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Coworker at Fortune 500 does this. Old housemate at different Fortune 500 did basically this (slept on the floor, only owned cardboard boxes, one week of clothe

Coworker at Fortune 500 does this. Old housemate at different Fortune 500 did basically this (slept on the floor, only owned cardboard boxes, one week of clothes and a car). Both of these people are incredibly rich. One came from parents with oil and financial sector money. The other has multiple real estate properties. Both have six figure incomes. Other people I know in the tech sector are less extreme, but nonetheless have various plans for exiting the corporate world so that they can feel financially independent enough to retire early and then work on problems they find enriching/bring value to people rather than shareholders/etc. Though one of them was obsessed with immortality and saving up for when cryogenics and Kurzweil's singularity were figured out. So I guess it's not all about the rat race for everybody.

chucky_z 9y ago
I would add that they are incredibly lucky as well. If given the choice I would live like this. I do not have that choice.
- imustbeevil 9y ago
  You are an adult. You can choose to do whatever you want.
  - bdcravens 9y ago
    True, though sometimes that choice may involve something paying for necessary medical care or caring for a child. You could choose to do neither, but not in practicality.
lucaspiller 9y ago
Becoming rich (assuming it’s not handed to you by your parents) isn’t about how much you earn [0], but about how much you save. If you earn $120k/year, but only spend $20k/year, after five years you will have half a million in the bank. The hard part is convincing yourself (and your family) that you don’t need to go that resturant or you don’t need that new car. Obviously younger people have the advantage here, as they typically have less attachments. There’s a point where this can get a bit too extreme, but it depends on what’s important for you. Having that house within walking distance of your office, or cycling 10 miles to work and retiring at 35? If this is interesting to you, take a look at the various financial independence/early retirement communities. [0] After a certain point, but I’d argue pretty much everyone working in tech is there.
- thesmallestcat 9y ago
  I hate to split hairs, but you'll take home about $80k on a $120k salary, so the plan you've proposed would require over eight years of slumming it, not five. More on topic, imagine that you try to retire with $500k in the bank at 35. Even if you're willing to slum it at $20k/year for the rest of your life, you'll only make it to 60! And that's ignoring the elephant in the room, inflation. With mandatory health insurance, $20k/year's going to be tough to clear too. You're probably going to have to seek disability status to qualify for government assistance at some point if you are fixed on the "early retirement" goal. Now, it's not like you're going to throw the $500k in a mattress. Surely some combination of bonds, index funds and specie can spare you from the worst of outcomes. I don't know about you, but all of this sounds like a mean and tentative existence to me, babysitting a nest egg. There's not much wiggle-room for taking risks, like starting a business that's more interesting than "freelance programmer." In summary, I doubt that one can retire early with any comfort off of a decade of decent earnings. That's not really controversial, but it disagrees with your financial advice, which I suspect is dangerous. I think it's a bit irresponsible to suggest that somebody spend the prime of their life squeezing out every last penny. I think it's unrealistic to suggest that the difference in rent between a convenient walking commute and a safe, 10-mile bicycling commute can equal the budgeting difference you've proposed. Lastly, you're ignoring the opportunity cost of living like a monk when it comes to professional networking, or more important things like having a varied and healthy social life.
  - toomuchtodo 9y ago
    You can live on $24k/year from $600k in invested assets. With mandatory health insurance, its income tested, not means tested; living on $24k/year means a family's premiums will be heavily or fully subsidized (under current ACA law). > In summary, I doubt that one can retire early with any comfort off of a decade of decent earnings. It can be done. "A Brief History of the ‘Stash: How we Saved from Zero to Retirement in Nine Years" http://www.mrmoneymustache.com/2011/09/15/a-brief-history-of-the-stash-how-we-saved-from-zero-to-retirement-in-ten-years/ http://www.mrmoneymustache.com/2011/09/15/a-brief-history-of... "Getting Rich: from Zero to Hero in One Blog Post" http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-...

chucky_z 9y ago

I would add that they are incredibly lucky as well. If given the choice I would live like this. I do not have that choice.

imustbeevil 9y ago
You are an adult. You can choose to do whatever you want.
- bdcravens 9y ago
  True, though sometimes that choice may involve something paying for necessary medical care or caring for a child. You could choose to do neither, but not in practicality.

lucaspiller 9y ago

Becoming rich (assuming it’s not handed to you by your parents) isn’t about how much you earn [0], but about how much you save. If you earn $120k/year, but only spend $20k/year, after five years you will have half a million in the bank. The hard part is convincing yourself (and your family) that you don’t need to go that resturant or you don’t need that new car. Obviously younger people have the advantage here, as they typically have less attachments. There’s a point where this can get a bit too extreme, but it depends on what’s important for you. Having that house within walking distance of your office, or cycling 10 miles to work and retiring at 35? If this is interesting to you, take a look at the various financial independence/early retirement communities. [0] After a certain point, but I’d argue pretty much everyone working in tech is there.

thesmallestcat 9y ago
I hate to split hairs, but you'll take home about $80k on a $120k salary, so the plan you've proposed would require over eight years of slumming it, not five. More on topic, imagine that you try to retire with $500k in the bank at 35. Even if you're willing to slum it at $20k/year for the rest of your life, you'll only make it to 60! And that's ignoring the elephant in the room, inflation. With mandatory health insurance, $20k/year's going to be tough to clear too. You're probably going to have to seek disability status to qualify for government assistance at some point if you are fixed on the "early retirement" goal. Now, it's not like you're going to throw the $500k in a mattress. Surely some combination of bonds, index funds and specie can spare you from the worst of outcomes. I don't know about you, but all of this sounds like a mean and tentative existence to me, babysitting a nest egg. There's not much wiggle-room for taking risks, like starting a business that's more interesting than "freelance programmer." In summary, I doubt that one can retire early with any comfort off of a decade of decent earnings. That's not really controversial, but it disagrees with your financial advice, which I suspect is dangerous. I think it's a bit irresponsible to suggest that somebody spend the prime of their life squeezing out every last penny. I think it's unrealistic to suggest that the difference in rent between a convenient walking commute and a safe, 10-mile bicycling commute can equal the budgeting difference you've proposed. Lastly, you're ignoring the opportunity cost of living like a monk when it comes to professional networking, or more important things like having a varied and healthy social life.
- toomuchtodo 9y ago
  You can live on $24k/year from $600k in invested assets. With mandatory health insurance, its income tested, not means tested; living on $24k/year means a family's premiums will be heavily or fully subsidized (under current ACA law). > In summary, I doubt that one can retire early with any comfort off of a decade of decent earnings. It can be done. "A Brief History of the ‘Stash: How we Saved from Zero to Retirement in Nine Years" http://www.mrmoneymustache.com/2011/09/15/a-brief-history-of-the-stash-how-we-saved-from-zero-to-retirement-in-ten-years/ http://www.mrmoneymustache.com/2011/09/15/a-brief-history-of... "Getting Rich: from Zero to Hero in One Blog Post" http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-...