03-22-2024, 03:18 PM
#1
Is it possible to retire at 30 making 50k a year?
Let’s say hypothetically I buy a home very cheap where my mortgage is less than $700 a month. I max out my 401k for 4-5 years and save up and invest basically all my money can I retire very young?
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03-22-2024, 03:19 PM
#2
yeah, if you live in a place with a super cheap cost of living.
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03-22-2024, 03:20 PM
#3
No
Inflation will get you in the long run
You need to have an income source that generates a stream of income that is immune to inflation, or better yet benefits from it (eg rental properties)
Inflation will get you in the long run
You need to have an income source that generates a stream of income that is immune to inflation, or better yet benefits from it (eg rental properties)
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03-22-2024, 03:23 PM
#4
Yeah you can move in with GMiscer
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03-22-2024, 03:28 PM
#5
yes. pay off the home and get the mortgage to $0. no car payment, no CC debt. now live off less than $50k and reinvest what's left over so your income continues to grow. let's say you live on $35k and invest $15k/year. your income will slowly grow higher than $50k which allows you a certain percentage of it for extra spending money. on the house go small with cheap property taxes/ultilities/insurance.
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03-22-2024, 03:50 PM
#6
Originally Posted By r32gojirra⏩
Won’t Biden just screw me over if I become a landlord?
No
Inflation will get you in the long run
You need to have an income source that generates a stream of income that is immune to inflation, or better yet benefits from it (eg rental properties)
Inflation will get you in the long run
You need to have an income source that generates a stream of income that is immune to inflation, or better yet benefits from it (eg rental properties)
That ain’t Dababy that’s Basedbaby!
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03-22-2024, 03:52 PM
#7
If you and your employer completely max out the 401k that'd only amount to about 350k. If you want to "live off the interest" good general guide is the "4% rule" which is basically living off 4% of whatever you've saved. To figure out what you need, multiply what you want to live off by 25 and that's the total amount you need to cover you for life. 50k*25= 1.25 million, so no your 401k probably won't cover you. Check out early retirement blogs like Mr Money Mustache, he's covered a lot of the early retirement math and has info from others as well.
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03-22-2024, 04:10 PM
#8
yeah, you save for as long as you can than say **** it and do bad at work purposely and when they eventually fire you they have to give severance and after that apply for welfare. then you live off welfare and youre savings until you die
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03-22-2024, 04:21 PM
#9
Starting at what age? Hypothetically. Starting at 20. Lets assume you live with parents and have no bills. Lets assume you pay a 33% tax rate of 16.5k. That leaves you with 33,500.00 to live on/invest. Lets assume your a tight wad and can live on just 500 per month. That's 27,500 left over per year to invest. Or 2291 per month.
You toss that in an index fund with a 10% return. After 10 years you're looking at 469,299.00
In theory you could retire on that in SE Asia or someplace cheap. Especially if you invested in a dividend fund that pays you constantly so you never have to spend that initial fund. There are also some income funds that pay around 10% returns. So assuming you tossed that money in one of those, it wouldn't grow. But you'd have a passive income of 46K per year….
If you're in the US you could probably duck out of the rat race and just work a part time job and subsist… Depending on where you're at.
This sort of thing is high risk though. You run into health problems later in life. You want the cash or the insurance to make sure you get the best healthcare possible.
You toss that in an index fund with a 10% return. After 10 years you're looking at 469,299.00
In theory you could retire on that in SE Asia or someplace cheap. Especially if you invested in a dividend fund that pays you constantly so you never have to spend that initial fund. There are also some income funds that pay around 10% returns. So assuming you tossed that money in one of those, it wouldn't grow. But you'd have a passive income of 46K per year….
If you're in the US you could probably duck out of the rat race and just work a part time job and subsist… Depending on where you're at.
This sort of thing is high risk though. You run into health problems later in life. You want the cash or the insurance to make sure you get the best healthcare possible.
03-22-2024, 04:24 PM
#10
Just save up and invest, learn some asian language, teach english at said asian country where its cheap af
03-22-2024, 04:27 PM
#11
u can retire at any age
you collect welfare and live in a rooming house
you collect welfare and live in a rooming house
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03-22-2024, 04:33 PM
#12
Don't think so. It'd be hard even for $150k if you only work 5 years.
Should at least do 10 so you get a little boost via social security when you're older. But I'd say if you made $50k + kept around that number keeping up with inflation, you'd wanna aim for 20-25 years, srs. $100k possibly 15-18 years or so. $150k possibly 11-13. $200k possibly 7-9. $250k possibly 6-7. Only if you're a $300k+ mogger does 5 years make any sense to me.
Should at least do 10 so you get a little boost via social security when you're older. But I'd say if you made $50k + kept around that number keeping up with inflation, you'd wanna aim for 20-25 years, srs. $100k possibly 15-18 years or so. $150k possibly 11-13. $200k possibly 7-9. $250k possibly 6-7. Only if you're a $300k+ mogger does 5 years make any sense to me.
