Retired at 30

650Ginge

Well done Digi and the other early retirees.

I don't understand the 'I dont believe it' and other negative posts.

I think people need to think about a new years resolution of 'I can do it'. They provided you with evidence and examples still the majority don't believe it.

Did you even look at the links provided?

Viscount Aggro

"How I became financially independent in 5 years"

http://earlyretirementextreme.com/how-i-became-financially-independent-in-5-years-part-i.html


Yes, it is extreme, yes it can be done.

Unfortunately for most people on here, it requires discipline and will-power.

Andrew Beef

Viscount Aggro wrote: »

"How I became financially independent in 5 years"

http://earlyretirementextreme.com/how-i-became-financially-independent-in-5-years-part-i.html


Yes, it is extreme, yes it can be done.

Unfortunately for most people on here, it requires discipline and will-power.

Most things can be done...I could jack in my job, live on lentils, and then spoof about “early retirement”. This stuff is all nonsense; it is not possible.

Bubbaclaus

Andrew Beef wrote: »

Most things can be done...I could jack in my job, live on lentils, and then spoof about “early retirement”. This stuff is all nonsense; it is not possible.

What makes you say that? It's pretty easy to build up a large amount of capital through savings and then growing it through investment if you have the mindset for it. It requires a frugal living, but for many people that isn't a problem.

grindle

Andrew Beef wrote: »

This stuff is all nonsense; it is not possible.

It's easier to do nowadays than it was a few years ago, how is it not possible?

Andrew Beef

grindle wrote: »

It's easier to do nowadays than it was a few years ago, how is it not possible?

Returns are harder to achieve in the current low interest rate environment, but aside from that twenty-somethings don’t earn a whole lot.

Wesser

Error

Avatar MIA

grindle wrote: »

It's easier to do nowadays than it was a few years ago, how is it not possible?

If you mean 20/30 year olds are living longer with parents and saving on rent, then yeah. But it does kind of take away from the heroics of retiring early.

MrSzyslak

Any Crypto-currency?

air

It's a lot harder to do now than 20 years ago, wages have stagnated, educational inflation is keeping young people in full time education and BS internships for longer, property prices and rents are high in relative terms.
On the plus side there's much easier access to information on how to go about it.

grindle

Sorry, forgot all of ye would be shying away from crypto-"ponzi" land.

el diablo

grindle wrote: »

Sorry, forgot all of ye would be shying away from crypto-"ponzi" land.

What does this even mean?

dubrov

I still don't get the numbers on this thread.
7k per year dividends is miles away from retiring comfortably early in Ireland.

Packing in your job and going on the dole would get about 10k per year.
Given the dole is means tested, you need at least 10k dividends to be ahead before you hit 66.

Cute Hoor

dubrov wrote: »

I still don't get the numbers on this thread.
7k per year dividends is miles away from retiring comfortably early in Ireland.

Packing in your job and going on the dole would get about 10k per year.
Given the dole is means tested, you need at least 10k dividends to be ahead before you hit 66.

Did you read through the thread?

Chancer3001

Class thread.

Hope op gives more info on what he invested in ...

Short term or long term game plan

Learned any lessons to pass on to us etc

Andrew Beef

Yes, it’s all very plausible; take the negligible amount of money that all of us make in our 20s, then retire in a low interest rate low return environment and live like a down-and-out for the rest of your life.

This is penis extending pills internet bullsh1t of the highest order.

Nonsense.

elperello

I'll grant you there might be a bit of inverted willy waving going on here but bull**** and nonsense it is not.
Some interesting ideas being discussed and worthy of attention.

dubrov

Cute Hoor wrote: »

Did you read through the thread?

Yes actually. I might have breezed through a few posts but can't see what I am missing.

I see the OP has done well to achieve 7k dividends after tax by 30.
We can't see his portfolio but I would guess the valuation is closer to 150k than 350k.

I can't see how this puts him in a position where he can retire in 5 years even if the current stock market bull run continues.

Cute Hoor

He didn't plan to retire on €7k pa as far as I can see.

Andrew Beef

I’ve read it too and at best the strategy can be summarised as “live a rubbish life, retire early with too little money and have a rubbish retirement”.

Maybe I’m missing something but I prefer the fulfillment of working and building a material nest egg with a view to enjoying a luxurious retirement and giving my kids a leg up.

dubrov

Cute Hoor wrote: »

He didn't plan to retire on €7k pa as far as I can see.

I understand that as the OP has not retired yet.
However, he did say he is about 5 years away.
I'd say he is more like 25 years away.

Personally I think he should try and find a part time job earlier that he actually enjoys. It would provide additional income (probably tax free) and keep him busy for a few hours a week while still leaving loads of free time to do what he likes.

Chancer3001

dubrov wrote: »

I understand that as the OP has not retired yet.
However, he did say he is about 5 years away.
I'd say he is more like 25 years away.

Personally I think he should try and find a part time job earlier that he actually enjoys. It would provide additional income (probably tax free) and keep him busy for a few hours a week while still leaving loads of free time to do what he likes.

Part time job be worth less than the dole these days unfortunately

kippy

Digi_Tilmitt wrote: »

I'm 19 and currently in college. I live at home. I work part time with two jobs, one pays about 700 a month, the other 200. I spend the 200 on stuff that I want/need and invest the entire 700 in shares. I do this by wire transferring from my bank account (in 2500 euro lumps) to an american online stock broker account where it is converted to dollars and I can buy american shares with. Currently I have only done one wire transfer, as I only started this in August, but the shares I bought have already increased alot...and I even got a $18 dividend credited to my account! Wow!

