Any single, mid/late 30s people who are doing FIRE (and will achieve it soon)?

[RunningBum]

Not sure why you said Nonsense as all those methods are among the few ways to get FIRE'd quickly.
So are stock options as you point out.

I said nonsense because the way I read it you were saying these were the only ways. Reading it again, maybe that's not what you meant but you did say there were only a few ways, and then listed a few pretty unlikely ways.

 

[UnrealizedPotential]

I retired at age 46 in 2016. There was no way I could have retired in my 30's. I got a big boost of cash when I sold my condo and that along with what I had already saved allowed me to quit my job and move to a low cost of living area. I bought investments that provided income like bonds and reits and have done fine.

That was a requirement that I had was that I would have to move to a cheaper place to live. So along with creating as much income as possible with the assets I had and moving to a lower cost of living location I was able to do it.

But also I have a pension, tIRA and SS all waiting for me as I get older to help me.

 

[Markola]

I happened upon this community because I literally Googled 'how to not be stressed on Sunday nights'.

No one should be miserable on Sunday nights, especially in your 30s. With respect, I think this is the problem to solve, not saving up 25x your annual expenses, which takes most people decades. I’d say you are in an enviable position as a single, precisely because you are free to choose without having to negotiate with a partner whom you want and need to be on board with you, which is my own challenge.

So the question for you is, how bold are you?

Are you bold enough to take some action? Get a new job, get a new boss, work part time and write part time, sell your house, rent, save up some FU money, move to a new low cost of living area, move to a low cost of living country and write from there, etc.?

Sounds to me like FIRE is a coping fantasy and cure all, while more immediate solutions are available. They are for me, too, but I’m nearing FIRE so I am choosing to stick it out just a bit more, while already letting the portfolio do some of the lifting so that DW and I can exercise some of our emerging options.

 

[Hardatit]

I came late in the game when it came to learning about financial independence. Like many people, it was ingrained in my mind that I had to work until I was 65+. Well, as of last year, I learned about the FIRE movement, and I have been trying to get my finances in order. But I'm feeling so discouraged that I won't be able to achieve FIRE for many, many years :/

One of the things I love to do is write books. It's my main side hustle. I see so many of my peers quitting their jobs and writing for a living, pretty much living financially free doing what they love. I want to do that, too. But a lot of them have spouses/partners who work, so technically, they have some cushion of extra income coming in on those lean months where the writing business my not pay off.
I've listened to a lot of podcasts and read blogs about people who achieved FIRE, but pretty much all of the success stories involved a married couple, so at least one person was working while the other one was doing a side hustle to reach FIRE faster.

I would like to hear more success stories from single people who are in their mid/late 30s who achieved FIRE by themselves, all alone. Is it possible? I mean, seriously. I want to know how many years I'm looking at to be able to retire early. I'm sure people will think single people have it easy, because it's just me I have to worry about, so it's less expensive, but really, it's not. I have bills, a mortgage, and expenses like gas, food, utilities, etc., too. And, no, I can't just live in my parents' basement, like one success story I read about.

I clip coupons, use rebate apps like ibotta, and utilize my credit cards wisely to take advantage of cash back options in order to get the lowest deal possible. I also take surveys and try to use every dollar I make toward saving. I also use apps like Acorns and SoFi to invest. I have 3 savings accounts, a Roth 401k, an HSA (I am investing with that, too). I'm divvying out my money in a bunch of different savings/investing places, and I don't see much movement. I feel like I'm going to be stuck on this hamster wheel of the 9-5 until I'm 65 and not be able to enjoy these years doing what I love to do without the stress.

I would love to achieve FIRE in 8 years, but I feel like even if I save 100% of my paycheck, that won't be possible (I can't anyway, as I need to use a good chunk of it for bills).

I happened upon this community because I literally Googled 'how to not be stressed on Sunday nights'. I'm really grateful that I found it, and I hope that I will be able to connect with other single, mid/late 30 year olds who are in this same situation, or are on their way to achieving FIRE in a short period of time.

Thank you so much!

