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24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million
https://www.cnbc.com/2016/11/08/24-year-...llion.html
Sounds pretty extreme what this person is willing to do in order to retire. Like FIRE on steroids.
Do you think this is a good idea for someone single and fresh out of college?
If not, what would be a better alternative?
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Work until 50 and retire with 4 milions and change in a plan, a paid house and still plenty of time to do things.
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Even now you can't live off $1 million for fifty years. Six years of inflation having its way with the dollar will only make that less realistic.
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(03-08-2022, 10:30 AM)SteveFoerster Wrote: Even now you can't live off $1 million for fifty years. Six years of inflation having its way with the dollar will only make that less realistic.
If you had $1 million sitting in a bank account earning 0% interest, inflation would eat you alive before you make it to collect Social Security at 65 years.
So you would need a plan to grow that $1 million at the rate of inflation while retaining enough money to live on.
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(03-08-2022, 12:20 PM)LevelUP Wrote: So you would need a plan to grow that $1 million at the rate of inflation while retaining enough money to live on.
Well, sure, although I'm reminded of Steve Martin's skit about how to make a million dollars without paying any taxes.
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(03-08-2022, 02:45 PM)SteveFoerster Wrote: (03-08-2022, 12:20 PM)LevelUP Wrote: So you would need a plan to grow that $1 million at the rate of inflation while retaining enough money to live on.
Well, sure, although I'm reminded of Steve Martin's skit about how to make a million dollars without paying any taxes.
Lol. I think the winner of Survivor 1, Richard Hatch, took that video literally because he won $1 million dollars and then said he didn't have to pay his taxes because the IRS never sent him a bill. ROFL
https://www.brysonlawfirm.com/news/253-t...e%20return.
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If you can live on $1000 a week then $1 million in an s&p index fund “should” hedge you against inflation. Since inception s&p returns an average 10%. Pull out 5% leave the other 5. Of course it’s all hypothetical. Anything can happen. But the key is to only take 5%. Even on the big years.
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This is from 6 years ago. I wonder how close to the million dollars he got. I can't imagine living in a box truck for 6 years. Bathroom? Showers? Cooking?
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(03-08-2022, 06:05 PM)ss20ts Wrote: This is from 6 years ago. I wonder how close to the million dollars he got. I can't imagine living in a box truck for 6 years. Bathroom? Showers? Cooking?
I'm not sure how much money he ended up with but the truck is yours if you want it, hand delieved to whatever you live:
https://frominsidethebox.com/post/so-any...7530339328
FAQ
https://frominsidethebox.com/faq
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(03-08-2022, 06:49 PM)LevelUP Wrote: (03-08-2022, 06:05 PM)ss20ts Wrote: This is from 6 years ago. I wonder how close to the million dollars he got. I can't imagine living in a box truck for 6 years. Bathroom? Showers? Cooking?
I'm not sure how much money he ended up with but the truck is yours if you want it, hand delieved to whatever you live:
https://frominsidethebox.com/post/so-any...7530339328
FAQ
https://frominsidethebox.com/faq
Well he's now buying a house. He's selling the truck for $5K more than he paid for it. He is also quitting his job and moving out of state. Dating must have been REALLY interesting.
*I've also tied up pretty much all my semi-liquid savings with this in-progress house purchase, so the cash infusion would certainly be useful.
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