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re: How much money would it take for you to get today for you to never work again?
Posted on 3/22/16 at 8:54 am to MontyFranklyn
Posted on 3/22/16 at 8:54 am to MontyFranklyn
Lol if I won the Powerball I would never work again. What's the point?
1
Posted on 3/22/16 at 8:54 am to kingbob
quote:
once I reach a certain threshold (I'm 25 so that would be any amount north of $10 million), any work I do from then on is on my terms.
You don't need that much. $5MM gets you roughly $150k in tax-free muni bond yields - which is roughly equivalent to $254k traditional gross income in LA (Fed/state tax and FICA).
You could treat it like a normal income and save 20% or so per year to help offset inflation concerns down the road.
Posted on 3/22/16 at 8:54 am to MontyFranklyn
I'm 55 and 1 million would be enough. Between that and my 401K I'd live happy.
Posted on 3/22/16 at 8:54 am to WG_Dawg
I think if the wife and I came into $5mil after taxes we could both quit our jobs.
If we could turn 3% annually that would be $150K per year, easily enough to live on unless our lifestyles get extravagant.
Most likely I'd keep working, but for myself doing something I really enjoy.
If we could turn 3% annually that would be $150K per year, easily enough to live on unless our lifestyles get extravagant.
Most likely I'd keep working, but for myself doing something I really enjoy.
Posted on 3/22/16 at 8:55 am to AUCE05
quote:
I don't think you have a realistic feel for the value of money.
I believe I do. If push came to shove I could easily take less, but I added a few mil just to live a little more comfortably.
quote:
For me, 1-1.5 million would do it. I am in my 30s.
that just doesn't seem like much, even with some good investing.
Posted on 3/22/16 at 8:56 am to WG_Dawg
quote:it is not
For me, 1-1.5 million would do it. I am in my 30s. that just doesn't seem like much, even with some good investing.
we have at least 15 people on this board that are in 30s with that kind of cash
guess what? they are all at work.
Posted on 3/22/16 at 8:57 am to WG_Dawg
$5M. But the caveat is I'd still "work" I'd just do what I wanted to do instead of having to. Who knows, may even make more money in the long run.
Posted on 3/22/16 at 8:57 am to yellowfin
quote:
which isn't enough to live off of
If it is tax free it is, especially when you back out the Fed/State taxes and FICA taxes to estimate the equivalent gross income.
Insurance would be expensive, but you can definitely live off of the interest alone on $5MM @ 3%.
Posted on 3/22/16 at 8:57 am to WG_Dawg
between 45-50
I would need at least $10 million after taxes.
I would need at least $10 million after taxes.
Posted on 3/22/16 at 8:58 am to Rouge
It's not inconceivable, but it would take some great initial investing and really controlling the urge to go spend all that money and all the returns.
One bad investment or lack of disciplined shopping spree and it's right back to the office.
One bad investment or lack of disciplined shopping spree and it's right back to the office.
Posted on 3/22/16 at 8:58 am to WG_Dawg
Problem for me is that if I'm not working I have to keep myself entertained and that costs money that I wouldn't spend if I worked 40 hrs a week.
If I'm just sitting around the house on a budget I may as well work.
If I'm just sitting around the house on a budget I may as well work.
Posted on 3/22/16 at 8:58 am to Rouge
quote:
we have at least 15 people on this board that are in 30s with that kind of cash
guess what? they are all at work.
There might be 15 people with a net worth of $1M+, but we do not have 15 people on this board with that much in liquid assets. No way.
Posted on 3/22/16 at 8:59 am to yellowfin
quote:
Problem for me is that if I'm not working I have to keep myself entertained and that costs money that I wouldn't spend if I worked 40 hrs a week.
If I'm just sitting around the house on a budget I may as well work.
Exactly. I just wouldn't be working the same job I am now.
Posted on 3/22/16 at 9:00 am to udtiger
quote:
between 45-50
I would need at least $10 million after taxes.
Where do you people come from? At least $10MM at 45-50? Do you understand money at all, or is this some subtle brag attempt to show you currently take home more than $300k per year after taxes?
Posted on 3/22/16 at 9:00 am to slackster
quote:
but you can definitely live off of the interest alone on $5MM @ 3%.
I could live off that but I wouldn't. I'd still go to work with that income
Posted on 3/22/16 at 9:01 am to Rouge
It is. Non of you will ever see 5 MM. Probably less than one % of the population will. Most of you will never make 100k per year. VTSMX has an average return of around 8% over it's life. Accounting inflation at 40%, that's 50k/year when I am 75. I can deal with that (I will also have my 401k, SS, and inheritance.). So 1-1.5 MM would be plenty.
Posted on 3/22/16 at 9:02 am to yellowfin
quote:
I could live off that but I wouldn't. I'd still go to work with that income
Well at that point you've gone past the intent of the OP IMO. I read it as how much money would it take for you to not HAVE to go to work anymore. I think many people would still find something to do even if they didn't have to work, so that changes the dynamics of the question.
Posted on 3/22/16 at 9:04 am to yellowfin
We had this thread on MT a couple months ago. I can quit today if I had 8.75 MM in the bank.
Posted on 3/22/16 at 9:04 am to AUCE05
I don't think the majority of OT'ers have a realistic view of money and wealth. I think most of them are 20 something year old college kids who believe once you leave your fraternity house that you are guaranteed a job making at least $2.6 million per year.
That being said, I'm 43 and if I came into about $2 million I think I'd call it quits.
That being said, I'm 43 and if I came into about $2 million I think I'd call it quits.
Posted on 3/22/16 at 9:04 am to Salmon
5 million.
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