What is the bare minimum amount of savings it would take to retire at a young age? (<40)

I'm in a similar position as you. I have set my career goals into 3 phases

Phase 1: Earn as much as possible. Do whatever you have to in corporate for bonuses, promotions, overtime. I have multiple "side gigs" that I run for extra income. Save as much as possible: the younger you are the more beneficial it is to invest. Max out retirement accounts and load up taxable as much as you can. Once I hit 500k, I move on to

Phase 2: Now you have some working capital and a bit of financial security, but the journey isn't over yet. This is the entrepreneurial face. I will start nano businesses and websites for topics I am passionate about for as little start up cost as I can. I will look to take on some real estate projects. I will continue with my side hustles. Take up a blog or some freelance writing. This is a more free form of work that allows me to be more in control of my time and write my own ticket. I am content making a lot less money here to just convert my expenses, so my investments can continue to grow.. and who knows, maybe I'll strike a bit of gold. I know with the risk I'm taking there's a chance I could end up back at work, but there's nothing I'd rather risk my money on then my own talent and dreams!

Phase 3: Millionaire. Do whatever you want. Maybe along the way I'll find something I love.. Maybe I'll try other jobs for fun, always wanted to teach high school science! Maybe I'll do absolutely nothing. But this is the made it phase, congratulations

It's always beneficial to write down your goals and what you want out of life, the above is what I have planned for myself! Not consider marriage or kids, and I am fresh along this journey: 23 years old, Net worth is 50k, total salary is 90k. I hope to hit phase 2 by 29 and phase 3 by 39

good luck!

/r/financialindependence Thread