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> "I'm quitting! But I'm not telling you anything about how I plan to pay for life." I quit the rat race in my late 30's. I saved and lived a frugal life while

by bradly 4y ago

> "I'm quitting! But I'm not telling you anything about how I plan to pay for life." I quit the rat race in my late 30's. I saved and lived a frugal life while earning a great FAANG salary during a time of economic growth. I used my savings to buy income producing rental properties and aggressively payoff mortgages. I now do woodworking most days and love it. The pay is low, but at least the hours are long. I used to work on some of the most popular applications in the world. I would see my work in keynotes and read about my work here on HN, but none of that compared to making an urn for my cousin when my uncle passed away. Or selling a few items at a winter market at my kid's elementary school.

rubicon33 4y ago
Thank you for explaining how you did it!
- bradly 4y ago
  No problem. I don't often share the details because I don't want to assume that what worked for me would work for others. Here are a few more details: - There is a rule of thumb that you need 20-25x your annual expenses in networth. So if you spend $8k a month, you can retire at a net worth of just between 2 and 2.5 million. - Whenever I refinanced I always round down to the nearest loan term. A lot of people refinance and start their 30 year mortgage clock over. My goal was to have no debt. - Because I was saving towards a multiple of my monthly expenses I did some extra things to lower those expenses before quitting like getting solar so I don't have an electric bill and getting a $5k used electric car so eliminate fuel costs. - If your net worth is in equities you can take ~$80k in capital gains tax free each year. This puts your $80k withdraw closer to $100k in an equivalent salary.
  - rubicon33 4y ago
    These are some awesome tips, thanks again for sharing them! Do you have any more details anywhere (blog, etc.)? I'd love to read about it. Just as the OP here frustrated me by not explaining their process, others like you really help and make me happy to read about how they do/did it. It inspires me to make changes in my own life to live more conservatively financially. I already make an effort to do so but its nice to be reminded that there is more you can do. Solar + Electric car should be next on my list. Do you have a recommendation for a good used electric car?

by bradly 4y ago

rubicon33 4y ago

Thank you for explaining how you did it!

bradly 4y ago
No problem. I don't often share the details because I don't want to assume that what worked for me would work for others. Here are a few more details: - There is a rule of thumb that you need 20-25x your annual expenses in networth. So if you spend $8k a month, you can retire at a net worth of just between 2 and 2.5 million. - Whenever I refinanced I always round down to the nearest loan term. A lot of people refinance and start their 30 year mortgage clock over. My goal was to have no debt. - Because I was saving towards a multiple of my monthly expenses I did some extra things to lower those expenses before quitting like getting solar so I don't have an electric bill and getting a $5k used electric car so eliminate fuel costs. - If your net worth is in equities you can take ~$80k in capital gains tax free each year. This puts your $80k withdraw closer to $100k in an equivalent salary.
- rubicon33 4y ago
  These are some awesome tips, thanks again for sharing them! Do you have any more details anywhere (blog, etc.)? I'd love to read about it. Just as the OP here frustrated me by not explaining their process, others like you really help and make me happy to read about how they do/did it. It inspires me to make changes in my own life to live more conservatively financially. I already make an effort to do so but its nice to be reminded that there is more you can do. Solar + Electric car should be next on my list. Do you have a recommendation for a good used electric car?