Marie, It's doable for sure. Just depends on how hard you want to hustle and what sacrifices you want to make. You will be looked at funny by people, even your friends especially if you get extreme with it. People will try and put their limitations on you, just because they can't do it, they will huff and puff and tell you that you can't do it. You can.

I'm 37 years old, single no kids and will be FIRE'd or more like FISER'd (Financially Independent semi-early Retired) at 40 debt free. That will be 21 years in the military (enlisted, that's important to know) for me and I will have my house paid off by then. I started dipping my toes into the FIRE lifestyle in 2008 and then dove in headfirst in 2011 when I realized it was in fact possible. Been divorced twice along the way, many remote tours and deployments over the last 18 years have not been good for my relationships. But despite that, I kept pressing full steam ahead.

I started an online side business in 2011, that has done pretty well for me and allowed me to save almost all of my military paycheck for years putting it towards investing and now putting it all towards getting the house paid off.

I also buy and sell things on the side, vehicles, boats, garage sale items, what ever I can find. This wheeling and dealing is something I enjoy and not really work to me, plus it brings in extra money. The same goes with my online business, I have outsourced most the actual hands on, shipping/manufacturing etc. I just kinda drive the ship which I enjoy. I also try and save money wherever I can, Ibotta, Ebates, Credit card rewards, Ebay Bucks and on and on. I'm in Arkansas in a LCOL area and my house is a barndominium type that's not too elaborate but really nice. I also managed to pick up a rent house when I bought my house, kind of a 2 for 1 deal, so that is another source of cash flow. Try and get as many sources of income as you can. My goal is 10. I'm at 7 now. If you like to read and I'm assuming you do, I would recommend the 4 Hour Workweek by Tim Ferriss, the book and the actions I took after reading it seriously changed by business and parts of my life for the better.

Over my past 18 years in service I can count on one hand how many people I have met in service that I could even have a conversation with about FIRE and side hustles. Most are just amazed that someone can actually have a full time job but also do something else on the side to make extra money. What a concept. As someone mentioned above, this forum is a great place to share your milestones and get different views on decisions you may or may not be thinking about making related to FIRE.

I said all that to say that you can do it. But it won't be easy, if it were easy everyone would be FIRE'd. As you have said already, the info to do it is out there. It's all over this forum, FB groups, etc. I think it was Derek Sivers that said, "if more information was the answer we would all be billionaires with 6 pack abs."

It takes getting up early, like 0400 early, staying up late, doing things you don't want to do, sacrificing a little now for alot later (delayed gratification) and taking the road less traveled. One thing I struggle with is slowing down and enjoying the journey to FIRE. I get so caught up in getting there sometimes that I, like you, feel my life is passing by too quickly. I still manage to have fun and buy the things that bring value to my life. Anyways, real talk from a real guy here, good and bad. Good luck on your journey.

 

[Markola]

Your story is inspiring, Hardatit! When The Four Hour Work Week came out it nearly jumped off the shelf and smacked me in the face. It’s great you made those liberating principles work for you. I decided in the end that my best route remained capitalizing on new opportunities in my profession, taking on management responsibilities for a higher paycheck, living frugally and saving/investing heavily but I agree that book was a watershed.

 

[Hardatit]

Thank you! I was seriously doing so many things and thought I was being productive and furthering my business. For example, sorting emails into folders for the sake of sorting, filling and shipping my own orders. As I stepped back, thought about it, and either quit or delegated those tasks, my business grew better than ever. I just re-read it last month and pulled a few more tidbits that I missed the first time I read it in 2018.

 

[Arizona1]

I was single and retired at 34 in 2000. I used my pay to pay off my first house in 89. Sold it and carried the mortgage. Then saved enough for a down payment on a trailer park with a manager. With all of the profit I bought more rentals then when all was payed off I sold all and carried the mortgages.
If I was you I’d rent a room form someone and use your house as a rental. Or sell it and buy a fourplex. Pay a little more to buy and live closer to work if you will be there a while. Use saved commuting time for writing.
When you find a special someone make SURE they have the same ideas.
Good luck

 

[teetee]

43 single no kids only started saving since 36 (when I got my first job after school) and currently on track for my first million in about 3 years.

