How to retire at age 30

[scotian]

Scotian in 3..2..1

Haha, ya I know a few guys working in the oil sands who are on 5 or 10 year plans, basically they work all year and save as much as they can, its possible to save $100-150K per year up there. The downside is that you actually have to do the work, which isn't really all that great and your social life really suffers, one guy I know has almost hit a million over the past 7 years and he can probably count on one hand the number of times he's had sex in that time (not counting hookers, of course). A lot of these guys waste the best years of their lives (20s) chasing money in the oil patch and a lot of them suffer from depression, isolation and get caught up with drugs and alcohol.

All the money sounds good in theory but its a lot different in reality, not everyone can handle it. Its hard to explain but I can't work like I used to, to be honest I got burnt out from the long hours and long ass shifts in Fort McMurray. I didn't even go up there this year, I took an easy gig in another province (70-80 hours per week as opposed to 100+) and I like it better.

Myself, I'd rather save $50K per year and have time off for myself to travel and actually enjoy life. Another thing is that I actually enjoy working, it can suck sometimes but as long as I can get away with only working 5-6 months each year then I'm fine with that. I may even take a "normal job" in the city and cut down on the traveling in the next year or so, we'll see. I'm getting the fuck outta Alberta in a few weeks though, its snowing here already!

 

[Videl]

Ask yourself this. If you go to Starbucks... why?

Because I don't have an expensive coffee machine and I'm a student.

I have that shit. It is shit. Doesn't give same taste. Of course it won't How can you compare 10 dollar piece of metal with 500 dollar state of the art coffee machine?

 

[thegmanifesto]

Ask yourself this. If you go to Starbucks... why?

Because I don't have an expensive coffee machine and I'm a student.

I have that shit. It is shit. Doesn't give same taste. Of course it won't How can you compare 10 dollar piece of metal with 500 dollar state of the art coffee machine?

How can you compare a $10 land line phone that never drops calls to a $500 dollar gay Iphone that always drops calls?

 

[mastauser]

best years of their lives (20s)

Ah well, I think that for a man who makes smart choices and keeps fit, the 30s are going to be best years of their lives.

Youth is wasted on the young though, so if you are one of those rare people who can take advice from the 'elders' in your early 20s, then your 20s may be the best.

Here's my issue with the oil sand biz though. I can definitely see it as a one year thing instead of joining or being forced into the military or doing it as a gap year. But do you want to work in the oil trade as a workman going forward?

I think every guy in his 20s should be less concerned about money - cause 20 somethings don't need money to get laid or live a fun life - and a lot more on aquiring skills in a field they are passionate about.

10 years in your twenties to aquire skills is a long time. You can become quite a master in that time. Read the stories of most successful guys in whatever field. It is always about slumming it whether being a bouncer waiting for an acting break (Vin Diesel) or a tech guy in a garage (Jobs).

You don't need money in your early to mid twenties imo. Just stay out of debt, that is all, seriously don't get in debt. I realize this is hard to do for many in college, but get a job or use some of the info you learn here to get a well paying online gig.

Stay out of debt, get a couple of mentors in your field by taking low paid apprenticeships (and overdelivering), then in your late 20s when your brain is finally grown up and able to make year long strategy, you can take that loan to start a business. Work hard, work smart, launch a product and sell it 5 years later, then retire late 30s and coast on selling books about doing it, being a speaker, investing in other startups etc.

THAT I believe is possible. You will not get rich by saving money, you will get rich and retire from making a lot and then having skills to fall back on.

 

[nmmoooreland20]

Ah well, I think that for a man who makes smart choices and keeps fit, the 30s are going to be best years of their lives.

Youth is wasted on the young though, so if you are one of those rare people who can take advice from the 'elders' in your early 20s, then your 20s may be the best.

Here's my issue with the oil sand biz though. I can definitely see it as a one year thing instead of joining or being forced into the military or doing it as a gap year. But do you want to work in the oil trade as a workman going forward?

I think every guy in his 20s should be less concerned about money - cause 20 somethings don't need money to get laid or live a fun life - and a lot more on aquiring skills in a field they are passionate about.

10 years in your twenties to aquire skills is a long time. You can become quite a master in that time. Read the stories of most successful guys in whatever field. It is always about slumming it whether being a bouncer waiting for an acting break (Vin Diesel) or a tech guy in a garage (Jobs).

