FIRE

[sserafim]

My uncle was talking about this with me this morning. He said that if you work hard when you're young and make a lot money, then after you're 30, you can live like this every day (vacation). I told him that I didn't want to live past 25. He said "okay we'll see about that". Is this achievable? Do many people become financially independent and retire early?

 

[EvisceratedJester]

Most people likely won't retire early, even if they work hard when they are young. The cost of living is increasing, wages are too low, the job market is becoming more competitive, social programs are being cut, etc.

 

[Kit1]

My uncle was talking about this with me this morning. He said that if you work hard when you're young and make a lot money, then after you're 30, you can live like this every day (vacation). I told him that I didn't want to live past 25. He said "okay we'll see about that". Is this achievable? Do many people become financially independent and retire early?

Perhaps for a lucky few. I am in my 40s and am financially independent - but I know that if I am alive, I will be working till probably about 70 before I can afford to give up work - that is if they pay the pension when I become old.
I have two children - and just cannot see how they will ever retire or be able to afford to move out when they are older. Life is tough out there for young people.

 

[divinemistress87]

He got lucky. Most people will be working till they are 70

 

[Praestat_Mori]

My uncle was talking about this with me this morning. He said that if you work hard when you're young and make a lot money, then after you're 30, you can live like this every day (vacation). I told him that I didn't want to live past 25. He said "okay we'll see about that". Is this achievable? Do many people become financially independent and retire early?

Well you can only become financially independent when you start your own business (or you inherit alot of money or you are lucky with investments) but never as a wage slave. He's right if you manage to generate enough money then you can be on vacation 365 days a year. Whether you achieve it with 30 or 40 or even 50 wouldn't be a big prob imo. If you operate an own business then this is usually sth you really like to do.

That was actually my plan since I left school but I ultimately there was a big failure shortly before reaching the big goal - I ended up here a few years later. That's the risk.

 

[rozeske]

Maybe unc could tell us what the mysterious job is that let's you retire at 30 and let you live the rest of your life vacationing.

 

[Deleted member 65988]

He got lucky. Most people will be working till they are 70

And even then, it probably won't be enough

 

[Deleted member 65988]

That was actually my plan since I left school but I ultimately there was a big failure shortly before reaching the big goal - I ended up here a few years later. That's the risk.

Anything in life rarely goes according to plan, including ctb.

 

[sserafim]

Anything in life rarely goes according to plan, including ctb.

That's the main reason why I haven't ctb yet, cuz I'm scared of failing and ending up with permanent damage. My uncle uses this to say that I don't actually want to die

He got lucky. Most people will be working till they are 70

I hate how life is like this. Like literally why is the system set up like this. I didn't even ask to be born; I refuse to work just to survive. I want out

 

[mtoro998]

Its possible but you wont get that kind of money working at Walmart. You probably need to work for yourself and then you need to control your spending and save most of your money through out your 20's.

 

[Adûnâi]

I hate how life is like this. Like literally why is the system set up like this. I didn't even ask to be born; I refuse to work just to survive. I want out

AI is coming. Trust the plan.

 

[Deleted member 65988]

That's the main reason why I haven't ctb yet, cuz I'm scared of failing and ending up with permanent damage. My uncle uses this to say that I don't actually want to die

Really dismissive and ignorant statement from your uncle but there's so many others out there who would say the same thing

"if you want to ctb so badly then why haven't you already, oh that's right because you know you can't and never will. You were just lying for attention the whole time because you're pathetic and useless, you can't achieve the one thing you put time and energy into which is to kill yourself"

I'd imagine words like that would be said from those who usually say this out of emotion which is 99% of the time.

its really hurtful to suggest to someone whose already at the end of their limit that they cant even go through with ctb to show how serious they are about it meanwhile, they have zero clue how much time and effort it takes to plan it out, let alone find the neutrality within yourself to carry it out and hopefully succeed, even seeing the success rate of some methods including my own hasn't helped, nevermind seeing some people able to ctb from it with less while I still worry about falling it, it never ends.

