Retire At 30

[polak]

I like having a fast car that brings a smile to my face with the press of a pedal. I living close to my friends, even though its far from work. I like steak. I like having a nice TV to watch the Flames. I like going on big vacations when I'm young enough to enjoy them. I like having a place to live that's more than a roof, 4 walls and a hot plate.

All that these blogs seem to point at is that you need unbelievably good luck and no desire to do anything if you plan to retire by 30 and continue to do nothing.

[Johnny199r]

I graduated debt free (lived at home with my mom for 2 degrees, when none of my friends could bear to be home for one degree, said all schooling myself) in 2008 at 25. In 2010 I made $220k, 2011 220k, 2012 250k. I was a lawyer working in a remote part of Canada doing heavy volume work. My apartment was 490$ a month. I saved everything I made. If I kept going for a few more years, I easily would hit freedom 35.

I moved to Alberta at age 30, as I was getting burned out, and now have govt job where I make between 100k-200k, but I get 7 weeks off a year (which goes up to 8 weeks off in 3 years). The other clincher is that my woman is also a lawyer who makes 100k plus, we both have db pensions.

I still live frugally, I have one paid off car and walk everywhere, don't smoke, drink, or eat out for lunch or have any expensive habits ie golf, hockey tickets. Mainly because those things don't appeal to me at all.

So in summary, these early retirements situations can happen with some hard work and luck.

[blueski]

Originally Posted by ernie

So he retired at 30, except for he didn't.

All he did was change his career to something he doesn't consider work and cut his expenses. Really what that says to me is that he was in the wrong profession to begin with. Many people are not. I love my job.

That's fine of course but it isn't retiring.

Well think of it this way then. If you love your career/job that much should you be at the mercy of your employer? When you reach the point where investment income >= living expenses, you can tell your employer to f-off at any point. I'm not trying to imply that that will be your attitude, but your whole outlook can change regarding your career which will really let you enjoy it that much more.

You take more risk, only accept work within your chosen career that you want, you can take a sabbatical, take a year off to further your education in your chosen career and so on. Opportunity and your own power grow within your chosen career.

[Street Pharmacist]

Originally Posted by troutman

What is a Mercola? . . .

Ah, I see, an alt-med guy.

Is there more reliable evidence that retirement has negative impacts on health? Just grabbed the first one I saw.

http://www.nber.org/papers/w12123

Results indicate that complete retirement leads to a 5-16 percent increase in difficulties associated with mobility and daily activities, a 5-6 percent increase in illness conditions, and 6-9 percent decline in mental health, over an average post-retirement period of six years. Models indicate that the effects tend to operate through lifestyle changes including declines in physical activity and social interactions. The adverse health effects are mitigated if the individual is married and has social support, continues to engage in physical activity post-retirement, or continues to work part-time upon retirement. Some evidence also suggests that the adverse effects of retirement on health may be larger in the event of involuntary retirement.

[OMG!WTF!]

Yeah, it all falls apart for me when it comes to not having a car. I'd be missing out on a lot if I couldn't drive to the mountains. I don't have an expensive car but it still costs a lot. A guy I know is always bragging about not having a car and not wasting money on insurance and oil changes. I just had the best time telling him to piss off and rent a car to pick up the ladder he needs to buy at Home Depot. I also love collecting art and would miss that as a hobby and passion. You can actually make a bit of money on art though.

[rubecube]

Originally Posted by OMG!WTF!

Yeah, it all falls apart for me when it comes to not having a car. I'd be missing out on a lot if I couldn't drive to the mountains. I don't have an expensive car but it still costs a lot. A guy I know is always bragging about not having a car and not wasting money on insurance and oil changes. I just had the best time telling him to piss off and rent a car to pick up the ladder he needs to buy at Home Depot. I also love collecting art and would miss that as a hobby and passion. You can actually make a bit of money on art though.

Well, I don't own a car either and it's pretty nice not to have to spend money on one, but I also happen to have friends who aren't ####ty and don't mind helping out a buddy the odd time he needs it.

