"I am 34 and I have $1,000 per month in disposable income. What is the best way to quickly turn that into a replacement for my $50k/yr salary?"

As a way to have new content and drive traffic to this site I have taken to the site Quora to answer questions. I will repost some of my answers here so you all can learn from their experiences.

Here is a question for you,  how much of the 38k you spend a year a necessity? Are you buying a new car every couple of years? Are you buying  latte's every day?

I ask this because depending on how flexible your expenses are will directly effect  how quickly you can replace your income.




you are currently saving 24% of your income with the 1000 a month. At an 8% appreciation  it will take you just over 26 years. Till you are 60 years old.

If you want to retire earlier you are going to need to do two things:


  • Negotiate a raise
  • Cut your living expenses.


Remember your goal isn't to replace 50k a year its to cover your expenses.

Lets say you managed to cut your expenses to 30k instead of the 38k. That cuts your retirement age to 18 years.

But what if you managed to get a 5000 dollar raise? With that you have just cut your retirement age to 14.3 years. You will be able to retire before you are 50 years old!

It all comes down to saving rate. Save more - retire sooner

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