 

[sserafim]

AI is coming. Trust the plan.

What plan? What if AI brings a dystopia instead of utopia

 

[rozeske]

AI is coming. Trust the plan.

I saw this today and it reminded me of you :)

 

[Adûnâi]

You were just lying for attention the whole time because you're pathetic and useless

I never understood what so wrong is about trying to get attention?

What plan? What if AI brings a dystopia instead of utopia

Then we have to press the eject button swiftly enough^^

 

[Blank_Slate]

There are many many people who retire early, but not if you look at it as a percentage of the population. I would also say that working hard helps, but in no way guarantees you'll be able to retire early or even be financially secure. More important than working hard is being lucky or smart enough to make good decisions, and working hard enough to take advantage of opportunities.

Retiring after you're 30 is definitely not a realistic goal for most people. But I would argue that it is very possible with some luck and planning to be financially secure when you're in your 30s, and to have for yourself some freedom as a result of that. Example - being able to do hobbies or activities that you love, being able to take time off from work, not being afraid of losing your job because you have a safety net you've built.

So in a round-about way I'd say that the idea of working hard and making good decisions in your 20s does have the benefit of setting you up for more freedom and ability to lay back in your 30s - but it's all very dependent on getting some good luck as well - and if you manage your expectations it can be very realistic and attainable if you avoid pitfalls like gambling, overspending, or just bad luck.

There's also something to be said for following your passions in your 20s as well - but it really depends. If there's something you really enjoy like a sport or art then ofc it's great to pursue that at any time in your life - and "hard work" is not the be-all-end-all. But I would recommend that even if you pursue a passion, you should keep some kind of back up plan for being able to financially support yourself incase you can't find a way to turn your passion into a comfortable life.

Anecdotally I am in my early 30s and live comfortably as far as money because I worked very hard in my late 20s and saved a lot of money. In my early 20s I also worked very hard but made no money because I was investing all of that effort into education, which later more or less paid off.

Because of this I do have the freedom to relax and enjoy my life and I don't have to work hard every single day anymore. That said - it's not like it's a "vacation". I don't have so much wealth that I can afford to live like i'm at a resort - but I don't need to stress over bills or food or whatever.

I'm also not very materialist which helps - I have no desire to own an expensive car or a giant house - and as a result most of the things that I actually want in life I can afford to have. The exception would be travelling around the world whenever I want - but that is quite a luxury - If I ever win the lotto that's what I would do with the money.

I'm not a particularly smart or talented person, and I'm lucky to come from a stable loving family, but growing up my parents definitely were not wealthy, though they were very financially responsible. When I turned 18 they helped me pay for college - and in the end I'd say I paid 80% and they paid 20% which I really appreciate.

 

[ForgottenAgain]

It would be useful to know what your uncle does. You can save a lot and retire early by being an employee if you have the right job. I see that a lot with people in programming, which is my field. You can make a lot of money in programming just by working at a company. I don't agree that having your own business is the best way to not work. Having your own business means working even more than if you are an employee, it's a lot of work to get clients, deal with accounting, promote yourself and do your regular job on top of all that. Being a business owner is great for workaholics and that's it.

Having said that, you need good investments to help skyrocket the money you earn as an employee. A lot of money is needed to retire early, you need to be financial savvy, do projections, save as much as you can. You basically have a sad life until and if you can retire early and, even if you achieve that, it can be a lonely life since your friends will be working and you may feel purposeless.

A lot of people drive meaning from their jobs, not needing to have a job isn't necessarily good, it's just different and some people don't do well without something to drive them out of bed everyday. Again, there can be a lot of fulfillment and meaning in a job you enjoy doing plus social interaction.

 

[Homo erectus]

It seems it's achievable for you, although the reason for that is because it is not achievable for other people.

 

[sserafim]

It seems it's achievable for you, although the reason for that is because it is not achievable for other people.

Wdym

 

[Homo erectus]

Everyone is different. Your uncle knows something. The everyone person is like 51% male 49% female. No one is average.

