How to Retire in Your 30s With $1 Million in the Bank

[Kakmakr]

...

A lot of people are beating inflation by relocating to third world countries where the Bank interest rates are higher than the first world countries. A uncle of mine worked in a first world country for 30 years in the Post Office and on his retirement income, he would barely survived.

His solution was to relocate to a third world country, where he got more interest on his savings and also a favourable currency conversion for the money that are coming from his first world retirement fund. He is currently living like a King in a third world country, with his Post Office pension fund income.   <He is also getting 8% interest on his savings>

That's definitely something to consider Sounds like a solid plan 'B' if everything else fails.

As always there are some downsides and obstacles: you'd need visa/residency permit etc, there's language barrier, and the higher interest rates almost always come in pair with high inflation and general instability.

Yes, there is always upsides and downsides. Fortunately for him, he was old and all his relatives died and he met a nice lady in this country at his ripe old age, so he got married and he got permanent residency there. Compared to how Post Office workers gets paid in that country, he really lived like a King.

Life is just easier if you have more money, no matter what the challenges is.  

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[SunJAB]

I remember watching videos related to this issue. The problem of human thinking and thinking if there is a million dollars he will retire early. According to statistical analysis, he lives only for enjoyment and has no value. Property is also not available and ask questions. If the bank goes bankrupt, what will he do?

[johny1512]

Not a bad idea if you have became millionaire in your thirties then i think you can leave job in order to make realize your employer that pressure can’t work more..

[louie69]

I would like the idea of retiring below 50 in which I am currently on my 40's and I would loved to know more about FIRE  movement by most of the young people retiring in their 30's and acquire such money in their banks having financial freedom. That is why I am participating in the cryptocurrency  just to observe  and learn how it works such that this could be the answer to become a financially free from being employed in a company where I could hardly grow with respect to promotion and free from financial shortcomings.

[valentine401]

Not a bad idea if you have became millionaire in your thirties then i think you can leave job in order to make realize your employer that pressure can’t work more..

It was not really easy to became a millionaire in your thirties because there is so much competition in this world, that is the reason why you should always learn something new.

[nikeel]

 Perseverance is key. as is visualization. But none of that hocus pocus crazy talk. Focus focus, dream big, and work hard with your passions. It will pan out in the end

[Oasisman]

I would like the idea of retiring below 50 in which I am currently on my 40's and I would loved to know more about FIRE  movement by most of the young people retiring in their 30's and acquire such money in their banks having financial freedom. That is why I am participating in the cryptocurrency  just to observe  and learn how it works such that this could be the answer to become a financially free from being employed in a company where I could hardly grow with respect to promotion and free from financial shortcomings.

Its really encouraging to hear about financial freedom and stuff like that, but the thing is, its very hard to execute. FIRE movement is like a plan or step on how to achieve the goal of retiring as early as 30 and not more than 40 to 50. Basically, it tackles about how to save and set aside some percentage from your monthly income, and avoiding the things that is unnecessary. What makes it difficult is, we human beings living our lives under stress and pressures from our day job, needs to unwind and eat a good food or drink for a little while to atleast lessen the load of stress and mental or psychological troubles.
Now, if youre so determined to retire early so you could enjoy life on the latter part after you have wasted your time from your job, then better start saving. But, you need to put in mind as well, once youre retired, the potential of heavy expenditures is pretty high, it could drain your funds gradually, while retirement pension is still  years ahead.

[tee-rex]

Now, if youre so determined to retire early so you could enjoy life on the latter part after you have wasted your time from your job, then better start saving. But, you need to put in mind as well, once youre retired, the potential of heavy expenditures is pretty high, it could drain your funds gradually, while retirement pension is still  years ahead.

Agree and support that part fully. If you retire early, you are basically on your own. So it is quite possible that at one moment you run out of money and end up under the bridge, figuratively speaking. In many countries if you don't work officially till reaching a certain age, you can't pretend to receive retirement support provided by the government. Therefore, it should be not about retiring early and living off your savings (that seems to be a bad idea), but rather procuring a stable and pretty high income that will be available during all your years of retirement.

But then could we actually call that an early retirement?

[lendahawkins]

I think we're entering into an age of "lifestyle optimization." People, in a general sense, are starting to focus more on happiness rather than pure profit. The internet and smart investing made this type of lifestyle possible in the first place, and will only evolve from here as the aspects of life that make people happy become less physical in nature. Free time is true wealth.

Yet in my country in indonesia its really hard to live if you sont have a money, there is no support from goverment and almost all of us not doing what they love and just work like robot to get money. So it would be really good if i could retire early with good amount of money, with that money i could live my life as i want and i want to do something that i love.

[Daseento]

Wow. It sounds so great but $1 million is a lot of money and majority will never make such money even if they save for 20 years. Moreover, It is possible to get tired of not working too or let me speak for myself, I enjoy working and would love to balance work and recreation than quit working entirely.

[jrrsparkles]

Wow. It sounds so great but $1 million is a lot of money and majority will never make such money even if they save for 20 years. Moreover, It is possible to get tired of not working too or let me speak for myself, I enjoy working and would love to balance work and recreation than quit working entirely.