[HockeyIlliterate]

Originally Posted by flamefan74

I have the same issue with the numbers. It gets better if he was investing the money in Canada. He was being paid in USD, but the exchange rate during the late 90's/early 2000's was 40%+. Not sure if he could do that, but its a thought.

As I recall, MMM is Canadian.

[Ozy_Flame]

Its only a matter of time when you'll be able to have a sophisticated car share / Uber / car2go service to the mountains. I don't have any specific examples, but "I don't have a car" will be an antiquated thought in the next 10-15 years IMO.

[darklord700]

Originally Posted by Johnny199r

So in summary, these early retirements situations can happen with some hard work and luck.

I could retire now and live frugally. But what am I gonna do for the next 40 years? Between stats, vacation and flex days, I have 8 weeks off a year and bascially work only 10 months. I don't enjoy every minute of it but it's bearable for the most part. And if I quit tomorrow, I bet there'll be hundreds of people figthing for my job.

Working gives my life purposes, allow me to be active and social. Not having to work scares me and knowing your nest egg, however large, won't grow anymore scares me even more.

If I can still work in my ripe old age, that's a blessing to me. So I really don't understand this early retirement hype.

[polak]

Originally Posted by rubecube

Well, I don't own a car either and it's pretty nice not to have to spend money on one, but I also happen to have friends who aren't ####ty and don't mind helping out a buddy the odd time he needs it.

Odd time?

I've had friends who didn't have a cars too and they constantly needed rides every where. It definitely did start to become annoying.

[Kybosh]

$220k/year? 8 weeks vacation? No matter how hard someone works, most people don't get anywhere near those perks in their career, let alone before 30.

[blueski]

Originally Posted by OMG!WTF!

Yeah, it all falls apart for me when it comes to not having a car. I'd be missing out on a lot if I couldn't drive to the mountains. I don't have an expensive car but it still costs a lot. A guy I know is always bragging about not having a car and not wasting money on insurance and oil changes. I just had the best time telling him to piss off and rent a car to pick up the ladder he needs to buy at Home Depot. I also love collecting art and would miss that as a hobby and passion. You can actually make a bit of money on art though.

Well I would ask how many times in the last year did you actually drive out the mountains? Could you have gotten a ride with friends and paid them gas money, rented for the other times and still come out way ahead over monthly lease costs? If you must own a car, do it as cheaply as possible. Used, not high end, reliable enough that you can own it for a long time, minimal insurance and organize your life so you don't have to drive it everywhere. Figure out how to be a one one car family when you get to that point.

Home depot delivers.

ERE advocates picking up hobbies where you can break even or even earn extra income and avoiding those that cripple you financially. If you really can make money collecting art, go for it! (Skiing is actually my weakness and it kills our yearly budget as a family of five).

To all, ERE can still be cherry picked for some really good tactics if you think it doesn't fit your lifestyle. You won't be able to retire in five years, but some of the tactics might still really help you get closer than you were before. So I think for everyone it is worth their time to read his website and maybe even buy his $10 ebook if you are finding value in only a few of his ideas.

For those that don't want to retire, I still think it is a worthy and responsible goal to get to a spot where you actually could retire (investment income > monthly expenses, and yes your nest egg will still grow at this point). If you really love your career and working then this is even more important in my opinion, it gives you the security and confidence to really demand only the best out of your career.

Anyhow, I probably posted too much already. The links are there if you are at all curious.

[Johnny199r]

Originally Posted by Kybosh

$220k/year? 8 weeks vacation? No matter how hard someone works, most people don't get anywhere near those perks in their career, let alone before 30.

It's all about the career path, and some luck. Need potential high income professions.

Some lawyers I know make under 100k, some make over a million.

[wwkayaker]

Originally Posted by blueski

(Skiing is actually my weakness and it kills our yearly budget as a family of five).

A few years ago I calculated how much my skiing habit cost me in a winter. The closest hill is Marmot but their snow is usually not great. Over the course of eight weekends, I travelled to various resorts. I figured it cost between $8-10k for my girlfriend and me to enjoy those trips...not the cheapest pastime if you don't get an annual pass.

