How I'm doing /biz/?

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How I'm doing /biz/? Anonymous 10/25/14 (Sat) 16:18:28 No.122

Hey guys. 24, USA, in the final stages of a quarterlife crisis. I have about half an associates degree under my belt and stopped going to school temporarily for personal reasons. few months ago got my first fulltime job as a convenience store clerk. After paying all necessary expenses including paying off my debts I put away about 500 a month in savings.

Assets:
paid off car - 2000ish
Bank:Savings and checking - 1800
An old Colt Revolver - 400 (its rough)

Liabilities:
Student Loans - 3000
dentist - 300

Goals:
*Retire by 40
*Buy at least one acre of land and build a small no frills cabin to live my 20s and early 30s out in.
*Sell that place and buy 50 acres and build a mid-sized cabin with a couple of frills to serve as my personal paradise and legacy (this is the big one)
*Find the right career (its either High School Teacher or Personal Financial Advisor, just trying to figure out how to get there)
*Do all this without acquiring insane debt
*Have crazy kinky sex with a hot british girl

Anonymous 10/25/14 (Sat) 18:32:17 No.123

>>122
Get some hard numbers behind
>retire by 40
and your various real estate goals.

Now at your current pace you'll have under 200k saved, even with good investing. That's probably not enough, considering the 3% or 4% withdrawal rules.

So plan out how you're going to get a CFA or earn teaching certs. Research pay scales for the areas you'd work in too, that should help you understand which job'll be better for your 15 year career.

Anonymous 10/26/14 (Sun) 12:03:27 No.126

>>123

I'm looking for a better paying job. I plan on keeping my savings around 50% of my income regardless. Obviously that will be much more than 500 a month once I get a "career" going.

40 is a soft number and early retirement only dawned on me the other day after reading an article and realizing no matter how much I've loved a job, I still spent most of my time at that job thinking about traveling or hobbies. I know teacher is around 40-45k. Thats what my limited college was geared towards, but Financial Advisor is recent idea I've had after realizing despite or maybe because of being my poor my whole life I'm REALLY good at saving, cost cutting, and avoiding frivolous or unneccesary expenses. Also I'm pretty sure it pays better than a teacher even at the lower levels

the acre and cabin I've estimated to cost 15k total after buying, building, and furnishing, preferably with a few thou for wiggle room. the 50 acres is like my lifetime dream but that means I have the rest of my life to achieve it. 100-200k to buy depending on quite a few factors, probably 50 more for the cabin. I also have various ideas for improvement on that land.

I should state that retiring by 40 isn't entirely accurate. I'm not just gonna throw up my arms and say "thats it, never working again". the goal is to have enough set aside that my investments and savings take care of my living costs and I have the option of additional working without the financial pressure or worries of normal living so I can put that money into investments or buffer and resupply my retirement fund.