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Possible to retire at 33 with $1M saved from biglaw?
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Date: November 2nd, 2013 12:31 PM Author: Useless hunting ground shrine Does this seem like a reasonable gameplan? Then live off investment income.. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354143) |
Date: November 2nd, 2013 12:33 PM Author: Rambunctious insanely creepy spot international law enforcement agency You're going to move to the Midwest? (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354152) |
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Date: November 2nd, 2013 12:34 PM Author: Useless hunting ground shrine Well, somewhere where you can live happily off $40K a year tax free investment returns. Maybe midwest or SE Asia, South America, Mexico, etc. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354156) |
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Date: November 2nd, 2013 1:13 PM Author: Insane church maybe, id be bored being totally retired at 33 (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354278) |
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Date: November 2nd, 2013 1:15 PM Author: buck-toothed turdskin state yes, but not anywhere worth living (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354287) |
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Date: November 2nd, 2013 1:15 PM Author: wonderful saffron public bath black woman you can't retire at 33 bro, unless you have $10mm (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354288) |
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Date: November 2nd, 2013 1:16 PM Author: Insane church you have like 50 years left to live; you think 1M is enough in fucking 2060? I dont (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354292) |
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Date: December 20th, 2013 2:49 PM Author: Mahogany at-the-ready immigrant (Guy who doesn't understand even the most basic concepts of investing) (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24681243) |
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Date: November 2nd, 2013 1:18 PM Author: slate stead lol @ all these biglaw 4 life retards. Your main concern in biglaw should be finding your next job. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354298) |
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Date: November 2nd, 2013 1:25 PM Author: Useless hunting ground shrine So many posters unfamiliar with the stock market. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354337) |
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Date: November 2nd, 2013 1:26 PM Author: wonderful saffron public bath black woman lol yeah saw the Dow's at like 16,000 almost, i think throw your mil into that and let it ride you to 2073. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354347) |
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Date: November 2nd, 2013 1:27 PM Author: Supple mood ape 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). |
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Date: November 2nd, 2013 1:32 PM Author: Useless hunting ground shrine How much did he save? Your strategy sounds credited. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354380) |
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Date: November 2nd, 2013 1:37 PM Author: Supple mood ape he saved 800k plus he had a paid off house. he only spends 25k a year. i think 800k would be doable for me if i had some part time job where i made at least 25k. i would be pretty comfortable living off of 50k (assume 25k in passive income from the 800k, which is a pretty safe withdrawal rate), which is about how we live now after taxes. also, my wife will probably want to work part time. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354402) |
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Date: November 2nd, 2013 1:40 PM Author: Useless hunting ground shrine Yep, withdrawing 3% is very likely to be sustainable for 50-60 years. Any idea what kind of part time job you might do? (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354413) |
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Date: November 2nd, 2013 3:12 PM Author: gay milk made a mint off 2000s housing bubble though
don't like people in this mould. they are disingenuous fags because there is nothing more sustainable or commendable about collecting investment income vs. the life of the average paycheck to paycheck american |
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Date: December 20th, 2013 10:16 AM Author: misanthropic school cafeteria to be fair, most of these guys (this one, million dollar extreme, etc) are not acting holier-than-thou re: early retirement. They are just describing an alternative way to live your life. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24679586) |
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Date: December 20th, 2013 10:15 AM Author: Pungent turquoise brunch volcanic crater he's flame. makes a lot of money running the site so more of a get rich quick huckster than anything. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24679577) |
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Date: December 20th, 2013 2:55 PM Author: Disgusting Wine Puppy his numbers all add up. the only bs part is that he says he lives on 27k per year but doesn't count the 5% ROI on the 400k tied up into his housing. 47k is the real number. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24681280) |
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Date: July 28th, 2014 6:07 PM Author: Supple mood ape update: my networth is up to 475k. on pace to hit 800k in 3 years assuming no change in market (up or down). (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26017190) |
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Date: November 2nd, 2013 1:41 PM Author: Cordovan Bbw 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. |
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Date: November 2nd, 2013 1:43 PM Author: Useless hunting ground shrine Uh, I don't think most of us would be able to "work as a bartender and slay puss." (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354428) |
