Young Dreamers, how early do you want to retire?

[azanon]

I have to say there are a lot of amazing people hanging out here, net worths ~ 200K in early 20s, others in their early 30s that have 500K-1Million. Amazing. The only way i could compete with that would be to move in the poor section of my city buying one of those houses worth ~ 40-70K, get a couple of beaters to drive, and then just hoard money like no tomorrow.

I have a net income now around 110K at 34, and both my wife and I have masters degrees, but we're just not anywhere close to those numbers on net worth. All i can say is congradulations guys on a super job well done. The best i can safely hope for is an ER in my early 50s, and I used to think that'd be a great accomplishment until i read through this thread, lol.

Azanon

 

[brewer12345]

Remember, we generally do NOT represent the general populace. We are a self-selected group with rarified asset levels and mostly fairly educated about personal finance. How many of your friends and neighbors fit that descrition?

 

[Cool Dood]

Azanon, I think that's still a great accomplishment -- some of the people here are really exceptional, either in their saving or in other respects, and there's really no way to guarantee that you'll achieve some of those really high results, it happens rarely and with a huge number of variables.

Also, if you did a bachelor's and a master's degree, you wouldn't even start earning until a lot later, and while it's a worthwhile pursuit it will make some younger people's numbers seem remarkable, especially for their age.

Also, as brewer just pointed out, you're looking at a very non-representative sample of the population.

 

[macdaddy]

I want 3 million in assets by the time I am 40, I am in my 20s and currently about 20% of the way there (real estate).  I don't want to retire at 40, I just want the financial security to know that if I had to, I could.  From what I have read on this board, a lot of stress is relieved when you have that safety net there.  And that is what I want too.  I would be happy to retire at 30 with 1 million and move to central america somewhere, but I want to have kids, and I want to give those kids the same opportunities growing up in America that I got. If for some reason I found out that I was unable to have children (shooting blanks), then I would be scouting out the beach shacks tomorrow.

 

[azanon]

We are a self-selected group with rarified asset levels and mostly fairly educated about personal finance. How many of your friends and neighbors fit that descrition?

I suspect around my general peer group of friends, family and workmates, if finances were laid open, we'd be doing really well. I know my and my wife's greatest limitation right now is that we're just not entrepeneurs... meaning we work for other people instead of for ourselves. My dad in contrast, who makes a ton, is a small business owner. I know i don't have either the know-how or the guts to be one myself, so I am going to have to be satisfied with where i'm at.

Yeah we did get a late start out of the gate because of the education. I finished my masters at 25, getting my first "real" job soon after, and my wife was even older before getting her LCSW.

 

[haha]

In reais. I intend to retire with R$1M.

Thanks. I had a really hard time convincing my girlfriend that this is the way to go.

Is that roughly USD 500,000?
If so, would that provide a good living for you and your woman in Salvador?

Thanks,

Ha

 

[Cool Dood]

In reais. I intend to retire with R$1M.

Thanks. I had a really hard time convincing my girlfriend that this is the way to go.

That sounds both feasible and like it would provide you (both) a great "retirement." Judging by myself as well as some others who posted in a recent thread here, the two of you would take advantage of FI as a wonderful opportunity, and enjoy whatever you choose to embark on next, rather than really "retire" as people normally use the word.

I hope you stick around, so we can hear how things progress!

 

[Leonardo]

Is that roughly USD 500,000?
If so, would that provide a good living for you and your woman in Salvador?

Thanks,

Ha

Yes, roughly US 500k. A little less than that. Our expenses today are +- R$2.000 per month, or 24k/year.

So, 1M is more than enough to cover inflation, keep the nest and cover the expenses.

However, I will certainly not live in Salvador much longer. Bahia is the only state in Brazil where you can't be a notary . I guess you can't have everything.

 

[Leonardo]

That sounds both feasible and like it would provide you (both) a great "retirement." Judging by myself as well as some others who posted in a recent thread here, the two of you would take advantage of FI as a wonderful opportunity, and enjoy whatever you choose to embark on next, rather than really "retire" as people normally use the word.

I hope you stick around, so we can hear how things progress!

Thanks so much for the kind words. They surely mean a lot to me!

I am certainly an exception where I live. Neither my family nor anyone (and I really mean anyone) that I know live below their means. My dad is 72 and still work everyday in a small business. My mother spends like there is no tomorrow. My brother is only worried about cars, etc. My friends are spending their money in cars, plasma TVs, etc.

I will surely stay around for a loooong time. Decades for sure! I identify with a lot of people in this forum. I have so many interests, a woman that I love and health. I only want money so it can be my servant and buy me time, not the opposite.

 

[Cool Dood]

Thanks so much for the kind words. They surely mean a lot to me!

