I've done the math and I can live comfortably off the interest of $2.5M USD.
I am 29. I have $20,000 USD saved/invested and currently save $2K per month. I make about $160K per year, which will rise to $250K within the next 3 years. I also have a well funded 401k but since I cannot touch that until I'm 59, we will exclude that from the discussion.
>inb4 "shit tier savings", only hit 6 figure salary two years ago and the city I live in ain't cheap.
My rent is about $2,100 a month and bills are about $600 a month.
Should I kill myself now or do I still have a chance retire at 40?
>in b4 mooncoin
Nicholas Ross
You would need to live like a hobo. Sell your car, move back in with your parents and load up on cheap rice/ramen. Literally just kill yourself now. There's no hope for you.
Jose Torres
Sounds like you've got a pretty great situation either way m8,
Math: 2k * 12months * 11 years left = 264,000 saved + let's say you simply live like you live now, or even downsize, and are able to save 100,000 a year for the 8 years after you start making 250k,
That's $1,084,000 already by the time you're 40
Perhaps you can just work another 10 years after that, keep yourself busy and also get that 2.5 mil, or you could move to a much cheaper area
Your living expenses that you've stated though only amount to 32,400 a year, where's the rest going?
Benjamin Ross
You literally have the dream >160k salary How do you fuck that up. Find a roommate to split rent. And cut back on your bills. You won't be able to retired by 40 though. Unless you buy some stocks/coins
Julian Lopez
I can't lie, I usually blow around $1,000 a month drinking or buying stupid shit. I could cut this out totally and save $3,000 a month.
Been mulling this around lately.
$1M USD by 40 is definitely doable. But the problem is $1M * 4% (tax-free, in-state municipal bond with AAA credit rate) is only $40k a year in interest income. Tough to live on $40k a year. Goal would be 2.5 so I could hit 100K a year in interest income.
I live a very nice life but it's hardly "the dream" my friend. I'm literally middle class here in Jew York City.
Isaiah Murphy
ur rent is 1k too high
ur basically me. ive done a lot of math.
if we get lucky with crypto its doable
Colton Martin
Where are you living in NYC for $1,100 user?
Brownsville?
Chase Morgan
you need to take some risk into growth stocks.
the s&p500 has been averaging about 15% alone the last couple years.
there have been tons of stocks that have done 75-250% year over year the last couple. you cant expect to get rich playing it safe.
Caleb Wright
AHhhhh, JYC, makes sense
Though you can go ahead and blow that 1,000 by my guess, If your major expenses total out to say $36,000 (rent and bills) per year, and you quadruple that (since it's like common 'knowledge' to keep housing costs at like 1/4th income) you still have about $15,000 left to save
Brandon Barnes
>I can't lie, I usually blow around $1,000 a month drinking or buying stupid shit.
What are you a fucking women.
How does a moron get to 160K salary? What exactly do you do?
Levi Rogers
yeah but how big is your crypto portfolio
Carter Morales
I do invest 100% my savings. I don't have a proper "savings account". All my savings goes to my brokerage account and is 70% growth stocks 30% blue chip dividend payers. In my projections I usually assume a 6% yearly return (most commonly used average for long-term financial planning calculations as it pertains to equity market returns).
Dabbling in cryptos, but this is coming out of my $1,000 a month piss away money. I'm disciplined with the savings and don't touch it.
Nah you're right, and that extra $1,000/month does add up over time. It's getting easier as I have a live-in GF and 30 is right around the corner so I don't feel the need to go out nearly as often.
Planning to buy a condo/apt in the next year or so which will juice the "savings" as I'll be building equity instead of falling for the rent meme. JYC real estate is prohibitively expensive though.
Juan Wright
> Rent > $2,100 a month
wat.
Dude find an ultracheap way to live. Rent a room in someones home, pay a daily fee to have them make you breakfast.
Isaac Clark
You'd be surprised how easy it is to blow through $1,000 a month. I'm guessing you're a poorfag. Sorry about that user.
I do work in the most stereotypical JYC profession. It's quite easy. Don't get a meme-degree from a decent college and apply?
Not big enough. I'm open to mooncoin donations though: 2XA2DrTF9sz1CvAtJEN2GbZvXj14YbnTuN
Easton Cruz
>$160k yr >only saving $2k a month
Look I make $4k a month and manage to save $2k. Step your shit up fucker. There is no reason you can't be socking away $100k a year and living reasonably off the rest. Unless you have a wife and kids, then it's a lot harder.
Granted, I live in an area where real estate is much cheaper so rent isn't that high. Maybe you should look into getting a roommate?
Liam Wilson
Again... New York City... I'm up here for the job market mate. The salaries are high, but so are the rents. It's a cost/benefit thing.
$2k is minimum for a 1 bedroom apartment in a decent area. I know it's ridiculous but I couldn't make this salary in most other cities. It is what it is.
Colton Cox
160k * .72 = 115k after-tax.
>living off 15k in JYC.
Joseph Martinez
I make 84K and I manage to save over $2,000 per month, with a paid off car and still going through schooling. I'm your age.
Spending $1k on frivolous crap is absolutely vaginal.
Lucas Morgan
You're a fucking idiot if you can only save 2K a month on that salary. You could have probably retired by 30 if you didn't blow your money like a retard. Anyways have fun slaving away and retiring at 60+.