I think it is easier for a single person to retire early since there are less financial responsibilities.

I wish to be more entrepreneurial and learn more ways to make side income. I also wish to likey current job more.

The anxiety feeling is very real. In my case, it started 5 years ago and I would wake up at night wondering if I will be alright. I used to buy things I want with rebates and coupons but now I mostly only buy things I need and keep my annual pre-tax saving rate above 70%. I junked my 21yr old car in 2017 and got a 5yr old minivan for $10k with 70k miles on it.

Being no debt allowed me to sleep well and have the ability to help my family members during the pandemic. Now at my age I focus on more exercise and what I eat so my body won't fall into the mid life stereotype. I know financially I will be alright even if I stop working now based on the projections from my historical financial records on spreadsheet. That calmness is priceless though I have to keep myself alert so I don't become complacent.

 

[sergio]

The few cases I've seen where someone "retired" in their mid 30s fall into a few categories:

1. People who started and sold their own business
2. People who worked at a tech startup and hit it big when their company went public or
3. DINKS with two very high incomes living a very, very basic lifestyle or
4. Guys who moved to a LCOL country but often still have misc income as a digital nomad or English teacher.

You can run the numbers. Even a single person that graduates college with zero debt, makes $100k+ right off the bat, and saves 50% of their take home pay will likely still not have enough (30-35x annual expenses) at 35 years old to retire comfortably in the US. The higher multiplier accounts for increased uncertainty and having to pay health care for 30 years.

 

[RioIndy]

...I would like to hear more success stories from single people who are in their mid/late 30s who achieved FIRE by themselves, all alone.

...I feel like I'm going to be stuck on this hamster wheel of the 9-5 until I'm 65 and not be able to enjoy these years doing what I love to do without the stress.

...I would love to achieve FIRE in 8 years.... I hope that I will be able to connect with other single, mid/late 30 year olds who are in this same situation, or are on their way to achieving FIRE in a short period of time.

Hi @MarieL , I wish I had spotted this thread sooner as I might fall into (or close to) your description.

I'm 33 and just hit 900k NW. So I'm either "Lean FIRE" or "Barista FIRE", meaning my expenses are ~30k/year, FIRECalc gives me a 100% success rating, and I might continue working part time to keep my nestegg growing at a faster pace.

I got an extremely demanding but high paying engineering job shortly out of university. I basically dedicated my 20's to my career, sacrificing a lot of family life, social life and hobbies. But I quickly grew to absolutely hate w*rk. I did not want to be at the mercy of a company that did not give a hoot about me and did not want to spend another 20+ years of my life like that .

So I learned about FIRE, and I got into really reducing my expenses to save most of my income. This wasn't too hard as I grew up in a lower-middle class family without many luxuries. I also taught myself a lot about investing.

I don't do real estate as that's simply outrageous in my HCOL area, but I love this city and prefer renting anyways. If my NW keeps growing as it should I can likely upgrade my home and increase other luxuries down the road.

As for achieving FIRE all alone, relationships actually made it harder to achieve FIRE. I estimate that my relationships cost me more than 250K (directly and indirectly). More specifically, being in bad relationships with the wrong people while trying to w*rk an ambitious career has this effect. Could also perhaps say that being so focused on education and career meant that I had less experience with knowing what to look for in relationships. My SO today is a much better match, and also financially compatible. (Note that my SO and I have not combined our finances, so everything above applies as if I was solo).

Hope that helps give you some encouragement!

 

[SecondCor521]

Yes, OP, it can be done, and you can do it. Without considering the odd ways mentioned in a previous list, the main way to do it is to live waaay below your means and invest what you earn but don't spend.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

The above article says a 70% savings rate will get you there in 8.5 years. That is starting from zero, and since you're not starting from zero, you can do better than that.

A 70% savings rate will seem hard at this point in your career. But being in the tech field you'll probably get good raises, and maybe some stock options somewhere along the way. And focusing on your expenses will naturally drive those down over time.