I am certainly an exception where I live. Neither my family nor anyone (and I really mean anyone) that I know live below their means. My dad is 72 and still work everyday in a small business. My mother spends like there is no tomorrow. My brother is only worried about cars, etc. My friends are spending their money in cars, plasma TVs, etc.

I will surely stay around for a loooong time. Decades for sure! I identify with a lot of people in this forum. I have so many interests, a woman that I love and health. I only want money so it can be my servant and buy me time, not the opposite.

A healthy attitude if I've ever heard one!

Remind me to remind you to invite me down to Brazil some time ..I think I could have some fun even if I spent below my means there! 8)

 

[Ed_The_Gypsy]

Leonardo,

Consider Curitiba. I have been talking with a couple of Brazilianos in my company and they give it rave reviews.

Where were you thinking of going?

Ed

 

[Leonardo]

Leonardo,

Consider Curitiba. I have been talking with a couple of Brazilianos in my company and they give it rave reviews.

Where were you thinking of going?

Ed

Curitiba is a great city! I'd love to live there. It's surely one of the best cities here in Brazil.

To be honest, I can't decide where I will live. The tests to become a notary are very rare and each state make their test, so I won't be able to pass the opportunity just because the test is not in a good state.

When I pass the test to be a notary (and I hope this will not take long) I will probably not even choose the city. I do intend to go to the south of Brazil when I retire, however!

But who knows, until there I might be under the ground already.

 

[Ed_The_Gypsy]

Leo said,

When I pass the test to be a notary (and I hope this will not take long) I will probably not even choose the city.

?? Are you going to practice out of the back of your Volkswagen?? No comprende. Does the licensing authority assign you a place to practice?

Inquiring minds want to know.

All the best,

Lalo el Gitano

(Not all gringos know that a notario is a person with advanced schooling, much like an attorney in 'el norte'. Congratulations, Leonardo!)

 

[Leonardo]

Leo said,
?? Are you going to practice out of the back of your Volkswagen?? No comprende. Does the licensing authority assign you a place to practice?

Inquiring minds want to know.

All the best,

Lalo el Gitano

(Not all gringos know that a notario is a person with advanced schooling, much like an attorney in 'el norte'. Congratulations, Leonardo!)

No, I'll surely not practice in the back of a Volks .

First of all, you have to study A LOT. The notary receive much more money than judges, prosecutors and, by far, lawyers, who can gain as low as R$12k/year. As I said, you have to pass a very difficult test. For example, this year we had a test in the state of Sao Paulo. I'll suppose there were 50 "slots". 10 in the capital and 40 in other cities. Suppose that I pass in 45th. I'll then have, at most, 5 cities to choose where to practice.

The licensing authority does assign a place that you practice. You cannot practice in any other place. Most of the time, however, no one else in the city but you can practice. So the money come by this "market reserve" where you have 100% of the market.

 

[Cool Dood]

So being a notary in Brazil is like playing in the NBA?

 

[Ed_The_Gypsy]

The licensing authority does assign a place that you practice.

How about that! That's the first time I have been right this week! .

The best of luck, meu amigo.

Lalo

 

[BunsGettingFirm]

I have been "retired" for a whopping 1.5 weeks. I'm not really retired as much as waiting for school to start, but here are my observations so far:

1) I spend a lot less time buying crap than I used to because now every dime must come out of my portofolio's earnings. Only bad habit still left: Buying finance books on Amazon.

2) I spend a lot more time reading than going out. Still can't get used to being "retired" at 35 and having the neighborhood moms give me strange looks for going for a jog at 2 PM.

3) I sleep a lot better. I no longer wake up in the middle of the night because I'm bothered by something that happened at work. A lot of the BS just seem so petty and stupid from afar. I hope that I can carry this attitude to my next job, but I don't know for sure.

 

[Ed_The_Gypsy]

Buns quoth:

I sleep a lot better. I no longer wake up in the middle of the night because I'm bothered by something that happened at work.

Hey, I could get to like not-working! You might, too!

 

[laurence]

I have been "retired" for a whopping 1.5 weeks. I'm not really retired as much as waiting for school to start, but here are my observations so far:



2) I spend a lot more time reading than going out. Still can't get used to being "retired" at 35 and having the neighborhood moms give me strange looks for going for a jog at 2 PM.

You should wear a handyman's uniform and cruise the neighborhood, those young moms might employ you part time! (Think obscure James Taylor reference).

 

[just_hatched]

You should wear a handyman's uniform and cruise the neighborhood, those young moms might employ you part time! (Think obscure James Taylor reference).

sidenote on

hey Laurence - thanks for resuming the cute kid pics!

/sidenote off