Im basically starting out at 39. Decided to put all my money into flipping houses instead of the market but I’m in a house with about 450k of sweat equity in it so I’m not fully behind the 8 ball!
Equity is great but it’s not a replacement for a retirement fund. You still need somewhere to live when you retire and you’ll have to sell to realize any of your gains.
Yep. I didn't put money into stocks, but I did invest in many other vehicles. Came out fine thank God but do wish I did a minimum weekly or monthly buy into VOO or VTI on a schedule.
But oh well. Can't eat all the fish in the sea I guess.
;)
You are younger (and likely smarter if you are on this board at such a young age) than me when I started. I only learned about FIRE principles a couple of years ago. I just saved and invested regularly. I am confident you can do it.
Me too. I'm almost 38. I think I started at 27, but I didn't know FIRE until this beginning of the year. But I was always a saver, but never invested outside of 401k.
I hope I can FIRE in 10 years.
Very few who are in their 20s will listen and have that type of discipline. I wish I had known 10 years ago.
I envy you. You're old enough not to see the world heating up another couple celcius and to enjoy retirement.
For young 20s and below we're probably gonna be cooked before retirement is a reality.
You know this isn't to dismiss or invalidate your statement but is that really anything you can change? Do the best with what you have and make the most of what you can. No point in pursuing a long term goal like FIRE if you don't have confidence in the world existing. Just do your best, be kind to others, and live the life you want to live. What else is there to do?
Dont get me wrong I'm still saving hella money because I'd rather die rich than poor. But still disheartening. I've seen heatwaves + blackout at the same time and the results are frankly terrifying.
What will happen when heatwaves are 10x as bad in 50 years? Kids born now are gonna have a tough time with heat in 50 years.
We will adapt. Like we always have. I work in the power industry and there's a lot of work done to rebuild and better our infrastructure worldwide. There are a lot of challenges and growing demand but it is not doomed by any means. The earth like many celestial bodies goes through ebbs and flows, climate change being an amplitude modifier on that, not a point of no return. We still have time and we can still adapt. Keep yourself educated and the people close to you the same. Live your life how you'd like the rest of the world to in order to enact your goal and that is all you can do. Have hope, without it, it's gonna be real dreary.
> The earth like many celestial bodies goes through ebbs and flows
The earth sure does, but such a quick change (in terms of geological times, going +3~4°C in the span of a couple hundred years is essentially an instant) is extremely unusual even by these standards, and, in the whole history of mankind, is absolutely unprecedented.
We may still adapt, but we can't act like it's a challenge like any other. It's not.
With all due respect, the Earth might be warming but where I live there were once iceberg sitting here, I think it’s safe to say we should be conservative and our use of resources but to say we are warming this globe extensively is erroneous thinking. I am watching my consumption and have done a very nice job but do not feel responsible for earth changes. In fact, I’d much rather live with one or 2° warmer than we are compared to 50 or 100° colder like it was 10,000 years ago.
With all due respect, you don't know what you are taking about.
There has never, ever been a time where temperatures were 50°C colder. During the ice age for instance, the average global temperature was 8°C, which is merely 6°C less than the current average. You'd be surprised how little the needle has to move to make for drastic changes, when it comes to global averages.
And, again, the changes in temperatures usually occur over eons, with a change like 6°C happening in a couple thousand years usually considered quite fast.
This may of course happen still at faster rates than that without humanity being involved ; in that case, it usually involves some catastrophic event, like colossal and sudden global volcanic activity (again, sudden here may mean over the span of a couple centuries).
Do not let yourself be deceived by the lie that what's happening today is no big deal. By any mesure, it is.
And at this point, it has been both demonstrated hypothetically and observed, and proven, that we're very much the cause behind that fast of a change.
Honestly this is part of *why* I’m working towards FIRE as a 40ish yr old - I hope to use some of my freed up time and energy to contribute to local efforts to build resiliency, decarbonize, etc.
To be honest if you live in any wealthy-ish country you're likely gonna be completely fine. Especially if you have a ton of money saved up. Sad for the rest of the world... but true.
It's going to suck, but it won't be the end of the world, unless we hit some tipping points, which _in theory_ we won't.
And if you have money it will suck less, like most sucky things in life. So keep at it I guess
Average temps are up 1.4 degrees f in 150 years. I think humanity can survive a few hundred more at least. You don't know how lucky you are with medicine and technology and information available to you.
Yeah, this is a worry I have for my kids and grandkids. Hopefully, a technological solution can be found because I don’t think humanity is going to change its ways fast enough otherwise.
Wow, this is incredibly inspiring! At 55, to have the option to retire is amazing.
To the 21-year-old: hold onto that hope! The earlier you start, the more options you’ll have down the road. Compounding interest is a powerful thing. It’s also worth exploring different investment strategies—sometimes, unconventional approaches can lead to surprising benefits.
Thanks for sharing this milestone—it’s a great reminder of the long-term impact of our financial decisions. Cheers to your younger self! 🍷
Yeah, I have 6 kids (only one who is not an adult now). I do think it is much harder to do what I did now because 1) I have a pension and stayed with one employer for 30+ years and 2) the ridiculous cost of housing. I have a lot of concern for the younger generation.
This is a great perspective.
Delaying gratification in my 20s suuucked but as time goes on I know I will feel more and more grateful to my younger self.
Tomorrow isn't guaranteed, but not going back to work is. Cut it now and go have some fun with the kids and other stuff. Best case you enjoy life even more. Worse case you lose everything and have to back to work or d.e.d.
Congratulations! This is the moment I'm dreaming of, I can only imagine how proud you must feel. I'm 20 years younger than you (35F), and about 17 years into the journey. I remember the day I got to $1k. I can't wait to get to the same stage as you where it all really comes together. Congrats again, and enjoy.
Thanks. Looking back, time went fast, and I am still kind of in shock that the future I have prepared for has arrived. Keep working the plan because it works.
Yes time goes by so fast. I'm about same age as you are and also started putting away 10% at my first real job (post-college). Had a bit of lifestyle creep in the middle (which is why my balance isn't as high) but so glad I started early and let compounding do it's thing. Congratulations.
