If you're 20, and saved 20% of your annual income, you could retire at 41.
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7 comments:
The right answer to the question is, of course, No!. As a 60 year old, 61 in July, I can tell you that I never want to retire. However, I do want to be able to do what I want to do, and a savings plan and "frugal living" are key means to the end of freedom. The 20 year old who asked the question in this great link was already ahead of the game. He said he had no debt! Wow. Debt really needs to be carefully considered before undertaking it. Thanks, Sean.
How many college juniors are making $60,000 a year? How many college graduates have no debt? Does this take into account kids?
The principle sounds good. But I don't buy it in practice.
If I'd save 20% of my current yearly income and invested it wisely, I'd be harvesting instant noodles when the planted ramen trees mature... so sounds right :-)
P: good point on retirement.
debt should, indeed, be entered into advisedly.
for my part, at 21 i had a great education and at least 5 weeks in Europe, the Middle East, and East Africa. i also had student loans. they took more than 10 years to pay off.
a choice
S: zero. very few. yes.
point is, those are the #s: 20% of 20k or 20% of 60k, and that's what you'll have on the far side.
i wouldn't pick it, but someone could...
and thanks for commenting!
D: LOL!
If the goal is to retire at age 40, which I assume means that you plan not to do a lick of remunerative work after that, then anyone who goes to Europe as a young man and accumalates 10 years of college debt has made a terrible mistake. Terrible. (Let me add that having a wife and kids would also be a tremendous setback.)
Retirement isn't all that it's cracked up to be. If you like your work/job/career, something positive comes of it, why stop? Especially if you're in the reaching out to human being endeavors.
Don't know if I'd describe the wife and kids as a "tremendous setback", could soften it up a little, no?
If you're broke or in debt, go to work tomorrow, the money comes.
Hey Dan, is there a specialty nursery I need to find to get one of those Raman trees? In the Yellow Book under fusion? ;~)
PS No debt is good, all good. I know.
P: LOL :-)
G: you two agree. Paul has 3 kids and 2 grandkids and is very pro-family, though not a Catholic, like you. but he likes Catholics! ;-)
it was hard to catch his sarcasm if you don't know more about him...
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