Possible to retire at 33 with $1M saved from biglaw?
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Poast new message in this thread
Date: November 2nd, 2013 1:27 PM Author: french digit ratio
this guy did it working as an engineer for cisco...
http://www.mrmoneymustache.com/
this is kind of my goal. i hope to leave as a sixth year with 800k saved and then take an easy part time gig and focus on hobbies and raising babbies.
currently a second year with a 350k networth (my wife makes 90k so we can save my entire salary).
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354352) |
Date: November 2nd, 2013 1:41 PM Author: Sepia Principal's Office
these threads are always so stupid because 1M may give you enough to live on, but you're looking at what, like $35k/year if you don't want to touch principal and want to cover inflation?
what the fuck. if that's all you want to live on then you should've just been working as a bartender slaying puss and living with roommates for the best years of your life instead of doing biglaw so that you can "retire" at 33 to a meager existence.
this site is so full of aspies.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354421) |
Date: November 2nd, 2013 2:41 PM Author: razzmatazz school cafeteria new version
Sounds like a pretty sweet way to set your children up to be 1) the poor kids in the class with the weird 2) old dad 3) who doesn't work
Triple threat, man, your kids are going to love it
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354758) |
Date: July 28th, 2014 3:08 PM Author: Erotic concupiscible trailer park
Another danger of retiring early is that you can be seriously fucked if you have health problems. If you get cancer, you could easily hit the limit on your health insurance policy and end up with hundreds of thousands in medical bills and no way to pay them. This may be less of an issue post-Obamacare; I don't know the nuances of the new law. But you would want to do your homework on this. And you would run the risk of the law being repealed under a Republican administration.
Even with Obamacare, historically health insurance premiums have increased much faster than inflation. There is a real danger that premiums increase so much that you can't afford your premiums and have enough money left over to live comfortably. I would advise anyone who "retires" in their 30's to try to find a part-time job if only for the health benefits. Or you just move overseas somewhere with free health care. Although that's also not an ideal solution, since most countries with a low COL have shit health care systems unless you are willing to pay $$$$.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26016174) |
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Date: July 28th, 2014 6:04 PM Author: french digit ratio
"This may be less of an issue post-Obamacare; I don't know the nuances of the new law."
No lifetime or annual limits under Obamacare. Even the reptiles have stated their desire to keep this provision.
Out of pocket max is 6k per year (12k per family) under Obamacare. So if you get cancerpwned, the most you'll pay is 6k per year.
Also, many early retirees qualify for subsidies since subsidies don't take assets into account, only income. A family of four can earn up to 80k per year in investment income (i.e. 2% dividends on 2M) and still qualify for subsidies.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26017178) |
Date: July 28th, 2014 3:26 PM Author: Curious dysfunction
I do think it's possible to save $1MM by the time you're 33 on a Biglaw salary - I have a friend who did it, or at least came close (he's about 38 now, and he hit the $1MM net worth mark a few years ago...I'm not sure exactly when.) His life sucked, though - he practically never goes out, he's never had cable tv, he drives a Honda Civic with about 200,000 miles on it, etc.
Whether $1MM is enough to retire on in your 30s is another question. My vote would be no, for reasons others have already stated. Between inflation and healthcare costs, I don't think the income that can be earned on $1MM of principal can be expected to support you for 50 years (especially when you consider the fact that you're probably going to live through several major stock market crashes and possibly another Great Depression within that time). No matter how savvy an investor you are, you can't expect to go 50 years without having some years where you incur massive losses, and that's going to eat into your principal. I'm not saying it's impossible, but it's a roll of the dice.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26016280) |
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Date: July 28th, 2014 11:03 PM Author: greedy fuchsia chad
There was once a businessman who was sitting by the beach in a small Brazilian village.
As he sat, he saw a Brazilian fisherman rowing a small boat towards the shore having caught quite few big fish.
The businessman was impressed and asked the fisherman, “How long does it take you to catch so many fish?”
The fisherman replied, “Oh, just a short while.”
“Then why don’t you stay longer at sea and catch even more?” The businessman was astonished.
“This is enough to feed my whole family,” the fisherman said.
The businessman then asked, “So, what do you do for the rest of the day?”
The fisherman replied, “Well, I usually wake up early in the morning, go out to sea and catch a few fish, then go back and play with my kids. In the afternoon, I take a nap with my wife, and evening comes, I join my buddies in the village for a drink — we play guitar, sing and dance throughout the night.”
The businessman offered a suggestion to the fisherman.
“I am a PhD in business management. I could help you to become a more successful person. From now on, you should spend more time at sea and try to catch as many fish as possible. When you have saved enough money, you could buy a bigger boat and catch even more fish. Soon you will be able to afford to buy more boats, set up your own company, your own production plant for canned food and distribution network. By then, you will have moved out of this village and to Sao Paulo, where you can set up HQ to manage your other branches.”
The fisherman continues, “And after that?”
The businessman laughs heartily, “After that, you can live like a king in your own house, and when the time is right, you can go public and float your shares in the Stock Exchange, and you will be rich.”
The fisherman asks, “And after that?”
The businessman says, “After that, you can finally retire, you can move to a house by the fishing village, wake up early in the morning, catch a few fish, then return home to play with kids, have a nice afternoon nap with your wife, and when evening comes, you can join your buddies for a drink, play the guitar, sing and dance throughout the night!”
The fisherman was puzzled, “Isn’t that what I am doing now?”
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018983) |
Date: July 28th, 2014 10:59 PM Author: Bright Aphrodisiac Stage
1m by 33 is almost impossible unless you live in your dad's basement and even then.
That said, even saving half of that could make it possible to retire abroad assuming you open some bar or other business to generate a little income to cover your expenses. You can get a SWEET apartment in a big city in Asia for around $500 a month so I mean your expenses abroad would literally go down 75%.
You could actually take the 500k, invest it decently, and end up with over 1m by the time you are in your 40's, simply by living in Asia or somewhere else cheap where your cost of living goes down a lot. Cost of living is what kills you. People focus too much on their intake when its outtake that matters.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018962) |
Date: July 28th, 2014 11:48 PM Author: hot center
The biggest expense for most people is housing. If you housing cost is low (property taxes and maintenance only) it is pretty easy to live off 30k a year.
However, for the average law school grad, with student loans in a high COL area, even making biglaw money your best case is to break even in five or six years.
OTOH, if you have minimal housing costs, no student debt, and make biglaw money, you can save an obscene amount of money. For example, this year I am living off last year's post tax bonus, and I am under budget.
(http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019298) |
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