Early Retirement Extreme

[adamstgBit]

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.

what the fuck!!!

really???

2K over 3 years did you live in a cardboard box?:?:?:?

[PachucoBro]

Yea I don't think I am down to live in whatever places allow you to live that cheap. My american standards start to kick in, even when I am in foreign countries. LOL

[dave111223]

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.

what the fuck!!!

really???

2K over 3 years did you live in a cardboard box?:?:?:?

Here in Bangkok you could rent a small (15 sqm) room with no A/C for about that ($55 per month = $2000 for 3 years).  I wouldn't be a nice room or in a good locations, but it wouldn't be a cardboard box either.

[sunblaster]

Sunblaster, you could use reading Mr Money Moustache. $160k can be enough to not need a job ever again. The money you need to retire depends on your spending, and it is you who decides how much you spend. Not the Fed, not the corporations, only you.

You are right, $165k is my car fund, hardly enough for retirement, I figure if I wanted to "retire" now it would be $200k a year x 40 years, so I would need about $8million. That's just to have a comfortable life style so I could turn one of my businesses into enjoyable hobby, and didn't have to work 60 hours a week.

Art

[PachucoBro]

Sunblaster, you could use reading Mr Money Moustache. $160k can be enough to not need a job ever again. The money you need to retire depends on your spending, and it is you who decides how much you spend. Not the Fed, not the corporations, only you.

You are right, $165k is my car fund, hardly enough for retirement, I figure if I wanted to "retire" now it would be $200k a year x 40 years, so I would need about $8million. That's just to have a comfortable life style so I could turn one of my businesses into enjoyable hobby, and didn't have to work 60 hours a week.

Art

So... what are your plans for retirement then since you seem to be high rolling SPENDING, not EARNING, but spending 200k every year... How much are you actually making per year?

Also you only need $5,000,000 if you actually need to withdraw $200,000 each year to spend.

Personally, i think you are screwed up somewhere if you are spending out of pocket $200k per year and not making atleast twice that in income... or you have a nice big trust fund or some other cushy situation that totally precludes you out of this topic...

Why are you reading this thread anyways?!?

[wobber]

I think I said multiple times:

1. A secure home: having a nice not-too-big, not-too-small home, self-sufficient, at least 2 redundant water supplies, small garden, tools to work it (maybe some motorized cause if you spent your life as an adult in front of a laptop you won't have what it takes to work the land), some animals and of course, internet access, a nice archive with books (e-format also)

2. Some investments in precious metals and bitcoin (just because it's awesome). Anything else (like stocks) has 0 value over time. You need something proven over time.

3. Frugal life, with thing you need, not things you want. Nobody said to discard mobile phones and technology, just don't depend on it. AAA powered walkie-talkies are nice for example

4. An emergency fund, can be cash and bank account. Use this only for health, medical, financial issues. No fun, travelling etc

5. Work and enjoy life with loved ones.

[wobber]

Sunblaster, you could use reading Mr Money Moustache. $160k can be enough to not need a job ever again. The money you need to retire depends on your spending, and it is you who decides how much you spend. Not the Fed, not the corporations, only you.

You are right, $165k is my car fund, hardly enough for retirement, I figure if I wanted to "retire" now it would be $200k a year x 40 years, so I would need about $8million. That's just to have a comfortable life style so I could turn one of my businesses into enjoyable hobby, and didn't have to work 60 hours a week.

Art

So... what are your plans for retirement then since you seem to be high rolling SPENDING, not EARNING, but spending 200k every year... How much are you actually making per year?

Also you only need $5,000,000 if you actually need to withdraw $200,000 each year to spend.

Personally, i think you are screwed up somewhere if you are spending out of pocket $200k per year and not making atleast twice that in income... or you have a nice big trust fund or some other cushy situation that totally precludes you out of this topic...

Why are you reading this thread anyways?!?

200,000 each YEAR? I can tell you a place where 200,000 ONCE will assure you for the rest of your life. And no, not living in huts. And a place with absolutely gorgeous women.

[PachucoBro]

Anything else (like stocks) has 0 value over time. You need something proven over time.

WHAT?!

Where are you getting your information from???

[wobber]

Anything else (like stocks) has 0 value over time. You need something proven over time.

WHAT?!

Where are you getting your information from???

I was thinking more than writing. I wanted to say that stocks can go down really hard, even more in an event of economical collapse. I don't trust stocks. Sorry for the confusion and for not trusting stocks.

Only live stocks.

[Bitcopia]

Sunblaster, you could use reading Mr Money Moustache. $160k can be enough to not need a job ever again. The money you need to retire depends on your spending, and it is you who decides how much you spend. Not the Fed, not the corporations, only you.

You are right, $165k is my car fund, hardly enough for retirement, I figure if I wanted to "retire" now it would be $200k a year x 40 years, so I would need about $8million. That's just to have a comfortable life style so I could turn one of my businesses into enjoyable hobby, and didn't have to work 60 hours a week.

Art

So... what are your plans for retirement then since you seem to be high rolling SPENDING, not EARNING, but spending 200k every year... How much are you actually making per year?

Also you only need $5,000,000 if you actually need to withdraw $200,000 each year to spend.

Personally, i think you are screwed up somewhere if you are spending out of pocket $200k per year and not making atleast twice that in income... or you have a nice big trust fund or some other cushy situation that totally precludes you out of this topic...

Why are you reading this thread anyways?!?

