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this post was submitted on 26 Nov 2023
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https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
Ah… so I have to save 65% of my take home pay…
That’s literally impossible though lmao. 35% of my income is rent. And I already pay way below market rate in my region.
I have to more than double my income suddenly, and pray nothing becomes more expensive.
Basically what you did was something only a very small handful of people can do. It requires a decent amount of luck tbh.
Yeah, my HR representative said I should be saving 15% of my income for retirement. I can't even afford to save that much. By the time you deduct my mortgage, health care costs, food, and other necessities, I have very little left over.
Maybe I could save 15% of my salary if I lived my life without anything enjoyable. No smartphone, no streaming service (even though I'm only paying for one and don't have cable TV), nothing purchased at all to enjoy life. Just live a Spartan, barebones life. Maybe then, I could scrounge together 15% to save for retirement, but my life up to retirement would be extremely miserable.
I feel like this advice was concocted by people making much more than I make. "So, when you get your $10,000 biweekly paycheck, put 15% of it away. See? So easy!"
Saving everything from today for tomorrow can be cool tomorrow. But it also zaps the joy of today. And imagine being dead a week after retirement or super ill. You'd kill yourself out of regret. Sure, saving is good, but enjoying the ephemeral pleasures of everyday is more important. IMHO.
And even if you can afford to enjoy tomorrow, there's no guarantee that your body will let you. My parents were frugal as I was growing up - taking very few vacations. For various reasons, my father retired with very little money.
Even if he had money, though, my father's health has deteriorated. He lives about 3.5 hours drive from me and can't make that journey. For him, even an hours' drive is a lot and airplane trips are out of the question. Even if he had a decent retirement savings, he wouldn't be able to truly enjoy it.
Sorry to hear that. But yes, that chance is on the table too. Although you could be lucky to have saved much and live healthy and happy to 90. But I wouldn't exactly planning for that with confidence.
You know I'm not the same person you asked, right? Given how few people use Lemmy, if there are two of us FIRE (Financially Independent, Retire Early) folks in this thread, maybe it's more common and more feasible than you realize.
Edit (with 4 downvotes so far): wow, even the gentlest suggestion that there's a viable alternative to wage-slavery really generates the hate, huh? I sure would like to know what you folks' objections are.
What's with the hate guys? I'm only living your impossible dream and telling you that if you weren't an idiot you'd be retired at 35 too!
Who said anything about impossible? All it takes is lowering your expectations on how much stuff you can buy.
Bro I don’t buy anything. Most people don’t buy anything. They live paycheck to paycheck just covering the basics. The little I spend on not being miserable wouldn’t be even 1% enough to save to retire at 35. The only way for me to cut costs is to start squatting? Steal food from the supermarket? Idk. In Minecraft ofc.
I assume you're in the USA? Can imagine it to be a lot harder there than elsewhere. Here you wouldn't even need to work at all, as long as you're ok with the very bare mininum like rent and food and stuff. A reason why we're drowning in refugees. The more kids the merrier. Or work some hours a week and earn a lil extra with tons of spare time left.
How one could do this in the US on minimum, i can't even imagjne. Sorry bro. But we all will catch up with your dystopia sooner or later...
Is it okay to ask you what continent/country you live in?
Germany. And why should it not be ok to ask? :-)
Just in case it wasn't ok
Man if you think the US is the hardest place to live, you truly are drowning in privilege. No offence.
And I hope you do realise that the benefits and ease you have to live life are the direct fruits of the overexploitation of the global south by your government.
No, jeez. I'm gladly not in the US. And comparing to other so called first-world-nations it's surely the worst shithole.
So yes, I do know that. And i dislike it,even though I'm benefitting from it. Like we all do from slave labour in india, china, Pakistán and wherever...
Let me guess: "basics" include expenses to commute to work in a car, right?
Well, for starters, don't do that.
Let me guess, you have no idea how most people in the world live. Most people in most places can’t afford a car at all, and spend a good chunk of their money on public transport anyways.