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Date: November 2nd, 2013 1:45 PM Author: Cordovan Bbw well whatever the fuck you like to do - play skyrim and watch star trek re-runs all day. seriously, if you only need an income of like 35k you should've tried to get a fun job as park ranger or canoe guide or some shit. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354443) |
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Date: November 2nd, 2013 1:47 PM Author: Useless hunting ground shrine Why not do both? $35K passive income from the biglaw nest egg + $35K/yr as canoe guide. Can live pretty comfortably on $70K/yr. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354458) |
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Date: November 2nd, 2013 1:52 PM Author: Cordovan Bbw um i dunno. because killing yourself and living like a miser from 21-33 to save 1M (leaving aside this is almost certainly impossible) is a dumbfuck way to spend those years when you only need 35-70k per year to be happy. if you don't grasp this immediately i cant really explain it to you. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354490) |
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Date: November 2nd, 2013 2:13 PM Author: Useless hunting ground shrine How much per year do you need to be happy? (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354611) |
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Date: November 2nd, 2013 3:03 PM Author: slate stead You're missing the point. No answer to that question makes your plan a good idea. If you're happy with less money, don't slave away until 33. If you need more money, don't retire in your 30s. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354854) |
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Date: November 2nd, 2013 3:05 PM Author: Useless hunting ground shrine You seem to be assuming we were all operating with perfect information from the start. What if law school is already a sunk cost and you are already in biglaw? Seems as though there must be some target net worth for most people that they should try to hit before jumping ship. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354863) |
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Date: November 2nd, 2013 3:10 PM Author: peach charismatic sneaky criminal office "If you're happy with less money, don't slave away until 33."
In which case you lose security and freedom. |
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Date: November 2nd, 2013 3:30 PM Author: Bisexual Range The point is: if all you needed to be happy was $40k a year or whatever, then you should have just skipped the biglaw thing all together and went straight to the chill job. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354956) |
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Date: July 28th, 2014 11:51 PM Author: sick drab school (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019330) |
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Date: November 2nd, 2013 1:47 PM Author: wonderful saffron public bath black woman exactly. why retire when you could become *anything* because purportedly you don't give a fuck about money. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354460) |
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Date: November 2nd, 2013 3:13 PM Author: peach charismatic sneaky criminal office Therefore, work at biglaw forever. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354896) |
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Date: November 2nd, 2013 1:50 PM Author: slate stead CR (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354482) |
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Date: November 2nd, 2013 2:41 PM Author: poppy fluffy market 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 |
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Date: November 2nd, 2013 2:57 PM Author: Useless hunting ground shrine Yes, because having a balding obese broken shell of man they almost never see because he is at the office for another late night is so healthy for kids. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354820) |
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Date: November 2nd, 2013 3:01 PM Author: slate stead Because biglaw is The Only Job (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354845) |
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Date: December 20th, 2013 2:51 PM Author: Mahogany at-the-ready immigrant (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24681259) |
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Date: July 28th, 2014 11:52 PM Author: sick drab school (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019338) |
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Date: November 2nd, 2013 2:59 PM Author: arousing smoky telephone why have children? you can retire even sooner without them. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354830) |
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Date: November 2nd, 2013 3:01 PM Author: Insane church cr, just die. why do anything (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354844) |
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Date: December 20th, 2013 10:13 AM Author: Disgusting Wine Puppy (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24679567) |
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Date: July 28th, 2014 1:02 PM Author: Apoplectic blathering dilemma trump supporter (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26015528) |
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Date: July 28th, 2014 11:52 PM Author: sick drab school (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019340) |
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Date: November 2nd, 2013 3:10 PM Author: gay milk why would you care about any of this, you gigantic queer? (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24354882) |
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Date: December 20th, 2013 10:17 AM Author: Bonkers provocative mediation you need at least $2 million to retire somewhat comfortably (especially at 33). (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24679591) |
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Date: December 20th, 2013 10:18 AM Author: Useless hunting ground shrine Clearly. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#24679597) |
