Living the Good Life on $24,000 a Year? Retire in Your 20’s or 30’s?

[videogamesrock]

So we are using the miracles of compound interest here and reinvestment. If you saved that 10k a year and reinvest you’d be doing real well in a decade. The problem is the average Joe lives in today and won’t make those sacrifices. I made those same sacrifices in my 20s and had enough to stop working by 30. It is very doable and inflation is making even easier.


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[Vle045]

What amount is realistic?

For me…. $100,000 a year would work. 

[Pats20]

In contrast, you can pay $30 a month for full coverage auto insurance in Mexico, which includes roadside assistance, 21 day car rental, and legal assistance. Depending on the brand, a full set of car tires will cost you $300-$500 or $600-$800 for truck tires.

The expat life isn't for everybody, but $24,000 a year is enough for a lifestyle upgrade in some countries.

Yeah I'm not interested in living in Mexico. A $24,000 a year salary in the USA isn't going to be the same in Mexico or many other countries. If you're even allowed to work which is where the $24K comes from.

This. ^^^

I’m not interested in living in Mexico or any other country.

[uncapentin]

Yeah I've been following Mr. Money Mustache for awhile. I don't agree with all of his philosophies. I do think he is smart.

One thing he is big on is he rides bike everywhere and hardly uses his car. I personally love riding my bike and try to do it for things short distances it is so much more fun and traffic has gotten so bad it's often faster. Biking short distances can save a lot of money. Don't knock until you've tried it.

It is crazy I have been working alongside other people we were working the exact same job making the exact same amount of money as me in the same stage of life (not married, no kids, etc.) And we had nearly identical expenses yet they were broke and I had savings.

There are also some people in this world (maybe you know a few) that you could give them a million dollars today and in a year they'd have nothing. Some people are just bad with money and no matter how much money you give them they always think just a little more would solve their problems, but they have no idea the problem is not the money but how they manage it.

I don't aspire to be exactly like mr money mustache. I personally find my mental health gets terrible when I'm unemployed. I need structure and purpose and for me the easiest way to get that is through employment.

It is crazy I have been working alongside other people we were working the exact same job making the exact same amount of money as me in the same stage of life (not married, no kids, etc.) And we had nearly identical expenses yet they were broke and I had savings.


There are also some people in this world (maybe you know a few) that you could give them a million dollars today and in a year they'd have nothing. Some people are just bad with money and no matter how much money you give them they always think just a little more would solve their problems, but they have no idea the problem is not the money but how they manage it.

^^^^^  Yes, that sums it up. I don't care how much money you earn, it is how much you spend that is the problem. I find the whole idea of retiring in your late 20's and 30's amazing and applaud those who figure out how to do it. That doesn't mean they're being lazy, it means they can be the authors of their own time and future. Kudo's to expats also. There are many, many places in the U.S where one can still purchase homes very cheaply, they just might not be in the center of a metropolitan area. Some sacrifices might have to be made but it all depends on how badly the person wants to have more financial freedom.

[ashkir]

My state's property tax. That modest home will cost me $15,000 a year in taxes :rofl: