CNN used this person as an example of retiring early with $2.1M but...

[JEDI]

http://money.cnn.com/2015/07/14/retirement/how-to-retire-early/

"He saved at least 25% of his income, putting away as much as $50,000 annually in a good year."


so he made $200k/yr.

The theories CNN gave for retiring early are sound:
1. Moved to a cheaper area
2. Saved. A lot.
3. Lived beneath their means.
4. Signed up for Obamacare.

but they could have used a better example than a 2%er to illustrate it.

 

[Mayne]

give me a million bucks and you would never see me again.

 

[IronWing]

give me a million bucks and you would never see me again.

We can give your nephew $50 for the same result.

 

[GagHalfrunt]

We can give your nephew $50 for the same result.

I bet we can find plenty of people to do it for less.

 

[MrPickins]

give me a million bucks and you would never see me again.

Are you open to negotiations?

Maybe we can all get together and fund a "Don't let the door hit you" payment....

 

[Imp]

Regular people are too boring. There's a national paper here that does personal finance articles once a week. A bunch of cases have people with over a million in assets but "omfg, spend too much."

 

[AznAnarchy99]

That's cool retiring with money and all but what, are you gonna travel the world and have fun at 70 years old?

 

[jlee]

http://www.mrmoneymustache.com/

Or just do that.

 

[pete6032]

$200,000 per year salary? Tell me what he does again that merits someone paying him $100 per hour?

 

[HamburgerBoy]

$200,000 per year salary? Tell me what he does again that merits someone paying him $100 per hour?

Why don't you ask his former employer? And what do you do to merit whatever your income is?

 

[stlc8tr]

To be fair, he wasn't making $200K for the length of his career. He was making a lot less out of college. Otherwise, he must have had some terrible investments ($50K x 35 years would already be $1.75M!).

 

[Exterous]

To be fair, he wasn't making $200K for the length of his career. He was making a lot less out of college. Otherwise, he must have had some terrible investments ($50K x 35 years would already be $1.75M!).

:thumbsup:

"He saved at least 25% of his income, putting away as much as $50,000 annually in a good year."

He didn't need to put $50k away each year. If he had it would have resulted in $5mill

 

[CPA]

$200,000 per year salary? Tell me what he does again that merits someone paying him $100 per hour?

Here comes the irrational jealousy.

 

[Sonikku]

Americans everywhere don't need that pension socialism bullcrap their parents and grandparents got. Just save $50,000 a year! Of course! It's so simple.

 

[brianmanahan]

i save 50$k per year and i barely make 100$k. after tax its like %65 of my income.

i just live like i did when i was right out of college. cheap apartment, cheap food, cheap fun, cheap everything. and ATOT is free!

 

[brianmanahan]

Americans everywhere don't need that pension socialism bullcrap their parents and grandparents got. Just save $50,000 a year! Of course! It's so simple.

it's not just parents/grandparents... i got a pension too. just gotta go looking for jobs with pensions. they are not that hard to find.

 

[WhoBeDaPlaya]

$200,000 per year salary? Tell me what he does again that merits someone paying him $100 per hour?

That's nothing. A senior colleague and friend quit and is now billing $150 - $200/hr as a physical design engineering contractor (Avago/Broadcom Ltd, Intel, etc.)

 

[brianmanahan]

give me a million bucks and you would never see me again.

ATOT, if we all chip in i think we can do this!

 

[ImpulsE69]

Doesn't work for the average person. $200k/yr isn't chump change and anyone who can blow through that is wasting money anyway. It's a bad example. However, still kudos to them for being able to do it.

 

[ImpulsE69]

i save 50$k per year and i barely make 100$k. after tax its like %65 of my income.

i just live like i did when i was right out of college. cheap apartment, cheap food, cheap fun, cheap everything. and ATOT is free!

You should start charging for your pome's.

 

[brianmanahan]

You should start charging for your pome's.

well printer bandit paid me 10$ for a pome once, so i've almost broken even!

 

[MongGrel]

200K a year does make things a lot easier of course

 

[core2slow]

Make a lot of money and retire early? You don't say, cnn!

 

[JMapleton]

Wow. So they have $2m and they only plan to spend $60k a year? I make about that and I'm broker than broke. And I live in a cheap city.

What's the point in working so hard for so many years and just live a modest lifestyle?

If I had $2m, I'd buy a G-Wagon and mortgage a sweet crib, invest the nest egg in safe real estate and net $150k year and spend every penny of it yearly.

Save me the "they're cheap, that's why they're rich" nonsense. Cheap people don't get rich, they just get well off.

 

[JMapleton]

Americans everywhere don't need that pension socialism bullcrap their parents and grandparents got. Just save $50,000 a year! Of course! It's so simple.

It can be. You have two people working, each making $75k a year. That's $150k. You can't live off $100k a year?

Americans have a habit of living paycheck to paycheck no matter how much they make.