Home Forums Hunting & Shooting Hunter's Campfire Advice for a young man? I'm laying it all out

Why is retiring at 40 a stupid goal? Hell I'd retire even earlier if I could, why languish and toil at work when one can relax and play?

I will try to be as brief as possible in describing my situation, and hopefully you can prescribe some meaningful counsel.

Personal situation:
I�m 22 and in good shape
Regrettably I live with my folks, fortunately at little measurable expense other than my pride.
Work in the IT industry (Security Admin) mainly with active directory, have a bachelor�s degree in graphic design




Financial situation:
Income: I make a little more than 40k

Side income: I flip antiques and collectibles. I have averaged $750 profit or 18% return over the last 30 days. I enjoy this, but I am considering starting another side business; either a handyman service, computer repair, or graphic design service. Whichever is the most profitable, as I enjoy all three. Thinking about $35/hour 2 hour minimum, using word of mouth and church as advertising.


Debt: The only debt I have is 17k in student loans at 4%
Expenses: Pretty limited to just car insurance, groceries, gym fee, gas. I am working to make my own reductions here.

Savings: I have about $6000 saved up in cash or soon to be sold flips.


Retirement: I have about $600 to rollover into a retirement account. My employer does not match percentage, but gives profit sharing once per year. 5 years to be 100% vested in what they give you, but I don�t want to live here that long.


Here is where I get confused on how to proceed, as this is my five year plan:
1. Buy a house to fix up, both because I want to move out on my own and to build equity/income from roommate and housing market up-tick. (Low interest rates!) I�m prequalified for 100k for a house

2. Though I�ve only worked my current job for 3 months, I am planning on moving to Colorado or the Midwest. The rub, I need to stay long enough for my job experience to carry me to the next rung on the job ladder.


Overall � What should I be doing to save money fast, and where should I be putting it? If I want to retire at 40 why should my money go to a Roth or 401k � I know it shields the money from taxes, but what�s the point if you can�t withdraw it easily (without cost) before you are of conventional retirement age?




Buy a house, or tough it out?

Invest money or use it towards my side business/flips?

Why should I work to pay off 17k at 4%, when I could use the money to get 10% + either through Vanguard Total Stock Market Index Fund Admiral Shares (.05 expense ratio), or use the money towards my flips? Flips are more volatile, but tax free

At 22 I wouldn't buy a house. You've got too much living to do to even have half a clue about where you'll want to settle down. Concentrate on paying off any and all debts and putting money away for when you do know where and when you'll settle.

If you meet a gal and really hit it off, make darned sure you're on the same page financially or you'll end up like 85% of the husbands out there - trapped by your finances. I'd give up a lot of our "stuff" to have a few more dollars in my pocket every week, because to me, those extra bucks mean freedom. Freedom to take a drive, maintain my hobbies, buy bait and gas to take the kids fishing, to be able to treat co-workers or buddies to donuts or a round of beers once in a while. In short, don't get yourself in a situation where you're constantly worried about money. Live well within your means and control your money rather than letting it control you.

I'm hardly a worldly guy. Quite the opposite. But I've learned enough to know what I'd keep the same and what I'd change if I had the chance to do it over.

Buy a tent, a quality sleeping cot, and a 10 year old Toyota Corolla.

Travel around the country following the good weather.

Pick up odd jobs here and there for a few days at a time to fund yourself.

Only work enough to maintain the lifestyle.

People work their lives away while daydreaming about freedom like that.

Besides,...if you're only 22, a big part of your life will be spend in the post collapse world.

If you're already existing without the burden of debt/jobs/the daily grind,..you'll hardly notice it when it happens.

For sure. Disregard COSky. Maybe menopause.

And you leach off your folks?
DAAAAAAAMN. Sack up and get a life of your own.Parasites are for vermin, not for family. You don't seem to give a sh!!t about living off of others (the osamabama way) and want advice?

Move out on your own and live elsewhere rather than live a sheltered life and suck at your parents teats. Right the [bleep] now, tonight, yesterday. Your parental units are doormats that you gladly wipe your scum soaked shoes upon.
OMG, REALLY?

Student (stupid) loans? Tough sheeite Your problem (perhaps liberal arts major???).
40k in income and6K in cash? You are osamabamabama's son!

PFAKKIN a, you are a leach of the first order.

I think the OP was hoping to be a success. Not a vagabond.

I could be wrong...


Travis

pffft! on the American idea of "success".

Work your life away to buy chit that you don't need.

The bigger success you are, the more needless chit you accumulate.

I was a vagabond for 3 months back when I was 23 years old.

It was the most free, happiest 3 months of my life.

Of course,..I ended it and got yet another job.

I don't understand why.

Seriously,...coming off the road after 3 months and starting up the daily grind again really sucked.

I don't think I ever really readjusted to it after that.

I just accepted it.

Now here I am after working my whole life,..in my late 50's,..and I'm like, "What the fug has this all been for?"

Now here I am after working my whole life,..in my late 50's,..and I'm like, "What the fug has this all been for?"