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Started By
Message
re: How much money would it take for you to get today for you to never work again?
Posted on 3/22/16 at 9:19 am to shel311
Posted on 3/22/16 at 9:19 am to shel311
quote:
if I'm not working I'll need something to do to pass the time, so I assume my expenses would go up by a good bit.
this
I could live off $1 mil for the rest of my life
but if I'm not working, I really don't want to just be sitting at home all the time. I'm going to fill that time with hobbies, and hobbies cost money
2
Posted on 3/22/16 at 9:23 am to Dan Bilzerian
quote:
A 5% return on $7 mil is $350,000.
Where are you getting a consistent 5% without running a pretty high risk? If you have $10 mil your goal should be not to lose any principle. With $10 million at a zero interest rate, you could spend $100k a year for 100 years before you ran out of money. Unless you're blowing your nest egg on ridiculous shite, you don't necessarily need to increase it, just hang on to what you have.
Posted on 3/22/16 at 9:23 am to Salmon
If I'm not working, I'm going to want to be traveling the world and seeing all sorts of places I can't visit now. That's not cheap.
That's what I hope to do when I retire sometime in the 2100s as well.
That's what I hope to do when I retire sometime in the 2100s as well.
Posted on 3/22/16 at 9:24 am to Salmon
Also, many people in here are assuming they just want to live off of the interest. Another thought would be to turn it into an annuity payment. $5MM would generate $14,214/month for the next 70 years, of which ~$5,950/month wouldn't be taxable. You could treat that like a traditional income and save it to offset inflation concerns and build another nest egg.
quote:
Withdrawal Amount: $14213.99
Annual Growth Rate: 3%
Interval Between Withdrawals: Monthly
Length of Annuity: 70 years
Starting Principal: $5000000.00
Posted on 3/22/16 at 9:24 am to WG_Dawg
So you live on 600k/year right now?
Posted on 3/22/16 at 9:24 am to WG_Dawg
Whatever amount would earn $100,000 a yr interest. Couldn't most people live off the $100,000 interest
Of course the more $$ the better.
Of course the more $$ the better.
Posted on 3/22/16 at 9:25 am to Pilot Tiger
quote:Depends on how we define "work.". There are billionaires that still " go to work."
if you had 5mil sitting in the bank, you'd still get up and keep going to work?
No matter how much money I had, I'd still try to make more.
Posted on 3/22/16 at 9:26 am to SabiDojo
quote:Because that is who I am. I would want to find a way to grow the money into billions
Lol if I won the Powerball I would never work again. What's the point?
Posted on 3/22/16 at 9:26 am to WG_Dawg
The way I feel right now... about 40 bucks.
Posted on 3/22/16 at 9:26 am to Jim Rockford
quote:
If you have $10 mil your goal should be not to lose any principle
quote:
Unless you're blowing your nest egg on ridiculous shite, you don't necessarily need to increase it, just hang on to what you have.
Exactly. You only need to get rich once. You can EASILY live off of $10MM, but the quickest way to screw that up is to turn $10MM into $6MM due to poor investments.
That being said, if you weren't worried about your principal, you could find blue-chip companies with dividend yields near 5%.
Posted on 3/22/16 at 9:26 am to slutiger5
quote:
Dude your specs mimic mine and all i need is a mill.
If you're 30 let's (very) conservatively guesstimate planning til you're 80 so 50 years...that would put your "salary" at $20K per year.
How in the world would you live your life on $1M without working again?
Posted on 3/22/16 at 9:29 am to slackster
Yeah, if I won 10 MM I would go super conservative on investments. But the OP asked the minimum it would take, and expecting 8% (4% with inflation over 30 years) on stocks is very realistic. That is the bottom number for me to follow my interests and not worry about my basic needs being met.
Posted on 3/22/16 at 9:30 am to AUCE05
quote:
So you live on 600k/year right now?
No, did I say I did?
Posted on 3/22/16 at 9:31 am to WG_Dawg
quote:
f you're 30 let's (very) conservatively guesstimate planning til you're 80 so 50 years...that would put your "salary" at $20K per year.
$1MM annuity for 50 years @ 3% would pay out $3211/month.
Still, that would be rather difficult to put in your 2-week notice with that kind of future.
Posted on 3/22/16 at 9:32 am to WG_Dawg
You did. That is what 7 MM would return per year. There are plenty of mutual funds that would give you your salary right now with 1-2 MM depending on your needs.
Posted on 3/22/16 at 9:34 am to Jim Rockford
quote:
Where are you getting a consistent 5% without running a pretty high risk?
I consider a 5% yearly return a little above average on the risk scale.
Posted on 3/22/16 at 9:35 am to AUCE05
quote:
You did
Ok, please copy and paste where I said that.
I guess you missed my explanation earlier. If I were to never work again there are quite a few things I'd do that I currently don't/can't do. This isn't a quesiton of "take yoru current salary and add a little bit until you're 90 and what number do you get".
I would automatically upgrade housing, vacations, hobbies, and trips. Not to mention I'm single, so add a wife and a few kids down the road and there's a good bit more I need to plan for as well.
Posted on 3/22/16 at 9:37 am to AUCE05
quote:
But the OP asked the minimum it would take
@ 3%/year and $100,000/year gross, you'd need the following amounts to last x amount of years before you'll run out of money.
50 years: $2.65MM
60 years: $2.85MM
70 years: $3.00MM
It scales up or down easily from there - if you want $200k/year for 70 years, you'll need $6MM.
Posted on 3/22/16 at 9:38 am to WG_Dawg
0.
Will never quit working. I love my job. I get to help people daily and watch their lives improve and move on to bigger and better things.
Will never quit working. I love my job. I get to help people daily and watch their lives improve and move on to bigger and better things.
Posted on 3/22/16 at 9:39 am to WG_Dawg
700,000 and id be straight.
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