I am in my early 30s, and nowhere in near as good a shape as some of you guys. I graduated college in 2007, and due to the bad economy worked part time jobs or was unemployed for a long period and lived with my parents. I only got a decent job a year ago. Science is very overrated as a career choice.
But from 2007 through now I have seen my net worth go up by about 50k and all my student loans were paid off within 4 years of graduating. I buy my cars with cash and have never had to take out a loan.
So I guess my goal is by my late 40s to be in a state where I own outright a duplex or triplex with no mortgage (preferably one with solar panels so I will have no energy bill either). I figure by doing that (eliminating my rent/mortgage, eliminating energy bill and having income from a renter) I can cut my monthly living expenses down to 1000 a month or so. That may not sound like a lot but for a single person who is going to save $500-700 in rent/energy bills and have an extra $200-400/month coming in from rent after expenses, it is a pretty decent standard of living. If you need about 30x your annual expenses in savings, that works out to about 400k in assets plus a paid off mortgage for full early retirement. I don't know if I can pull that off, my field is not too high paying it is more middle class. But who knows, in 20 years I can probably do it which would mean early 50s.
Health insurance and health care are always the wild card on retirement planning in the US, sadly. I hope the ACA stays the law, but it doesn't do much to slow the rate of medical inflation. Health care will still be overpriced and inefficient, just moreso than now.
But from 2007 through now I have seen my net worth go up by about 50k and all my student loans were paid off within 4 years of graduating. I buy my cars with cash and have never had to take out a loan.
So I guess my goal is by my late 40s to be in a state where I own outright a duplex or triplex with no mortgage (preferably one with solar panels so I will have no energy bill either). I figure by doing that (eliminating my rent/mortgage, eliminating energy bill and having income from a renter) I can cut my monthly living expenses down to 1000 a month or so. That may not sound like a lot but for a single person who is going to save $500-700 in rent/energy bills and have an extra $200-400/month coming in from rent after expenses, it is a pretty decent standard of living. If you need about 30x your annual expenses in savings, that works out to about 400k in assets plus a paid off mortgage for full early retirement. I don't know if I can pull that off, my field is not too high paying it is more middle class. But who knows, in 20 years I can probably do it which would mean early 50s.
Health insurance and health care are always the wild card on retirement planning in the US, sadly. I hope the ACA stays the law, but it doesn't do much to slow the rate of medical inflation. Health care will still be overpriced and inefficient, just moreso than now.
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