Woe is the lowly millionaire with nothing to do but worry about what might fill up his time:
I’m a 34-year-old father of two living in Regina. My wife and I plan to retire in eight years with a net worth of about $1.1 million. What started out as Freedom 45 has become Freedom 42 — even in a weak economy — through a combination of paying down my mortgage debt and a modest increase in my investments.
As Rhea and I consider the future for ourselves and our boys we have turned our discussions away from “if Freedom 42 is possible” to “What, exactly, are we going to do with all the extra time?’” There’s the mythical image of retirement — the perpetual holiday sitting on a hammock in the backyard, a life of travel to exotic destinations, volunteer work that will reward us in non-monetary ways and a chance for a second and completely different career. All of the above? some of the above? Which will it be?
Whatever he does, I don’t think I’ll be reading about it.
I’d be interested in seeing how he pulled this off.
Of course, it’s much less interesting if he pulls in six figures a year than if he pulls in five…
That would be more interesting. He has a blog that, I assume, explains it.
Retiring on $1.1 M? Doesn’t that seem a little… underambitious? Even risky? He must really hate his work. Or do I just not know the first thing about how much money one needs to retire securely and comfortably? Not that I couldn’t live happily on a modest return on a mil, but I’m not sure I would retire from a lucrative career (not everyone gets one of those) into… not knowing what else to do. If I had some great plan for Phase Three or whatever, then absolutely. If I’m not sure how I’m gonna keep busy at 42…? What’s the point? Make your kids or nieces and nephews if you don’t have any (or someone!) a little college fund. Or start a charity. Or something!
Not sure I get it.
…But I don’t have to. Missed the father of two line. If he wants to be home with them, hey who can argue. Will he feel the pull once their out of the house, though? And will he still have his chops?
I would have thougth that $1.1M is a little low for an early retirement, but I really couldn’t make a definitive statement. If he owns his home (and I can’t imagine the Regina housing market is the most expensive), that probably makes it easier.
There are days when I would agree 100% with this comment.
The day after a three-day weekend is not one of those days.
1.1 Is not enough to retire on at that age. My dad retired at 67 with something a little over 3 million
Also, someone with 1.1 million at age 30 something with investments is not at all in a 1% bracket. Stop hating successful people because you are not. Loser liberalz
AND! His money is probably in an IRA that is taxed when money is taken out.
These are pretty snarky comments for somebody who doesn’t seem to understand that someone in Saskatchewan probably doesn’t have an IRA.
$1.1 million at 42 isn’t a big deal. It’s doing well, but it won’t put you into the 99th percentile. I’m not sure why you would hate someone for this—this is the sort of thing that’s easily achievable by any dual-income educated married couple. He claims to be doing it on a single income of just $80,000/year, which is considerably more impressive, but that just means he’s had to sacrifice more and is even less worthy of envy.
It’s the worrying about what he might do with all his free time when he’s 42 that strikes me as tone deaf. I’m suggesting that if that’s your biggest problem, you’re not going to get tons of sympathy.