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Originally Posted by Fuzz
So their combined income after 1 year is $125 000 after tax? So I'd guess, what $200k before? $100k each one year out of school? I guess that's the CP bare minimum, right? It's a lot easier when you make big bucks and the economy doesn't tank around you.
Hey, read our blog! You can do this too, if you have no student loan debt, and really good jobs out of University!
These guys are the outliers, starting with a big leg up.
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Well, duh. They retired at 31 with a million net worth. But I never got the idea from their website that they were advertising everyone could retire at 31 with a million in investments. It was a personal anecdote discussing financial awareness with a heavy handed mention of "don't buy a home".
I don't get why I'm putting myself in the front lines for this couple. I don't know them, don't fully agree with their advice and I think it's sensationalized.
Quote:
Originally Posted by Regorium
The only part that matters about their stories are the fact that they are making $167k after tax (in 2010 even).
With that much money, they could've bought 3 houses back in 2010. Their decision not to buy an "overpriced house" and rent instead cost them at least half a million dollars if not more than that (especially if they bought in "overpriced 2010 vancouver" or "overpriced 2010 toronto").
Saving is great, but everything is predicated on income. As I wrote in the OP, nobody ever got rich by saving. This couple get rich by earning more money - and that's what both Money moustache (MMM had 250k USD income back in 2002 or something like that) and this millennial revolution couple did. IMO THAT is the key to financial independence, not the "rent vs. buy" decision (only the latter is highlighted on their site though).
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Fair.
I will agree that what they're trying to say is really messing and confusing at times. It goes all over the place. No debt and ridiculous wages do help a lot.
But I also will say, it's hard to feel comfortable financially if you're using money as fast as you can earn it. Lastly, what is being rich? IMO, the goal posts are always moving. Set your own posts and when you achieve it celebrate. Don't constantly reset the goal posts based on what people think. It's your life, not theirs.