Excellent questions: 1) There has been adjustments, such as cutting out fast foods and eating/drinking out. Also, I delayed purchasing a new computer by a few months (paid with my tax refund). Also, I am stingy with using my car, and I am more apt to carpooling whenever I do go out (a generally rare occasion). I have cut out alot of impulse purchases. For instance, I would buy a $1 package of gummy worms around four times a week. Gone. Lastly, I pack a lunch for work each day. Nothing too big, just several small habit changes. This lead to aot of excess cash. It became really easy to do these changes since I transferred my cash at the beginning of the month, and forced myself to live on the remainder. All these changes have been for the better, and I have not notice a real decrease in happiness or satisfaction. It would be pretty ridiculous to expect my satisfaction to go down because of less fast food and candy in my life.
2) I do not know for sure that I will enjoy not working, and I can certainly see having “mini-retirements” of Tim Ferriss. As of current, I do not have any particular attachment to my jobs now. This may change in the future, and I hope it does. Post-retirement, I do not plan on sitting on my butt watching TV, going to the golf course each day, or moving to Florida and sipping alcoholic beverages on the beach. I will have projects to do (I would like to build a house, exercise more frequently, and run a psychology laboratory) and if I receive income for those things, I will be glad to. Most importantly, I hope to have a wife and children one day, and I hope that I will prefer to spend time with them over working.
3) This is pretty murky. I am currently severely underemployed, and in a recovering economy. I am completing a course in webdesign, then doing another one for programming, and that will translate into new career opportunities. I may move, and have my expenses go up, I will pay my student loans ahead of schedule, and lower my expenses considerably. And I may get into a serious relationship and start a family. That may slow it down, but if my potential spouse shares my vision, we may wait on children and in fact may speed up the timeline to retirement.
All together, I think my income will outpace my expenses. One of the links above, here, gives a straight forward chart comparing your savings rate to the number of years till you are able to retire (presuming average returns, and living off the interest alone, not touching the principal at all). I am at 65%, putting me at 10.5 years, or 34 years old. I think my expenses will end up increasing in the shorter term, then my income will catch up, before my student loans drop out of my life forever, freeing up another $500 or so a month. My ideal situation would a 75-80% savings rate, allowing me to retire before I’m 30.
All said I think I will retire by age 35 with 65% confidence, age 30 with 10% confidence and age 40 with 80% confidence. My income prospects in the next year and my spouse are the biggest factors in determining my success.
Depends. Who I marry will be the biggest determiner of success. If my future spouse is not only on board, but shares the vision for EER, then our combined incomes and shared expenses will actually make things go quicker. If my spouse is uncooperative, then all my effort may very well be for nil. Both ERE and MMM have spouses who not only supported their endeavor, but adopted it themselves. Not surprising, non-consumerist people tend not to group with consumers.
As for kids, there is also great variation. You will obviously need to save additional money to feed, clothe and care for your children. ERE is childless, but MMM and Mrs. MM decided to first retire then start a family. It worked out pretty good for them; they avoided expensive daycare costs, and their child grew up in a home where both the mother and father were active, full-time caretakers. MMM has several articles about having a child post-EER.