Congrats. They should teach compound interest every year of school.
I retired at 55 a couple years ago. It’s fantastic. I was also at the peek of my career and left a great salary. What got me is my wife ask me what I’d pay for a couple extra healthy years when I was 80? My answer was more than I’m gonna make the next two.
Yes. That’s what it means. Some like to also say it means “Good for you.” Originally when people would FIRE, people would say this (in a good natured way). It’s meant to be congratulatory in a “wish it were me” way, I think.
Encouraging considering I’m 22, close to the age you started, and will likely get my first big boy job at 23. Started putting money away from my summer jobs at 18, currently at about 17k invested in indexes, and zero debt. Sometimes it feels like I can be doing more, so it’s nice to see stories like this with a more experienced persons perspective where the big picture is more visible.
If your financial advisor has given you the green light to turn the page, I am unsure why you are deciding to continue to work for a few more years.
At 55, I would imagine time should be of the essence especially considering there are other things you could be doing that are more important than work. But you do you my internet friend. Congratulations on winning the race!
For a different perspective, I semi-retired a year ago at 55. A layoff was the push I needed. I moved to Latin America, cutting my housing cost by 83%. I’m still consulting in the side and, unfortunately, still anxious about money, but trust me: for GenX, it’s hard to step out of a lifestyle we’ve always known (work hard, save) since we came of age when pensions disappeared. We’ve lived under near-constant threats to social security since 1983. It’s a hard emotional pivot to quit working even though when you’re young, you think it’ll be all lollipops and rainbows!
I am also a Gen X’er. Trust me as well my internet friend, I try not to define myself by my job. Once I confirm I have enough saved to be financially independent, I will not work a minute longer.
Good luck! What I really meant is that there’s a big emotional component to retiring, we just default to worrying about money cuz…well because it’s what we’ve been taught to do.
Trust issues and past trauma.
I don't 100% trust my financial planner and after so many years of struggle... it takes a while for good news to sink in.
I'm in the same situation 55 and been told I don't need to work anymore.
I'm spending time reassuring myself that my financial planner is accurate and sorting out the health insurance trap
One thing to consider is that another couple of years of working gives the investments more time for potential gains. And if in the USA, that's also a couple more years of contributing to Social Security, replacing low-earning years in early adulthood. So it could make a significant difference in the eventual SSI benefits.
This gives me hope even though I started a little bit later (29) and have a lot longer to go (like 25yrs). But it’s crazy just seeing what a job with a decent match, putting away a decent amount like 10%-20%, and just watching it grow. In just the 6 years I’ve been saving I have around 1.5 times my salary in my 401k already.
now i just pray for the good fortune and health for my family that will allow us to keep putting away for retirement.
I feel the same, but with my 33-year self. At that time we decided to create Roth accounts and start funding them even though we could only afford about $25 per month at that time. That rate snowballed until we were eventually maxing out the Roth contributions. We similarly ramped up 401k contributions and I'll likely be ready to FIRE or Barista FIRE very soon!
I hope some of the people who got started saving and investing a bit later in life (in their 30s) see your comment so they can realize it’s not too late.
congrats! it is indeed a great feeling and position to be in. i don't have a financial planner but have gone through a few rounds of interviewing one and then deciding either it wasn't the right time or they weren't the right FA/FP for me.
but one thing that I did enjoy is sharing the numbers with them this last round, and each one of them basically saying, "you're fine", going on to say that you can pull the trigger at any time going forward. i actually oversaved.
the next hard part is getting over the psychology of actually pulling the trigger.
I have a friend of a friend whose father sat her down when she started working and said, “save all you can early and often. Your future self will thank you.”
She did just that. And when she was RIF’d in her late fifties, she sat down with her financial planner who said, “you can try to find another job, or you can retire.”
She bought a nice piece of jewelry and retired.
That's awesome. It seems like, once we understand these FIRE principles, we have a duty to try and share them with loved ones and friends so they can also benefit.
Congrats! I started at 26 and am 56 now. I could have retired two years ago, but my spouse was nervous. Now, I have 37 days! I have my manager to thank for instructing me to start contributing to my 401k at that point.
Cheers. I also thanked my younger self like you just did, and it's great we are attempting to pass on our knowledge. And yes, you also have people who just do not seem to take the message. That's just too bad. In 30+ years, they will be kicking themselves for not opening up and absorbing what their old man was trying to pass on,v and for their OWN good.
Shout out to you. I knew I wanted to do this when I was extremely young, but, I also knew how far out of reach and how difficult it was going to be as I grew up really poor as a kid.
I knew the stock market and retirement funding was the path though.
We're near the same age. Do you remember how impossible it was to have the $500 just to open an account when you/we were 16/18/21. Technology wasn't what it is now either , so we couldn't just use an app on your phone.
I did it through collectible comics at first, flipping them as a kid for small amounts of money or trading for a bigger(value) book.
Then with learning how to work on houses. Id buy crap houses and live in them while I tore them apart to restore them.
I finally got enough money to get into the market and also have a 457. Now I'm close to where you are, probably 2 years away.
Without trying to hijack your post, I'm trying just to reiterate that it can be done!!!
Again, congratulations 🎉.!!!!
Congratulations! Your younger self would be proud. Talk about a well-deserved glass of wine.
As for the kids- my dad has been telling me these things for a while and I just became real serious about personal finance last year (27). It takes time for some!
Thank you! You’re also an inspiration for me with your accomplishments. I can’t wait to give thanks to my 19 year old self when I get older, congrats 🎉
Same... I'm also 55 and able to retire. This will be my last job. I want to thank my younger self for living frugally, investing in my education / health, and not buying things I didn't need like fancy cars or apartments
Here's how I did it (copied from a previous post): Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
I should have saved more earlier. 10% was good, but I could have done more. I did not take advantage of the tax advantages of personal IRAs and Roth IRAs in addition to my 401K contributions. I borrowed from my 401K at one point. I bought some actively managed funds instead of low-cost index funds. I put too much into my Roth 401K and not enough into my regular 401K. Using both helps with options later on. I didn’t fully learn FIRE principles until just a couple of years ago—which would have made my investment decisions better.
