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re: How much money do you need?
Posted on 7/16/14 at 8:59 am to CidCock
Posted on 7/16/14 at 8:59 am to CidCock
Well, your money would be invested, so you would actually have more than a million by the time you're 65 (assuming you have a second income and reinvest your dividends). Also, a realistic return is around 7%. Adjust for inflation, and you can plan on a 4% return. But even if you actually never work another day, you could draw on that and SS when you hit 65 and never run out of cash.
This post was edited on 7/16/14 at 9:05 am
0
Posted on 7/16/14 at 9:00 am to Thib-a-doe Tiger
2.5 Mil.
Pay off all debts with the .5 million, buy a few rental properties with the rest for income and live off the interest on the 2 million.
That would give me a budget of $270 day to spend. I could get by on that.
Pay off all debts with the .5 million, buy a few rental properties with the rest for income and live off the interest on the 2 million.
That would give me a budget of $270 day to spend. I could get by on that.
Posted on 7/16/14 at 9:01 am to CidCock
I just don't dislike work enough to live poor for the next 50 years.
Posted on 7/16/14 at 9:03 am to Salmon
quote:
30 years ago everyone was like "I could live very well on $50k for the rest of my life"
6-7 years ago making $65k thinking I didn't need much more than that to be just fine forever. Now days making double+ that and barely keeping up. Fairly certain I'll feel the same way when I cross $200k.
There's no doubt what you need and what you're used to are two different things that 90% of us treat as the same thing. Hell I realize I don't need all this money and bullshite that my wife & kids think we need but I still work for it.
Posted on 7/16/14 at 9:03 am to CidCock
quote:
I would pay off the house and stuff and try to save until I got back up to $2M, then just live off 100k with no bills.
Agree here.
Posted on 7/16/14 at 9:04 am to CHEDBALLZ
quote:
buy a few rental properties
Own commercial properties. Owning residential rentals sucks.
Posted on 7/16/14 at 9:05 am to BeerMoney
quote:
6-7 years ago making $65k thinking I didn't need much more than that to be just fine forever
Same boat here. Although, I certainly don't make double that now.
Posted on 7/16/14 at 9:05 am to BeerMoney
If you're making +120 and can't keep up, you're doing it wrong. Adjust your spending asap.
Posted on 7/16/14 at 9:06 am to CidCock
<--- 5 kids, all in private school/college. I will die chasing the almighty dollar.
Posted on 7/16/14 at 9:08 am to The Mick
After two, you didn't think of pulling out? 
Posted on 7/16/14 at 9:09 am to AUCE05
quote:Its relative to your output/ family size. I have to make 120k year just to pay tuitions and college housing. Thats before a nickel is spent on normal living expenses (mortgage, bills, etc...). Insane I know but I wouldnt change it for anything in the world.
If you're making +120 and can't keep up, you're doing it wrong. Adjust your spending asap.
Posted on 7/16/14 at 9:10 am to CidCock
quote:
I think $2M is my number, 30 years old.
I could make that work, but I think something like $4M would be more comfortable adjusting for inflation and the amount of money I'd spend on leisure activities if I didn't have to work.
Posted on 7/16/14 at 9:11 am to PhiTiger1764
Yeah most people here don't know the concept of inflation.
Posted on 7/16/14 at 9:11 am to AUCE05
It's crazy how people adjust their spending to meet their income and not vice versa, human nature.
I would like to make enough that my wife can stay home - that's the plan after we pay off about 30k worth debt. Hopefully within 18 months.
I would like to make enough that my wife can stay home - that's the plan after we pay off about 30k worth debt. Hopefully within 18 months.
Posted on 7/16/14 at 9:12 am to The Mick
quote:
Its relative to your output/ family size. I have to make 120k year just to pay tuitions and college housing. Thats before a nickel is spent on normal living expenses (mortgage, bills, etc...). Insane I know but I wouldnt change it for anything in the world.
Not knocking you, but that makes me want to puke. $120k just to support the kids in college, I'll have to pick up an extra few jobs.
Engineering is not the get rich career.
Posted on 7/16/14 at 9:14 am to The Mick
Good luck, bro. I mean it. No way I would pay for 5 kids to go to college. I am going to make mine go through a co-op program. I also don't see how most of you on here pay for private school. I would move to city with better public schools.
Posted on 7/16/14 at 9:14 am to Displaced
quote:
i would like 3 mil to make it more comtortable though.
Posted on 7/16/14 at 9:15 am to TheIndulger
Another thing is you would get really bored and spend the money in all your free time, unless you have hobbies that cost very little to maintain, or are otherwise content with a simple existence.
Posted on 7/16/14 at 9:15 am to AUCE05
quote:
Good luck, bro. I mean it. No way I would pay for 5 kids to go to college. I am going to make mine go through a co-op program. I also don't see how most of you on here pay for private school. I would move to city with better public schools.
I have one child and plan on having one more. I would like to able to help with college, but it will be a state supported school. I worked hard enough to get an academic scholly, hopefully my kids will do the same.
Posted on 7/16/14 at 9:16 am to CidCock
Mine has been at home for 4 years. A little bit of advice, take full control of the money. You're welcome. She will not adjust her life style. You will have to force her, and she still will have some old spending habits.
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