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).
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.