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Date: July 28th, 2014 1:55 PM Author: hairraiser space CR is to retire on that in some place in SE Asia. Build a big house on the beach with servants/maids. Then start your own business. Maybe a bar/karaoke/brothel kind of place down the road. My wife's uncle did this and he lives like a king. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26015782) |
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Date: July 28th, 2014 3:08 PM Author: Shimmering well-lubricated lay travel guidebook 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 $$$$. |
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Date: July 28th, 2014 6:04 PM Author: Supple mood ape "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. |
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Date: July 28th, 2014 10:37 PM Author: Shimmering well-lubricated lay travel guidebook Interesting. Good points. However, the point remains that premiums could increase and the law could be modified (or repealed entirely) if Republicans gain complete control of the government. It seems risky to assume that you would be able to afford premiums plus out of pocket costs for the next 30 years until you're eligible for Medicare if you're already living on a tight income. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018777) |
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Date: July 28th, 2014 10:56 PM Author: Aggressive Maize Mad-dog Skullcap I think the answer is to just go abroad and live abroad and go to the best hospitals abroad which usually have state of the art care for a tenth of the price or less (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018936) |
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Date: July 29th, 2014 2:26 AM Author: Shimmering well-lubricated lay travel guidebook It will be cheaper than it is in the U.S., but good luck for paying for cancer treatment out of pocket at a decent hospital even if you are in the Philippines. This works as long as your health is good, but you could be extremely fucked if you get seriously ill. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26020278) |
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Date: July 29th, 2014 2:35 AM Author: Aggressive Maize Mad-dog Skullcap Umm, you wouldhave to find another country perhaps but there is somewhere to go. Hell, I reall ythink that EVERYONE in the US shld go abroad for major healthcare treatment, even if they have insurance. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26020309) |
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Date: July 28th, 2014 3:26 PM Author: orange masturbator ticket booth 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. |
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Date: July 28th, 2014 4:41 PM Author: Razzmatazz bronze wagecucks headpube $1mm is more than most broke as shit people ever earn lifetime, though. Seems like you should be able to make it work if you really give up on everything. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26016747) |
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Date: July 28th, 2014 6:34 PM Author: electric citrine prole affirmative action i have 1mm and dont feel like i could come close to retiring (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26017312) |
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Date: July 28th, 2014 10:39 PM Author: Talented Orchid Pit Pozpig This. It's not your salary, it's not your net worth, it's your age + net worth that determines whether you're ready to retire. If you want to change careers, fine. But normal people don't retire at 33. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018796) |
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Date: July 28th, 2014 10:55 PM Author: bespoke odious area preventive strike because most people get married and have kids. if OP doesn't want kids then 1m seems like enough assuming he's in low COL area. he won't be living the models and bottles lifestyle but sacrificing luxuries >>> sitting in an office chair for 75% of your waking hours
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Date: July 28th, 2014 10:56 PM Author: Talented Orchid Pit Pozpig You're missing the point. You shouldn't stop working at 33. Do something out of the office, do something that pays less, but you don't just retire to The Villages at 33. That's fucking retarded. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018947) |
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Date: July 28th, 2014 10:58 PM Author: bespoke odious area preventive strike explain how is total freedom retarded? (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018952) |
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Date: July 28th, 2014 11:00 PM Author: Talented Orchid Pit Pozpig LOL at you if you think money in the bank gives you "total freedom." Money can give you options, but it won't make you happy and it certainly won't make you "free." You gotta do what's right for you, and working--at anything--is part of that. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018969) |
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Date: July 28th, 2014 11:01 PM Author: bespoke odious area preventive strike (guy who takes out 22% loan on prosper to pay for new BMW leather seats and sunroof package because his brother-in-law got it) (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018976) |
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Date: July 28th, 2014 11:04 PM Author: Talented Orchid Pit Pozpig You are retarded. I'm not saying that excess consumption makes you happy or is even appropriate. I'm just saying you're retarded for thinking that you can horde your money for 10 years, retire at 33, and then be "happy" and "free." You'd just be a 33 year old dude without a job, without purpose. You'll be the equivalent of the the basement dwelling loser that you disdain so much, just older and richer. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018996) |
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Date: July 28th, 2014 11:06 PM Author: bespoke odious area preventive strike in all seriousness if your only purpose is derived from your job then your life must suck dude.
