How Much $$$$ to Retire at 35?

[TomcoPDR]

Originally posted by ercchry


I am genuinely curious on how you spend/plan to spend your days?

Do you plan on putting down roots anywhere? If so do you plan to ever own property? Do you have a game plan if there is a boom in the area you choose to settle in? If there is a coup? If the government decides you no long can own your property?

So many variables when you're on a fixed income in an area that can have serious unrest

I have heard Columbia has come a long way though, but what if you get priced out? ...maybe after meeting a girl who refuses to leave when you want to

How about visas? Do you just renew a tourist visa as needed or do you plan to become a resident?

I'm also curious while living cheap aboard, issue of health care (the cost, cost in private paid health insurance, quality of care, do we even qualify) as a non-resident of these second/third world countries, IMHO, would be a nightmare... Not speaking from experience tho.

[FixedGear]

I've said it here before, but I'll say it again - if you're working to retire, then you're doing it wrong.

[zhao]

Originally posted by FixedGear
I've said it here before, but I'll say it again - if you're working to retire, then you're doing it wrong.

Agreed.

Falling ass backwards into money sounds like a nightmare to me. No appreciation for it, no pride in earning it or achieving the skills to be able to earn it.

Even if I fell ass backwards in to 50 million, or somehow managed to earn that much by now (why stop?), i'd still be working, albeit with more vacations.

One of my friends i've been friends with since grade 3, his dad retired by 30 with a self made fortune (I dont know the details, just that he was in forestry and probably made a fortune in stocks in the 80s). That lasted maybe 10 years before he went back to his forestry job he originally did. His mom did a degree at 40 and started working too. It's not like they did nothing while retired either, travel, competed in triathalons, bought properties, businesses that managed themselves, etc. It's just that not working gets boring as fuck for some people.

[Sugarphreak]

...

[ercchry]

Originally posted by Sugarphreak

Mckenzie Towne if I am not correct

No, and my deep SE rental was sold almost 5 years ago

[max_boost]

DavidI. What's your IG. Need to verify your status lol

[davidI]

Originally posted by you&me

I'm a little confused. At first this seemed like a bit of a humble-brag thread about being able to retire at 35... Nothing wrong with that as it's a great accomplishment and knowing your posting history, entirely plausible... As a side note - Congrats!

But then there were a string of posts about essentially retiring on ramen, which to me misses the point of 'retirement', especially when we're talking about being in your 30s...

Now you seem to be taking a dig at the money-centric side of Calgary (which is fair and deserved) but then you also say your intention for retirement is far from a frugal life as a beach bum in some second world country...

I'm genuinely curious to hear what your plans are. If you're not going to bum around on a beach for pennies a day, what is it that you want to do? Nearly anything else is going to be far more expensive... Travelling the world? Expensive. Eventually starting a family? Expensive. Starting a new business? Expensive. Bumming around anywhere in the first world while not being so bored as to blow your brains out? Expensive.

Not sure where you read anything about retiring on ramen?

Minimalist does not mean broke ass. It just means focusing on experiences rather than consumer crap.

Traveling the world doesn't have to be that expensive. I've already traveled a lot so I've seen most of what I want to see and may travel more of South America and SE Asia next year as well. Long-term travel is far less expensive than short vacations where you're paying bills at home and away and your flight costs are only spread out over days instead of weeks or months.

Starting a business doesn't have to be expensive. Especially if you're financially independent and running it as a hobby rather than as an income generator.

I'm not sure why some people feel that they need to spend money to not be bored. I have lots of hobbies and enjoy the outdoors. Some hobbies are costly (skiing, snowboarding, golfing, woodworking, photography) but others are cheap (hiking, camping, exercising, reading, cooking, gardening, painting, carving, art from repurposed materials, etc.).

Originally posted by ercchry


I am genuinely curious on how you spend/plan to spend your days?

Do you plan on putting down roots anywhere? If so do you plan to ever own property? Do you have a game plan if there is a boom in the area you choose to settle in? If there is a coup? If the government decides you no long can own your property?

So many variables when you're on a fixed income in an area that can have serious unrest

I have heard Columbia has come a long way though, but what if you get priced out? ...maybe after meeting a girl who refuses to leave when you want to

How about visas? Do you just renew a tourist visa as needed or do you plan to become a resident?

My girlfriend is Spanish (from Spain) so we're planning to live there for at least a decade and probably raise a family. I've never understood the point of having kids if not to actually spend time with them and the Spanish / Mediterranean culture is more in-line with that.

Spain is relatively stable, has a great quality of life, and is relatively inexpensive.

