I’m 27 years old. I have only been working full time for 1 year because I spent 8 years [in the entertainment industry] and I am left starting from scratch. I moved back in with my parents and I have very little in savings. My fiancée makes $25,000 per year currently with little savings. Neither of us have debt. I make $50,000 a year with an unknown bonus. Can this New York City worker retire early?Continue reading “Can This New York City Worker Retire Early?”
I’ve been doing a ton of traveling and have been spending the majority of my time in Eastern European countries. I have been thinking quite a bit lately as to what my definition of rich would be. Most wealthy people will give a number that is twice their current net worth, which is pretty comical. You have multi millionaires saying they aren’t rich which is pretty silly if you are in the top 1%. You hear stories how $300,000 a year is middle class for a family of four in New York City, or that real estate in SF is so outrageous you can’t find a home there for less than $1,000,000. After considering what the term “rich” means to me, I realized it’s really location dependent more than an absolute dollar amount. Clearly, rich is a relative term. Continue reading “Rich is a Relative Term”
Feeling down because it’s super hot outside? Mondays got you feeling blue? Today is your lucky day because I’m giving away 25 IS THE NEW 65 absolutely free for 24 hours. Get it while its free; you can take the money and put it towards super charging your savings rate.
Folks have asked a lot how to retire in your 20s. The first step is to get out of college without owing your first born child to Sallie Mae. I got lucky and got a scholarship to a state school and worked part time while I was going to undergrad, so I started investing when I was 18. I didn’t have a big balance or a trust fund, rather I just would take whatever I made and instead of buying kegs (ok I bought a couple) I’d take it and buy stocks.
In honor of Father’s Day I thought I’d take a look at the experience of a lot of our dads out there when they entered retirement: they got a pension. Because the millennial generation is less likely to work for the same employer for the duration of a career, less likely to be unionized, and our pension funds are not very well funded, anyone who wants to retire someday must look to a different source of income. The typical work for 30 years and draw a monthly payment for an amount close what you used to make while working is no longer a reality for most people.
Have you ever wondered how to break free from staring at your computer screen and watching the clock roll by? If you start off at $40,000 a year at 18 or $60,000 at 22, you can save at least 70% of your income and afford to walk away from your corporate serfdom existence decades earlier than your peers.