agree with a lot of your points. Also IMHO retiring at 40 is freaking boring. Even if your a millionaire. A friend of my fathers retired at about 44 with a retirement account in the 10s of millions. He was bored as hell. He traveled a lot & did everything you could imagine for a couple of years... He just got out of retirement back in 2010 b.c he was so bored. Bought a couple of franchises just to keep busy.

 

Gold is NOT a "sure deal"

 

I wasn’t implying it was, I was referring to cashing out his house which is a sure deal today (300k+ in pocket) it may not be tomorrow. If you recognize what can and does happen to property value in this country when we have done nothing to cure the spikes and crashes of investment prospecting by big banks, it makes you reconsider holding property as a sure retirement plan, it could just as likely end up being a liability.

But my reference to gold was that if you’re going to invest in anything at all, something of 'substance' like gold would probably be about the most sure deal over the long haul in my humble opinion. It’s always been a precious metal, it also has high demand in manufacturing in this country as well as the countries we owe money to, and it’s becoming more scarce. I'm no expert in investing, never claim to be, but I do pay attention to what’s happening in our country and abroad in general terms which do directly effect economy and markets. To me investing in things that are tied to our inflated worthless paper currency which is no longer backed by anything (other then our global sanctions on tying to petrol/oil, which also wont last for several reasons) small/large business success or failures which can easily flop or be outsourced, or playing on daily trends in any market which shifts when someone farts, all doesn’t seem like more of a sure deal to me.

 

All I'm trying to say is that going to B school isn't a stupid decision if you get into a top tier school. You hate your job. If you go to a top tier b school you can go through recruitment and get a higher paying job in a diff. career path (depending on what interests you). including opportunity costs, B school will roughly cost you $300k. you can make that up within a couple of years if you go to a good b school. & you won't hit a glass ceiling.

Why do you want to retire at 40? i know a few people that retired that early and hated it. IMO you should try to find a career that you actually enjoy. Living with your parents at 29 and saving XXX amount is not the way to retire. Thats not how "normal" life is.
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Let me think about this.

Quit my 100k a year job. Give up me $3,000 a month residual income. Go back to school and. Blow 200-300k in tuition and living expensies. Get a new job/career that I will equality hate/dislike just as much as my current job, work equally as many hours per week, plus make less money that I make now.

NO THANKS!!!

The goal here is not to find me a new job/career that I will dislike less. That's not important. The goal is for me to not have to work as soon as possible.

As to why I want to retire so soon. Well to make it simple I hate work and I love being lazy and doing nothing. It's also not me work that I particularly dislike, it's any real 40+ hour full time job/career. Does. It matter weather I'm a doctor/lawyer or any other high paying profession. And trust me I have and know plenty of friends that are in these successful professions. That's my goal. Trust me I will not be one of those people that will be retired and be bored. I have many hobbies that take up lots of time. I just don't have the tire to do much of them. I would love to start a family and actually be home to see the kids. With my 5-6 day a week 12pm -10pm work schedule that would be impossible.

As with living with my parents. I live in a seperate back house. Out home is payed off. So I will never need to pay to put a roof over my head. My parents do fairly well. So I'll probably inhearat a few properties from them when I get older.

To be ritch is to have a lot of money but to be wealthy is to have lots of time. By that defination I'm already ritch which I don't care for too much at all. I just want to have lots of time!!

75%of the week is work, 25% is not. I enjoy 25% of the week. Work sucks and it's suppose to suck and thats ok. It's called work for a reason. People are not going to pay you to do something enjoyable. I am just trying and working with a goal to at some point in my life to enjoy 100% of my week instead of just 25% of it

I dident make this thread to complain about my job/career/work life. I made it to learn and ask for help in terms of money and investments to help me have a end goal of retireing ASAP.

 

RIceball,

I'll say this- The statements you made in your last post are different (omitted really) from your initial question. The answers people, including me, gave to 'I hate my job and want to retire at 40' are likely very different than the answers you would have gotten if you said...

'I'm lazy, I don't like to work, I make good money now and want to enjoy my hobbies, but don't want to be in any rat race any more than 10 years from now.'

You gave some specifics about your situation, and people answered that. Now you've provided additional information and you're getting angry (from my interpretation of your comments) about people's responses to the initial question. At 29, going back to school, investing 2-300K in yourself that gives a chance to enjoy what you do for the remainder of your career isn't unreasonable at all. My sister left Wall St at 30+ to become a chef, and there are 1000's of similar storys, if not tens or hundreds of 1000s of similar stories. 15 years late, she now teaches cooking, and gets to do what she enjoys in an environment that's rewarding for her and gives her the opportunity to enjoy her personal life like she couldn't before.

