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Started By
Message
How much money do you need?
Posted on 7/16/14 at 8:50 am
Posted on 7/16/14 at 8:50 am
How much money would it take for you to never work again? Assume, you can earn a maximum of 5% annually on any investments.
I think $2M is my number, 30 years old.
I think $2M is my number, 30 years old.
32
Posted on 7/16/14 at 8:50 am to CidCock
Depends... is that 5% tax free bonds or a taxable 5%?
Mine is 7.5
Mine is 7.5
Posted on 7/16/14 at 8:51 am to CidCock
i could never have enough
Posted on 7/16/14 at 8:51 am to CidCock
10 million. I'm 38
Posted on 7/16/14 at 8:51 am to CidCock
quote:
maximum of 5% annually
quote:
$2M is
yeah, i could totally survive on 100K a year.
i would like 3 mil to make it more comtortable though.
Posted on 7/16/14 at 8:51 am to CidCock
35,000,000
Posted on 7/16/14 at 8:51 am to CidCock
lol
LOL
2 million at 30 won't last man, ESPECIALLY if you have kids.
And the answer from me is MORE. I can't predict inflation and emergencies, so I want more. If you make me put a number on it, I'll say 100 million and I'll retire.
ETA:
I'm 26 and will be married soon and eventually have several children I'm sure so I have a lot left to live (and spend).
LOL
2 million at 30 won't last man, ESPECIALLY if you have kids.
And the answer from me is MORE. I can't predict inflation and emergencies, so I want more. If you make me put a number on it, I'll say 100 million and I'll retire.
ETA:
I'm 26 and will be married soon and eventually have several children I'm sure so I have a lot left to live (and spend).
This post was edited on 7/16/14 at 8:53 am
Posted on 7/16/14 at 8:51 am to CidCock
3 million would do it for me. @ 5% interest annually I could live very well on 150K.
Posted on 7/16/14 at 8:52 am to Displaced
quote:
yeah, i could totally survive on 100K a year.
i would like 3 mil to make it more comtortable though.
That's my thought. 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.
Posted on 7/16/14 at 8:53 am to pointdog33
quote:
I could live very well on 150K.
30 years ago everyone was like "I could live very well on $50k for the rest of my life"
Posted on 7/16/14 at 8:54 am to TheCaterpillar
quote:
2 million at 30 won't last man, ESPECIALLY if you have kids.
I live off less than $120k household now, with a house payment. I'd be fine with $2M.
I have a child.
Posted on 7/16/14 at 8:54 am to CidCock
All of it
Posted on 7/16/14 at 8:55 am to TheCaterpillar
yeah 2 mil would be good to retire with if you are 65 right now
100k gross per year isn't going to be shite in 25 years...hell it's not much now with a wife and a few kids
100k gross per year isn't going to be shite in 25 years...hell it's not much now with a wife and a few kids
Posted on 7/16/14 at 8:55 am to CidCock
I could retire on a million. Mr Moneymustache and his wife saved 600k, and both retired at 30. It's a nice blog if anyone hasn't read it and you're interested in the subject.
This post was edited on 7/16/14 at 8:57 am
Posted on 7/16/14 at 8:56 am to CidCock
quote:
you can earn a maximum of 5% annually
you mean minimum?
3 million
Posted on 7/16/14 at 8:57 am to yellowfin
quote:
100k gross per year isn't going to be shite in 25 years...hell it's not much now with a wife and a few kids
Good point.
Although, $1M cash at 65 would be fine to retire IMO.
Posted on 7/16/14 at 8:57 am to CidCock
$20, a pack of Kools and a 4 pack of Natty Ice
Posted on 7/16/14 at 8:58 am to CidCock
More. Your taste will always get more expensive. I lived comfortably off of 60k. Now I'm making double that and don't really feel like I've got cash pouring out of my pockets. You end up getting nicer cars, nicer houses, buying more name brand stuff. Everybody might not do that (my grandparents are well off and re-use ziplock bags), but most would. I would quit my job at $5MM, but I would still be trying to make money.
Posted on 7/16/14 at 8:58 am to pointdog33
I'm 60 with about $800,000 in assets. If I stay in the U.S., I work until I collapse as a WalMart greeter at age 89. If I convince my idiot Philippine wife to move to the islands, we retire in 2-3 years.
Posted on 7/16/14 at 8:59 am to CidCock
I think $5M is my number. I would want to invest enough to make at least $150k/yr... preferably $200k... and then still have money for some nice toys.
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