Posts: 5,049
Threads: 535
Likes Received: 3,024 in 1,958 posts
Likes Given: 1,875
Joined: Jun 2018
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-...llion.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?
Study.com – Get 10% Off: https://altcredit.click/study10
Degrees: BA Comp Sci; BS Business Admin (CIS); AS Nat Sci & Math — TESU (4.0 GPA)
Certs: Google (IT Support, Digital Marketing, Proj Mgmt); W3Schools PHP
![[-]](https://www.degreeforum.net/mybb/images/collapse.png)
•
Posts: 519
Threads: 21
Likes Received: 158 in 110 posts
Likes Given: 277
Joined: Jun 2020
Work until 50 and retire with 4 milions and change in a plan, a paid house and still plenty of time to do things.
•
Posts: 937
Threads: 14
Likes Received: 837 in 444 posts
Likes Given: 623
Joined: Aug 2014
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.
BS, Information Systems concentration, Charter Oak State College
MA in Educational Technology Leadership, George Washington University
EdD in Professional Studies, Thomas Edison State University, in progress
Let's connect! https://linkedin.com/in/stevefoerster
Posts: 5,049
Threads: 535
Likes Received: 3,024 in 1,958 posts
Likes Given: 1,875
Joined: Jun 2018
(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.
Study.com – Get 10% Off: https://altcredit.click/study10
Degrees: BA Comp Sci; BS Business Admin (CIS); AS Nat Sci & Math — TESU (4.0 GPA)
Certs: Google (IT Support, Digital Marketing, Proj Mgmt); W3Schools PHP
•
Posts: 937
Threads: 14
Likes Received: 837 in 444 posts
Likes Given: 623
Joined: Aug 2014
(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.
BS, Information Systems concentration, Charter Oak State College
MA in Educational Technology Leadership, George Washington University
EdD in Professional Studies, Thomas Edison State University, in progress
Let's connect! https://linkedin.com/in/stevefoerster
Posts: 5,049
Threads: 535
Likes Received: 3,024 in 1,958 posts
Likes Given: 1,875
Joined: Jun 2018
(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-t...e%20return.
Study.com – Get 10% Off: https://altcredit.click/study10
Degrees: BA Comp Sci; BS Business Admin (CIS); AS Nat Sci & Math — TESU (4.0 GPA)
Certs: Google (IT Support, Digital Marketing, Proj Mgmt); W3Schools PHP
Posts: 1,106
Threads: 42
Likes Received: 357 in 241 posts
Likes Given: 0
Joined: Jun 2020
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.
•
Posts: 8,912
Threads: 95
Likes Received: 3,901 in 2,754 posts
Likes Given: 4,849
Joined: May 2020
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?
•
Posts: 5,049
Threads: 535
Likes Received: 3,024 in 1,958 posts
Likes Given: 1,875
Joined: Jun 2018
(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-any...7530339328
FAQ
https://frominsidethebox.com/faq
Study.com – Get 10% Off: https://altcredit.click/study10
Degrees: BA Comp Sci; BS Business Admin (CIS); AS Nat Sci & Math — TESU (4.0 GPA)
Certs: Google (IT Support, Digital Marketing, Proj Mgmt); W3Schools PHP
•
Posts: 8,912
Threads: 95
Likes Received: 3,901 in 2,754 posts
Likes Given: 4,849
Joined: May 2020
(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-any...7530339328
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.
•
|
