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What's your number?
Posted on 2/17/14 at 3:45 pm
Posted on 2/17/14 at 3:45 pm
Stolen from Wallstreet 2... Caught it the other day and this question was posed.
So what is your number? What number would you have to have accumulated to walk away and retire?
Lets assume that you have no debt. House and car(s) are paid off.
I know its a tough question being that depending on how much longer you have to live plays a huge part, but take a try.
Mine is prob low and I'm sure I'll get bashed, but if I had 1.5m stashed away, I think I'd be set.
I think with everything paid off and the return on an investment of that high, I could sustain my life pretty easily.
So what is your number? What number would you have to have accumulated to walk away and retire?
Lets assume that you have no debt. House and car(s) are paid off.
I know its a tough question being that depending on how much longer you have to live plays a huge part, but take a try.
Mine is prob low and I'm sure I'll get bashed, but if I had 1.5m stashed away, I think I'd be set.
I think with everything paid off and the return on an investment of that high, I could sustain my life pretty easily.
22
Posted on 2/17/14 at 3:54 pm to Lsut81
20-30 mil
This post was edited on 2/17/14 at 3:55 pm
Posted on 2/17/14 at 3:56 pm to Lsut81
quote:
Mine is prob low and I'm sure I'll get bashed, but if I had 1.5m stashed away, I think I'd be set.
If I had my say, my number might be even lower IF my house and cars were all paid off/no debt whatsoever.
I think I could live off of a million for the rest of my life as long as I made prudent investments (33 years old now) and didn't start living an exorbitant lifestyle.
Posted on 2/17/14 at 4:02 pm to Lsut81
No number. I'd prefer to always have more because I want to spend without having to think about it when I'm older.
Posted on 2/17/14 at 4:04 pm to Teddy Ruxpin
Too young to have a number, even if I had a billion dollars I would work. Just maybe for myself.
Posted on 2/17/14 at 4:09 pm to ocelot4ark
quote:
I think I could live off of a million for the rest of my life as long as I made prudent investments (33 years old now) and didn't start living an exorbitant lifestyle.
See thats my thinking... Off of 1.5, you can average about 8% returns. Then you figure after taxes and everything, thats around 75K a year.
Will everything paid off, if you can't live off of 75k a year, I personally think you have a fricking spending problem.
And thats if you spend the entire proceeds, you could easily roll more into the general 1.5m fund and compound more every year.
Posted on 2/17/14 at 4:15 pm to Lsut81
I'm young. I would need 8 mill to feel comfortable in leaving and not "working" again so that I could make enough in safe returns. That's 320k @ 4% growth which might get killed after taxes. But goal for when I'm 55 though is 5.5 mill
Posted on 2/17/14 at 4:21 pm to ell_13
I am young and greedy I guess, mines not a number so much as possessions. I want to be able to pull a Ted Turner. Go from Mexico to Canada and never leave my property, yea I know that shite will never happen. Id be happy as a pig in shite with 600 acres.
Posted on 2/17/14 at 4:29 pm to Lsut81
Mostly I try to have work I actually like to do so I'm not trying to figure out when I can quit.
Posted on 2/17/14 at 4:33 pm to GREENHEAD22
$$$
Posted on 2/17/14 at 4:44 pm to Lsut81
If you know many older people, you are already aware that once you "retire" your mind and body start going downhill. I'll never retire. However, I will be control of my time rather than my boss one day.
Once I reach $100,000 a year in somewhat passive revenue from my real estate investments, I will go from full time to part time at my 9-5.
I'll spend my free time finding more deals, fishing, learning a new language, spending much more time with my family and traveling.
My goal is to hit this number in 10 years although I am on pace for 8.
Once I reach $100,000 a year in somewhat passive revenue from my real estate investments, I will go from full time to part time at my 9-5.
I'll spend my free time finding more deals, fishing, learning a new language, spending much more time with my family and traveling.
My goal is to hit this number in 10 years although I am on pace for 8.
This post was edited on 2/17/14 at 4:54 pm
Posted on 2/17/14 at 4:46 pm to I Love Bama
quote:
$100,000 a year in somewhat passive revenu
quote:
am on pace for 5.
Posted on 2/17/14 at 4:54 pm to jimbeam
had to edit. Math is hard it appears.
Posted on 2/17/14 at 5:01 pm to Lsut81
Net assets of $2.5 million. I could cashflow off of real estate and stock dividends to live comfortably off of that without having to worry about anything.
Absolutely I would walk away, too. I would read, travel cheaply, get a beach condo, get a hunting camp, go fishing, and visit my working friends wherever they live on the weekends.
Absolutely I would walk away, too. I would read, travel cheaply, get a beach condo, get a hunting camp, go fishing, and visit my working friends wherever they live on the weekends.
Posted on 2/17/14 at 5:05 pm to Lsut81
quote:
Stolen from Wallstreet 2... Caught it the other day and this question was posed.
So what is your number? What number would you have to have accumulated to walk away and retire?
Lets assume that you have no debt. House and car(s) are paid off.
Someone posed this earlier.
Everything paid off? $5 million.
Posted on 2/17/14 at 5:06 pm to Lsut81
The answer to this question for me is very different depending on where I am in my life cycle. For example, I have 3 children. If I was 35 years old then I would need a lot more than if I was 65 years old and my kids were out of school, married and on their own.
Posted on 2/17/14 at 5:14 pm to Lsut81
$100MM, but I would still go to the office in some capacity.
Posted on 2/17/14 at 5:18 pm to jimbeam
I am figuring once I hit 150K which will be attainable in 5 years, most likely sooner, along with the wife working I can start stashing 40-50K a year away for it. 6-8 year and that is a nice down payment.
Posted on 2/17/14 at 5:18 pm to ell_13
quote:
I'm young. I would need 8 mill to feel comfortable in leaving and not "working" again so that I could make enough in safe returns.
Dear God if you don't think you can retire until you get to $8 mil, like someone said, you have a spending problem.
quote:
But goal for when I'm 55 though is 5.5 mill
Good for you if you can accumulate $5.5 mil in your lifetime.
Posted on 2/17/14 at 5:19 pm to PetreauxCat
I like that way you think.
Everyone says if they hit the lotto they are retiring. shite if I hit it my arse will be busy trying to turn them millions into billions.
Everyone says if they hit the lotto they are retiring. shite if I hit it my arse will be busy trying to turn them millions into billions.
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