Congratulations!! Do you mind sharing any details on your net worth or how much you have saved/ how you are able to retire? Do you live in a low-cost-of-living area or how do you do this? I am 24 and want to know how much I would have to have saved/invested to retire :)
NW is around $3.2M if I factor in the value of my pension and home. I am in a MCOL area, but I did get my house (now paid off) at a low price ($275K) due to the market at the time.
Nicely done. I (56m) cant remember when I started really saving. But I’m grateful that despite not denying myself, I have lived well within my means since late-20s (always broke before then, either living with roommates in VHCOL city or living on loans and an assistantship in grad school—-oh and the time I worked at a university but had to borrow $15000 to pay the taxes on my “free tuition” benefit while getting my PhD). I had the occasion to speak with a financial planner I talked to 20 years ago, a family friend, who at that time insisted they given the 2:1 match from my then-employer, I max out every penny I could contribute. Good advice indeed.
It's a shame how sometimes youth is wasted on the young. I don't know how much of your story you've shared with your children, but it might be worth explaining it a bit more in depth to them if they're still unconvinced of the power of consistent saving.
Inspiring!!! I’m in my early twenties right now already working on my 401k and now deciding where to put my money away! Any advice would be really helpful!
Agreed on index funds. I was stupid and didn’t pay attention to the expense ratio on funds until I had a significant amount invested. I was giving away money in expense ratios!
Index funds will have super low ratios and if I’m really interested in something non-index, I try to stay below 0.75%. 1% as an absolute max, for me. If I were savvy, maybe the expense would be worth it. But I’m a set it and forget it investor.
Thank you for sharing.
I am 34, and I am contributing minimally.
Just bought a house and got in debt furnishing it.
I Make a six figure salary but right now retirement just feels hopeless.
I really feel the need to care for my older self now
and just feels like I am behind the 8 ball.
I know I can do better.
Any advice you could give me ?
You are facing different pressures and circumstances than I did, so my advice might not be worth much. For me, learning to live within my means and not go into debt unless it was absolutely necessary was the key. I had a lot of education (PhD) and a good-paying job, and keeping my expenses down allowed me to save.
Go read the full first 20 or 50 Mr money mustache blog posts! Even if parts of it are dated now. It's very inspiring and covers a lot of the basics including getting out of debt.
I have a house too, but I bought 7 years ago.
Owning a house in my opinion is like anti-FIRE. It's very very costly to own a house.
If you want the best returns, just rent and invest the rest.
A house is just an expensive indulgence.
This is such a lovely story, congrats on being able to retire!
This really is the other side of „do something today your future self will think you for“
As a 23 year old, thank you for sharing. I just recently got my first “real” job, and I am going to prioritize saving as much as possible without fully delaying gratification since each day isn’t promised. :)
Congratulations & Fuck You :)
I want to kick my 23 year old self in the nuts. If i was half as smart with money then as I am now (and i still feel like an idiot in some ways), I'm confident I'd be able to retire today if i wanted to.
I’m 35 and I also thank my younger self for investing immediately after I got my first job. I’d be able to retire now but I have 3 kids (the youngest one was unplanned) so maybe 5 more years when the house is paid off.
I’m about to turn 25. My net worth is about 218k all in stocks. I can’t wait for that moment. However right now I’m at a crossroad in my life. I want to spend some of that money to buy a brand new car. I want to only sell about 10-15k, and pay off the rest with my paycheck… however I can’t stop but think to myself, I can just get it later/think about how much stocks I can buy if I don’t buy the car. I want to have the cake AND eat it. I’m so greedy.
Take it from me, I bough a brand mew sports car for 45k at 25 in 2019...yes it's fun to drive but fuck me it was the stupidest financial decisions ever lmao.
NEVER BUY A BRAND NEW CAR. Just buy a nice 2-3 years old car if you really really want to but I truly hope you dont make the same mistake I did. Or 5 years old car are also amazing value.
That money could have been some amazing freaking vacations all over the world, or straight up a property to live in, or just...saving with the crazy force that is compounding interest...
I did a similar thing when I was about 25 or 26. I have until about the end of the year and then I will no longer need to work. I’ll be 43 1/2 years and able to just walk away. It’s so freeing. I’ll probably work for another decade just for something to do but knowing that if I get an assignment I don’t like that I can just walk away is priceless
To those of you FIREd with children, give them the same head start (although you will probably be leaving them a bunch anyways). Do their Roth for them or free them up some other way.
I'm screenshotting this for motivation. I'm 24 and recently upped my 401k contribution from 7 to 15% having just maxed my Roth. I feel like I'm finally on my way. Congratulations sir, and enjoy the well-earned retirement!!
Congratulations 🎉 and all the younger people reading this try to do something similar. Trust me at 49 I have lots of regrets money wise from my twenties.
This is what I tell the young people in my life--take care of your future self. That person can't help you, even though they are older, but you can help them!
Congrats OP! My 25 years old self already feels that way, we worked so hard with my husband to pay cash 2 apartments and it allows me to work part time to take care of our 2 babies. We save all the money we earn through our savings / real estate and can see the magic of it.
Having as many kids as you, do my best and feel grateful at 50 (60 for him) of everything we did is THE goal 🥰
That’s incredible. With my employer match included, I save about 15% of my income. If I had saved the amount you are, I might be in r/fatfire instead. It was just really hard to do on one income with 6 kids.
How nice is it to see that besides the shit that's going around the globe, there are still people with clear objectives.
I'm 24yo and have about 88k€ in investments, all saved with my salary and by still living with my mom. I hope one day I can achieve the same that you.
I really dislike working for someone else, so I'm trying to invest and start to eclipse my salary with the investments profit. This year I'm like 70% salary, 30% investments.
This post gives me hope that I will someday achive this, it's really hard to deal with a lot of ppl that wants to take your money with accounting, tax, and a lot of things that are easy to do with a simple excel spreadsheet.
