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re: Do you have a MINIMUM PAYOUT dollar figure?
Posted on 1/7/16 at 1:07 pm to GoldenD
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.
4
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 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 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 2:28 pm to Hawkeye95
Real estate. 
Or whatever business someone wants to choose and has a passion for, that's fine. But building a multi-million dollar net worth, simply by being being a wage slave, ain't going to happen for most people. As per your example, the contributions and the necessary rates of return are overly lofty.
But with a well thought out and well managed real estate portfolio, you can get there. And you won't have to eat beans and rice four times a week along the way.
Or whatever business someone wants to choose and has a passion for, that's fine. But building a multi-million dollar net worth, simply by being being a wage slave, ain't going to happen for most people. As per your example, the contributions and the necessary rates of return are overly lofty.
But with a well thought out and well managed real estate portfolio, you can get there. And you won't have to eat beans and rice four times a week along the way.
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