Money Comment: Why I decided to skip home ownership to retire at the ripe age of 35

19:51  14 february  2018
19:51  14 february  2018 Source:   MSN

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I retired at age 35 ( I ’m now 48) and learned a few lessons along the way. Nothing less made sense to me . After all, why would anyone design their life for financial mediocrity (or less)? 35 users responded in " When To Retire ? – Try Age 35 ". Subscribes to this post comment rss or trackback url.

How To Retire By The Age Of 35 : 10 Brilliant Ideas From People Who Already Did. But why not supplement the facts and figures with advice from those in the trenches who have actually put principles to practice and are living the dream?

Pat Seyrak is hoping to save enough money to stop work at the age of 35.© ABC News Pat Seyrak is hoping to save enough money to stop work at the age of 35. As a millennial living in Sydney, I am faced with an important choice: a house or my life. I've decided to choose the latter.

I've made a decision to retire early. I don't mean at 55 or even 50 years old. I'm talking about hanging up my boots at the ripe age of 35 after a fulfilling, decade-long career.

While early retirement is not for everyone, I truly believe that becoming financially independent — that is having the financial means to stop working if you choose to — is an achievable and worthwhile goal for most Australians with a decent-paying job.

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Hi, I do have two kids and a stay-at- home wife (she has an MD but did not do residency because I was already about to retire when she got her MD); and I did retire at age 35 (and 9 months). I was able to start practice at the ripe age of 24, and being a midwest farm boy, I instantly tried to spin phoropter

Home ownership among young Australians is declining thanks to soaring property prices. He rents a house in Sydney with his partner and a flatmate, and has decided to forgo owning his own home in favour of retiring early — when he’s 35 . “Contrary to many people my age , who are driven by

My own yearning for financial independence has grown over time.

The inhuman waking hours and long days filled with hours of overtime has slowly eroded the feelings of satisfaction and accomplishment I get from my work.

More importantly, I feel that by working so much, I'm missing out on the rest of my life.

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Maybe you can’t retire at age 30, but perhaps 40? Michael, home ownership doesn’t necessarily translate to single family home (3+ bedroom, 2+ baths). I think this is why poor kids tend to stay poor. They don’t have elders teaching them how to be successful and how not to fall into the trap of

Next Why do men make more money than women? Show comments Hide comments (9). First home at 35 (very small home but all ours), and managing to put away a little every month. I was told by a person of the ripe age of 28 that they would never live in a house like mine, its to old and to

Unlike my peers, buying a home is not a priority for me.

Contrary to many people my age, who are driven by ever-rising property prices and the fear of missing out, I wasn't willing to mortgage myself to the neck.

Instead, I decided to invest in the share market to work towards my goal of early retirement.

My decision led to some raised eyebrows from friends and family.

My colleague Matt nearly choked on his coffee when I told him I had $250,000 in the share market. "That's crazy," he said.

But I'll tell you what I think is crazy: spending 30 years of servitude paying off a mortgage, just to own a very expensive material possession, when I could be doing other things like spending time with my friends and family.

By buying income-producing assets such as shares, I will soon have enough income to make work optional.

By saving aggressively and investing aggressively in exchange-traded funds, I plan to have $1,000,000 by the time I am 35. This will produce an income of about $40,000 per year for the rest of my life.

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Home Ownership . At this time, I have decided to go with 100% in a traditional. Please do your homework before choosing either way. Reasons why I ’m contributing to a traditional 401K vs. a Roth 401K: My long-term goal is to retire at an early age , prior to when I would be eligible to start receiving

Mexico tends to top the lists of places to retire abroad. I think I know why : inexpensive living Cheap and convenient buses, subways, and taxis make it easy to skip car ownership Since we have three kids between age three and ten, we have to keep them in mind when deciding whether we want to

Now, that amount of money would not go far if I were to continue living in Sydney, one of the most expensive real estate markets in the world.

That's why I have aspirations to live in other parts of Australia and the world.

Cities like Cairns, Adelaide, Ballarat or Hobart (just to name a few) offer extremely affordable real estate and idyllic lifestyles away from the constant rat race of the larger cities.

Slowly travelling through south-east Asia or South America can also be done at a far cheaper price than it costs to live in some of Australia's large cities.

The cost of freedom

While many imagine a life of poverty on $40,000 a year or less, I have found that you can have a truly rich and fulfilling life by ensuring you spend your money on the right things.

Yearly upgrades to the latest iPhone and smashed avocado at the local café several times a week are out, while lots of outdoor time with friends and beautiful home cooked meals are in.

Being completely open and honest about these aspirations has meant that my friends and family know what my motivations are when I make decisions around spending.

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Home ownership rate of young adults continues to plummet. Over 30 percent of those under 35 live at home . Many Baby Boomers are expecting 401(k)s and IRAs with stock plans allowing them to retire at 0,000/year income.

I decided against home ownership a few years ago, and decided renting was better on my path to financial independence. So I “ retired ” at the ripe age of ~40, patiently waiting for markets to return to sanity – never dreamed prices would get so crazy and the madness continue for several more years.

I still remain social and see them regularly, giving myself a small social spending budget for meals out and other small incidental costs.

The key here is smart spending: I could waste one month's social budget on one meal, or I could forego the fancy meal and have every weekend filled with day trips to places such as public pools, the beach, hiking spots or free outdoor cinemas.

None of this is much different to what a young couple would do to save a house deposit.

As with any plan there are risks…

Even with a very conservative strategy of withdrawals from my share portfolio to cover living expenses during retirement, I must admit there are still risks.

The prevailing risk is underperforming investments. The share market is an unpredictable beast in the short term.

Another risk is the possibility that I come to need or want to spend more on living expenses than I had planned.

If returns are not what I expect them to be or if I fall victim to lifestyle inflation, then I will need to adjust my plan to include more paid work and/or be more flexible with my spending.

I am content with the possibility of needing to work a bit longer or transitioning to a couple of days of casual work in a fun, low-stress job if I need to give my investments some time to grow.

Far from being the death knell of my retirement, these are challenges that I expect and am prepared to overcome by remaining flexible with my work and spending.

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Yes, I decided to retire at my current age of 43 years after careful deliberation and planning for retirement over the last few years. I worked for exactly 19 years in the IT Industry which thought is equivalent to some 30 years of efforts in the Indian context; that is

But what will you do with yourself?

While, I must admit, the prospect of getting my hands dirty in the garden at 8am on a weekday while everyone else is rushing to work is alluring, I don't intend to drop everything once I reach my goal.

Juggling full-time work and child-rearing sounds painfully difficult and full of unfortunate compromises.

By getting the business of earning money out of the way early in life, I can focus 100 per cent of my energy on what will be my most important commitment: family and children.

Besides spending time with my family, I want to travel, learn a language and play music.

Hard work, achievement, productivity and contribution will always have an important place in my life. But it doesn't always have to be for money.

I hope to do some meaningful work in retirement that's not motivated by money. I'd like to volunteer and work on personal projects — but on my own terms, not those of my employer.

As Peter Adeney, who blogs about financial independence under the pseudonym Mr Money Moustache, points out:

"If you can free yourself from the need for money, you have no choice but to do work that is better for you, and better for the world … If you're doing it for love instead of money, you'll have no choice but to do a better job."

It's all too common to hear people who, at the end of their lives, regret working too much.

Like most, I don't want to be one of those people. Unlike most, I'm willing to do something about it.

Retiree's big win against developer's eviction order .
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