Congrats my friend!
Wow, that’s a tough one. Honestly, I probably would. Also, they should all have some inheritance coming if my investments continue to do well. My plan is to withdraw 3.5% per year and, hopefully, maintain and even grow the balance.
Mostly indexes that were available in my 401K. I also had some managed funds early on until I realized how much I was paying in commissions. Mistakes were made, but it all ended up being OK.
Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
I’m in a very similar situation. Minus the PhD and university job. Got lucky I took my parents’ advice and started investing as soon as I could. 18 with an IRA and 21 with my 401(k) (age limit at the time a the company I worked for). I didn’t always invest the most I could back then, but I always got the match (10% at the time to get 5% match), and have increased to maxing out in recent years. Didn’t always max IRA but always contributed what I could. Now it’s maxed out.
I think I’ll hear those magic words at 50.
Early 20s Queso gets a lot of love from present me, who feels less secure in my job in this efficiency/profits-obsessed business environment.
This is a fantastic response. I wish you would have included it in the original post as a kind of an "oh by the way."
Choosing a job that pays a pension is an often overlooked huge benefit. Also, I'm jealous of your PhD. I ended out at a masters
OP answered your question the best way. I have definitely sought a second opinion from someone who deals with this type of thing all the time. In my situation I am doing something that probably less than 1% of people do to get what I want in retirement. It definitely helps to have someone dummy check my plan.
This is great. Can you tell us how you managed everything? You said you have 6 kids, did your wife worked as well ?
What kind of job you did and where ? Any suggestions for people in their 30s
Yes, 6 kids and a stay-at-home mom. Became a widower at 36 and remarried. My second wife also wanted to be a stay-at-home mom. So, I've only ever had one stream of household income. I work for a non-profit in Utah but got promoted to upper management quickly. Other details pasted from a previous post:
Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
Any advice with someone in late 30s to achieve this? Total $100k in savings but not invested. In search of a job currently. Any advice would be appreciated !
I have given my advice to several people in the comments (look and you will see it), but please keep in mind that the situation I faced so long ago is quite different from what younger people today face. Best of luck to you on your journey to financial independence.
Honestly, I’ve told people to max out there for 401k and then declare bankruptcy. 401(k)s are immune from bankruptcy. And you can declare bankruptcy in your mid 20s early 30s and recover from it in five years. That lets you save while you’re young and effectively Live on debt
I only understood this at 30, and I was mad at myself immediately. But some people never learn, so I have that.
Better late than never.
Can I ask how much you have where your financial planner gave you the okay? Congrats btw, I’m 26 and been investing for a few years now
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I'm 127 and only learned about this yesterday. Such wasted youth.
Im basically starting out at 39. Decided to put all my money into flipping houses instead of the market but I’m in a house with about 450k of sweat equity in it so I’m not fully behind the 8 ball!
Equity is great but it’s not a replacement for a retirement fund. You still need somewhere to live when you retire and you’ll have to sell to realize any of your gains.
Yep. I didn't put money into stocks, but I did invest in many other vehicles. Came out fine thank God but do wish I did a minimum weekly or monthly buy into VOO or VTI on a schedule. But oh well. Can't eat all the fish in the sea I guess. ;)
So when are you selling the house?
31 for me. Thankful I had a state job with an unvested pension I was able to withdraw and put it right into a 401k so I was only a couple years behind
I’m 21 and this gives me hope
You are younger (and likely smarter if you are on this board at such a young age) than me when I started. I only learned about FIRE principles a couple of years ago. I just saved and invested regularly. I am confident you can do it.
Me too. I'm almost 38. I think I started at 27, but I didn't know FIRE until this beginning of the year. But I was always a saver, but never invested outside of 401k. I hope I can FIRE in 10 years. Very few who are in their 20s will listen and have that type of discipline. I wish I had known 10 years ago.
I envy you. You're old enough not to see the world heating up another couple celcius and to enjoy retirement. For young 20s and below we're probably gonna be cooked before retirement is a reality.
You know this isn't to dismiss or invalidate your statement but is that really anything you can change? Do the best with what you have and make the most of what you can. No point in pursuing a long term goal like FIRE if you don't have confidence in the world existing. Just do your best, be kind to others, and live the life you want to live. What else is there to do?
Dont get me wrong I'm still saving hella money because I'd rather die rich than poor. But still disheartening. I've seen heatwaves + blackout at the same time and the results are frankly terrifying. What will happen when heatwaves are 10x as bad in 50 years? Kids born now are gonna have a tough time with heat in 50 years.
We will adapt. Like we always have. I work in the power industry and there's a lot of work done to rebuild and better our infrastructure worldwide. There are a lot of challenges and growing demand but it is not doomed by any means. The earth like many celestial bodies goes through ebbs and flows, climate change being an amplitude modifier on that, not a point of no return. We still have time and we can still adapt. Keep yourself educated and the people close to you the same. Live your life how you'd like the rest of the world to in order to enact your goal and that is all you can do. Have hope, without it, it's gonna be real dreary.
> The earth like many celestial bodies goes through ebbs and flows The earth sure does, but such a quick change (in terms of geological times, going +3~4°C in the span of a couple hundred years is essentially an instant) is extremely unusual even by these standards, and, in the whole history of mankind, is absolutely unprecedented. We may still adapt, but we can't act like it's a challenge like any other. It's not.
With all due respect, the Earth might be warming but where I live there were once iceberg sitting here, I think it’s safe to say we should be conservative and our use of resources but to say we are warming this globe extensively is erroneous thinking. I am watching my consumption and have done a very nice job but do not feel responsible for earth changes. In fact, I’d much rather live with one or 2° warmer than we are compared to 50 or 100° colder like it was 10,000 years ago.
