Personal Finance and Investing

TexasTowelie

(117,527 posts) Tue Oct 1, 2024, 02:23 AM Oct 1

How to Retire Early & Live Off Investments - Joe Blogs

In this video I discuss what you need to do to be in a position to retire early. Retirement Ages are rising all around the world and if you want to take control of your life and do what's best for you then you need to start planning now. The FIRE (Financial Independence Retire Early) Movement has been around for a while however the ideology is a little extreme for most people so in this video I discuss how you can plan for a comfortable retirement.

Chapters:
0:00 Intro
4:34 HOW MUCH
6:02 DEBT
8:01 EXPENSES
11:38 SAVINGS
13:44 INVESTING
15:51 SUMMARY & CONCLUSION

5 replies

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How to Retire Early & Live Off Investments - Joe Blogs (Original Post) TexasTowelie Oct 1 OP

Two interesting points. How much of your discretionary spending is used because you are bored? You can't think of 3Hotdogs Oct 1 #1

My retirement was well planned. It was based on SS and a pension paid by the state pension fund. What could go wrong? 3Hotdogs Oct 1 #2

I worked ten years for a company that, PoindexterOglethorpe Oct 14 #4

Mine: It was a contract from the state. If anything goes wrong, they can raise taxes to fund the discrepancy. 3Hotdogs Oct 14 #5

Great advice. I retired a little over 22 years ago at age 52. multigraincracker Oct 1 #3

3Hotdogs

(13,560 posts)

1. Two interesting points. How much of your discretionary spending is used because you are bored? You can't think of

Reply to TexasTowelie (Original post)

Tue Oct 1, 2024, 07:15 AM

Oct 1

anything else to do? Too much of mine, is.

What are you hoping to get out of the item or experience you are spending money on? Is the new baseball cap with MAGA on it, really gonna get me laid? How about the new Nike's?

3Hotdogs

(13,560 posts)

2. My retirement was well planned. It was based on SS and a pension paid by the state pension fund. What could go wrong?

Reply to TexasTowelie (Original post)

Tue Oct 1, 2024, 07:18 AM

Oct 1

What went wrong was Chris Christie pulling the plug on Cost of Living increases to the fund.

While I am not starving and still living within my means, I should have had $7k more in my annual pension check.

PoindexterOglethorpe

(26,840 posts)

4. I worked ten years for a company that,

Reply to 3Hotdogs (Reply #2)

Mon Oct 14, 2024, 07:17 PM

Oct 14

shortly before I was going to start taking my pension, declared bankruptcy (for the second or third time) and was able to reduce everyone's pensions to about 25% of what they should be. I was lucky in that I never assumed mine would be very much, because I only worked ten years there. It's the long term employees who were screwed.

3Hotdogs

(13,560 posts)

5. Mine: It was a contract from the state. If anything goes wrong, they can raise taxes to fund the discrepancy.

Reply to PoindexterOglethorpe (Reply #4)

Mon Oct 14, 2024, 07:21 PM

Oct 14

It did. And they didn't.

What pisses me the most, teacher contributions to the pension fund were mandatory. If I had the money instead of them, I could have bought shares into S & P 500. I would have been better off.

multigraincracker

(34,304 posts)

3. Great advice. I retired a little over 22 years ago at age 52.

Reply to TexasTowelie (Original post)

Tue Oct 1, 2024, 08:00 AM

Oct 1

Paid off my last car payment in 1982. In my 3rd house I've paid cash for. I have hobbies that pay for themselves. Have a pension and SS. My dividends pay all of my monthly bills.
Getting out of debt and staying out are the key.

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