What are you, a miserable Boomer failure!?!?dmpi said:Except I said at 45 I'll have $2M. I hit the 500K & 1M but missed the 2M benchmark because of the dot-com bust. I did eventually hit it at about 46.5.
What are you, a miserable Boomer failure!?!?dmpi said:Except I said at 45 I'll have $2M. I hit the 500K & 1M but missed the 2M benchmark because of the dot-com bust. I did eventually hit it at about 46.5.
Nords said:What are you, a miserable Boomer failure!?!?
daystar said:I just set up my own personal, achievable benchmarks. I'm 27 with a net worth of $235K.
28: $250K
35: $500K
40: $1M
40+: Who Know's?
A lot of people find that work is more tolerable when they achieve FI. Or maybe they just enjoy backtalking the boss without fear of reprisal. ("Oh, yeah? You can't fire me, I'm retiring!!") It's also easier to cut back on the hours if you're not chasing the big paychecks.daystar said:I will problably be banned for saying this blasphemy, but I'm not sure if I will ever retire early. I still get a lot of satisfaction from going to work and I don't know what I'd do with my day without working. However, I still want to be in a position where I can retire early if I want or need to.
MasterBlaster said:Slepyhead:
Your analysis ignores the effects of inflation.
May I suggest that you re-do the calculations with 10% gains less maybe 3 % inflation for a net of 7% (real) gain. Same with tyhe raise 5% less 3% ==> 2% real
dmpi said:Slepyhead:
That's a nice graph. I wish I made one when I was 25.
However I got a question. Is that 25x income of the income when your 25,
or is it 25x income at the age your looking at (like 65)?
Its confusing because your income is somewhat adjusted for inflation.
Also this graph assumes your 100% invested. Most likely true when your 25. But at 65 a 60% 40% mix may be more realistic.
In those 22 years, if you raised a family, paid off student loans, bought used cars every few years, purchased a house, lived a normal lifestyle, stayed out of debt as much as possible, and weren't downsized or laid off too many times, I suggest the average North American worker and their families would be much happier if they lived one day at a time, did the best they could,and aimed for a more realistic 30 or 35 years.MasterBlaster said:Well, that's a pretty interesting conclusion.
If you save 20 percent of your income and the increases over inflation in any raise that you get, Then you could retire in 22 years.
Work for 22 years and save hard and invest in assets that can grow (like equities). I think that fits many people on this forum.
something that you may want to consider is to make your plots with a log scale on the vertical axis. That way it is easier to see that the money is growing the whole time. Not just towards the end.
Zipper said:In those 22 years, if you raised a family, paid off student loans, bought used cars every few years, purchased a house, lived a normal lifestyle, stayed out of debt as much as possible, and weren't downsized or laid off too many times, I suggest the average North American worker and their families would be much happier if they lived one day at a time, did the best they could,and aimed for a more realistic 30 or 35 years.
In my case, a divorce and the 2000 market reversal extended the date, but without the original plan I would still be working...MasterBlaster said:slepyhed laid out a plausible and do-able action plan for retiring early. That's what this forum is all about.
But nobody else is working to plan (well few others), so don't be discouraged. When you RE most of your peers will be incredulous.SLC Tortfeasor said:According to the graphs, I'm basically right on track with where I should be on the baseline...
slepyhed said:This graph shows what happens if you save your raises.