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re: Anyone retire early early?
Posted on 5/19/24 at 7:32 am to The Rev Tooncinator
Posted on 5/19/24 at 7:32 am to The Rev Tooncinator
quote:
The Rev Tooncinator
Kind of an odd post. All that to say you wish you hadn’t had kids in your mid to late twenties and instead built wealth to have said kids in your 40s?
On your W2 comment, marker for when generational wealth begins?
Posted on 5/19/24 at 7:39 am to JohnnyKilroy
quote:
My wife and I will almost certainly be w2 our whole careers and I’m retiring around 50ish with a nearly 8 figure port assuming 7% CAGR. Two professionals can easily hit FI early if they both work and are reasonably disciplined.
I ran a quick model assuming current savings rate if my wife and I continue on the same savings rate and working path as we are now (no promotions or change of income outside of staying at rate of inflation)…we would have a net worth of $30M+ if we worked to 60. We don’t need that much and will adjust our work plans accordingly.
The behaviors from our 20s and 30s will enable us to essentially Coast FIRE going forward.
Posted on 5/19/24 at 8:07 am to lynxcat
Yea I always run my numbers without assuming any raises or promotions.
Factor those in reasonably and it’s looking like well into the 8 figs by 50-52.
Factor those in reasonably and it’s looking like well into the 8 figs by 50-52.
Posted on 5/19/24 at 5:48 pm to The Rev Tooncinator
quote:lulz
Your time, energy, and youth can set you up to have a beautiful family after 40.
Posted on 5/19/24 at 6:26 pm to SM1010
48 is a goal for us, then living in lower cost of living country. Work or volunteer a couple days a week. All possible with our current situation. No kids helps a ton.
Posted on 5/19/24 at 6:38 pm to TheOcean
several strip clubs open at 11am..
Fish
garden and raise chickens
Travel the world...slowly
I would find something I can promise you this if money to live on and healthcare was not a issue.
Fish
garden and raise chickens
Travel the world...slowly
I would find something I can promise you this if money to live on and healthcare was not a issue.
Posted on 5/19/24 at 6:44 pm to GREENHEAD22
quote:
can only think of a handful of careers where someone could truly retire at 40-50 and have had a family.
Govt workers can all retire early
Posted on 5/21/24 at 4:37 pm to The Rev Tooncinator
quote:
thank you for sharing this. May I ask, did his profession not allow him to continue working in it even at a limited capacity? Like was his role all or nothing?
He was self employed. Dealt in salvage and trucking a lot, but did really well for himself in the late eighties. Would buy physical assets of bankrupt companies in the northeast and flip them in the south. Keep in mind this was before the internet boom and information flow was very limited. So he would go to bank fire sell auctions in Chicago and New York / New Jersey and buy in bulk then split up and sell (for lack of a better term).
When he was done he was done. He sold everything at once. Honestly don’t think he realized how long he was going to be retired.
He thought several times about going back in business in 2008/09 but ultimately decided not to bc of the way and speed business was done. One of his many regrets. But he still wouldn’t have been happy IMO. Would have just added another level of stress to him. He always thought someone was out to screw him and that’s how he operated his whole life. Business and personal.
Posted on 5/21/24 at 5:10 pm to The Rev Tooncinator
quote:
Your time, energy, and youth can set you up to have a beautiful family after 40. Mother Nature will not allow your girlfriend at 27 this same luxury.
To each their own, but I don't want to have teenagers at home when I'm 60. That seems like one of those plans where you have a 10% chance to stick the landing.
This post was edited on 5/21/24 at 5:23 pm
Posted on 5/21/24 at 7:44 pm to fallguy_1978
Dude wants to be waking up at 3 am to change a diaper at 41. Insane behavior.
Posted on 5/21/24 at 8:05 pm to JohnnyKilroy
I know a few married couples that had a kid around 40, but I think that's more the exception.
Just starting to pursue a family post 40 probably means more like 44-45, if you can find a 20 something willing to have kids with you. That's not a guarantee either.