[MarchHare]

Originally Posted by OMG!WTF!

Yeah, it all falls apart for me when it comes to not having a car. I'd be missing out on a lot if I couldn't drive to the mountains.

How many times per year do you drive out to the mountains? Most rental car companies usually offer really cheap weekend rates, so you very likely could come out ahead financially by not owning a vehicle and just renting whenever you want to travel out of town for a day or two.

Of course, that assumes you live in a walkable communitiy, though. I can get by without owning a car because I live in the Beltline and literally everything I need is within walking distance of my home. OTOH, for people who choose to live in the suburbs, vehicle ownership is pretty much mandatory.

[OMG!WTF!]

Originally Posted by rubecube

Well, I don't own a car either and it's pretty nice not to have to spend money on one, but I also happen to have friends who aren't ####ty and don't mind helping out a buddy the odd time he needs it.

Sorry. Not buying it. If I have to hear about someone's fantastic, money saving, car free life style all the time, I'm not interested in donating to that cause. Also, the guy's not a friend, just one of those dip sh'ts you run into occasionally. But I am happy you've got better friends than me.

How many times per year do you drive out to the mountains? Most rental car companies usually offer really cheap weekend rates, so you very likely could come out ahead financially by not owning a vehicle and just renting whenever you want to travel out of town for a day or two.

Usually twice during the week days, then usually to a friend's house south of Calgary on the weekends and then once a week to an animal rehab near Cochrane. I wouldn't do well without a car.

[bizaro86]

Originally Posted by blueski

To all, ERE can still be cherry picked for some really good tactics if you think it doesn't fit your lifestyle. You won't be able to retire in five years, but some of the tactics might still really help you get closer than you were before. So I think for everyone it is worth their time to read his website and maybe even buy his $10 ebook if you are finding value in only a few of his ideas.

This is definitely how I advocate using these blogs. I changed my driving habits, but didn't start biking everywhere. I started thinking about how much the food I buy costs, but still go out with my wife for a nice dinner.

Most people probably won't follow everything on the list, but most people probably don't need to be financially independent (better goal than 'retirement' imo) in 5-10 years.

[rubecube]

Originally Posted by polak

Odd time?

I've had friends who didn't have a cars too and they constantly needed rides every where. It definitely did start to become annoying.

Well yeah, I'm not talking about every week. Usually with my one friend I just borrow his car when I need one and fill the tank when I'm done or buy him liquor.

EDIT: Keep in mind, I live in a much smaller city than Calgary, so I'm not really ever going far.

[blueski]

Originally Posted by wwkayaker

A few years ago I calculated how much my skiing habit cost me in a winter. The closest hill is Marmot but their snow is usually not great. Over the course of eight weekends, I travelled to various resorts. I figured it cost between $8-10k for my girlfriend and me to enjoy those trips...not the cheapest pastime if you don't get an annual pass.

Yeah skiing is brutal cost-wise. My requirements for a sport are: speed, carving, air time, weightlessness/playing with gravity, surfing, accelaration, challenging skill wise, not entirely dependent on physical strength, life long potential and provides fitness benefits with low probability of injury. It needs to be something that my whole family can enjoy together. The only sports that come close to skiing in terms of what I listed are windsurfing or kiting. With those, gas is the only marginal cost after equipment is paid for. We like camping and hiking together too but that isn't nearly as exciting.

[Johnny199r]

Originally Posted by blueski

Yeah skiing is brutal cost-wise. My requirements for a sport are: speed, carving, air time, weightlessness/playing with gravity, surfing, accelaration, challenging skill wise, not entirely dependent on physical strength, life long potential and provides fitness benefits with low probability of injury. It needs to be something that my whole family can enjoy together. The only sports that come close to skiing in terms of what I listed are windsurfing or kiting. With those, gas is the only marginal cost after equipment is paid for. We like camping and hiking together too but that isn't nearly as exciting.

Have you tried mountain biking? I love it, and it makes camping great. Without it, I'd be bored camping.