Early Retirement Extreme

[calian]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

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[lebing]

I've paid a total of about $2k usd in rent over the last 3 years while traveling the world. It's far easier than most think.

[lebing]

I've paid a total of about $2k usd in rent over the last 3 years while traveling the world. It's far easier than most think.

Elaborate? Id live a guide post.

If you have a just a shred of cash lying around, its easy to either:

1. Live cheaply traveling in a foreign country (Goa, India or Thailand for starters)
2. http://www.wwoof.org/ is an amazing resource all over the world which provides opportunities for living very frugally in exchange for work. On the low end it could be 10 hours a week for a roof over your head and on the high end it could be 30 hours a week for a room& board with extra perks (training/location/whatever).

If you arent paying rent or a mortgage, its amazing how much extra cash you can have when you are able to make money online living cheaply using one of many options.

[Faraday]

also, couchsurfing. 

[XXthetimeisnowXX]

I want this! nice thread

[Luckybit]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

How many BTC precisely would it take? Certainly buy some, but sell all your possessions? Be miserable for then next 3 years? How many BTC would that take?

At a price of $200 per coin, and you buy 25 coins, 5000/200=25, you'll need $5000 just for 25 coins. At this point in time $5000 is reasonable, but it wont be reasonable to get 25 coins when the price is $1000 per coin and it could reach that price by the summer. Suddenly 25 coins is $25,000 and only the most elite rich people can afford it. Of course you could just save your coins and that's wise, as BTC is best for savings anyway.

The question is how many coins would it take to retire in 5 years? 25 probably isn't going to be enough. 100 on the other hand and you'd be set for life. Each coin would probably be $50,000. If you have 100 then thats like having a salary of $50,000 per year for the rest of your life, you can retire with 100BTC. You can't retire with 25 BTC unless you're in your 50s-60s.

[wachtwoord]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

Yes I read it a couple of years back, it opened my eyes (further) for the possibilities.

The question is how many coins would it take to retire in 5 years? 25 probably isn't going to be enough. 100 on the other hand and you'd be set for life. Each coin would probably be $50,000. If you have 100 then thats like having a salary of $50,000 per year for the rest of your life, you can retire with 100BTC. You can't retire with 25 BTC unless you're in your 50s-60s.

Please do not assume $50000 per coin. That requires a valuation of ~1T$ which is a lot (I'm assuming 4-6-2013 US $ wrt buying power). Of course one can't help but dream

[Luckybit]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

Yes I read it a couple of years back, it opened my eyes (further) for the possibilities.

The question is how many coins would it take to retire in 5 years? 25 probably isn't going to be enough. 100 on the other hand and you'd be set for life. Each coin would probably be $50,000. If you have 100 then thats like having a salary of $50,000 per year for the rest of your life, you can retire with 100BTC. You can't retire with 25 BTC unless you're in your 50s-60s.

Please do not assume $50000 per coin. That requires a valuation of ~1T$ which is a lot (I'm assuming 4-6-2013 US $ wrt buying power). Of course one can't help but dream

1T$ isn't really a lot. $5000 per coin is reasonable over the next 12-24 months. It probably will hit $5000 by Jan 2014.

[wachtwoord]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

Yes I read it a couple of years back, it opened my eyes (further) for the possibilities.

The question is how many coins would it take to retire in 5 years? 25 probably isn't going to be enough. 100 on the other hand and you'd be set for life. Each coin would probably be $50,000. If you have 100 then thats like having a salary of $50,000 per year for the rest of your life, you can retire with 100BTC. You can't retire with 25 BTC unless you're in your 50s-60s.

Please do not assume $50000 per coin. That requires a valuation of ~1T$ which is a lot (I'm assuming 4-6-2013 US $ wrt buying power). Of course one can't help but dream

1T$ isn't really a lot. $5000 per coin is reasonable over the next 12-24 months. It probably will hit $5000 by Jan 2014.

So I presume you maxed out all loaning possibilities and are working 3 or 4 jobs at the same time to make as much money as possible and buy coins at these prices? If you do this, and your premise is correct, you won't have to work anymore after that. In fact, you'll probably never have to doubt about any purchase ever. And if you recalculate the hourly wages this based on you projected 12-24 month Bitcoin appreciation the rates will be immensely high.

[str4wm4n]

Book looks really interesting, I might buy it

[PachucoBro]

I am 38. I make $90k/year. I live on about $45k, but have about $26k in debt which includes $12k on my 2008 truck (First and Last New car I ever buy).

So I am really able to follow this whole ERE thing, BUT... I really don't want to live in an RV. I like the idea of traveling the world and roughing it, but I always worry about 2 things when I travel to foreign countries... Food and Sanitation. I just don't want to get sick abroad (I already have in Colombia once).

So... those of you who have traveled the world and are obviously internet savvy... how rough do you live when you are on your travels?

...and those of you who are looking to do the ERE thing. How 'cheap' are you willing to live?