You can't make that much amount of money if you are just saving your money you need to put those saving amount into something which has highest ROI probably bitcoin will be my choice.

[JC btc]

Wow. It sounds so great but $1 million is a lot of money and majority will never make such money even if they save for 20 years. Moreover, It is possible to get tired of not working too or let me speak for myself, I enjoy working and would love to balance work and recreation than quit working entirely.

That is a lot of money, I hope that I can have that big amount too in the future or before I got retired, although I admit that I don't have that enough money for now but still I am satisfied and thankful for the things I have right now and happy with it and still working for me to work more.

[el kaka22]

Apparently I am doing FIRE, well doing it a wee bit early though .
I have stopped working around 2017 January or so, ever since than I have not worked for anyone ever again and I have been supplementing my income with some freelance work but aside from that I have saved some money aside and trying to not touch that as much as possible.

I already own my home and I only need the small amounts for the grocery store costs and that is about it. Firing does sound great because you do not work for other people and have less stress and always doing whatever you want but know that you will have to live a lot more modest life than sometimes you are comfortable with, there are times I do yearn for more money.

[coly20032003]

I know some of my friends already have that amount of money in their bank account. They have a few property investment and other investment. But in high living expense area like California, one million may will not be enough to retire. But if you have some rental property which will bring you positive cash flow then it probably should be fine.

[milewilda]

Apparently I am doing FIRE, well doing it a wee bit early though .
I have stopped working around 2017 January or so, ever since than I have not worked for anyone ever again and I have been supplementing my income with some freelance work but aside from that I have saved some money aside and trying to not touch that as much as possible.

I already own my home and I only need the small amounts for the grocery store costs and that is about it. Firing does sound great because you do not work for other people and have less stress and always doing whatever you want but know that you will have to live a lot more modest life than sometimes you are comfortable with, there are times I do yearn for more money.

Letting yourself into the chains of 8-5 job forever wont really give you the chance even if you would really be promoted on higher position and reaching out those status wont really be that easy.Same situation we have here where i do quit my job and i do focus freelancing online together with crypto trading and other related investments which i can say this do really suits me.You are out of pressure and you do have the time.
Savings should be prioritize, we might not able to reach those financial freedom but atleast we wont really be problematic into those times on where we do need money.

[Slow death]

30 years is still very early, and depends on the job that the person has. if for example the person is the owner of the company and like what he does then he would have no reason to retire. The problem is when the person has a very boring job, for example people working in the gold mines that have their health at risk, they are looking for all possible ways to have an early retirement

there are lot of people who are millionaire now are not from the wealthy family but they earned lot of money in very short term just by the investing that is the only way to make more money and pay less taxes.

truth, if the person is smart and invest money for many years that will have enough money to retire

His solution was to relocate to a third world country...

But third world country has many problems, from politics to food and health

[jrrsparkles]

His solution was to relocate to a third world country...

But third world country has many problems, from politics to food and health

No one will like to migrate to a third world country because the quality of life in those countires are very bad so better to have the required money to spend the life i your nation is the real thing have to do,but you can start business in the third world countries which can give you much profits than the better developed nation but not all business will be profitable only the business like import and export.

[Conasse]

Not so difficult to retire at the 30s if you have 1 million. How yo get this 1 million dollar before your 30s is another story

[tee-rex]

His solution was to relocate to a third world country...

But third world country has many problems, from politics to food and health

No one will like to migrate to a third world country because the quality of life in those countires are very bad so better to have the required money to spend the life i your nation is the real thing have to do,but you can start business in the third world countries which can give you much profits than the better developed nation but not all business will be profitable only the business like import and export.

It is not about moving to third world countries like Afghanistan or Somali (though I don't know if the latter could count even as third world countries), or something less evil like Venezuela. There are quite a few countries in Central and Eastern Europe with pretty high living standards, low criminal rates, and friendly people, where the cost of living is lower than in countries like Switzerland, US or Japan.

I know a few fellow members from US who are now living in Thailand. Personally, I wouldn't move to live there, but that's their choice and their life.

[Supercrypt]

A lot of people are beating inflation by relocating to third world countries where the Bank interest rates are higher than the first world countries. A uncle of mine worked in a first world country for 30 years in the Post Office and on his retirement income, he would barely survived.

His solution was to relocate to a third world country, where he got more interest on his savings and also a favourable currency conversion for the money that are coming from his first world retirement fund. He is currently living like a King in a third world country, with his Post Office pension fund income.   <He is also getting 8% interest on his savings>

Nice one!
Sometimes, life necessarily does not have to be too hard; we just only simply make it hard for ourselves.
Living in a third world country as a king or living in the first world country as a struggler and hustler to make a daily living, which is by far better ?

Nevertheless, I do not understand why people tend to just subject themselves to unnecessary pressure of life over things they could have been able to manage. It does not necessarily have to be moving into a third world country, but like in the article, you will be surprised at how far you can achieve so much in little time just by being prudent and working towards the goal of retiring early.

We only have very few years to live on this planet, why waste most of it on a pressured lifestyle ?