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GAF, I want to retire at 50. How do I?

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Do a bunch of quests and sell the loot you're not interested in. I've gotten a few purples which put a down payment on a decent house. The rest I put up for auction or get good deals on because I have gained knowledge in mercantile.
 
This may sound dumb but watch Suze Orman's show. You can pick up a lot. It's shocking how bad people are at saving/budgeting/etc.

My wife enjoys the show and we actually came to a realization last week that we'll retire in our early-to-mid 50's.
 
You guys have the right idea, but need to combine strategies.

Join the military for 20 years
Don't have kids
Live within your means to save
Avoid debt

Worked for me. If you're not willing to do all of the above, then you better have a big paying job if you have any hope of retiring early.
 
Invest a lot, work constantly and have luck. I'm going to level with you though... The fact is that you might die before you can enjoy your early retirement, I would say just have a normal life and enjoy it.
 
Tylercrat said:
Ok, most of these guys are treating your question like a joke, but if you invest in large-cap growth mutual funds, then you can get about an 10-16% return a year on your money. You can DEFINITELY retire at fifty if you start investing large amounts of money right now at 28. At 35 on your salary, I don't think it would work, so you'd have to start now.

Go to morningstar.com to find five star growth mutual funds. If you can get 10-17% return in the market, then your money will grow very quickly as more time passes. I think it's a fine time to invest to because the economy is still in crapper. The only place the market can go from here is up (I think).
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Long term return of large cap value is 9% nominal, or 6% after adjusting for inflation.

Whoever is trying to guarantee you 10-16% is conning you. You might get 10-12% if you apply MPT with a portfolio that tilts heavy in value/dividends and small cap. OP only has 22 years with 50k income. Compound interest is powerful, but for this scenario it doesn't get strong enough until approaching 30 years.

I think the OP has a better chance of living healthy, exercising, and living long enough to make it to life extension tech. No rush to retirement.
 
Investments are part of it. It has to start with a lifestyle so you've got some coin to invest, and that takes some discipline if you've got a modest income. Do you really need that fancy car loan? Do you need to eat out, drink and party frequently? Do you need to buy all those games and toys? If spending your entire income is what you absolutely need to have what you consider a normal life, then you better plan on working until you drop.
 
Don't know how well $50K Kangaroo dollars translates to $50k double baco' cheeseburger dollars but:

Live well below your means
Don't have kids
If you get married, make sure you have the same end goal
Insulate yourself from catastrophic losses (insurance)
Understand the difference between frugality and being a cheap-ass
 
I hope this and the unemployment thread wind up one above the other. Recently found some jobs after a half year dry spell (more or less) and so happy. Hope I'm working till I'm dead.
 
Get a second job and work 70-80 hrs a week. You will have no free time and no need for luxury items, relationships or extravagant housing. You will be able to bank a lot of money.

Invest your money into DRIP accounts (look it up).

Then when you retire at 50, you can curse the fact that you wasted the best years of your life on working and have little social connections to show for it. Then you can sit on your pile of money and become lonely and desolate. Then you get suckered into spending it all on strippers and coke whores because you have this huge empty hole in your soul that you can't fill up.
 
I've been thinking about this too. Except my scenario is a household of 2 with a combined income of 105k. I'm 36 wife is 30. She's a nurse and has a gold plated pension plan. We only have about 20k savings though and no other equity. No kids (yet) but likely will try for at least one.

I'm not aiming for 50. 55 - 60 though would be nice.
 
Save 10k a year for the next 22 years - with 5% compunded interest, the total when you're 50 is around 430k. Now find somewhere in the world (probably a 3rd world country) to live where the living costs are low enough that you would just spend the interest from your retirement fund. By 2034, I reckon you can find a nice condo in Somalia, North Korea or Florida to live until you die happy (because you retired at 50!!).
 
ToxicAdam said:
Get a second job and work 70-80 hrs a week. You will have no free time and no need for luxury items, relationships or extravagant housing. You will be able to bank a lot of money.

Invest your money into DRIP accounts (look it up).

Then when you retire at 50, you can curse the fact that you wasted the best years of your life on working and have little social connections to show for it. Then you can sit on your pile of money and become lonely and desolate. Then you get suckered into spending it all on strippers and coke whores because you have this huge empty hole in your soul that you can't fill up.
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This man...


Honestly don't worry about retirement, in 20-30 years no one will even know what that word means...
 
Here's some advice: don't listen to broke people (most of GAF) or rich crooks who sell a magic formula to get rich or sell methods that they themselves did not get rich with. If you are truly serious about this, ignore all recommendations in this thread and go straight for The Millionaire Fastlane by MJ DeMarco, who himself is a multimillion internet entrepreneur (founder of limos.com). This book will truly open your eyes, but the road to riches is still risky and long. Entrepreneurship is the most logical way to retire before you are 50 (hell, 35 should be doable if you are ready to put in the hard work). I myself aspire to be a millionaire entrepreneur in the next 10 years and after reading many business-related books, The Millionaire Fastlane struck the right cord and made it all fall in place in my head. If you think you can get rich easy, forget it. If you are truly prepared to work HARD to become succesful in the next 5/10 years, read this book (and let me know what you thought of it). Good luck!
 
1. Go down south.
2. Take up Non-Destructive Testing in school.
3. Get a few more certifications in that trade.
4. Make $30 + an hour for x-raying pipes and shit.
 
you are asking how to be rich essentially.
 
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