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I maybe the youngest member here. Lol.
Old 03-08-2016, 12:26 AM   #1
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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.
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Old 03-08-2016, 12:35 AM   #2
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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....
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Old 03-08-2016, 02:57 AM   #3
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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.
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Old 03-08-2016, 06:18 AM   #4
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There's a few of us who are younger, myself being 26. Gotta start early to retire early right?
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Old 03-08-2016, 06:37 AM   #5
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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!
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Old 03-08-2016, 09:20 AM   #6
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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.
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Old 03-08-2016, 11:15 AM   #7
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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.
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Old 03-08-2016, 11:18 AM   #8
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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.
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Old 03-08-2016, 06:57 PM   #9
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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.
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Old 03-08-2016, 08:00 PM   #10
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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.
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Old 03-09-2016, 04:21 AM   #11
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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..
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Old 03-09-2016, 06:50 AM   #12
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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!
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Old 03-09-2016, 02:49 PM   #13
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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...
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Old 03-09-2016, 02:53 PM   #14
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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
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Old 03-09-2016, 04:43 PM   #15
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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.
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Old 03-09-2016, 05:33 PM   #16
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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.
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Old 03-09-2016, 05:59 PM   #17
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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
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Old 03-09-2016, 06:53 PM   #18
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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.
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Old 03-09-2016, 08:35 PM   #19
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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!
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Old 03-09-2016, 08:43 PM   #20
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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.
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