Do you know anyone who retired before 30?

I knew a guy about 20 years ago who built up a business while in college and had it going well enough that he "retired" in his mid-20's. He worked his business some (about 10-20 hours a week) but could pick and choose when he worked. After a few years of barely working and having fun, he got bored and went out and got a job. Haven't heard from him in years, so I'm not sure what he is doing now.

Another guy I met started a business with a partner at 25 and worked 80-100 hours a week for ten years, making great money the 4-5 years (after paying off their debts). At age 35, one of his competitors offered him a few million dollars for his company, so he sold it and retired.

He played golf every day for the next nine months, then settled into "retired" life and raising his kids. After a couple of years, he got bored and started another company, working 30-40 hours a week with a flexible schedule.

Djdjdjd wrote:

I think a lot of you guys are assuming costs that don't need to be there.

2) Participte in the barter economy, use CL, trade stuff, trade labor.

"Trading labor", even if for only a few hours, is considered working. Which wouldn't meet the definition of retirement.

And someone living on $4400 a year isn't going to have much stuff they can trade for.

I knew a guy who "retired" by 40 (he sold harleys and yachts "for fun" in his now copious spare time).

One thing he did: he delivered 3 different newspapers to 2 different high-rises *before* his day job. He made "only" $20k from that (this was in the '80s, btw), but banked every dollar (he also lived very frugally in general).

He bought apartments and rehabbed them on the weekends. By 40, he was a paper millionaire (did I mention this was the 80s? When a million was still a lot) with passive cash flow.

He worked *wicked* hard and succeeded. When I met him, he was a man of leisure: he drove a cheap Toyota pickup but flew regularly flew his gf to his horse farm in Kentucky.

How well will that work for someone in their 70s or 80s and bed ridden?

-move to a cheap city ( cities always have jobs)

-work in a public service job or do a trade where they actually need people, rather than a "start up" in some coffee shop trying to be the next google or facebook which won't happen

- buy a cheap house in a edgy but changing neighborhood (if your a single guy you can pull this off)

- when that house is paid off quick, you basically can survive off doing nothing. most cities that are cheap have low property taxes and cheap property.

- plus your house has probably doubled since your neck of the woods has been gentrified as it's "cool" to live there.

not a monk wrote:

one classmate claims that he's already retired. He worked as an engineer for 6 years

He better have worked at least part-time while he was in college. You need 10 or more years of work credits to get social security and medicare (assuming it still exists in some form when he's in his 60s).

I am also from the high school class of 2007 (born 1989). I went to a university with close connections with Silicon Valley and many of my friends, aged 28, are probably worth a few million by being early employees in the successful software companies and could immediately cash out by selling their stock options.

By wisely investing that cash, some of my friends probably earn around $100k from interest on their investments, and therefore retire immediately, especially if they move away from California to a place where taxes are lower or cost of living is cheaper.

Villanova alum wrote:

crappy economy wrote:

Like half the 30 years old I know aren't even working and live at home with their parents. They are already retired before they got an actual job!

Yeah, my stepson is 34 and hasn't worked since he was 20. Lives in our guest room, and occasionally sponges off other friends. Government gives him $1000 a month for being "anxious," but he spends it all on new car payments, auto insurance and a smart phone plan. Refuses to lift a finger to help us out with any household chores, and lives a never ending holiday. Runs and bikes every day, though, and his mom says, "isn't that great," while I sneak runs a lunchtime because it's a waste of time for me! I love my wife, though, so that's what I put up with!

I am a little younger than you, but I feel bad for you, you don't deserve that, but I understand that you have to put up with it. I guess you are close to 60, so at least you can retire soon and have more free time to stay away from your stepson.

Sounds awful really.

Yes, friend retired at 27 with $5m.

Got bored after 4 years, got back into investing, now worth $75m.

He got very very lucky, and very very connected, so money is fine, he suffers from suicidal depression and is smart where smart, and blind about everywhere else.