[checkers6676]

Any of you guys read Jacob Fisker Lund's blog before he stopped being early retired? Basically he made about $40,000 a year as a grad student, lived on about $7,000 a year and saved the rest for 5 years before becoming financially independent. Seems like he could have done it in two years if bitcoin had been in the picture.

http://earlyretirementextreme.com/

I've had this vision of selling all one's possessions for bitcoin, getting down to just what would fit in a backpack and travelling the world for 3-5 years waiting for full valuation to arrive.

Yes I read it a couple of years back, it opened my eyes (further) for the possibilities.

The question is how many coins would it take to retire in 5 years? 25 probably isn't going to be enough. 100 on the other hand and you'd be set for life. Each coin would probably be $50,000. If you have 100 then thats like having a salary of $50,000 per year for the rest of your life, you can retire with 100BTC. You can't retire with 25 BTC unless you're in your 50s-60s.

Please do not assume $50000 per coin. That requires a valuation of ~1T$ which is a lot (I'm assuming 4-6-2013 US $ wrt buying power). Of course one can't help but dream

1T$ isn't really a lot. $5000 per coin is reasonable over the next 12-24 months. It probably will hit $5000 by Jan 2014.

So I presume you maxed out all loaning possibilities and are working 3 or 4 jobs at the same time to make as much money as possible and buy coins at these prices? If you do this, and your premise is correct, you won't have to work anymore after that. In fact, you'll probably never have to doubt about any purchase ever. And if you recalculate the hourly wages this based on you projected 12-24 month Bitcoin appreciation the rates will be immensely high.

I sold everything I own (worth selling, anyway-mostly electronics and furniture), took equity out of my house, and am putting money from my job into btc each week. I didn't take out loans, that way if I'm wrong, I only go to $0 and not negative with no way to pay back. But yeah, all aboard, see y'all at $5000USD

[PachucoBro]

I sold everything I own (worth selling, anyway-mostly electronics and furniture), took equity out of my house, and am putting money from my job into btc each week. I didn't take out loans, that way if I'm wrong, I only go to $0 and not negative with no way to pay back. But yeah, all aboard, see y'all at $5000USD

Just to put some perspective on this... How much USD have you exchanged for BTC? $100? $1,000? $10,000?

[wachtwoord]

I sold everything I own (worth selling, anyway-mostly electronics and furniture), took equity out of my house, and am putting money from my job into btc each week. I didn't take out loans, that way if I'm wrong, I only go to $0 and not negative with no way to pay back. But yeah, all aboard, see y'all at $5000USD

Props on putting your money where your mouth is. I'm much more conservatively invested (but not conservative by anyone's means following the recent run-up).

Good luck

[checkers6676]

I sold everything I own (worth selling, anyway-mostly electronics and furniture), took equity out of my house, and am putting money from my job into btc each week. I didn't take out loans, that way if I'm wrong, I only go to $0 and not negative with no way to pay back. But yeah, all aboard, see y'all at $5000USD

Just to put some perspective on this... How much USD have you exchanged for BTC? $100? $1,000? $10,000?

i'm not going to advertise an exact amount for security reasons. lots of scammers and loose women out there, looking for cheap or free BTC

[PachucoBro]

Props on putting your money where your mouth is. I'm much more conservatively invested (but not conservative by anyone's means following the recent run-up).

Well that is why I ask to put some perspective to that statement... I mean everything you have if you are living at home with mom probably isn't much.

If you are married with kids, everything you have could be pretty stupid, regardless of the amount.

i'm not going to advertise an exact amount for security reasons. lots of scammers and loose women out there, looking for cheap or free BTC

Mmmm...yeah....that. 

[alexh]

I've paid a total of about $2k usd in rent over the last 3 years while traveling the world. It's far easier than most think.

So true.
Friends of mine live in Spain and each of them is pending not more than 1000€ for 6 months all expenses (only food and gas basically).

[checkers6676]

Props on putting your money where your mouth is. I'm much more conservatively invested (but not conservative by anyone's means following the recent run-up).

Well that is why I ask to put some perspective to that statement... I mean everything you have if you are living at home with mom probably isn't much.

If you are married with kids, everything you have could be pretty stupid, regardless of the amount.

i'm not going to advertise an exact amount for security reasons. lots of scammers and loose women out there, looking for cheap or free BTC

Mmmm...yeah....that. 

we will see which strategy pays off more at the end of this ride. your critical cynicism versus my starry-eyed optimism. see you at $5000USD

[wachtwoord]

we will see which strategy pays off more at the end of this ride. your critical cynicism versus my starry-eyed optimism. see you at $5000USD

I sincerely hope you'll be a starry-eyed optimist with his own tropical paradise

[PachucoBro]

Mmmm...yeah....that. 

we will see which strategy pays off more at the end of this ride. your critical cynicism versus my starry-eyed optimism. see you at $5000USD
[/quote]

My comment was in regards to you saying you didn't want to share the amount for security reasons...and loose women. Not about any speculation on BTC.