. I have so much to say that I couldn't stop myself from replying.
__________________

__________________
neaux2135 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 09-08-2016, 12:21 PM   #22
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,462
Welcome aboard, you guys will do fine I'm sure!
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 09-08-2016, 12:30 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 8,652
Quote:
Originally Posted by marko View Post
You're young enough to have grown up online and recognize an online provocateur when you see one and obviously smart enough to ignore one. ............
And we have a handy "ignore" feature that automates the process.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 09-12-2016, 07:01 AM   #24
Recycles dryer sheets
 
Join Date: Apr 2013
Location: Humble
Posts: 183
Kudos for thinking about it at your age and putting together a plan.

For perspective's sake, just after my wife and I married, we just had to have a hot tub. We had to get a loan for $4500. This is how poor we were at 32 and 37 years of age. Fast forward 25 years and we are FIRE'd with a 7 figure net worth.

Live below your means, pay yourself first, don't try to keep up with the Joneses. You've both invested in yourself, increasing your earning potential.
__________________
Turn_the_Page is offline   Reply With Quote
Old 09-12-2016, 07:20 AM   #25
Recycles dryer sheets
 
Join Date: Nov 2015
Posts: 282
At 28 I was a mess, credit cards all over, no assets. Didn't even start thinking ER until about 35, and not seriously till 38 - out at 47!

With a plan and a level head at your age you'll get there, just focus on milestones for a while vs. the end goal.
__________________
Aerides is offline   Reply With Quote
Old 09-12-2016, 02:02 PM   #26
Thinks s/he gets paid by the post
Options's Avatar
 
Join Date: Jan 2008
Location: Los Angeles but not for long
Posts: 1,398
Quote:
Originally Posted by dixonge View Post
At 28 I was divorced, working minimum wage and blowing any left-over money on recreational drugs. The year before I had actually spent a night in a shelter. Retirement was not something I had ever even thought about. I was focused on avoiding thinking about my sorry life and my next hit of meth.

You are thinking about things I didn't start working on until I was over 40. That's when I got out of debt and started saving/investing. Even then I got lucky with pensions and the insane level of matching they provide in the government sector. Set aside some emergency cash, then kill that debt. There is probably some math that would indicate you should invest vs pay extra on debt. I'll leave that to others. But debt is a psychic weight. The sooner it's gone, the sooner you can see your way to early retirement.

I envy you. By the time you hit 50 you can easily be one of the people here with 7-figure nest eggs. Good luck!
+1
I didn't have a quarter of the intelligence you exhibit OP at your age.
__________________
"He who knows that enough is enough will always have enough."
40/60 AA; < 2.5% WR; Delaying SS until 70
ER Date: 5/15/15
Options is offline   Reply With Quote
Old 09-12-2016, 02:19 PM   #27
Full time employment: Posting here.
Helena's Avatar
 
Join Date: Aug 2006
Posts: 570
.

Debt is you enemy... systematically get out of debt and stay out of debt.

Once out of debt, money wasted servicing debt can go towards retirement.

Car debt is especially a burden. That is why many middle-class self-made millionaires drove older used cars on their way to financial freedom.

.
__________________
Helena is offline   Reply With Quote
Old 09-12-2016, 02:42 PM   #28
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 123
I don't think as a CPA you need any financial advice from me. You will be fine as long as you and your wife stay on the same page, and don't let financial creep happen as your income gets larger. Its easy to say you wont but sometimes harder to stop. Good luck and time and investing wisely can make up for a very slight late start.
__________________
highlow65 is offline   Reply With Quote
Old 09-12-2016, 06:00 PM   #29
Recycles dryer sheets
 
Join Date: Jul 2015
Posts: 287
What made you think about retirement planning? Just curious...

You guys are doing well in your late 20's! You've both got good professions and have a reasonable plan. Lots of good advice on this thread, for the most part!

DW and I started saving for retirement at a similar time, but no where near as aggressively. We married well into middle age, but we were able to retire over a decade before "normal" since we both were saving for retirement.

Roughly speaking, it looks like you are planning to live on one income and invest the rest. It's a great plan, if you can stick to it. It may be a challenge if/when you have kids. I see that many parents try to buy stuff for their kids that they "lacked". Don't cheat your kids out of the privilege of working hard and smart to attain their dreams.

Invest time and energy into you marriage and family, especially when things are tough. The divorce stats aren't encouraging, but then again you show that you have the drive to beat odds.

It would be wise to get familiar with Firecalc and other retirement planning software. It will give you an idea of when you can retire based on income, expenses and investments. If I had such tools in my 20's, I probably would have retired 5 yrs earlier still!
__________________
Living the dream...
FreeBear is offline   Reply With Quote
Old 09-12-2016, 06:07 PM   #30
Recycles dryer sheets
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 131
The fact that you are thinking about retirement at age 28 is wonderful- I read somewhere that the average age Americans start saving for retirement is 47- so you are ahead of the curve! Also the fact that you have been poor can be a great asset as well. My husband grew up poor and his viewpoint has been invaluable to me- he makes me appreciate as luxuries things I always took for granted and he didn't have growing up.

