Having $1 million saved by age 35 puts individuals in a strong position for financial security and the lifestyle known as COAST FIRE, where they may not need to invest further. However, the ability to coast on these investments depends on various factors, including retirement age and spending habits. For instance, if one plans to retire at 45, an 8% return could grow that million to over $2 million in ten years, but living costs and spending patterns greatly influence the feasibility of retiring comfortably.
Saving a lot of money at a young age can set you up for future financial success. Compound interest can make you wealthy without additional contributions.
The question, though, is just how much do you need to have saved to make that happen? If you have $1 million invested by 35, can you stop saving?
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