When is the soonest that my fiance and I can retire?

United States
September 15, 2009 3:32am CST
I'm 24, my fiance is 31. We're trying to find a way to retire before we hit 50. I'd like to say before we hit 40 but I'm not sure how doable that would be. We live in NY, the bronx area. All of our monthly expenses average about $1800, no higher than that. I make $17,732 per year after tax, she makes $24,720 after tax. I am almost done taking a course in something else which is gonna pay me a lot more than my current job (around what my girl makes after tax, same thing about), but I am going to keep my current job (work per diem) and work full-time at the new one that I'll get. So I'll soon be making more money than I am now. I have $10,000 in savings, she has about $9000 in her's. We maintain a balance of only $1000 in our individual checking accounts every month. I wanted us to combine some $ into a Bank CD but, after doing research, the highest APY on a Bank CD at the moment is 3.50% for 5 years. We would need to have like $50,000-$60,000 to see any MAJOR difference in profit off of that type of APY. So that's out (until we have $50,000-$60,000 that is). So I need to do something else in the meantime. I can definitely see us retiring around 2021-2022 as by that time, as long as we keep working, we'll have more than enough money to stash in a Bank CD. I'm just not sure what else to do. I have a plan to write 100,000 reviews for ReviewStream (worth 40 cents each) in order to get $40,000 but the problem is I only have a list of 10,000 things to review (I can probably find more, but I really have a headache thinking about this) I don't wanna risk the stock market unless I had WAY more money than I have right now. I have a financial website that I started a few weeks ago and steadily building that up, it's worth $400 at the moment. I was thinking about investing in domains (internet real estate), like buying them, waiting for their worth to increase, and then sell them. What's everyone think?
1 response
@mensab (4200)
• Philippines
15 Sep 09
i am happy to learn about your goal and your steps towards it. your plan is, i guess, the plan of almost every one. that's why it reverberates to my gut and interested to know more. i think retirement comes not because of age or built-up wealth. those will surely not make you happy. what i can share is that set a mission for yourself and your wife. if you achieve that, then life will be rewarding than pursuing certain amount of money and age level. goodluck!
• United States
15 Sep 09
Mensab, Retirement doesn't come from age or amount of wealth built up? Please tell me what galaxy your planet is located in, because I will hop on the first space shuttle and launch over there in a heartbeat. See because here on planet Earth, everything revolves around money. Love doesn't pay bills. Working a job for a BOSS is not happiness. Doing what you want when you want IS. There's only 2 options on Earth: Work a job for a boss Retire and do your own thing Obviously the 2nd one is happiness and you don't need a high IQ to figure that out. But u do need money to do it see? Mensab, I think you're confusing a piece of green Government paper that has a number on it with happiness. Its not money ITSELF that gives you happiness, its what you can do BECAUSE OF the money that is. Wanna live a peaceful and happy life with your family on a private island? Guess what you need, money.