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]]> By: 20smoney http://20smoney.com/2009/11/23/pursuing-complete-independence/comment-page-1/#comment-2937 20smoney Tue, 24 Nov 2009 21:32:26 +0000 http://20smoney.com/?p=1114#comment-2937 Yeah, you will get hit with penalties in a 401(k) if you withdraw early. I usually say that you should max your 401k up to the point of getting everything you can from matching. Then, after that I'd put money in something else. 300k is basically a number that I think is a bit of a stretch yet also possible if some things fall in place. Sort of arbitrary but a tangible goal nonetheless. Financial independence is a function of both income and your expenses. So, $90k a year may or may not work. To do any sort of "early retirement", it will have to be on less than $90k a year most likely because that probably won't be possible. I don't really want to touch my "retirement funds" but instead be able to live on income streams. So in that sense, it'd be more like living on 60k which is very do-able if you're willing to go without certain "luxuries" - so its a trade off... freedom vs. "things" Yeah, you will get hit with penalties in a 401(k) if you withdraw early. I usually say that you should max your 401k up to the point of getting everything you can from matching. Then, after that I'd put money in something else.

300k is basically a number that I think is a bit of a stretch yet also possible if some things fall in place. Sort of arbitrary but a tangible goal nonetheless.

Financial independence is a function of both income and your expenses. So, $90k a year may or may not work. To do any sort of "early retirement", it will have to be on less than $90k a year most likely because that probably won't be possible. I don't really want to touch my "retirement funds" but instead be able to live on income streams. So in that sense, it'd be more like living on 60k which is very do-able if you're willing to go without certain "luxuries" – so its a trade off… freedom vs. "things"

]]> By: Robby http://20smoney.com/2009/11/23/pursuing-complete-independence/comment-page-1/#comment-2936 Robby Tue, 24 Nov 2009 21:27:02 +0000 http://20smoney.com/?p=1114#comment-2936 enjoyed the article kevin. had a couple of questions. how would you recommend using a company matched 401(k) to support the efforts to save 300k? wouldn't there be penalties for using any of these funds before retirement? is it ok to have that be my main means of savings? also, how did you get to the number 300k? With 60k a year from online income stream and hopefully 10% on the 300k you would be looking at around 90k a year, is that enough for financial independence? liked the advice on switching to cash too, that will really make you feel that burn in the wallet. hope you have a good thanksgiving! enjoyed the article kevin. had a couple of questions.

how would you recommend using a company matched 401(k) to support the efforts to save 300k? wouldn't there be penalties for using any of these funds before retirement? is it ok to have that be my main means of savings?

also, how did you get to the number 300k? With 60k a year from online income stream and hopefully 10% on the 300k you would be looking at around 90k a year, is that enough for financial independence?

liked the advice on switching to cash too, that will really make you feel that burn in the wallet. hope you have a good thanksgiving!

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