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Date: July 28th, 2014 11:07 PM Author: Talented Orchid Pit Pozpig You're a fucking idiot. See the fisherman story below faggot. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019025) |
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Date: July 28th, 2014 11:08 PM Author: bespoke odious area preventive strike for whatever it's worth i'm in my late 30s and "retired" (though i do generate passive income that covers my spending money) and absolutely wouldn't trade it for anything in the world. life is awesome.
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Date: July 28th, 2014 11:10 PM Author: Talented Orchid Pit Pozpig for whatever its worth, I'm a lawlyer. I wake up every morning and want to kill myself. I stay up too late at night, drinking, and posting suicide threads on a racist chatblog. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019046) |
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Date: July 28th, 2014 11:13 PM Author: bespoke odious area preventive strike well at least you'll drive a nicer car than i do! (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019075) |
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Date: July 28th, 2014 11:14 PM Author: Talented Orchid Pit Pozpig I drive a 1998 Civic. It has 237,000 miles on it. It has never been repainted. It looks like complete shit. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019094) |
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Date: July 28th, 2014 11:02 PM Author: Aggressive Maize Mad-dog Skullcap Wow (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018979) |
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Date: July 28th, 2014 11:00 PM Author: Aggressive Maize Mad-dog Skullcap Most Americans are brainwashed into being corporate whores so the idea of having total financial freedom and not being a slave to corporate America, or your bills, is fucking insane to Americans but to Euros etc this is an admirable lifestyle and you meet Euros in So. America and Asia who just have a bar and are enjoying life instead of doin this insane American life. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26018972) |
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Date: July 28th, 2014 11:03 PM Author: bespoke odious area preventive strike 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?” |
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Date: July 28th, 2014 11:04 PM Author: Aggressive Maize Mad-dog Skullcap lol 1800000 (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019000) |
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Date: July 28th, 2014 11:07 PM Author: Talented Orchid Pit Pozpig 180 (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019028) |
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Date: July 28th, 2014 11:13 PM Author: Dashing Mentally Impaired Sanctuary Hominid a few years ago this was critiqued when posted (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019082) |
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Date: July 28th, 2014 11:15 PM Author: bespoke odious area preventive strike probably by a poster who asked to be beaten to death by a baseball bat on live TV (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019097) |
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Date: July 28th, 2014 11:52 PM Author: bipolar copper nursing home lol I remember that. The critique was hilariously aspie. The poster kept arguing that if the fisherman started a business, his retirement would be materially better. He was treating the story and its simple and timeless theme like a math equation. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019336) |
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Date: July 28th, 2014 11:17 PM Author: Useless hunting ground shrine Well played (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019112) |
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Date: July 28th, 2014 11:57 PM Author: Bateful yellow address last line needs to be deleted. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26019405) |
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Date: July 28th, 2014 10:59 PM Author: Aggressive Maize Mad-dog Skullcap 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. |
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Date: July 28th, 2014 11:48 PM Author: beady-eyed corner 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. |
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Date: July 29th, 2014 1:30 AM Author: Aggressive Maize Mad-dog Skullcap If you go move to Latin America or Asia you can usually get a sweet place for 500 bucks a month. (http://www.autoadmit.com/thread.php?thread_id=2403225&forum_id=2#26020016) |