200,000 each YEAR? I can tell you a place where 200,000 ONCE will assure you for the rest of your life. And no, not living in huts. And a place with absolutely gorgeous women.

Can you please name this magical place! I'm thinking of moving there as soon as I find out where it is...

[wobber]

I would have told you if you wouldn't mock me with "magical places"...

Nothing magical, just a country.

[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.

what the fuck!!!

really???

2K over 3 years did you live in a cardboard box?:?:?:?

lol nah man read a little bit farther down the thread. I spent months in many beautiful developing countries very cheap. Then lived in more developed countries in many places by wwoofing, so I got free rent (& sometimes food too). Then I rented a place of my own for a few months to take a break and thats where the 2k came in.

[Pruden]

Sunblaster, you could use reading Mr Money Moustache. $160k can be enough to not need a job ever again. The money you need to retire depends on your spending, and it is you who decides how much you spend. Not the Fed, not the corporations, only you.

You are right, $165k is my car fund, hardly enough for retirement, I figure if I wanted to "retire" now it would be $200k a year x 40 years, so I would need about $8million. That's just to have a comfortable life style so I could turn one of my businesses into enjoyable hobby, and didn't have to work 60 hours a week.

Art

So working 60 hours a week in order to have a huge mostly useless car is more important to you than turning your business into a hobby.

Case closed.

[liberty90]

Can you please name this magical place! I'm thinking of moving there as soon as I find out where it is...

Russia, Ukraine...

Maybe even Poland, but this depends on your needs...

[Dabs]

Come to the Philippines if you have that much money. I offer armed security. You'll be safe here.

[jdbtracker]

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.

Don't do it! Buy a mining rig instead, get the most efficient mining rig you can afford... live off the proceeds, Then go BackPacking around the world, take pictures lots of them and save for the day when you have to upgrade.

so I used to make 37k/year. my rent was only 900.00 including utilities and I only spent about 200 on monthly expenses + internet of course= big savings.

I often bake my own bread, I never eat out except on special ocassions and take the time to learn new skills in my spare time... I saw Bitcoin and I understood this was my ticket!

So I quit my 37k a year job and lived off of my savings while I learn how to put all my intellect and motivation toward this Epic, Truly Monumental project; Bitcoin is going to change the world!

Now here Is what i'm going to do... right now broke. spent my money on buying the best equipment I could afford and living expenses really killing me, but I read everything that I can aim my eyeballs at and figured this out.

What is bitcoins global demand? I have no clue, but I know there are lots of people who want to use bitcoin, just gotta get those merchants on board.

1: so I figure the price will rise no matter what: check

2: I bought my rig that will pay itself and start generating revenue until it's not efficient enough, sell my old cards get new ones buy ASIC.

3: Live off proceeds, use spare time to find more efficient ways to live and live within my means.

4: pack my rig into a little safe room, pay my rent, pay someone to keep an eye on it,

5: exchange my money, declare revenue from investment or whatever mining bitcoin falls under for taxation...(I like my government, they can be pricks at times though and I do not like the people they hire... but over all their doing a good job)

6: Travel the world, visit poor countries where my revenue will be greeted with great appreciation by the locals, take advantage of loose women after my BTC, visit questionable establishments, have a good time.

Yeah that's my plan.

[Dabs]

6: Travel the world, visit poor countries where my revenue will be greeted with great appreciation by the locals, take advantage of loose women after my BTC, visit questionable establishments, have a good time.

Come to the Philippines. I will escrow your BTC (and take care of paying the women in fiat). They won't accept BTC, they don't know how. Plus I offer armed security.

If you get sick with something, that's not my problem though, so ... ... I just make sure you won't die while you're here.

[wrenchmonkey]

Please take note that if you want to live of $200k for the rest of your life and move to another country, you likely will have to change your nationality (which comes at a price). Otherwise, in many cases, your original country will still tax you. Also you will need a license to be allowed to live in most countries.

Tax you on what?

[jdbtracker]

Property, stock holdings and/or capital gains.

US citizens need to pay income tax irrespective of where they earn it. This is why Zuckerberg is no longer American.

Next to citizenship, residency is also a problem. I'm still puzzling how the residency thing really works (spending less than 180 days is far from universal and the legislation is getting more strict all around) because countries are so fuzzy about it. For instance on the Dutch IRS website they state you have to pay 1.2% about all your holdings (30% on 4% hypothetical yield tax) when you are a resident, but they completely fail to define when you are a resident. On many forums people warn each other for not spending too much time in the Netherlands (quoting a couple of months as likely too much) or they risk having to pay tax.

Ah well, I'll really make work of this when it's actually current I just really dislike paying taxes. (and your estimates for minimum amount needed to retire sound really really low, $200k isn't really that much ...).

yeah I know, it's like you end up paying double tax all the time,  not cool.  But for a BackPacker like me it works out great motivation to keep my visits under 3 months.

though it is good to be informed.  Here in Canada if you visit the country you can fill out a visitor tax redemption,

http://www.canadainternational.gc.ca/new_zealand-nouvelle_zelande/come-venir_canada/tax_refund-remboursement_taxe.aspx?lang=eng

they know it's unfair to try to tax someone who is just visiting. Other countries probably have something similar if they are in their right mind.

[ArbitrageX]

My plan is to make $250k a year, save $100k a year, and retire by the time I'm 40.

I can live easily off $50-100k annually in retirement because I'll already own my home and vehicles outright and have no debt.

Where is bitcoin in this picture?

BTC = $0.00
XRP = $0.50
DXY = 85