Dealing with a 16-17 yr old kid (me right now) sounds exhausting in your early 60s.
Just starting to pursue a family post 40 probably means more like 44-45, if you can find a 20 something willing to have kids with you. That's not a guarantee either.
Dealing with a 16-17 yr old kid (me right now) sounds exhausting in your early 60s.
Posted on 5/21/24 at 8:37 pm to fallguy_1978
Also dealing with a 20 something woman in your 40s. You got decades of real world experience under your belt and you're trying to raise a family with someone who doesn't know shite about frick.
I'm sure they are fun as hell to mess around with, but I think I would need someone generally on my same level to actually marry them lol.
I'm sure they are fun as hell to mess around with, but I think I would need someone generally on my same level to actually marry them lol.
This post was edited on 5/21/24 at 8:38 pm
Posted on 5/21/24 at 8:42 pm to JohnnyKilroy
quote:
Also dealing with a 20 something woman in your 40s.
Yeah, I couldn't do it. They might look better than women in their late 30s or 40s, but that's a very small part of a successful marriage.
Also, the larger the age gap the higher the divorce rate. It's almost like we relate better to people around our age.
Posted on 5/21/24 at 10:35 pm to fallguy_1978
Just a really weird as frick post to see someone essentially say they regret having their kids for money reasons.
It’s one thing to say you don’t want kids or you want to put off having kids for financial reasons. It’s a whole different thing to say you wish you didn’t have the kids you already have so you could have retired earlier. Again, insane behavior.
It’s one thing to say you don’t want kids or you want to put off having kids for financial reasons. It’s a whole different thing to say you wish you didn’t have the kids you already have so you could have retired earlier. Again, insane behavior.
Posted on 5/22/24 at 12:24 am to TheOcean
I retire in December after 24 years in the Army. Will be 43.
No real clue what I want to do other than travel a lot. I know I'll get bored so trying to find a job that's flexible and rewarding if there is such a thing.
No real clue what I want to do other than travel a lot. I know I'll get bored so trying to find a job that's flexible and rewarding if there is such a thing.
Posted on 5/22/24 at 6:45 am to JohnnyKilroy
I didn't take it as he regrets having kids. He just wishes he postponed it. Nothing wrong with that -- having kids when more financially secure can make a huge difference
Posted on 5/22/24 at 7:42 am to TheOcean
I would argue the opposite. Wife and I married a little later than normal and delayed having kids. I’m 52 with one kid getting ready to leave HS and one starting. Most of my friends have kids out on their own and are focusing on setting themselves up. We had a great time in our twenties and were able to set ourselves up financially…but it does have its drawbacks. I’ve been the sole breadwinner too and after 26 years it gets to be a grind and job flexibility is limited when the whole family is riding on your income.
I’m zeroed in on retiring or stepping way back at 60. House and rental will all be paid and should have enough to pull the trigger if something crazy doesn’t happen.
I’m zeroed in on retiring or stepping way back at 60. House and rental will all be paid and should have enough to pull the trigger if something crazy doesn’t happen.
This post was edited on 5/22/24 at 7:44 am
Posted on 5/22/24 at 8:36 am to TheOcean
quote:
I didn't take it as he regrets having kids. He just wishes he postponed it. Nothing wrong with that -- having kids when more financially secure can make a huge difference
I took it as he regrets the kids he actually has, because if he had postponed it and found a different, younger woman to have them with him later in life as he said, he wouldn't have the same kids
And while I can generally agree with you the being more financially secure >> less financially secure, something should be said about the rapid increase in childcare costs that is miles and miles ahead of general inflation. The same childcare today costs a barely fathomable amount more than it did 10, 15, 20 years ago.
This post was edited on 5/22/24 at 8:51 am
Posted on 5/22/24 at 4:39 pm to nola tiger lsu
Yea no kids helps you financially but also that you are willing to move internationally. I have 3 kids, and they are expensive… but even when they are out of the house, we want to be close by…
So an international move sounds awesome, but it would not work for us
So an international move sounds awesome, but it would not work for us
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