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+--- Thread: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million (/Thread-24yr-Google-Engineer-Saves-80-Of-His-Income-Plans-to-Retire-by-30-With-1-Million)
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24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - LevelUP - 03-08-2022
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-old-engineer-saves-80-of-his-income-plans-to-retire-by-30-with-1-million.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?
24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - Kab - 03-08-2022
Work until 50 and retire with 4 milions and change in a plan, a paid house and still plenty of time to do things.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - SteveFoerster - 03-08-2022
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.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - LevelUP - 03-08-2022
(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.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - SteveFoerster - 03-08-2022
(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.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - LevelUP - 03-08-2022
(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-the-irs-woes-of-the-first-survivor-winner.html#:~:text=According%20to%20the%20U.S.%20Attorney's,Hatch%20never%20filed%20the%20return.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - Pats20 - 03-08-2022
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.
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - ss20ts - 03-08-2022
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?
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - LevelUP - 03-08-2022
(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-anyone-want-to-buy-a-truck/5743537530339328
FAQ
https://frominsidethebox.com/faq
RE: 24yr Google Engineer Saves 80% Of His Income & Plans to Retire by 30 With $1 Million - ss20ts - 03-08-2022
(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-anyone-want-to-buy-a-truck/5743537530339328
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.