Colombia is very stable these days. I would definitely feel comfortable purchasing property here and love the quality of life. It is far from my girlfriend's family and Medellin is too big of a city for retirement but it is a vibrant and enjoyable city. We'd probably stay here longer if it wasn't for her family aging and our desire to start our own in the next few years.

If you're not spreading your assets out around the world these days I think you're setting yourself up for punishment. There's always risk, in every jurisdiction, but there are ways to mitigate those risks including multiple bank accounts / brokerages / currencies / asset clases etc.

There are lots of ways to get residency. This year I'm on a student visa as I'm learning Spanish and will stay less than 183 days in country so I'm not subject to tax here (I have my fiscal residence elsewhere).

When we move to Spain I'll seek proper residency and become a fiscal resident meaning I will pay tax but will also receive health care.

If I was still living in Canada I'd be planning for Freedom 35 as well - but probably in BC or PEI rather than Calgary since lifestyle is generally more important than the work / career / money mentality that is so strong in Alberta.

[davidI]

Originally posted by TomcoPDR


I'm also curious while living cheap aboard, issue of health care (the cost, cost in private paid health insurance, quality of care, do we even qualify) as a non-resident of these second/third world countries, IMHO, would be a nightmare... Not speaking from experience tho.

From my experience, health care in SE Asia, Central America, and South America is far better and cheaper than the limited services I've received in Canada. In fact, the only time I've needed emergency treatment in the last decade was in Calgary and I ended up walking out of the ER after waiting for 7 hours to stitch up my own hand (I still have the scars to remind me of how much my hundreds of thousand of Canadian tax dollars did for me).

I'm going to a beautiful clinic to have my teeth cleaned here in Medellin next week for <$30. I could have it done for $20 but this place is top-of-the-line.

[davidI]

Originally posted by max_boost
DavidI. What's your IG. Need to verify your status lol

Here's a travel blog I never find the time to work on: http://baldpacker.com/

Retirement project

[Hallowed_point]

Originally posted by davidI
From my experience, health care in SE Asia, Central America, and South America is far better and cheaper than the limited services I've received in Canada. In fact, the only time I've needed emergency treatment in the last decade was in Calgary and I ended up walking out of the ER after waiting for 7 hours to stitch up my own hand (I still have the scars to remind me of how much my hundreds of thousand of Canadian tax dollars did for me).

I'm going to a beautiful clinic to have my teeth cleaned here in Medellin next week for &lt;$30. I could have it done for $20 but this place is top-of-the-line.

my gf is a registered nurse back in Colombia and she is shocked at how poor the customer service and care is in Canada with our "free" Health Care program. I posted about this before, but when we were in Mexico, the dental service was a fraction of the price it would be in Canada and they bent over backwards to accommodate us. My brother cut his hand open badly at his welding shop here. They stitched him up and sent him home with no pain medication.

We are also talking about moving to Colombia in the next 10 years or so. it's not a a particularly cheap country to live in, but I'd feel safer there than other "cheaper" parts of the world. A lot of that depends on if we can find a way to setup a business there.

[Buster]

They need a FI/RE subreddit for people with kids and and one for people with no kids. Haha.

Me? I'm moving to New Zealand when I decide to pack it in. Very favorable capital gains tax laws there.

[rk629]

The more money you have the more ease of life you will get.

[ExtraSlow]

Originally posted by Buster
Me? I'm moving to New Zealand when I decide to pack it in. Very favorable capital gains tax laws there.

Awesome country, spent four months there about 15 years ago and loved it. Have some family around Rotorua.

[Skyline_Addict]

minimum $1 million net worth with a free and clear primary residence.

[davidI]

Originally posted by Buster

Me? I'm moving to New Zealand when I decide to pack it in. Very favorable capital gains tax laws there.

Excellent plan. I love New Zealand and the people have a great sense of life.

Where in New Zealand are you thinking? How will you obtain residency?

We've thought about NZ as well but the distance from family and friends makes it tough. Perhaps when we're older...

[max_boost]

lol I wanna go to NZ and Colombia now

[dimi]

I never understood the whole retirement thing, but maybe that's because I genuinely enjoy what I do. Personally I would just cut down to 2-3 days/week, ski/golf/bike the rest of the week, and take 2-3 months vacation a year. Some of the happiest retired people I've met work on this model.

[Sugarphreak]

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[davidI]

Originally posted by dimi
I never understood the whole retirement thing, but maybe that's because I genuinely enjoy what I do.

A few people have said this. I'm curious what kind of jobs those genuinely enjoy work do for a living?

[BavarianBeast]

I'm a giggalo, always on the go.