Ken Briggs
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thread 1/4
Here is another path that might be more realistic. Let’s say you’re 25, making 40k/year. Money is tight. You went to community college, so no debt. You sock away $1000/month, and do this every month for 10 years as your income grows.
Ken Briggs @KenWBriggs3
See folks talking about not being able to retire and I have a formula for you:
1. Keep your living costs as low as possible
2. Figure out how to sock away 2000 per month by the time you’re 25
3. Do that for five years, invest it in an index fund, and you can retire at 65 easy.
11:56 AM - Apr 03, 2024
07:31 PM - Apr 07, 2024
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Ken Briggs
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thread 2/4
You use an app to put it in dividend stocks that average 6% per year and reinvest. In 10 years you have $160,000. Then, keep that money there. In 30 years at the same rate you will have around $920k even if you don’t save another dime.
07:33 PM - Apr 07, 2024
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Ken Briggs
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thread 3/4
Say you save a little more and hit one million at 65. At 6%, that pays out $60k that you can spend every year forever without running out of money. Add in social security, and you have retired very comfortably.
07:36 PM - Apr 07, 2024 (Edited)
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Ken Briggs
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thread 4/4
If you are disciplined with money when you’re young and avoid debt like the plague, retirement will (hopefully) not be something to worry about.
07:38 PM - Apr 07, 2024
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Doc
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In response to Ken Briggs.
Your assumptions are totally off. You assume $1000 monthly in savings is a thing for most people, let alone continuous employment all those years that makes it even remotely possible. This is not the real world for most in the United States. Please do better.
08:17 PM - Apr 07, 2024 (Edited)
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Ken Briggs
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In response to Doc.
I saved 2000/month on a 55k salary (before tax). Drove a used pickup bought for in cash. For a bit I lived on disability, which is like 30k/year, and broke even. I believe in giving people the information to empower themselves rather than just repeating that everything sucks.
01:48 PM - Apr 10, 2024
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