Hello: 27 yr old here


Recycles dryer sheets
Jul 7, 2006

Just wanted to introduce myself to the group.  I'm 27 yrs old and hoping to retire by the time I'm 50.  At this point, it does seem possible but who knows what life can throw at you.  I'm a CPA and my wife is an engineer (26 yrs old) and our combined income is $140k/yr.  Here's our financial situation: 

$40k in Roth
$0 in 401k but will probably max out when I start my new job.
$20k in ING
$450k mortgage (live in So Cal) with house valued at $600k with average interest rate of 5.7%
Student loan and cc is $23k with average interest rate of little less than 3%.

It does seem possible to retire at 50 but my mortgage seems to be high and with possible kid and wife staying home for the kid and skyrocketing medical cost and all the future unknowns, who knows if that's possible.  I'm of the mindset that I'll work at least part time until my brain can't function.  My hope is retirement at 50 but I'm mentally preparing myself to work until I die.

Anyway, just wanted to say hello and that I love this board with similar minded people.

I love paying taxes - it means I made some money. Don't let taxes influence your decisions.
Welcome, HPT. Is your rate on the mortgage locked? Definately something you want to consider.
dex said:

I love paying taxes - it means I made some money.  Don't let taxes influence your decisions.
Hello HatePayingTaxes,

Welcome to the board. Looks like you and the wife are well on your way to setting up appropriate savings and investment accounts to get the FIRE ball rolling. It takes time and guts to stick to a plan. But in the end you will be far better off because of it. Starting as early as you are puts time and compounding on your side. Late starters like me had to do it much quicker and will less time to have the "pile" compound to levels you will see by the time you are 50.

Paying taxes s*cks. I pay enough taxes to fully support several families on an annual basis. I make enough to have to pay high tax rates but don't make enough to be able to shelter the income beyond the basic stuff. The progressive tax rates take a pretty big bite and we do plan future income streams with taxes in mind.

After all, it is MY money. :mad:
I won't easily give it up.
HatePayingTaxes said:
edit**  My hope is retirement at 50 but I'm mentally preparing myself to work until I die.
Anyway, just wanted to say hello and that I love this board with similar minded people.

as a cpa I would think you would be able to figure out ways to lower taxes !  :)

I would work on changing the mindset to I will retire at 45 and figure out what you need to do to get there.
Her income might go away but yours will likely rise. I am a newbie here but it seems if you can get into a job with a pension that sure helps. As does living below your means. (lbym)

Ps i am shocked that so many younger people do look at these thing and have some real money put away

Welcome! As others have noted, just the fact that you are thinking about it so young gives you a great chance!

Although I have been contributing to my 401(k) since I started working 15 years ago, I didn't actively start thinking about retiring early until about 3 years ago, and I'm 37 now. I'm shooting for 15 years from now, at 52.

LBYM, max out your 401(k)s and save extra on top of that, save your raises, diversify your portfolio, and sit back and watch your savings grow. You have the advantage of time to help with compounding (as well as years of salary increases).

I, too, am pretty new here, and love getting ideas and encouragement from the wonderful people on this board!

You've got time and the proper outlook on your side. No guarantees here, but LBYMs, use shelters available to you, set up a plan, stick to it, and you'll get there -- and be giving the same advice to another person who is in the same boat as you are now.
My mortgage is locked.

Nice meeting everyone here. I often got the feeling that I'm alone in this LBYM, save money for retirement, diversify, etc. but good to know that I'm not the weird one…. although my wife thinks I'm extreme and not a normal guy. Based on people I met, I would have to agree with her that people like us are definitely not the majority. In fact, I think we're a very small minority. I often see people who are in their 40s and have less than $100k in their retirement and wonder how they can sleep at night. If it wasn't for their home equity, they would really be screwed.

I'm impressed that you are thinking about your retirement at age 27. More people should and more will be able to do so at an early age.

Here's a book you might like to read (it goes fast): "You Can Retire Young: How to retire in your 40s or 50s without being rich.

Good luck!!
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