quote:
The others, who are making "very comfortable" salaries in their 20s (i.e. $40k to $50k, they think that's a lot of money and the sky is the limit, etc.) who "plan" to retire at 55 are lazy, by nature, don't have a real understanding of how things work, what life really costs or anything like that. They have convinced themselves that if they "work hard" (which to many of us really just means "working") for 25 or 30 years, they will be able to retire at the same standard of living while they were working for 25 to 30 years.

Nah, most that really want to ER work at it and maintain high savings rates over long periods and also plan and budget well for future expenses to the best those expenses can be estimated. My wife and I have enough to ER pre-50 with the portfolio holdings generating passive income exceeding current earned income but ER hasn't happened. With current starting incomes for those that earned good degrees they can easily build to multiple 7's portfolios by 50-55. And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.

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Posted by cwill

Member since Jan 2005

54754 posts

Posted on 2/5/13 at 5:32 pm to tirebiter

quote:
Nah, most that really want to ER work at it and maintain high savings rates over long periods and also plan and budget well for future expenses to the best those expenses can be estimated. My wife and I have enough to ER pre-50 with the portfolio holdings generating passive income exceeding current earned income but ER hasn't happened. With current starting incomes for those that earned good degrees they can easily build to multiple 7's portfolios by 50-55. And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.

This is true, but so very few people can get to a multiple 7 fig income....not everyone is in O&G or tech or a lawyer/doctor...I've come to realize that from reading this board, but a lot of people still mention mid 50s retirement...the only way I think that is feasible is, like you stated, multiple 7 figs by that time with some type of continuing cash flow.

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Posted by Fat Bastard

coach, investor, gambler

Member since Mar 2009

73750 posts

Posted on 2/5/13 at 6:02 pm to tirebiter

quote:
And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.

not really. define big money. Not everybody regardless of education or training has experience and starts out making a killing just because it is tech or O&G.

plenty factors that change things. So many here think it is guaranteed to get a great salary from say e.g. 25 to 65 with no problems in their life like job loss, medical hardships, debts accrued, among other problems. All those things can knock your dick in the dirt for years. It can take years just to get back where you were depending on the severity of those problems.

I will work at least part time until i am in my 70's regardless how much money i have or how little. My big issue is retiring then draining all that jack i busted my arse for over decades.

I will just pass it on for the betterment of my family. and yes, I am setting up for some nice passive income when i am older because plenty of us will not have Socialist Insecurity.