I think many people can appreciate you looking for a work/life balance. I think far too many people see work as life, and not as a means to have a life. I think many people do enjoy what they do (which might be different than liking who you do it for, where you do it or why you do it). I think having enough to retire on is an unknown, but the known part is that the longer you need retirement income for, the more you need up front when started.

Not to share my complete situation, but I'm 45 and want to get out at 60. I'm doing the right things and with my advisors making decisions that should allow that. All the models we look at suggest that at 90, or 30 years after I retire, I may still have millions left over (let's not argue what a million might mean in 45 years from now). So I asked, what can I do today so that at 90, I have a zero balance - I spend it all. How early can I retire? The answer, 59, maybe 58 1/2 .. YES, that's right, a 1 year difference in retirement (and the income from working) is several million on the back end because I have no income that year and would be depleting principle immediately. So basically, you're going to need to gap from 40 to 60 or so, and get returns on whatever you have to LIVE your lifestyle, and continue to build your retirement.

Again, good luck.

 

well that changes the situation now doesn't it? Most of us here have expenses in life rather than living with our parents and inheriting their properties.
I feel sorry you think work is suppose to be shitty and your suppose to hate it. I couldn't do what your doing even for a couple years let alone another 10 but thats your choice.

Regardless unless your parents are leaving you millions (and i don't mean just 1-2 million), you will not have enough at 40 unless you save 80% of your income. Maybe invest into some business or real estate that can net you decent returns and live off that. But just savings alone won't get u there.

 

I am sorry Riceball but this thread just comes off as really immature.

I am 29, I don't want to work, I live with my parents, until they die and leave me stuff.




It sounds like a nice goal and everything, but if you find a spouse and have a kid it all goes out the window.

You repeatedly say you hate your job and you can't take it anymore. It seems pretty clear what the answer is. It sounds like you are a decent salesperson, there are plenty of high paying sales jobs that are probably much more fun. A friend of mine is in medical device sales and they send him all over the world to play golf with doctors and he gets paid a ton.

Or work less, enjoy your life more and accept less income. I am sure you don't have to work that much, but you do to fatten your paycheck. What good is the money if you can't have the time to enjoy it? I have been in a job I am not super happy with all the time and at times I hate, BUT I have tons of time off, am paid fairly well, and get to enjoy the other parts of my life. No way I would be working every week night at 29 and single. I'd be chasing skirts.

I have been saving in the $25-40k a year range you specify for a while now, I am 44, and a safe plan for retirement is not even realistic until I am 55 which I am shooting for, but a couple bad years of returns and it can become 56 or 57 real fast. And I have no kids.

You are going to need $2 million minimum, and that is probably low if you want to play it safe at 40. Not to sound too conspiratorial, but the markets are a bit rigged by sophisticated people that know how to manipulate the market, get out and take profits, market plunges, buy back in, repeat. We have had several crashes of the market in the last few decades, there will be more we will likely have to ride out, so you really need a ridiculously fat account to weather all the storms if you want out at 40. And others have said, you will be bored. I know a couple people who retired really young and they both went back to work. One had to due to a market crash, the other just could not stand sitting around all day. You got nobody to hang out with because everyone your age is working and has kids to take care of. There is only so much an Xbox can entertain before you go nuts.

 

Sorry if I came off a bit Immature. Let's put the job/career issue aside. Let's talk strictly investing for the future.

So... With a net worth of over 300k and saving 30-50k a year there has for to be a way out of the workforce In the next 10-15 years. If I can't find or think or anything better I suppose I'll just keep on saving and dumping my money into rental property.

 

You want to retire with roughly 300k + $50k * 11 years? 850k (plus interest i know) is not enough to retire IMHO. Not at 40. Not if you want to weather the storm in the long run.

Even with a 1 mil in the bank or rental property, netting you 7%, thats only $70k/year pre-tax. Once you account for potential obstacles, it isn't possible.

The only way IMHO for you to "retire" is if you can invest in businesses that you only have to be a silent partner in that can net you 20-30%. The markets & real estate won't let you retire that early though unless you are that good at day trading once you retire.

 

What about becoming a coach/mentor/instructor to others based on your success in groups or one on ones based on $$$. Im sure several others out there would like to do what your doing currently.

Also, I would sell the 550 home and purchase several in the 100k range in hot spots. Those can easily rent over 1,000 and net you more than one expensive home.