24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million

[Messdiener]

Do you think this is a good idea for someone single and fresh out of college?

If not, what would be a better alternative?

While saving and investing in index funds are a great foundation, they still put you at risk of major market crashes, inflation, and other problems as others have highlighted here.

Diversifying would be a great start, and working towards financial sustainability (a la Myles Wakeham of the Unconstrained Podcast) would be an even better move. Start investing into assets that produce dividends: laundromats, real estate, vending machines, etc. These still involve some level of work, but they give you long-term dividends that can keep you afloat.

If you manage to get some assets AND diversify, you'll be in a much better position.

[dfrecore]

If you stick $1M in a mutual fund (or ok, a bunch and diversify) and then they average 11% a year, and you pull out 6% a year ($60k), you can live in perpetuity on that.

[bluebooger]

LOL, just checked my retirement account

Personal Performance
-10.87% 01/01/2022 - 03/08/2022

that's a MINUS 10.87%

[Messdiener]

If you stick $1M in a mutual fund (or ok, a bunch and diversify) and then they average 11% a year, and you pull out 6% a year ($60k), you can live in perpetuity on that.

Do you have a spare million buckaroos I could borrow for a few decades?