 

[sserafim]

Everyone is different. Your uncle knows something. The everyone person is like 51% male 49% female. No one is average.

I still don't understand what you mean. What is the "something" that my uncle knows?

It would be useful to know what your uncle does. You can save a lot and retire early by being an employee if you have the right job. I see that a lot with people in programming, which is my field. You can make a lot of money in programming just by working at a company. I don't agree that having your own business is the best way to not work. Having your own business means working even more than if you are an employee, it's a lot of work to get clients, deal with accounting, promote yourself and do your regular job on top of all that. Being a business owner is great for workaholics and that's it.

Having said that, you need good investments to help skyrocket the money you earn as an employee. A lot of money is needed to retire early, you need to be financial savvy, do projections, save as much as you can. You basically have a sad life until and if you can retire early and, even if you achieve that, it can be a lonely life since your friends will be working and you may feel purposeless.

A lot of people drive meaning from their jobs, not needing to have a job isn't necessarily good, it's just different and some people don't do well without something to drive them out of bed everyday. Again, there can be a lot of fulfillment and meaning in a job you enjoy doing plus social interaction.

I don't know what he or my dad do lol. My uncle studied CS though so he's smart I guess, and my dad went to law school

 

[Homo erectus]

We all need to trust some people in this world. Unless you uncle has a track record of lying to you, he must be telling you something true.

 

[Final_Choice]

Maybe a few decades ago that would have been true, but today with everything going on and how the economy and other systems affecting different costs and life in general, I don't think that's possible besides a few edge cases.

 

[OnceThougtTwiceDone]

Not many-it's possible-but not "if you work hard" in the modern world. He was really just going to the default statement of "You have a whole life ahead of you, so don't ctb."

 

[kilowatt]

Then there's inflation. The ''if you work hard enough'' doesn't really apply for this time.

 

[Forever Sleep]

I knew a neighbour who retired at 30 but, he was a Trader on Wall Street. Helps I imagine if you're good at maths, business, entrepreneurship. Also confidence bordering on arrogance/narcissism/sociopathy I imagine comes in handy. He seemed ever so good at using people. He's the only person I know or- knew who didn't/doesn't work beyond 30. The rest of us have our noses to the grindstone. Yay.

 

[damyon]

My uncle was talking about this with me this morning. He said that if you work hard when you're young and make a lot money, then after you're 30, you can live like this every day (vacation). I told him that I didn't want to live past 25. He said "okay we'll see about that". Is this achievable? Do many people become financially independent and retire early?

Is this achievable? Absolutely! Even with a "normal job" where you do not own a stake in the company, you can make lots of money.
Look at new grad offers from top-known trading companies like HRT, CitSec, Renaissance, JS, Two Sigma, etc. They can pay a ridiculous amount of money to just a college graduate, not to mention the bonuses. Now, this high compensation comes at the expense of a toxic environment, a lack of WLB, and long non-compete agreements, but still...


In general, I would say it is possible for an average person to do it. You just need to find a niche where you can scale. As @mtoro998 noted, you will not be able to do it working at Walmart even if you work 24/7.
You have a college degree in STEM. I don't know which one (stats, I guess?), so you can probably bank on that and specialize in a particular field. With dedication, reaching FIRE is definitely possible.

 

[ijustwishtodie]

Definitely not. I believe that most people are coping when they think that they'll retire early. I think this is a reason why capitalism works so well as most people probably just assume that them, or their kids, would be the rare few to retire early as many people have 'main character syndrome'.

Oh, also, what does "FIRE" stand for?

 

[sserafim]

Definitely not. I believe that most people are coping when they think that they'll retire early. I think this is a reason why capitalism works so well as most people probably just assume that them, or their kids, would be the rare few to retire early as many people have 'main character syndrome'.

Oh, also, what does "FIRE" stand for?

Financial independence, retire early

 

[Kit1]

If anyone wants to retire early and unless you are in some sort high paying job or own a really good business, my advice will be not to have children. I love my children and will not swap them for role tieing early or anything else for that matter - but having children and giving them a decent life is very expensive!