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I'm actually looking to take a different approach, I plan on working high paid contracts, and then taking 3 to 6 months off to travel after each one ends. Orig
by offtop5 5y ago
I'm actually looking to take a different approach, I plan on working high paid contracts, and then taking 3 to 6 months off to travel after each one ends.
Originally I was going to work super hard to try to save up so much money by 40, but this sounds much more fun. Because 40 might slip to 45, 45 might slip to 50 and then I waste it what's left of my youth chasing money instead of seeing the world.
In much of the world you can live very well off of $1,500 a month, if you have a job which lets you save $30,000 a year, you can afford to only work every other year.
- throwawayretire 5y agoI’m 45 with a family so this kind of plan is not feasible or necessary. I could simply move to a much less expensive American city and retire. My burn rate is high partially because I live in an expensive city. But i’m not looking for life hacks to cut corners. This post is simply about knowing when you have enough savings to truly “have enough” to safely retire.
- matt_s 5y agoI've been a fan of cutting costs like lower cost provider for cell phones, paying cash for used cell phones instead of brand-new costs, etc. but beyond that the only real cost cutting that is left is house and cars. Cost cutting with cars should be straightforward - downsize/eliminate or just pay them off and maintain them and use them for a decade. The only cost cutting with a house is moving to a lower cost of living area or smaller/less costly house. If you have that kind of money saved now, pay off the mortgage, you'll likely save thousands of dollars in interest.