In 1981, at age 29, he stopped working and began living off of the money he made from investments. In winter 1981, I was trying to get used to the fact that since someone stole my bicycle I would be trudging about my college campus on foot in Flagstaff, AZ, ad nauseam. My thoughts were not of retirement but of frostbite. And of pizza.
In his book, Gillette Edmunds claims: “Most middle-class Americans, including me, could live comfortably on the investment returns from $500,000.”
Now, granted, Edmunds began his investing at a crucial time in that he could earn returns of 18% or more per year throughout–until the bursting of the dot.com and housing bubbles.
Now, in the current economic climate, it isn’t that easy. But his book How To Retire Early and Live Well With Less Than a Million Dollars is still considered a good book on investing by many, including myself and the Motley Fool (no, they are not one in the same!).
Other DCPL books on the subject include Investment Options for Teens by Tammy Gagne and How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire by Stan Hinden.
And no, doggone it, playing the lottery is not one of the recommended strategies for planning an early retirement.