Is financial independence impossible until I'm old?

[MakeAStash]

OK hot shot , I'll play. Can you give me a couple of examples of "compound interest" investments that will allow someone making $50K to easily retire a millionaire?

I'll be waiting.

I save 50% of my income. Invest $25000 per year with an 8% return produces $1 million in less than 20 years.

[TexasHusker]

I save 50% of my income. Invest $25000 per year with an 8% return produces $1 million in less than 20 years.

More power to ya!

[TexasHusker]

When I first started my "real" job I was making $52k/year. I was able to max my 401k and roth ira. I also had money left over for all my bills and was able to save some...not sure of the amount though. No this isnt an example of compounding interest and maybe by definition I misused the world...point being allowing your money to snowball over time. OP...save, invest, allow money to grow, rinse and repeat.

Id go into more detail but im in Hawaii now. My salary is $63k/year, still maxing 401k and roth and investing in index funds. I guess by your definition im poor. Ill gladly take my "poor" lifestyle any day.

"Poor" is a purely subjective term. I am sure I could do just fine on $63K, but I would definitely have to adjust my lifestyle.