One of the problems people forget is the 4% rule isn't necessarily true for 100% stock portfolio for a young guy who will I'd hope make some money at some point in the future. Additionally other factors come into play like inheritances that with house prices in North America these days will provide a great deal of money to a number of people in the West.
You will not be rich by grinding out 4-6 years post grad school (MBA, LAW, PHD etc.) The odds are overwhelmingly low. The odds you are rich from working 8 years post undergrad are also overwhelminingly low.
As someone in his late 20's, with a high income, self-employed and well educated I'll give you the general financial situation of close friends of mine.
1: Lawyer - 3 years out. Approximately 90k in debt with low six figure income.
2: Finance guy - 6 years out. Approximate net worth of 200k. Income around 200k.
3: HVAC guy - 9 years out. Approximate net worth of 200k. Income around 80k.
4: Chef - 10 years out and married. Approximate net worth of 75k. Individual income around 70k.
None of these guys have a net worth that would allow for location independence aside from if your talking about living on $1000 a month and working to make a bit more which is a reasonable possibility. But if you were going to do that, its probably not worth working 10 years in order to have a passive income of $1000 a month.Youd be better off building a sustainable income abroad.
The truth of the matter is no one is rich at 30 aside from people who have some sort of talent that is televisable / media friendly, people with big inheritances, or people who did very well with entrepreneurship.
One thing all the retire early sites i've seen have in common is it's couples. It's a lot easier to live on one salary and bank the other when you have 2 people.
I'd advise saving some sort of nest egg i.e. 100kish so you can sustain yourself for a few years then start a business abroad / online unless every year you work will make a substantial difference in how much you can spend per year for the rest of your life. I..e. someone who can up their net worth 100k a year should probably work. Someone who is upping their net worth by 10k a year is probably at best increasing their spending by a couple dollars day for life.
One thing I'd do if I was lower income abroad is to have a couple off days where I spend nothing so I could go big on days where lots of stuffs going on i.e. Fridays / Saturdays.
I admire the guys who dropped out in their 20s and have successfully made a living abroad. Those guys are winning.
You will not be rich by grinding out 4-6 years post grad school (MBA, LAW, PHD etc.) The odds are overwhelmingly low. The odds you are rich from working 8 years post undergrad are also overwhelminingly low.
As someone in his late 20's, with a high income, self-employed and well educated I'll give you the general financial situation of close friends of mine.
1: Lawyer - 3 years out. Approximately 90k in debt with low six figure income.
2: Finance guy - 6 years out. Approximate net worth of 200k. Income around 200k.
3: HVAC guy - 9 years out. Approximate net worth of 200k. Income around 80k.
4: Chef - 10 years out and married. Approximate net worth of 75k. Individual income around 70k.
None of these guys have a net worth that would allow for location independence aside from if your talking about living on $1000 a month and working to make a bit more which is a reasonable possibility. But if you were going to do that, its probably not worth working 10 years in order to have a passive income of $1000 a month.Youd be better off building a sustainable income abroad.
The truth of the matter is no one is rich at 30 aside from people who have some sort of talent that is televisable / media friendly, people with big inheritances, or people who did very well with entrepreneurship.
One thing all the retire early sites i've seen have in common is it's couples. It's a lot easier to live on one salary and bank the other when you have 2 people.
I'd advise saving some sort of nest egg i.e. 100kish so you can sustain yourself for a few years then start a business abroad / online unless every year you work will make a substantial difference in how much you can spend per year for the rest of your life. I..e. someone who can up their net worth 100k a year should probably work. Someone who is upping their net worth by 10k a year is probably at best increasing their spending by a couple dollars day for life.
One thing I'd do if I was lower income abroad is to have a couple off days where I spend nothing so I could go big on days where lots of stuffs going on i.e. Fridays / Saturdays.
I admire the guys who dropped out in their 20s and have successfully made a living abroad. Those guys are winning.