I Asked ChatGPT How Young Adults Can Plan To Retire by 30

Core Concept - The article discusses the possibility of retiring early, particularly by the age of 30, through strategies outlined by ChatGPT, emphasizing the importance of maximizing income, saving a significant portion of earnings, and making aggressive investments [1][2][3]. Income Maximization - To retire by 30, individuals must focus on maximizing their income early in their careers, which involves out-earning peers in their 20s [2][3]. - Suggested methods for income maximization include selecting high-paying fields, leveraging unique skills, and establishing multiple income streams [3]. Savings Strategy - ChatGPT recommends saving 70% to 90% of income to achieve early retirement, providing an example where an individual earning $200,000 annually could save between $160,000 to $180,000 by living on $20,000 to $40,000 [3][4]. Retirement Calculation - A formula is provided to estimate the years until financial independence, calculated as Target nest egg divided by annual savings, with an example indicating that saving $200,000 per year could lead to a $1 million nest egg in about five years [4]. Investment Approach - Aggressive investment is crucial, with recommendations including stock market index funds (historically returning 7% to 10% per year), real estate, business equity, and high-risk investments like startups and crypto [5]. - Caution is advised regarding high-risk investments due to their inherent risks [5]. Realistic Expectations - The article emphasizes the need for realistic expectations regarding retirement, with lean FIRE requiring $500,000 to $1,000,000 for a lifestyle of $20,000 to $40,000 per year, and $2 to $3 million for a more comfortable lifestyle of $80,000 to $100,000 per year, based on the 4% withdrawal rule [6].