To retire in 5 years on minimum wage with little to no savings the first thing you'd need to do and most important of all, is make huge cutbacks on where your income goes. This will more than likely mean downgrading his accomodation. In fact to achieve retirement in 5 years on minimum wage you're going to need to find the cheapest place possible which is probably going to mean moving into a house share, but the good news is because you'll be spending more time at work you'll be spending less time at home, so even though you might not like living in a house share you'll most likely just be sleeping there so it won't make much difference.
Yes, this is the level of temporary commitment and work ethic we're talking about to achieve fast early retirement. Long hours and less freedom, which sounds terrible but if you choose the right job positions it may not be as bad as you think.
Alright so here in the UK minimum wage is £10.42 which is around $13. Meaning a full time 40 hour working week will bring in almost £20k per year after tax, this is currently around $25k.
An additional 30 hour job earning minumum wage will bring in an extra £13k per year after tax.
With your primary 40 hour a week job and your secondary 30 hours a week job you're now earning £33k per after tax. If you want to retire in 5 years you're going to want to look to save and invest around 75% of this income leaving you around £8k per year to live on which I imagine is absolutely terrifying to a lot of people but it is absolutely achievable.
The house share you've moved into shouldn't be costing you more than £5k per year to live in, remember you're pretty much just sleeping there anyway so its not of any great importance how luxerious it is. And again, this is why the jobs you choose for those 70 hours a week should be something easy and fun. When I followed this plan myself I took an evening job delivering food, I was able to have friends in the car with me so I still had a social life, I could listen to music or Audiobooks, AND I enjoy driving, so tons of boxes were ticked. Plus, when there were no deliveries I could also eat for free keeping outgoing costs down even further. These types of jobs are out there, it's just choosing something that's right for you.
Ok so with the £5k on accomodation the remaining £3k should be more than enough each year for food and entertainment. If you don't believe me on this check out my video where I show you exactly how much I spend in a day while home in the UK, I only work a few hours a month now and still manage to spend only £10 per day, but when you're working 300 hours a month you're daily spending should be even less than £10 or per day.
If you were to follow this plan for just 5 years you'd have around £125k invested that you could then retire on, and yes, it's absolutely possible to retire on this. Whether you've decided to invest the money into an index fund or a rental property you should be looking to receive about 11% annually which is around £13k per year, way more than the £8k you'd have become accustomed to having. At this point you could then choose to continue living frugally and retire completely, OR like me you may decide to continue working part time just a few hours a week to top up your investment income, or maybe you might actually decide to move to a country like Brazil or Thailand where the cost of living is way cheaper and live out your days on a paradise island. Either way, the long hours you put in now is something your future self will definitely thankyou for. Personally I think the hardest part of this scenario is mindfucking yourself into enjoying the idea of working more temporarily in order to reap the rewards in the future. Delayed gratification is a skill set that needs to be cultivated. In today's world where everyone online pretends to be living their best life it can be hard to accept that you're going to knuckle down and work those long hours for a handful of years. Like Muhammad Ali said, "I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion.'
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