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03-22-2024, 06:00 PM
#13
Maybe if you start at 1 yrs old LMAO
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03-22-2024, 06:01 PM
#14
No you baboon
03-22-2024, 06:06 PM
#15
Originally Posted By eddiehaskell⏩
yes. pay off the home and get the mortgage to $0. no car payment, no CC debt. now live off less than $50k and reinvest what's left over so your income continues to grow. let's say you live on $35k and invest $15k/year. your income will slowly grow higher than $50k which allows you a certain percentage of it for extra spending money. on the house go small with cheap property taxes/ultilities/insurance.
This
But don’t forget taxes are going up every year your house goes up in value. Also you need health insurance
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03-22-2024, 06:15 PM
#16
Nope
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03-22-2024, 06:23 PM
#17
50k is probably going to be around 40k after taxes. Max contribution to a 401K is 23K. That leaves you with 17K. Minus a 700$/month mortgage would leave you with under 9000/ a year to live on and you haven't even got into food/insurances/utilities yet. You'd probably have to forgo having a car as well. Oh and then there is persistent inflation and rising property taxes.
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03-22-2024, 06:23 PM
#18
50k in 5 years will be equivalent to $5. (Super Ded fkn Srs)
03-22-2024, 06:30 PM
#19
wtf FUK NO
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03-22-2024, 06:34 PM
#20
Sure, but can you party after 30?
03-22-2024, 06:35 PM
#21
Not a chance OP.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
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03-22-2024, 06:38 PM
#22
Originally Posted By lockdev⏩
This is actually a good point. I’m not even 30 but I’ve sunk unbelievable amounts of money into healthcare costs over the past couple years. If you’ve been healthy your whole life, you wouldn’t even imagine how costly it can get.
Not a chance OP.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
03-22-2024, 06:39 PM
#23
Originally Posted By lockdev⏩
Facts.
Not a chance OP.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
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03-22-2024, 06:43 PM
#24
Originally Posted By lockdev⏩
I’ll get Obamacare
Not a chance OP.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
As you get older, you're going to need health insurance. That chit is expensive.
It's also expensive for a reason: The jews want you working. Only way to get it is to either work for the man, or have a profitable enough business to cover the $1200+/month premiums.
inb4 <30 year olds say "you don't need it".
I thought the same thing. I was diagnosed with two chronic conditions in my 30s, both needing pretty fooking expensive medicine. Don't think it can't happen to you.
The main plan is to be super healthy and not need healthcare but if I do need it I’ll have something.
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03-22-2024, 06:49 PM
#25
Originally Posted By Basedbaby⏩
depending on how your income is structured, you can get obamacare for free or close to free.
I’ll get Obamacare
The main plan is to be super healthy and not need healthcare but if I do need it I’ll have something.
The main plan is to be super healthy and not need healthcare but if I do need it I’ll have something.
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03-22-2024, 06:49 PM
#26
Have to ask yourself what will you do with all that free time.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
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03-22-2024, 06:51 PM
#27
How does maxing your 401k help you retire early? You can't go access those funds and the interest until 60 something years old. Early withdrawals are penalty heavy.
Do you mean you will just max quickly for a few years then have the money sit there until you reach goverment-retirement age?
Do you mean you will just max quickly for a few years then have the money sit there until you reach goverment-retirement age?
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03-22-2024, 06:53 PM
#28
Originally Posted By crupiea⏩
the problem is I'm not even thinking about that, I'd rather work part-time than work full time eating up all my hours. 2-3 days a week of work is enough. That's what I would be doing
Have to ask yourself what will you do with all that free time
.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
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03-22-2024, 07:01 PM
#29
Originally Posted By crupiea⏩
when retired it's amazing how a lot of time can seem like not that much. makes me wonder how working people get everything done while keeping their sanity/health. almost always sleep 8-10 hours (no worries if you can't fall asleep on time some nights), stroll into the kitchen to make some breakfast while eating slowly and comfortably, casually read/check stock an hour or two, check the mail, call mum and dad to see how they doing, check out some scriptures, take a nice long 20-25 minute hot shower, hit the gym, fool around/shoot some hoops/sit in the sauna/steam room for 45min…rinse off in the shower, grab a bite to eat, misc a little…BAM it's 4-5pm. clean the house a little, spend some time with your woman if you have one…the days just kinda go by while you're living in slow motion taking as little or as much time as you want to do stuff.
Have to ask yourself what will you do with all that free time.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
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03-22-2024, 07:19 PM
#30
Originally Posted By eddiehaskell⏩
Wow I'm jealous
when retired it's amazing how a lot of time can seem like not that much. makes me wonder how working people get everything done while keeping their sanity/health. almost always sleep 8-10 hours (no worries if you can't fall asleep on time some nights), stroll into the kitchen to make some breakfast while eating slowly and comfortably, casually read/check stock an hour or two, check the mail, call mum and dad to see how they doing, check out some scriptures, take a nice long 20-25 minute hot shower, hit the gym, fool around/shoot some hoops/sit in the sauna/steam room for 45min…rinse off in the shower, grab a bite to eat, misc a little…BAM it's 4-5pm. clean the house a little, spend some time with your woman if you have one…the days just kinda go by while you're living in slow motion taking as little or as much time as you want to do stuff.
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