SteveR
Moderator Emeritus
- Joined
- Jul 1, 2005
- Messages
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Martha said:I think that the average college grad cannot save $150,000 by the time they are 30. Certainly not the college grads in the part of the country where I live. My office employs a number of college grads who are not lawyers. We pay them very competitvely for our market. Nevertheless, they don't make near enough to start saving $3600 a month at thirty. Or even at age 40. They are lucky if they can save $1000 a month after 30. Certainly would be very tough if they had a family to support. So they won't retire early and won't be financially independent for a long long time, if ever. And they do have discipline and they do have intestinal fortitude. And they do better themselves. One of our accountants at work not only works hard in her job, but she spent a considerable time caring for her aging father who lived with her until he died recently. FI and RE are not on the top of her list. Family is at the top of her list.
This is back to the "I did it so anyone can" attitude I see here a lot of the time. I just don't buy it.
Frankly, I think selfishness ranks higher than a desire to better yourself on the list of characteristics needed to retire after 20 years of work.
Well Said!
I have several 30 and 40 year olds working for me now. These are educated highly techincal jobs in an exclusive field that requires years of experience in the field to qualify for these jobs. They are making from mid $40 to mid $70k per year before taxes. There are no other jobs like these within a 800 mile radius from here. The people could make more back East but the like the life style here and are willing to take a small cut in wages to live like they want. That is want life is all about; living life as you want while working in a field you like and making a difference in the world at the same time. I don't see many here that would want to work in a job they hate for 20 years to ER.
As for someone just going out and finding a higher paying job...that sounds like speculation based on very little experience in the work world. Doing a job for someone else is a lot different from running your own business. If you are in a specialized area this is more of a challenge due to the inavailability of jobs in a down economy. Just jumping to a new higher paying job is not that simple. You have to actually be qualified for it and the employer has to be willing to pay you for your value. If you don't have experience it is pretty hard to demand a higher wage than someone who has been in the job for several years. Most careers are built on moving up a career path based on experience and education (and luck). Experience and job history create value to an employer and they pay for that in wages and bonuses.
Can anyone FIRE in 20 years. No, not unless they are willing to live a very frugal existence. If you are willing to do that then go for it. There is no award for getting there in 20 years. If it take you 30 then so what? The point is to do what is comfortable to you. If you can find a career path that will get you $150k at age 30 then go for it but those jobs are few and far between and the stress that goes with these kinds of jobs will eat you up over time. My may not live 20 years to cash in.