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Started By
Message
re: Retiring before 50
Posted on 6/14/23 at 6:37 am to Big Scrub TX
Posted on 6/14/23 at 6:37 am to Big Scrub TX
quote:
If anything, the retirement I'm talking features paying an assistant or whoever $100K/year so that you NEVER have to care about such a thing.
Gotta admit this was an effective troll. You got me pretty good
1
Posted on 6/14/23 at 7:18 am to Big Scrub TX
quote:
If anything, the retirement I'm talking features paying an assistant or whoever $100K/year so that you NEVER have to care about such a thing.
Somebody wants to be a Kardashian.
Posted on 6/14/23 at 10:48 am to nugget
quote:Not if I retire with the appropriate denominator, no. That's the entire point.
Oh, so you won’t have ZERO guilt or worry about money?
Posted on 6/14/23 at 10:48 am to nugget
quote:I don't NEED an assistant. I'm just saying I'm so opposed to caring about irrelevant things, that I'd rather offload it to someone else if it came to it.
I’m sorry, but my parents retired early with a similar or slightly higher net worth than you’re describing. There ain’t no fricking way they need a full time assistant in retirement. You must be like 17
Posted on 6/14/23 at 10:50 am to JohnnyKilroy
quote:It's just a depiction.
Gotta admit this was an effective troll. You got me pretty good
I'll say this - I don't see how 5 million can possibly be enough for you to retire comfortably at 50. Forget anything about what MY plans are. 5 mil simply isn't enough - unless you intend to both scrimp AND be under-allotted for negative contingencies.
Posted on 6/14/23 at 10:53 am to NaturalBeam
quote:Excellent job of assuming literally zero investment return or income over 30 years. I guess you won't be retiring at 50.
For him to retire at age 50 in 15 years and pay a guy $100k/year would cost him about $4MM. You want him to use 40% of his retirement (that you estimated he’ll need) to pay a guy so he doesn’t have to use Expedia??
You’ve totally wrecked this thread, all for a troll it would appear.
But it's a point that hasn't been underlined yet: the denominator needs to be big enough to allow for investing as a normal course of action. That is to say, I'm not OK having 5 million in MMF/UST/cash/munis and then hoping the risk-free interest off of that is enough to both beat inflation AND handle my consumption needs. I need to know that I always have a war chest that allows me to take advantage of good value (especially in the private markets).
Posted on 6/14/23 at 11:14 am to Big Scrub TX
quote:Probably not. Got 12 more years until I hit 50, but no plans to retire then regardless. I enjoy my work/life and I don't sweat the $50 difference in a more convenient plane ticket now, even without $10MM. I also don't need an assistant to book my flights.
I guess you won't be retiring at 50
We each have our thing though - mine is that I spend too much money on golf, and plan to spend even far more of it on golf in retirement. I see that luxury travel is your thing, so more power to you (as is trolling the money board lol). To me that's an enormous waste of money I'd rather spend elsewhere, but you'd probably say the same about hobbies of others.
Posted on 6/14/23 at 11:28 am to Big Scrub TX
quote:
unless you intend to both scrimp AND be under-allotted for negative contingencies.
In what world is spending ~150-160k in a year scrimping?
This post was edited on 6/14/23 at 11:54 am
Posted on 6/14/23 at 11:31 am to Big Scrub TX
quote:
I also think anyone over the age of 60 (again, I'm referring to the subset of people we're discussing here, not the average American) should budget at least a million dollars for private jet travel - call that 28 lifetime trips @ $35K/pop.
Don't bogart that joint man!
This post was edited on 6/14/23 at 11:32 am
Posted on 6/14/23 at 5:18 pm to NaturalBeam
quote:You doing what you want is the exact definition of NOT wasting money. I play some golf myself - and it's a good example. I'd want your comfortable retirement to be the price of golf is literally never a consideration that crosses your mind. Need new clubs? Buy 'em. Played 10 times this week at an expensive course? frick 'em.
We each have our thing though - mine is that I spend too much money on golf, and plan to spend even far more of it on golf in retirement. I see that luxury travel is your thing, so more power to you (as is trolling the money board lol). To me that's an enormous waste of money I'd rather spend elsewhere, but you'd probably say the same about hobbies of others.
Posted on 6/14/23 at 5:18 pm to JohnnyKilroy
quote:Mine and (hopefully) yours
In what world is spending ~150-160k in a year scrimping?
Posted on 6/14/23 at 5:19 pm to AUHighPlainsDrifter
quote:Now look - I'd say allocate AT LEAST a million to recreational drugs over the age of 60.
Don't bogart that joint man!
Posted on 6/14/23 at 5:43 pm to SM1010
The back of the envelope math is you need 25x your yearly spend invested in the market to be all but guaranteed to not have to work for the next 30 years. Google the 4% rule if you haven’t already.
If you’re willing to work part time if needed, expect to receive social security, etc, 25x your spend should be plenty.
If your wife gets pregnant, not so much.
If you’re willing to work part time if needed, expect to receive social security, etc, 25x your spend should be plenty.
If your wife gets pregnant, not so much.
Posted on 6/14/23 at 6:08 pm to Big Scrub TX
quote:
Mine and (hopefully) yours
Whatever floats your boat man.
I think I'll make due and live a nice comfortable life with very little, if any, money stress burning through 13-14k per month without having to work.
That's close to triple what the average American household takes home per month. I'll be alright.
This post was edited on 6/14/23 at 6:40 pm
Posted on 6/15/23 at 4:56 am to SM1010
If someone says they’re interested in an early retirement my first thought isn’t “You’ll need enough for private air travel”. That’s an entirely different discussion.
Posted on 6/15/23 at 7:39 am to SM1010
My dream as well. I agree, more likely possible with no kids. Saving along the way is definitely a must (for most of us at least) so it takes some careful planning and discipline. But worth it. Worth it.
Posted on 6/15/23 at 8:10 am to painballwizard
Attention Money Board subscribers: Big Scrub TX wants everyone to know he's got an absolute shite load of money.
Now that everyone is aware, we can all move on.
Anyway, I'm thinking of taking a YOLO year at 45. Anyone ever done that?
Now that everyone is aware, we can all move on.
Anyway, I'm thinking of taking a YOLO year at 45. Anyone ever done that?
Posted on 6/15/23 at 8:43 am to Big Scrub TX
quote:shite I did that before 30
Now look - I'd say allocate AT LEAST a million to recreational drugs over the age of 60
Get ur weight up BigTex
Posted on 6/15/23 at 8:44 am to SaintsTiger
quote:or want to add a new side slampiece
If your wife gets pregnant, not so much.
Posted on 6/15/23 at 1:13 pm to JohnnyKilroy
quote:Have an upvote.
Whatever floats your boat man.
I think I'll make due and live a nice comfortable life with very little, if any, money stress burning through 13-14k per month without having to work.
That's close to triple what the average American household takes home per month. I'll be alright.
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