- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Do you have a MINIMUM PAYOUT dollar figure?
Posted on 1/6/16 at 5:59 pm
Posted on 1/6/16 at 5:59 pm
...that enables you to quit work / biz tomorrow and live the rest of your life financially independently to your death?
I could make $1.5 mln work for my stage of life, as a min, w/kids, career stage.
I think.
I could make $1.5 mln work for my stage of life, as a min, w/kids, career stage.
I think.
7
Posted on 1/6/16 at 6:42 pm to BayouSizzle
25x your annual needs. Allows a 4% withdrawl rate which should last at least 30 years.
Posted on 1/6/16 at 7:14 pm to BayouSizzle
Haven't given it much thought since I'm just beginning my career, but probably somewhere in the $5-7 million range.
Posted on 1/6/16 at 7:36 pm to GoldenD
As much as I can get. In not retiring unless I am completely confident.
Posted on 1/6/16 at 8:10 pm to lynxcat
quote:
As much as I can get. In not retiring unless I am completely confident.
Yep. I'll never stop.
Posted on 1/6/16 at 8:46 pm to BayouSizzle
1) Paid off house
2) 100K in bank for future vehicles
3) 50K in bank for future medical (I have a 5K out of pocket max currently)
4) 25x my current annual income
If I had that, I'd quit.
2) 100K in bank for future vehicles
3) 50K in bank for future medical (I have a 5K out of pocket max currently)
4) 25x my current annual income
If I had that, I'd quit.
Posted on 1/6/16 at 8:50 pm to southernelite
Work til u die son. Lol. You can semi retire. Work 6 months vacation 6 months once you get to that age.
Posted on 1/7/16 at 6:14 am to BayouSizzle
I'd say around $5,000,000. But if I came across $5 mill I'd be dead in 2 years.
Posted on 1/7/16 at 6:26 am to BayouSizzle
not much
Posted on 1/7/16 at 12:45 pm to BayouSizzle
Expenses are probably now met with pension and investment including a 20% expense contingency. I am coming up on 20 years in my profession and wonder how long to work to make school and license worth it and to be of service back to society. The pension increases well for each additional year worked for the next two years, after that not so much. I cant see staying after that for sure. You might not know your number until you hit it, and then there will probably be no doubt.
This post was edited on 1/7/16 at 12:47 pm
Posted on 1/7/16 at 1:07 pm to GoldenD
quote:
Haven't given it much thought since I'm just beginning my career, but probably somewhere in the $5-7 million range.
generating 5-7M is going to be tough. It would take 20 years depositing 10k a month @ 7% to get to 5M. 30 years if you deposit $5k a month.
Its not impossible, but those saving rates are just ridiculous for most people. I mean, to save $60k a year, you figure you need to make at least 180k a year.
Posted on 1/7/16 at 1:35 pm to Hawkeye95
quote:
I mean, to save $60k a year, you figure you need to make at least 180k a year.
And live like you're making $60k a year.
Posted on 1/7/16 at 1:57 pm to LSUFanHouston
Never quitting no matter how much. I may stop working, but I'm never quitting. I will continue to show up to work and collect a paycheck (hopefully I can keep it under wraps that I came into money). I'd only do as much as I wanted to. I may eventually get fired, but who cares. And I'm almost positive it would take a year or two before they realized I'm a shitty employee (I know it took this downturn in the oil market to realize that with a few others I worked with). Nothing to lose.
Would probably have to push 7.5 MM for that though. I'm still pretty young.
Would probably have to push 7.5 MM for that though. I'm still pretty young.
Posted on 1/7/16 at 1:59 pm to VABuckeye
exactly. We save ~38% of our gross income, and we don't have a problem living that much a lower lifestyle than our income warrants. But I think we are the exception.
My step father gave me incredible advice that I have lived by. Never give yourself a raise. while I have given myself a few raises, I basically live on about 15% more than what I did in 2000.
we drive old cars, only eat out once or twice a week, dont buy clothes or many toys. Our main indulgence is travel. We are heading to indonesia for 3 weeks at the end of the month. Even that won't be that bad, probably $7k total for 24 days.
its not impossible. If I worked until I was 65 and saved as much as I do now, I would get close. But frick that.
My step father gave me incredible advice that I have lived by. Never give yourself a raise. while I have given myself a few raises, I basically live on about 15% more than what I did in 2000.
we drive old cars, only eat out once or twice a week, dont buy clothes or many toys. Our main indulgence is travel. We are heading to indonesia for 3 weeks at the end of the month. Even that won't be that bad, probably $7k total for 24 days.
quote:
Would probably have to push 7.5 MM for that though. I'm still pretty young.
its not impossible. If I worked until I was 65 and saved as much as I do now, I would get close. But frick that.
This post was edited on 1/7/16 at 2:05 pm
Posted on 1/7/16 at 2:06 pm to Hawkeye95
I think he meant that's the payout it would take for him to quit today.
Posted on 1/7/16 at 2:19 pm to Hawkeye95
At my age, I would need about 5M.
Posted on 1/7/16 at 6:50 pm to Hawkeye95
quote:
My step father gave me incredible advice that I have lived by. Never give yourself a raise.
This is rare advice these days. I used to save half and take half home. Good advice though, once you take it home it is usually spent and leads to lifestyle creep and dependence on higher income.
Posted on 1/7/16 at 8:52 pm to Hawkeye95
quote:
generating 5-7M is going to be tough. It would take 20 years depositing 10k a month @ 7% to get to 5M. 30 years if you deposit $5k a month.
Its not impossible, but those saving rates are just ridiculous for most people. I mean, to save $60k a year, you figure you need to make at least 180k a year.
I'm not look at it from a perspective of obtaining that amount, although it will be achievable since I'm only 23.
I meant that if I were to quit working today, I would have to have enough money where a 3-4% withdrawal of dividends (so 150-200k on the $5mil) would be enough to supplement a lifestyle where I have nothing but free time. I can't imagine myself ever quitting work if I still like my job and don't have a ridiculous amount of money since I would go crazy not having enough to do.
Posted on 1/8/16 at 8:28 am to BayouSizzle
quote:
Do you have a MINIMUM PAYOUT dollar figure?
Hmm..
$5 mil?
Posted on 1/8/16 at 12:23 pm to GoldenD
quote:
I can't imagine myself ever quitting work if I still like my job and don't have a ridiculous amount of money since I would go crazy not having enough to do.
This line of thought always perplexes me. Having a very short time on this Earth, with each passing day bringing the end closer and closer, and all you can think of spending your time doing is working?
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News