I FIREd at 46, and that included paying for three kids from birth through college, and handing half of our net worth to my ex at age 37. My oldest son, who probably won't get married or have kids, is 25 and will very likely be able to retire in his late 30's given his spending pattern (very very very very low) and his career path (supply chain / IT management).

If you want to retire in your late 30's at 25x expenses (4%) and count on your writing or other side gigs for a buffer that may be occasional but is reliable over longer periods of time, I think that would be a reasonable approach.

 

[MrsHaloFIRE]

I'm in that age bracket. Dinks. However DH is more traditional ER age..

 

[armor99]

Yes, OP, it can be done, and you can do it. Without considering the odd ways mentioned in a previous list, the main way to do it is to live waaay below your means and invest what you earn but don't spend.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

The above article says a 70% savings rate will get you there in 8.5 years. That is starting from zero, and since you're not starting from zero, you can do better than that.

A 70% savings rate will seem hard at this point in your career. But being in the tech field you'll probably get good raises, and maybe some stock options somewhere along the way. And focusing on your expenses will naturally drive those down over time.

I FIREd at 46, and that included paying for three kids from birth through college, and handing half of our net worth to my ex at age 37. My oldest son, who probably won't get married or have kids, is 25 and will very likely be able to retire in his late 30's given his spending pattern (very very very very low) and his career path (supply chain / IT management).

If you want to retire in your late 30's at 25x expenses (4%) and count on your writing or other side gigs for a buffer that may be occasional but is reliable over longer periods of time, I think that would be a reasonable approach.

Just curious what you did about getting at your retirement accounts so early? I may find myself in the situation of being able to FIRE, but not old enough to touch my 401k Etc without tax penalties. Or did you go mostly real estate etc?

 

[NgineER]

There are several ways to get at your retirement accounts early. 72T, roth ira conversion ladder, even direct ira withdrawal with penalty does not make a huge difference.

 

[RunningBum]

Or save enough in taxable to bridge you to when you can access retirement accounts.

 

[The Cosmic Avenger]

Just curious what you did about getting at your retirement accounts so early? I may find myself in the situation of being able to FIRE, but not old enough to touch my 401k Etc without tax penalties. Or did you go mostly real estate etc?

I've been looking into this, and I think I may try to set up SEPP withdrawals from my 401(k), as others just mentioned. I'm thinking maybe use the RMD method, which usually withdraws the least, and then I can tap taxable accounts to supplement that if needed.

 

[SecondCor521]

Just curious what you did about getting at your retirement accounts so early? I may find myself in the situation of being able to FIRE, but not old enough to touch my 401k Etc without tax penalties. Or did you go mostly real estate etc?

There's lots of ways. SEPP, Roth conversion ladder, just paying the penalty, saving mostly in taxable, and the rule of 55.

Personally, I had been aware of FIRE since the late 1990s, so I was going to split my IRA and do multiple SEPPs at first.

I then learned about Roth conversion ladders a few years before I retired. Since I was willing and able to save up the 5 years of expenses to prime the pump and since Roth conversion ladders are more flexible once you get them going, that's the route I took.

It's been working out really well so far. I came into some non-portfolio income since FIREing, so I really haven't touched either of my IRAs. And, although I've taken some money out of my taxable, I am fairly certain that that account balance is higher than when I started due to market increases over the past four years.

I still do the Roth conversions each year. They help with both the Roth conversion ladder and my tax torpedo situation. (Actually, with my likely tax torpedo situation, I should probably be converting more.)

 

[SecondCor521]

I've been looking into this, and I think I may try to set up SEPP withdrawals from my 401(k), as others just mentioned. I'm thinking maybe use the RMD method, which usually withdraws the least, and then I can tap taxable accounts to supplement that if needed.

I don't think you can do a SEPP from a 401(k) usually. But you can roll your 401(k) to an IRA and then do the SEPP from there.

 

[The Cosmic Avenger]

I don't think you can do a SEPP from a 401(k) usually. But you can roll your 401(k) to an IRA and then do the SEPP from there.