I started over with nothing after a divorce at 30 and am about to cash in my chips and retire at 46. You can do it! Keep us up to date on your progress!
__________________
FIRE date 2/23/2018 at 46
ugeauxgirl is offline   Reply With Quote
Old 09-12-2016, 07:45 PM   #31
Confused about dryer sheets
 
Join Date: Oct 2014
Posts: 7
Quote:
Originally Posted by neaux2135 View Post
This guy can't be serious. It'd do you some good to think before speaking. I'm not sure why you think I have to change so much and I'm not sure how your story relates to me. I'm sure you received more help than you claim like shelter. Also if 150k between two people scares you that much, I don't know how you are able to invest. Student loans are great for financial leverage. I took out student loans to be able to finish school in 1 year vs 3 years. I could pay off my portion of student loans in two years with my increase in salary if I wanted but this wouldn't be wise.



Lastly, I didn't waste four years. I will be a CPA by this time next year after accumulating experience. Read about it.



You try paying for a spouse education and living expenses for four years with partial scholarships and limited income.



This motivates me extremely.

I am graduated from the number one public university with a social welfare degree, a degree of my choice that doesn't make much. I think what engineer is trying to say is wasting 4 years getting a degree that wasn't ur choice is not a good one to make but it seems like u were cool with it as a life experience and with a scholarship u able to do it. We were young once and we are where we are today.
I was too had to take out student loans while I work 30hrs a week to support myself. The student loan wasn't even to support my school work, I took it out to support my family, who was extremely poor. my family and I immigrated to the us in 2002 with nothing but debt.
We were lucky to ride the wave of the housing crashed(sorry for those who loss money) that allowed us to scoot up some extremely cheap rental properties with all my sisters and I (the 3 of us) taking out student loan to use as down payments and my employment history for mortgage loans. With my dad as a contractor, who weren't able to get any job during the market crash, that was our only way to survive as a family. This strategy really saved my family and now we own houses, and house value has double and triple since 2009 when we start buying. We went from living paycheck to paycheck and living in debt to now living comfortably and able to take family vacations.
There are many opportunities in life and there is no one path to FIRE. And I don't think my parents ever thinking about retiring let along retire early.
I will be hitting 28 next year and I am planning my retirement plan and my parents.
Good luck! I will be following ur progress!


Sent from my iPhone using Early Retirement Forum
__________________
AJ520 is offline   Reply With Quote
Old 10-12-2016, 10:25 AM   #32
Confused about dryer sheets
 
Join Date: Sep 2016
Location: San Antonio
Posts: 3
Your education debt, age, and income projection actually match mine almost perfectly. Good news: my net worth finally went positive a month ago (in my 3rd year of making good money), and it's projected to increase by about 45K/year (28K to Roth 401K, 5500 to nondeduct. IRA and the rest is paying down the debt). FireCalc projections show I should be able to drop to halftime around age 42 or so and be FIRE by 45.


I'd echo everything above and encourage you to ignore the trolls, focus on where you want to go, and keep living like a college student as long as possible. Also you have my sympathy for the Houston traffic, did that for a year and escaped to San Antonio where everything is much, much more affordable. hint hint....
__________________
SATim is offline   Reply With Quote
Old 10-12-2016, 01:22 PM   #33
Recycles dryer sheets
 
Join Date: Sep 2016
Location: Acworth
Posts: 175
Quote:
Originally Posted by neaux2135 View Post
It's like you are in my head. We will have trouble spending more than 3 - 3.5k a month for living expenses and that includes vacation. They are currently around 2500. But of course we don't have children.

I plan on contributing enough in tax deferred accounts to keep us in 15% tax bracket which is about 36K. Taxes including federal and payroll will be about 18.3% of income. The rest will go towards debt I'm gonna buy a cheap home that'll turn into a rental.

I have built a spreadsheet for budget but does anyone have a budget spreadsheet that they are willing to share for comparisons?
I'm just gonna put it out there that no one I've ever met has had "trouble spending more than 3-3.5k/month" after they started making enough to afford it. I'm single, with only a 15 year mortgage ($128k @2.55%) and I spend that much a month AFTER saving for FIRE without living anything close to an "extravagant" lifestyle.

It's perfectly possible to spend less, but it really easy to spend more. If you want to spend less, you can. You will just have to maintain the discipline to keep it up over the years.

Sounds like you have a great plan though and I wish you the best of luck in carrying it out. Look forward to hearing your updates
__________________

__________________
exnavynuke is online now   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
Cat Stevens at the Jon Stewart rally MichaelB Other topics 30 11-01-2010 11:05 AM
Jon Steward rips CNBC and Santelli MichaelB FIRE and Money 28 03-08-2009 02:10 PM

 

 
All times are GMT -6. The time now is 12:45 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.