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Thread: Can you retire from this business by age 45?

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    Newbie Mujina's Avatar
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    Default Can you retire from this business by age 45?

    I'm going to assume a lot of things here, so bare with me.

    I want to retire, like in no more work or punching in, by time I am 45. 45, because I think that will be the time I am just too old for the profession, looking at my mother, she lost that youthful glow around that age even though she looks good for her age. But I will look younger than her when I am 45, because I wear sunscreen/lifestyle. She can pass as 36-38 easy though at 48.

    Anyways, assume I don't pay rent/major bills/whatever, so I save up 90% a yr of what I earn. I know I won't pay this because I'll probably live in with some guy (up until age 35'ish) since that's what I am doing now and did last yr, unless I get married or get a steady boyfriend.. which is a great thing.

    I won't have kids either.

    I am going to assume, I can pull in 40 k on average, being realistic if I work a lot at a good club. I'll be close to a 1,000,000 by then.

    but is it enough to retire on? Or how could I retire by then? Retiring young is something I want to be able to do.

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    Default Re: Can you retire from this business by age 45?

    Yes you can. Of course it can depend on how well you save and all of that but the one mistake I made dancing was to spend most of what I made. At the end of dancing in clubs I was also working at a "real job" so the dancing money was more of play money. Luckily I did save some money and yes I live off much of my savings. However if you want to truly talk about retiring you should ask Melonie. I wish I had talked to someone like her when I started dancing because I think I would have been more frugal.

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    Newbie Mujina's Avatar
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    Default Re: Can you retire from this business by age 45?

    Thanks, but I think I am going to be on the older range of youth now lol. I'm 20, but closer to 21.

    I still have many yrs left in me though base on the threads I read.

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    Banned Eric Stoner's Avatar
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    Default Re: Can you retire from this business by age 45?

    On this topic, Melonie is God ! Lol. I defer to her except to say it is possible but unlikely.

    Question : Won't you get bored without something to do when you are 45 ? Optimally you'd like a hobby you enjoy that you can also make money doing.

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    Newbie Mujina's Avatar
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    Default Re: Can you retire from this business by age 45?

    Quote Originally Posted by Eric Stoner View Post
    On this topic, Melonie is God ! Lol. I defer to her except to say it is possible but unlikely.

    Question : Won't you get bored without something to do when you are 45 ? Optimally you'd like a hobby you enjoy that you can also make money doing.

    Possibly, I may just go into beauty school or something. But that's so far down the road... I just want to think I am financially secure enough to live on my savings.

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    Default Re: Can you retire from this business by age 45?

    I applaud you for looking towards the future and retirement, but there's so much that can/will happen to you that I don't know how much planning you can do yet, and I really don't think you can pick an age yet. However, saving money is always a worthy cause on its own, unless you happen to be in a strip club. Then spend away.

    However, we all have to start somewhere. The typical retirement is planned by figuring out your annual expenses and your life expectancy. That way you can do the math on the required principal you need so that you can draw safely against it. The idea is that you won't run out and "outlive" your retirement.

    So, if you really would have no expenses, no mortgage, no insurance costs, no kids, and you just need living money, I did some math for you.

    I am going to assume you put away 36k/year for 24 years at a 5% growth rate. If you do that to 45, you'll have about $1.6 MM.

    Assuming you live another 40 years and that $1.6 MM has a growth rate of 5% also, you'll have an annual retirement income of about 30k. Sounds like enough if you truely have no other living expenses, but I doubt that can happen.

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    Default Re: Can you retire from this business by age 45?

    I was able to do so before age 40 ... but admittedly I was able to 'cash in' on the 90's tech boom, the 'early days' of the internet where clever code writing could result in front page search engine placement ( versus today's paid placement ), as well as club feature fees which paid well enough to provide a profitable trip without having to sell 'private sessions' in fan's hotel rooms between stage performances.

    Is it still possible ... probably. But it will mean a 'serious full time' work effort. It will mean living like a 'pauper' while banking / investing every dollar possible. It will also mean investing smartly / safely enough to avold losing any 'purchasing power' to inflation. It will mean intelligent tax planning since your probable $100k+ income will become increasingly subject to new / higher tax rates.

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    Default Re: Can you retire from this business by age 45?

    Assuming a savings rate of $3,000 per month at 4% per annum for 24 years you should have $1,446,777.31 at your projected retirement. However, if we assume an inflation rate of 4% per year over then same time period, the present value of that projected $1,446, 777.31 is only $564,418.90. The question you have to ask, is can you live today on the interest and dividends of an account with $564,418.90 in it? The current rate on Ibonds is about 3%. (The risk free rate.) So, can you live on $16,932.57 per year for twenty years? Then social security comes on line for the hypothetical you. Assuming you have enough quarters of social security income to qualify. At that point you might start drawing down your principal.

    In think you need to save about $6,000 per month to have the inflation adjusted value of $1,000,000 today. Can you do that? Your other option is to invest in higher risk issues. That will increase your returns and lower the amount you have to save and invest every month. But, it's riskier. Takes an iron constitution. Can you tolerate the ups and downs?

    Good luck, hope it all works out for you.
    Z

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