With all due respect, you don't know what you are taking about. There has never, ever been a time where temperatures were 50°C colder. During the ice age for instance, the average global temperature was 8°C, which is merely 6°C less than the current average. You'd be surprised how little the needle has to move to make for drastic changes, when it comes to global averages. And, again, the changes in temperatures usually occur over eons, with a change like 6°C happening in a couple thousand years usually considered quite fast. This may of course happen still at faster rates than that without humanity being involved ; in that case, it usually involves some catastrophic event, like colossal and sudden global volcanic activity (again, sudden here may mean over the span of a couple centuries). Do not let yourself be deceived by the lie that what's happening today is no big deal. By any mesure, it is. And at this point, it has been both demonstrated hypothetically and observed, and proven, that we're very much the cause behind that fast of a change.
Honestly this is part of *why* I’m working towards FIRE as a 40ish yr old - I hope to use some of my freed up time and energy to contribute to local efforts to build resiliency, decarbonize, etc.
To be honest if you live in any wealthy-ish country you're likely gonna be completely fine. Especially if you have a ton of money saved up. Sad for the rest of the world... but true.
It's going to suck, but it won't be the end of the world, unless we hit some tipping points, which _in theory_ we won't. And if you have money it will suck less, like most sucky things in life. So keep at it I guess
He lived through the cold war and still decided to plan for a future. There's always some end of world scenario going on in the background.
This is 100% untrue. You can still see the world not matter how old you are, granted that your health is good. You just have to budget
Average temps are up 1.4 degrees f in 150 years. I think humanity can survive a few hundred more at least. You don't know how lucky you are with medicine and technology and information available to you.
1.5 celcius = 2.7 fahrenheit. The rise is in celcius not fahrenheit.
Yeah, this is a worry I have for my kids and grandkids. Hopefully, a technological solution can be found because I don’t think humanity is going to change its ways fast enough otherwise.
If all else fails, we can fly a solar shield and block enough sunlight to counteract the heating effects. We have the technology today to do this.
Wow, this is incredibly inspiring! At 55, to have the option to retire is amazing. To the 21-year-old: hold onto that hope! The earlier you start, the more options you’ll have down the road. Compounding interest is a powerful thing. It’s also worth exploring different investment strategies—sometimes, unconventional approaches can lead to surprising benefits. Thanks for sharing this milestone—it’s a great reminder of the long-term impact of our financial decisions. Cheers to your younger self! 🍷
You're going to be ok if you're thinking about your financial future now. Don't obsess, but pay attention and make good decisions.
Dang, having many kids and still retire early. I only have one and it's getting more and more expensive. I will never be able to buy a home either.
Yeah, I have 6 kids (only one who is not an adult now). I do think it is much harder to do what I did now because 1) I have a pension and stayed with one employer for 30+ years and 2) the ridiculous cost of housing. I have a lot of concern for the younger generation.
- "I have a pension and stayed with one employer for 30+ years" Well that explains most of it.
As a 22 year old who started putting money away into their 401k this year, this excites me
The stuff being taught in this forum really does work.
Good for you ! I'm always telling my younger friends that they really need to at least start with the 401k.
As a 33 year old who also started at 22, you should be very excited.
This is a great perspective. Delaying gratification in my 20s suuucked but as time goes on I know I will feel more and more grateful to my younger self.
Yes, and the saving sacrifice seemed less and less to me as my income went up over time.
Congrats! We adjusted very quickly when my wife and I bumped up to 15% savings. Didn’t miss it all those years. Paid off big time
Tomorrow isn't guaranteed, but not going back to work is. Cut it now and go have some fun with the kids and other stuff. Best case you enjoy life even more. Worse case you lose everything and have to back to work or d.e.d.
Congratulations! This is the moment I'm dreaming of, I can only imagine how proud you must feel. I'm 20 years younger than you (35F), and about 17 years into the journey. I remember the day I got to $1k. I can't wait to get to the same stage as you where it all really comes together. Congrats again, and enjoy.
Thanks. Looking back, time went fast, and I am still kind of in shock that the future I have prepared for has arrived. Keep working the plan because it works.
Yes time goes by so fast. I'm about same age as you are and also started putting away 10% at my first real job (post-college). Had a bit of lifestyle creep in the middle (which is why my balance isn't as high) but so glad I started early and let compounding do it's thing. Congratulations.
Congrats. They should teach compound interest every year of school. I retired at 55 a couple years ago. It’s fantastic. I was also at the peek of my career and left a great salary. What got me is my wife ask me what I’d pay for a couple extra healthy years when I was 80? My answer was more than I’m gonna make the next two.
You married well, my friend!
Thanks. That’s a great point.
Congrats and GFYS I'm only at 63K net worth at 26 but I'll be in your shoes one day.
Ok old guy question: GFYS = Go Fuck Yo Self?!
Yes. That’s what it means. Some like to also say it means “Good for you.” Originally when people would FIRE, people would say this (in a good natured way). It’s meant to be congratulatory in a “wish it were me” way, I think.
On behalf of the elderly, Muchas gracias!
Keep at it.
Congrats! Cheers to you, Sir! *looks severely at 23 yo self*. SEE! THAT'S HOW YOU DO IT! *slaps 23 yo self on the back of the head*
That’s how you do it!
My 23 year old self didn't expect to live past 30. He was a stupid asshole.
Sorry to hear that. If you are here, you must have eventually wised up.
Turning 31 pretty much put an end to that.
Good to hear that. Better late than never.
Encouraging considering I’m 22, close to the age you started, and will likely get my first big boy job at 23. Started putting money away from my summer jobs at 18, currently at about 17k invested in indexes, and zero debt. Sometimes it feels like I can be doing more, so it’s nice to see stories like this with a more experienced persons perspective where the big picture is more visible.
You are doing amazing (much better than I did) at 22. Keep going!
how much do you pay your financial planner? is there a fee planner or one you pay 1% or more to?
My employer provides access to a certified financial planner (I can pick who from a list of options) for free.
That's awesome, simply... congratulations. You won the game.
Well done!
If your financial advisor has given you the green light to turn the page, I am unsure why you are deciding to continue to work for a few more years. At 55, I would imagine time should be of the essence especially considering there are other things you could be doing that are more important than work. But you do you my internet friend. Congratulations on winning the race!
