Yes it's possible ER at 35

[outofratrace]

Here's my brief story.

I dropped out of college and worked 2 jobs at age 18. I worked in retail during my early 20's. Mid 20's I worked for a place that went bankrupt and left me unemployed and they owed me over $5500 in back pay & expenses. This left me and my family in a terrible financial crisis. This caused me to start one of a couple of endeavers. I worked like a madman because I knew I had to make my business work, there was NO choice. One business started to make me a really nice several 100k income in a short time. Thinking the income might not last I invested up to 85% of it in brokerage accounts. I paid off everything including a nice house. At 35 I had enough to retire and for icing on the cake I sold the business for a handsome sum. All invested I now live on 3% of my portfolio and spend that amount like a drunken sailor to make up for the lean years. Now at 40 I'm in the best shape of my life, have a super family and have big plans to live life to the fullest. It's all possible, never give up.

[crazy connie]

:c lap:

CONGRATS!

[TromboneAl]

Did I understand correctly that you were either in debt or had very little at age 25, with a family, and then ten years later you had enough to retire? That's quite an accomplishment.

[Kabekew]

I concur, if you want to ER really early you need to think more entrepreneurship instead of just saving and living frugally and investing in the market.

I had a similar story, and I'm 40 too, although I'm not retiring until later this year.

What type of business did you have? (Mine was software).

[outofratrace]

Yes exactly. 20-30k debt due to company I worked for going under at age 25 with no warning.

My formula was.

- I had to make my business work my family relied on me there was no backup. I'm old fashioned and I never made my wife work and she chose not to and raise our family instead.

- We were used to living on 35k so once I made a good income I could save a lot of it

- I felt my income wouldn't last so I saved like mad and invested well

- I had a desire to ER by 45 and planned accordingly.

- I worked at my business like a madman for the 1st 6 months to make it profitable.

- I started a business which had unlimited potential (internet work from home).

Quote:

Originally Posted by TromboneAl Did I understand correctly that you were either in debt or had very little at age 25, with a family, and then ten years later you had enough to retire? That's quite an accomplishment.