I read from the blog in which an individual retired at 33 due to the retrenchment at his job. Upon his retrenchment in 2013, he calculated his net-worth and realised that he is able to retire from the full-time employment in 2013. He managed to support his family of 5 (inclusive of him) from 2013 till to date. His wife joined him on the retirement journey sometimes in 2016. He managed to support his family on a yearly expense of U$40,000. This does not mean that the whole family had to spend all of the allocated US$40,000 on the expense. The breakdown of his family expense is as follows:
- 2014 – U$34,352
- 2015 – U$23,802
- 2016 – U$38,991
- 2017 – U$31,708
- 2018 till to date – U$22,335
The above goes to show that it is possible for a family of 5 to survive on U$40,000 or less per year. I understand that the networth of the family is about U$1.2 million when he was laid off from his full-time employment (with the Government) sometimes in 2013. The networth of the family is US$1.988 million (as of 31 October 2018).
If this family can do it, I do not see the reason why the rest of us cannot achieve such feat. It’s the matter of wheeling and dealing through making the best use of the current situation.