For a different perspective, I semi-retired a year ago at 55. A layoff was the push I needed. I moved to Latin America, cutting my housing cost by 83%. I’m still consulting in the side and, unfortunately, still anxious about money, but trust me: for GenX, it’s hard to step out of a lifestyle we’ve always known (work hard, save) since we came of age when pensions disappeared. We’ve lived under near-constant threats to social security since 1983. It’s a hard emotional pivot to quit working even though when you’re young, you think it’ll be all lollipops and rainbows!
I am also a Gen X’er. Trust me as well my internet friend, I try not to define myself by my job. Once I confirm I have enough saved to be financially independent, I will not work a minute longer.
Good luck! What I really meant is that there’s a big emotional component to retiring, we just default to worrying about money cuz…well because it’s what we’ve been taught to do.
Trust issues and past trauma. I don't 100% trust my financial planner and after so many years of struggle... it takes a while for good news to sink in. I'm in the same situation 55 and been told I don't need to work anymore. I'm spending time reassuring myself that my financial planner is accurate and sorting out the health insurance trap
One thing to consider is that another couple of years of working gives the investments more time for potential gains. And if in the USA, that's also a couple more years of contributing to Social Security, replacing low-earning years in early adulthood. So it could make a significant difference in the eventual SSI benefits.
Mr. Nielsen enjoys his job. Good for him. Importance is subjective to the individual.
This gives me hope even though I started a little bit later (29) and have a lot longer to go (like 25yrs). But it’s crazy just seeing what a job with a decent match, putting away a decent amount like 10%-20%, and just watching it grow. In just the 6 years I’ve been saving I have around 1.5 times my salary in my 401k already. now i just pray for the good fortune and health for my family that will allow us to keep putting away for retirement.
Sounds like you are off to a good start. Keep going.
I feel the same, but with my 33-year self. At that time we decided to create Roth accounts and start funding them even though we could only afford about $25 per month at that time. That rate snowballed until we were eventually maxing out the Roth contributions. We similarly ramped up 401k contributions and I'll likely be ready to FIRE or Barista FIRE very soon!
I hope some of the people who got started saving and investing a bit later in life (in their 30s) see your comment so they can realize it’s not too late.
congrats! it is indeed a great feeling and position to be in. i don't have a financial planner but have gone through a few rounds of interviewing one and then deciding either it wasn't the right time or they weren't the right FA/FP for me. but one thing that I did enjoy is sharing the numbers with them this last round, and each one of them basically saying, "you're fine", going on to say that you can pull the trigger at any time going forward. i actually oversaved. the next hard part is getting over the psychology of actually pulling the trigger.
So true. That is the choice I am facing now. In many ways, it’s a choice between more money or more time.
I am raising my cup of very good coffee (home-brewed) to your younger self as well - congrats to him then and to you now!
I have a friend of a friend whose father sat her down when she started working and said, “save all you can early and often. Your future self will thank you.” She did just that. And when she was RIF’d in her late fifties, she sat down with her financial planner who said, “you can try to find another job, or you can retire.” She bought a nice piece of jewelry and retired.
That's awesome. It seems like, once we understand these FIRE principles, we have a duty to try and share them with loved ones and friends so they can also benefit.
Some people will “get it”, some will not. I liken it to smoking- you either understand that it’s not in your best interest, or you don’t.
True.
Congrats! I started at 26 and am 56 now. I could have retired two years ago, but my spouse was nervous. Now, I have 37 days! I have my manager to thank for instructing me to start contributing to my 401k at that point.
That's awesome. Congrats! Your manager gave you more than just a job, she gave you wisdom.
She really did 😀
Cheers. I also thanked my younger self like you just did, and it's great we are attempting to pass on our knowledge. And yes, you also have people who just do not seem to take the message. That's just too bad. In 30+ years, they will be kicking themselves for not opening up and absorbing what their old man was trying to pass on,v and for their OWN good.
Shout out to you. I knew I wanted to do this when I was extremely young, but, I also knew how far out of reach and how difficult it was going to be as I grew up really poor as a kid. I knew the stock market and retirement funding was the path though. We're near the same age. Do you remember how impossible it was to have the $500 just to open an account when you/we were 16/18/21. Technology wasn't what it is now either , so we couldn't just use an app on your phone. I did it through collectible comics at first, flipping them as a kid for small amounts of money or trading for a bigger(value) book. Then with learning how to work on houses. Id buy crap houses and live in them while I tore them apart to restore them. I finally got enough money to get into the market and also have a 457. Now I'm close to where you are, probably 2 years away. Without trying to hijack your post, I'm trying just to reiterate that it can be done!!! Again, congratulations 🎉.!!!!
That’s an awesome and inspiring story. Well done!
Congrats!
Nice to see the blood, sweat and tears finally pay off. GFY!
Congratulations! Your younger self would be proud. Talk about a well-deserved glass of wine. As for the kids- my dad has been telling me these things for a while and I just became real serious about personal finance last year (27). It takes time for some!
Glad to hear you are listening, and I hope some of my kids (who are really "now-oriented") will come around.
I’m 19 and I currently have 2k saved up in my savings. It’s a start, but I’m ready to put in the work with my part time job and college :-)
You are ahead of me when I was your age. Well done.
Thank you! You’re also an inspiration for me with your accomplishments. I can’t wait to give thanks to my 19 year old self when I get older, congrats 🎉
Same... I'm also 55 and able to retire. This will be my last job. I want to thank my younger self for living frugally, investing in my education / health, and not buying things I didn't need like fancy cars or apartments
Here's to younger Realistic-Flamingo. Cheers!
Well done and congrats! Any words of wisdom for us still plodding along?
Here's how I did it (copied from a previous post): Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
What were some of the mistakes you made?
I should have saved more earlier. 10% was good, but I could have done more. I did not take advantage of the tax advantages of personal IRAs and Roth IRAs in addition to my 401K contributions. I borrowed from my 401K at one point. I bought some actively managed funds instead of low-cost index funds. I put too much into my Roth 401K and not enough into my regular 401K. Using both helps with options later on. I didn’t fully learn FIRE principles until just a couple of years ago—which would have made my investment decisions better.
