https://www.cnbc.com/2022/07/15/millionaire-who-retired-at-35-why-im-not-scared-of-a-recession.html
"People thought we were crazy living so minimally during a bull market where everybody's making money. [They said] we should be living large," Adcock says. "But we didn't do that. Now we're making almost no changes, and everybody else is."
See? If he can do it, so can you.
$1.1 million
Also, living "off the grid" in fucking Arizona but still going out to eat and buying top shelf liquor. Apparently, they're on well water in that arid hellhole too.
:joker-troll:
the issue is that living in 40k/yr doesn't leave you a lot of wiggle room for expensive disasters - if your house is damaged in a storm that insurance doesn't cover, you need to save a good chunk of that 40k year over year in order to afford the necessary repairs. or said another way, you might need a few years of expenses in an emergency fund on top of the 1 million in order to genuinely make it.
can you afford top-notch insurance on 40k/yr though? doesn't that shit get expensive? like this is something I actively want to do in the next decade - I'm not sure I'm going to be able to work much longer than that, if I can even get that far. my math is probably tighter living in a VHCOL area though. we're moving to a cheaper city which will help but it's gonna be a while before I know what our true expenses are. like I'm worried about vet bills for an exotic bird, personal health bills when I don't have employer-sponsored health insurance any longer but I'm too young for medicare (my health just took a scary and sharp turn for the worse), and house repairs in the long term.
fair enough, I'm just saying that I think any plan like this has to self-insure to some degree, which means having a slightly larger savings target before you start living off of distributions.
the way I see it this is an adversarial system and if you’re not taking advantage, you’re being taken advantage of.
damn straight.
I mean, in many states if you own a house and only live off retirement income then you can run up debt until the cows come home and they can’t take a penny from you
can't they put liens against your house and then force you to sell via court judgements? I know they can if you declare certain forms of bankruptcy for sure, but I'm not clear when liens can force a sale if you just don't do that.
casually collecting hundreds of thousands in dividend checks from record corporate profits
see suriving a recession is ez
People who want an excuse to shit on millennials or justify their own unearned wealth. I think it's that simple.
It's probably written for those who want to follow FIRE (financial independence/retiring early).
If you retire with 1.1 million at 29 (not enough at that age) and end up looking like :thumb-cop: , you fucked up
I really would not feel comfortable with only a 44k yearly cushion. It's a bit more than I make now, and I don't make enough.
I guess you could just get a job in a bookstore part time or something. But if you're able to get 1.1 mil at age 29, presumably you could get to 2 mil in just a few more years and retire more comfortably. I dunno, if I got to retire at 35 with like, 3-4 million, I'd feel much more comfortable than 29 with 1.1.
No way on earth I'd retire without home ownership. But I live in a very cheap city and already own my home even with pretty low income (I married young and we don't have kids yet), so I'm kind of an odd case.
Whenever I need to do a repair on something I get decision paralysis from all the ways it can go wrong because different people say different things online, and a lot of people don't know what they're talking about.
So idk what to end up buying to fix shit.
I recommend stay off YouTube for advice on how to do a repair, and add the word forum to any search. Get on a good home reno professional forum where people talk about building science and can call people out who make bad suggestions.
Fine home building is a good one, this old House is good too. There are others as well.
Then, when you know what materials and strategy you need, go back to YouTube to get a visual of how it's done.