I think you can, but only if you are no longer employed with that employer. The Investopedia link I provided says "You can use any qualified retirement account with a SEPP plan, with the exception of a 401(k) you hold at your current employer." [emphasis mine]

 

[copyright1997reloaded]

I came late in the game when it came to learning about financial independence. Like many people, it was ingrained in my mind that I had to work until I was 65+. Well, as of last year, I learned about the FIRE movement, and I have been trying to get my finances in order. But I'm feeling so discouraged that I won't be able to achieve FIRE for many, many years :/

One of the things I love to do is write books. It's my main side hustle. I see so many of my peers quitting their jobs and writing for a living, pretty much living financially free doing what they love. I want to do that, too. But a lot of them have spouses/partners who work, so technically, they have some cushion of extra income coming in on those lean months where the writing business my not pay off.
I've listened to a lot of podcasts and read blogs about people who achieved FIRE, but pretty much all of the success stories involved a married couple, so at least one person was working while the other one was doing a side hustle to reach FIRE faster.

I would like to hear more success stories from single people who are in their mid/late 30s who achieved FIRE by themselves, all alone. Is it possible? I mean, seriously. I want to know how many years I'm looking at to be able to retire early. I'm sure people will think single people have it easy, because it's just me I have to worry about, so it's less expensive, but really, it's not. I have bills, a mortgage, and expenses like gas, food, utilities, etc., too. And, no, I can't just live in my parents' basement, like one success story I read about.

I clip coupons, use rebate apps like ibotta, and utilize my credit cards wisely to take advantage of cash back options in order to get the lowest deal possible. I also take surveys and try to use every dollar I make toward saving. I also use apps like Acorns and SoFi to invest. I have 3 savings accounts, a Roth 401k, an HSA (I am investing with that, too). I'm divvying out my money in a bunch of different savings/investing places, and I don't see much movement. I feel like I'm going to be stuck on this hamster wheel of the 9-5 until I'm 65 and not be able to enjoy these years doing what I love to do without the stress.

I would love to achieve FIRE in 8 years, but I feel like even if I save 100% of my paycheck, that won't be possible (I can't anyway, as I need to use a good chunk of it for bills).

I happened upon this community because I literally Googled 'c. I'm really grateful that I found it, and I hope that I will be able to connect with other single, mid/late 30 year olds who are in this same situation, or are on their way to achieving FIRE in a short period of time.

Thank you so much!

Hi -
Background: I, like you, pondered how to get to FIRE from an early age. Saved away, single, lived a pretty low cost lifestyle. Good paying job, fun but lots of stress (high tech). I would look frequently at my net worth and wonder if/when I would have enough, and sometimes thought I should go for it. Even in my mid thirties, thought I had "enough" given my yearly budget at the time (about $20k/year, which would be about $35K/year now).

I didn't, and looking back I think it was a good decision. I think you need to key in on and get a better understanding of "how not to be stressed on Sunday nights" - because that is not good for your health or your ability to enjoy life until you are able to be FIRE. Look, all jobs have good parts and bad parts, and working with other people can be rewarding or quite frustrating...but contrary to the conventional wisdom here just going for the RE part of FIRE isn't the right thing to do for many younger people. (I know, it is hearsay of which I speak.) So while I think it is good to have goals, and GREAT to strive for Financial Independence (which was my goal from day ONE of working), I think you need to think long term on what will make you happy...and not fearful of Sunday evening.

I am one of the atypical ER forum participants. I have enough money to last my lifetime, and perhaps enough now for my child's lifetime. Yet I am still working. The key is that I am now doing something that I enjoy (I am a professor).

One other thing - it is not just about saving that gets you to FI. Compound growth is your friend. A while back I did some spreadsheet work trying to figure out my lifetime earnings, taxes, etc. I don't have complete figures as some of the data isn't complete, but came to the conclusion that my net worth is greater than ALL OF MY TAKE HOME PAY from my entire working carear. That is a result of growth of equities over time.

Good luck in your quest, and remember that it is a long term quest - not a sprint.