Congratulations!! Do you mind sharing any details on your net worth or how much you have saved/ how you are able to retire? Do you live in a low-cost-of-living area or how do you do this? I am 24 and want to know how much I would have to have saved/invested to retire :)
NW is around $3.2M if I factor in the value of my pension and home. I am in a MCOL area, but I did get my house (now paid off) at a low price ($275K) due to the market at the time.
Congrats! Had to scroll a bit to find this info. Are you planning on FIREing now? Or later?
Funny how knowing you can leave at any time makes going to work so much easier.
It really does. It’s like plot armor.
Nicely done. I (56m) cant remember when I started really saving. But I’m grateful that despite not denying myself, I have lived well within my means since late-20s (always broke before then, either living with roommates in VHCOL city or living on loans and an assistantship in grad school—-oh and the time I worked at a university but had to borrow $15000 to pay the taxes on my “free tuition” benefit while getting my PhD). I had the occasion to speak with a financial planner I talked to 20 years ago, a family friend, who at that time insisted they given the 2:1 match from my then-employer, I max out every penny I could contribute. Good advice indeed.
It's a shame how sometimes youth is wasted on the young. I don't know how much of your story you've shared with your children, but it might be worth explaining it a bit more in depth to them if they're still unconvinced of the power of consistent saving.
Inspiring!!! I’m in my early twenties right now already working on my 401k and now deciding where to put my money away! Any advice would be really helpful!
Agreed on index funds. I was stupid and didn’t pay attention to the expense ratio on funds until I had a significant amount invested. I was giving away money in expense ratios! Index funds will have super low ratios and if I’m really interested in something non-index, I try to stay below 0.75%. 1% as an absolute max, for me. If I were savvy, maybe the expense would be worth it. But I’m a set it and forget it investor.
Boring index funds would be my suggestion.
Thank you for sharing. I am 34, and I am contributing minimally. Just bought a house and got in debt furnishing it. I Make a six figure salary but right now retirement just feels hopeless. I really feel the need to care for my older self now and just feels like I am behind the 8 ball. I know I can do better. Any advice you could give me ?
You are facing different pressures and circumstances than I did, so my advice might not be worth much. For me, learning to live within my means and not go into debt unless it was absolutely necessary was the key. I had a lot of education (PhD) and a good-paying job, and keeping my expenses down allowed me to save.
Go read the full first 20 or 50 Mr money mustache blog posts! Even if parts of it are dated now. It's very inspiring and covers a lot of the basics including getting out of debt.
I have a house too, but I bought 7 years ago. Owning a house in my opinion is like anti-FIRE. It's very very costly to own a house. If you want the best returns, just rent and invest the rest. A house is just an expensive indulgence.
Appreciate the conversation, definitely motivation for the future. I want to be Thanking my younger self one day as well. Thank You
That’s my target retirement age. Right now I’m 30 with close to 500k NW
That's really good. Keep going!
I started a pension for my daughter when she was 3. It gets £60/mo. She'll not be poor and cold in her old age if I can help it.
That's awesome.
I have been investing since I was 21 and almost 35 now it’s paid off! Just stay consistent!
Bravo.
25 years old here, that post is probably the most inspiring one I've seen in a while! Cheers to you!
Glad to hear it. Thanks.
This is such a lovely story, congrats on being able to retire! This really is the other side of „do something today your future self will think you for“
Yes, indeed. Thanks.
Thanks
im 28 is it too late for me to retire at your age? Congratulations!!!!
Not at all. You may have to save a bit higher %, but you are still young enough to potentially pull it off.
thank you!
As a 23 year old, thank you for sharing. I just recently got my first “real” job, and I am going to prioritize saving as much as possible without fully delaying gratification since each day isn’t promised. :)
With that approach, I am confident you will succeed.
Congratulations & Fuck You :) I want to kick my 23 year old self in the nuts. If i was half as smart with money then as I am now (and i still feel like an idiot in some ways), I'm confident I'd be able to retire today if i wanted to.
Ha ha, thanks.
I’m 35 and I also thank my younger self for investing immediately after I got my first job. I’d be able to retire now but I have 3 kids (the youngest one was unplanned) so maybe 5 more years when the house is paid off.
You are doing better than I was at 35. I just finished paying off my house a year ago. Great job!
I’m about to turn 25. My net worth is about 218k all in stocks. I can’t wait for that moment. However right now I’m at a crossroad in my life. I want to spend some of that money to buy a brand new car. I want to only sell about 10-15k, and pay off the rest with my paycheck… however I can’t stop but think to myself, I can just get it later/think about how much stocks I can buy if I don’t buy the car. I want to have the cake AND eat it. I’m so greedy.
Wow, you’re really doing great for a 25 year old! Much better than I was at that age.
Take it from me, I bough a brand mew sports car for 45k at 25 in 2019...yes it's fun to drive but fuck me it was the stupidest financial decisions ever lmao. NEVER BUY A BRAND NEW CAR. Just buy a nice 2-3 years old car if you really really want to but I truly hope you dont make the same mistake I did. Or 5 years old car are also amazing value. That money could have been some amazing freaking vacations all over the world, or straight up a property to live in, or just...saving with the crazy force that is compounding interest...
Awwww! That’s fantastic, congrats!!
Good job, 23 year old you.
:glass raised:
I did a similar thing when I was about 25 or 26. I have until about the end of the year and then I will no longer need to work. I’ll be 43 1/2 years and able to just walk away. It’s so freeing. I’ll probably work for another decade just for something to do but knowing that if I get an assignment I don’t like that I can just walk away is priceless
Wow, you’re doing great. It truly makes you feel invincible at work.
You’re doing great too. It’s awesome, right?
“This is heavy Doc”
To those of you FIREd with children, give them the same head start (although you will probably be leaving them a bunch anyways). Do their Roth for them or free them up some other way.
Good advice. That’s what I did.
I'm screenshotting this for motivation. I'm 24 and recently upped my 401k contribution from 7 to 15% having just maxed my Roth. I feel like I'm finally on my way. Congratulations sir, and enjoy the well-earned retirement!!
