I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
Gotta know your numbers. Love that "you retire once" hopefully..:) We have been doing planning for years now. We have decades of budget data and spend so we know our costs today and can project our retired numbers. We are going early, wife mid 50s and me a few years older and bringing this plane in for a landing. We have saved 4 years of expenses in cash to ride out market swings ( MM and high interest savings accounts earning interest that pays for 1 to 2 months of travel every year ) and then large IRAs, followed by a normal brokerage account for the bridge fund to get to 59.5 and access the IRAs penalty free. ( yes know about rule of 55 and 72T-does not apply to us since 401 auto rolls 60 days after I leave work and that can't change) Just makes sense to have low income slowing the cash burn so we can get on ACA and pay little to nothing for health insurance until medicare. Funny thing is our base household expenses are not quite 2x the poverty level for household of 2. So it takes very little to "keep the lights on" as they say. Most of our budget spend is travel and entertainment. We have a generous allocation for that but if things got tight for whatever reason, we have lots of margin to adjust as needed.
We did not account for inflation or taxes in the exercise. You are correct that taxes would need to be factored - I'll be releasing a video in a few days with a more detailed explanation of how to factor taxes in and how to plan for them.
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I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
Great work :)
A documented plan leads to firm commitments which leads to action which leads to results.
Gotta know your numbers. Love that "you retire once" hopefully..:) We have been doing planning for years now. We have decades of budget data and spend so we know our costs today and can project our retired numbers. We are going early, wife mid 50s and me a few years older and bringing this plane in for a landing. We have saved 4 years of expenses in cash to ride out market swings ( MM and high interest savings accounts earning interest that pays for 1 to 2 months of travel every year ) and then large IRAs, followed by a normal brokerage account for the bridge fund to get to 59.5 and access the IRAs penalty free. ( yes know about rule of 55 and 72T-does not apply to us since 401 auto rolls 60 days after I leave work and that can't change) Just makes sense to have low income slowing the cash burn so we can get on ACA and pay little to nothing for health insurance until medicare. Funny thing is our base household expenses are not quite 2x the poverty level for household of 2. So it takes very little to "keep the lights on" as they say. Most of our budget spend is travel and entertainment. We have a generous allocation for that but if things got tight for whatever reason, we have lots of margin to adjust as needed.
What about taxes?
We did not account for inflation or taxes in the exercise. You are correct that taxes would need to be factored - I'll be releasing a video in a few days with a more detailed explanation of how to factor taxes in and how to plan for them.
5 mil
How did you arrive at that number?
He probably has a stay at home daughter....they can be expensive.😅
I came up with 2.5 mil but I am in a small house and have no debt
5 mill is the new 3 mill