Can't answer this question with 100% certainty because I am far from retirement and far from having a million dollars, but the strategy I am currently using to hopefully get me there is to max out my Roth IRA (love the idea of not having to pay taxes on it later), contributing only to my 401k the amount that gets me the full employer match (got to get the free money), and then putting the rest of the money that is meant for investing into other accounts where I have more control over my...
@Landon Martin Great tips! Traditional investing can be a great way to build some wealth over time, but like you said, your money is sort of trapped until you are of retirement age. Not a bad way to get to a million though!
I am. (Well my wife and I) Our short back story: We aren't wealthy by any means. But, my wife and I were having a discussion and ultimately came to the conclusion that we both are on the same page with respect to not working until the US recommended retirement age of [65-67]. We are in the mindset that It doesn't make sense to potentially waste prime years of our lives working in hopes of enjoying retirement without the assurance we will have the necessary [health or wants]. We prefer to...
Congratulation for your brave and uneasy journey! I like the FIRE movement, and this shared pursuit of good financial behaviors. However, I hope that one day automation and its profits will allow us a universal basic income, so that we won't have to "buy" our freedom as we do nowadays.
Hello, I too am also trying to retire early. I also do not want to wait till I am 65 to retire and not have the energy as I do now to get around and travel. I see you have a great list here. However, for me what has worked the best is real estate. This brings in passive income from 3 properties. I have paid one off at the end of last year. Now all profit. Even though I want to buy another one for me to live in, I do not think its a buyers market with the influx in prices. I will wait it out.
@Riva951ie that is great. Based on what you've mentioned looks like you are on the right path. Good luck on the house hacking for your next purchase. Seems like a solid plan for your next investment. Can you tell me a little on what type of property you purchased first and how you made the decision to go for it? Any challenges that were not foreseen? (any reply can be concise) I know it can be burdensome at times to type out the answers to some questions. 🙂 :Nef:
@Nef I first bought a single family home (all 3 are). Honestly I was more forced to buy this since I did not qualify for much and having a truck payment did not help out either. However, my agent did recommend this area and the house value has gone up almost 300%! So in short, I qualified for so little and that was in my price range. This was in 2011 when I got the house for 83K =)
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