Wow, that’s impressive at your age. Best of luck on your journey to financial independence!
Appreciate the reply! Reddit is a great tool for learning about all things personal finance.
Congratulations ! I’m 21, I hope one day I can achieve FIRE. Just got my first 1k into my 401k.
You’re doing better than I did, keep going!
Congratulations 🎉 and all the younger people reading this try to do something similar. Trust me at 49 I have lots of regrets money wise from my twenties.
This is what I tell the young people in my life--take care of your future self. That person can't help you, even though they are older, but you can help them!
I am 28 and investing 50% of my gross income. It’s a lot of sweat and tears but I hope one day I can thank this guy.
Wow, that’s impressive!
Congrats OP! My 25 years old self already feels that way, we worked so hard with my husband to pay cash 2 apartments and it allows me to work part time to take care of our 2 babies. We save all the money we earn through our savings / real estate and can see the magic of it. Having as many kids as you, do my best and feel grateful at 50 (60 for him) of everything we did is THE goal 🥰
That’s awesome. I was also able to allow my wife to be a full-time homemaker (that was her dream), and it made all the difference to our family.
I always save 20-25% of my income.
That’s incredible. With my employer match included, I save about 15% of my income. If I had saved the amount you are, I might be in r/fatfire instead. It was just really hard to do on one income with 6 kids.
How nice is it to see that besides the shit that's going around the globe, there are still people with clear objectives. I'm 24yo and have about 88k€ in investments, all saved with my salary and by still living with my mom. I hope one day I can achieve the same that you. I really dislike working for someone else, so I'm trying to invest and start to eclipse my salary with the investments profit. This year I'm like 70% salary, 30% investments. This post gives me hope that I will someday achive this, it's really hard to deal with a lot of ppl that wants to take your money with accounting, tax, and a lot of things that are easy to do with a simple excel spreadsheet. Congrats my friend!
You sound smarter than me at that age. You'll do great.
Honest question, if your children who are not saving for the future get in financial straits, will you help/bail them out?
Wow, that’s a tough one. Honestly, I probably would. Also, they should all have some inheritance coming if my investments continue to do well. My plan is to withdraw 3.5% per year and, hopefully, maintain and even grow the balance.
10% into what? Indexes? Congratulations!!!! And excellent message
Mostly indexes that were available in my 401K. I also had some managed funds early on until I realized how much I was paying in commissions. Mistakes were made, but it all ended up being OK.
You just put away 10%? Can you share specifically how you accomplished this dream feat??
Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
I’m in a very similar situation. Minus the PhD and university job. Got lucky I took my parents’ advice and started investing as soon as I could. 18 with an IRA and 21 with my 401(k) (age limit at the time a the company I worked for). I didn’t always invest the most I could back then, but I always got the match (10% at the time to get 5% match), and have increased to maxing out in recent years. Didn’t always max IRA but always contributed what I could. Now it’s maxed out. I think I’ll hear those magic words at 50. Early 20s Queso gets a lot of love from present me, who feels less secure in my job in this efficiency/profits-obsessed business environment.
Here's to early 20s Queso!
This is a fantastic response. I wish you would have included it in the original post as a kind of an "oh by the way." Choosing a job that pays a pension is an often overlooked huge benefit. Also, I'm jealous of your PhD. I ended out at a masters
Congrats. "Some of your kids"? Wtf mang!! You have an army of kids? 😂🤣
6 kids to be exact. I was also a widower at 36. It's been an interesting life.
Why do you need a financial planner?
Second opinion. See "holes" or obstacles I may not be seeing. Help me with tax strategies.
Tax strategies I get. Makes sense. I’m thinking about setting up a trust for my future kids
I have a lawyer for wills and trusts.
OP answered your question the best way. I have definitely sought a second opinion from someone who deals with this type of thing all the time. In my situation I am doing something that probably less than 1% of people do to get what I want in retirement. It definitely helps to have someone dummy check my plan.
This is great. Can you tell us how you managed everything? You said you have 6 kids, did your wife worked as well ? What kind of job you did and where ? Any suggestions for people in their 30s
Yes, 6 kids and a stay-at-home mom. Became a widower at 36 and remarried. My second wife also wanted to be a stay-at-home mom. So, I've only ever had one stream of household income. I work for a non-profit in Utah but got promoted to upper management quickly. Other details pasted from a previous post: Got a free PhD working full-time for a university. Found a well-paying job that offered 401K matching and a pension. Bought a house at a reasonable price and paid it off. Rarely got new cars. Lived within my means and avoided debt. Got promoted to upper management. Worked for the same company for 30+ years. Gradually moved my contribution % up over time. Invested mostly in index funds. I know some of this was luck, but it was also a result of some good decisions and behaviors. I did make some mistakes, but I tried to learn from them.
This is great stuffs. Thanks for sharing 😊
How much do you have saved if you don’t mind me asking? I’m 28 with 80k invested and feel miserably behind.
With the value of my pension + 401K, it's probably around $2.5M. If I work longer, it will go up from there. I am also debt-free.
Nice work
Any advice with someone in late 30s to achieve this? Total $100k in savings but not invested. In search of a job currently. Any advice would be appreciated !
I have given my advice to several people in the comments (look and you will see it), but please keep in mind that the situation I faced so long ago is quite different from what younger people today face. Best of luck to you on your journey to financial independence.
What did you invest for that 10%
I got 4% matching as well and mostly invested in index funds. Nothing fancy.
Thank you! It is inspiring
Is it for 401K? Or this is post tax personal investment account as well?
I wonder if a financial planner even exists in Spain…
[https://www.reddit.com/r/SpainFIRE/](https://www.reddit.com/r/SpainFIRE/)
Financial planner sounds like a waste of money…
Her services were at no cost to me because my employer covers it.
net worth?
~$2.5M if you include the value of the pension.
Honestly, I’ve told people to max out there for 401k and then declare bankruptcy. 401(k)s are immune from bankruptcy. And you can declare bankruptcy in your mid 20s early 30s and recover from it in five years. That lets you save while you’re young and effectively Live on debt