My plan is through relatively frugal living and wise investments, to hit one million by the time I am 30. I will then retire and live off the returns from my one million (by buying stocks with high dividend yields probably), in Japan!

That makes my life sound really boring...but trust me it isn't! I like stuff too and have my own deeply important dreams and things I want to and will do and see! But anyway, I was just wondering is anyone else trying anything even vaguely similar to this? Does anyone else think they can escape a life of toil in the fires of industry by channeling the majority of their income into investments? Even if you're not trying anything half as "extreme" I'd love to hear about it. I'd like some feedback too as to what you think of the whole thing, I imagine most people would think it's mad and whatever, but still it's interesting to see what others think.

What exactly are you planning to "retire from" at 30?

dubrov

Chancer3001 wrote: »

Part time job be worth less than the dole these days unfortunately

I agree but if the aim is to live a lifestyle of 20k a year, then the dole and rent allowance will pretty much achieve this without any saving.

If the aim is say 40k, then 20k in dividends and a part time job for 20k with about 20 hours a week would do this.

I think the OP could make the latter option before 45. The problem is finding a job that suits.

wally1990

Digi_Tilmitt wrote: »

I'm 19 and currently in college. I live at home. I work part time with two jobs, one pays about 700 a month, the other 200. I spend the 200 on stuff that I want/need and invest the entire 700 in shares. I do this by wire transferring from my bank account (in 2500 euro lumps) to an american online stock broker account where it is converted to dollars and I can buy american shares with. Currently I have only done one wire transfer, as I only started this in August, but the shares I bought have already increased alot...and I even got a $18 dividend credited to my account! Wow!

My plan is through relatively frugal living and wise investments, to hit one million by the time I am 30. I will then retire and live off the returns from my one million (by buying stocks with high dividend yields probably), in Japan!

That makes my life sound really boring...but trust me it isn't! I like stuff too and have my own deeply important dreams and things I want to and will do and see! But anyway, I was just wondering is anyone else trying anything even vaguely similar to this? Does anyone else think they can escape a life of toil in the fires of industry by channeling the majority of their income into investments? Even if you're not trying anything half as "extreme" I'd love to hear about it. I'd like some feedback too as to what you think of the whole thing, I imagine most people would think it's mad and whatever, but still it's interesting to see what others think.

Screw what people say

I wish you the best of luck !!!!

Bubbaclaus

Andrew Beef wrote: »

Yes, it’s all very plausible; take the negligible amount of money that all of us make in our 20s, then retire in a low interest rate low return environment and live like a down-and-out for the rest of your life.

This is penis extending pills internet bullsh1t of the highest order.

Nonsense.

What do you consider a negligible amount of money that apparently everyone in their 20s makes?

Andrew Beef

Bubbaclaus wrote: »

What do you consider a negligible amount of money that apparently everyone in their 20s makes?

I started on €21k a year at age 23. From memory it then went as follows each year to 30: €25k, €30k, €36k, €45k, €55k, €75k, €100k.

I consider all but the last two negligible.

shaunr68

Andrew Beef wrote: »

I’ve read it too and at best the strategy can be summarised as “live a rubbish life, retire early with too little money and have a rubbish retirement”.

Maybe I’m missing something but I prefer the fulfillment of working and building a material nest egg with a view to enjoying a luxurious retirement and giving my kids a leg up.

Ah, kids. Well there's the biggest expense in life. All our friends that had kids are skint, we're late 40s, don't drink, don't smoke, no kids (missus was a teacher so naturally hated children!), packed in full time work at 45, own a modest little place here out in the sticks and a rental property in the UK near to parents. We can get by comfortably on €600 a month. Do a bit of part time work to top up the coffers here and there but have no intention of returning to full time work. Reasonably modest pensions will kick in at 60. Rubbish life? Not as rubbish as 20 more years in the rat race. We're loving the freedom, living the "Good Life", you're welcome to your luxuries, knock yourself out and work 'til you're 75!

OOnegative

shaunr68 wrote: »

Ah, kids. Well there's the biggest expense in life. All our friends that had kids are skint, we're late 40s, don't drink, don't smoke, no kids (missus was a teacher so naturally hated children!), packed in full time work at 45, own a modest little place here out in the sticks and a rental property in the UK near to parents. We can get by comfortably on €600 a month. Do a bit of part time work to top up the coffers here and there but have no intention of returning to full time work. Reasonably modest pensions will kick in at 60. Rubbish life? Not as rubbish as 20 more years in the rat race. We're loving the freedom, living the "Good Life", you're welcome to your luxuries, knock yourself out and work 'til you're 75!

Sense some sort of sarcasm in your post but I'd rather not have a pot to p!ss in and have my two children than be crazy rich and have no kids. Money is handy, children are priceless.

650Ginge

shaunr68 wrote: »

Ah, kids. Well there's the biggest expense in life. All our friends that had kids are skint, we're late 40s, don't drink, don't smoke, no kids (missus was a teacher so naturally hated children!), packed in full time work at 45, own a modest little place here out in the sticks and a rental property in the UK near to parents. We can get by comfortably on €600 a month. Do a bit of part time work to top up the coffers here and there but have no intention of returning to full time work. Reasonably modest pensions will kick in at 60. Rubbish life? Not as rubbish as 20 more years in the rat race. We're loving the freedom, living the "Good Life", you're welcome to your luxuries, knock yourself out and work 'til you're 75!

€600 is super low, I don't know how you get that low but well done.

DC pension can be taken from 50 in Ireland, 55 in the uk. DB's don't seem to be so straightforward but possible in some cases.