You don't need money in your early to mid twenties imo. Just stay out of debt, that is all, seriously don't get in debt. I realize this is hard to do for many in college, but get a job or use some of the info you learn here to get a well paying online gig.

Stay out of debt, get a couple of mentors in your field by taking low paid apprenticeships (and overdelivering), then in your late 20s when your brain is finally grown up and able to make year long strategy, you can take that loan to start a business. Work hard, work smart, launch a product and sell it 5 years later, then retire late 30s and coast on selling books about doing it, being a speaker, investing in other startups etc.

THAT I believe is possible. You will not get rich by saving money, you will get rich and retire from making a lot and then having skills to fall back on.

This is sound advice, but only applicable IF you already have a field you are passionate about, which seems hard to achieve by the time you're 20. It's sort of a catch-22 since it's hard to know if you're passionate about something until you're immersed in it long enough to be good at it. Say it takes 2-3 years to figure out if you like something enough to do it the rest of your life, you better hit it on the first 2-3 fields.

The other option is just to maximize for money off the bat-- say working in finance or the oil fields- and then having years 30-80 to do whatever you want.

 

[Cyr]

best years of their lives (20s)

Ah well, I think that for a man who makes smart choices and keeps fit, the 30s are going to be best years of their lives.

Youth is wasted on the young though, so if you are one of those rare people who can take advice from the 'elders' in your early 20s, then your 20s may be the best.

Here's my issue with the oil sand biz though. I can definitely see it as a one year thing instead of joining or being forced into the military or doing it as a gap year. But do you want to work in the oil trade as a workman going forward?

I think every guy in his 20s should be less concerned about money - cause 20 somethings don't need money to get laid or live a fun life - and a lot more on aquiring skills in a field they are passionate about.

10 years in your twenties to aquire skills is a long time. You can become quite a master in that time. Read the stories of most successful guys in whatever field. It is always about slumming it whether being a bouncer waiting for an acting break (Vin Diesel) or a tech guy in a garage (Jobs).

You don't need money in your early to mid twenties imo. Just stay out of debt, that is all, seriously don't get in debt. I realize this is hard to do for many in college, but get a job or use some of the info you learn here to get a well paying online gig.

Stay out of debt, get a couple of mentors in your field by taking low paid apprenticeships (and overdelivering), then in your late 20s when your brain is finally grown up and able to make year long strategy, you can take that loan to start a business. Work hard, work smart, launch a product and sell it 5 years later, then retire late 30s and coast on selling books about doing it, being a speaker, investing in other startups etc.

THAT I believe is possible. You will not get rich by saving money, you will get rich and retire from making a lot and then having skills to fall back on.

Its arguably a waste of your 20s to spend 11 or 12 months a year working in the oil sands full time. But what about working 8 or 9 months per year, travelling for the rest and still saving a lot of money? Then you've made a ton of money, (helping you to retire early) and still had a lot of fun.

 

[hipster]

save all your money and buy a commerical property that can generate enough money from renting....

 

[BlurredSevens]

So much emphasis on retiring young. I would think the better alternative is to find something you enjoy doing that gives you the lifestyle you want.

I'm with WWT on this one.

I can't relate to someone who wants to retire at age 30. For me, productive work is the most important defining aspect of my character.

Retirement = sloth.

People that retire early are the same ones who win the lottery and give all the money to charity: they've got no imagination, and no concept of their own personal potential. Why would I take their advice?

 

[Beyond Borders]

So much emphasis on retiring young. I would think the better alternative is to find something you enjoy doing that gives you the lifestyle you want.

I'm with WWT on this one.

I can't relate to someone who wants to retire at age 30. For me, productive work is the most important defining aspect of my character.

Retirement = sloth.

People that retire early are the same ones who win the lottery and give all the money to charity: they've got no imagination, and no concept of their own personal potential. Why would I take their advice?

If you read the article, or, especially his blog, the guy is anything but lazy. His idea of retiring early is not about deciding to do nothing for the rest of your life - it's about achieving financial independence at a young age so you can do what drives you for the rest of your life, and on your own schedule.

He's chosen to throw out society's rules and write his own; to me, that shows plenty of imagination. Productive work can be performed after retirement, and without other concerns and limitations nagging at you. Writing books, internet marketing, starting a business, returning to your career, building houses, raising a family (but actually being there for it, unlike the majority of Americans), and on and on and on. Making money can definitely be part of it - but you're free of having to make money to survive, even if whatever you're working on happens to go belly up.

Pretty sweet.