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Started By
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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 9:45 am to WG_Dawg
Posted on 3/22/16 at 9:45 am to WG_Dawg
All I need is 5-6 paid off rental units and I'm good.
Fu@k interest
Fu@k needing X millions
Fu@k living to 100
BTW, another option is retiring abroad. A close relative retired in SE Asia. He living comfortably with his 900/month social security.
Fu@k interest
Fu@k needing X millions
Fu@k living to 100
BTW, another option is retiring abroad. A close relative retired in SE Asia. He living comfortably with his 900/month social security.
2
Posted on 3/22/16 at 9:45 am to PeteRose
quote:
A close relative retired in SE Asia. He living comfortably with his 900/month social security.
yeah but no college football
Posted on 3/22/16 at 9:47 am to slackster
Looks right if you are depending on that money alone. I would have my own 401k at 59, so I would need less to get me there. Also, no house payment would allow me to have less to maintain my lifestyle.
Posted on 3/22/16 at 9:48 am to PeteRose
Yeah, apparently you can get an amazing flat in the Phillippines for $300/month.
Posted on 3/22/16 at 9:49 am to WG_Dawg
The big question that no one can answer is what will healthcare be like in 20+ years, meaning what will you have to pay out of your pocket if you get something like cancer or some other major illness.
Posted on 3/22/16 at 9:50 am to WG_Dawg
4.2 million
Posted on 3/22/16 at 9:51 am to WG_Dawg
$10 million after taxes and i would retire.
35 yrs old
Only debt is a truck
Three kids
ETA: could probably do it on less but at $10 mill i wouldnt have much to worry about.
35 yrs old
Only debt is a truck
Three kids
ETA: could probably do it on less but at $10 mill i wouldnt have much to worry about.
This post was edited on 3/22/16 at 9:52 am
Posted on 3/22/16 at 9:52 am to AUCE05
quote:
Also, no house payment would allow me to have less to maintain my lifestyle.
Paying your home off with this mythical lump sum is probably one of the worst decisions one could make, assuming your mortgage is financed at less than 5%.
This post was edited on 3/22/16 at 9:53 am
Posted on 3/22/16 at 9:53 am to cyogi
quote:
The big question that no one can answer is what will healthcare be like in 20+ years, meaning what will you have to pay out of your pocket if you get something like cancer or some other major illness.
Well, if that is the case then your money is irrelevant.
Posted on 3/22/16 at 9:55 am to AUCE05
Might be true with phillipines. You can live $4 a day on food. All you have to do I learn the language. That beats saving every dollar in the mattress for decades.
Posted on 3/22/16 at 10:04 am to AUCE05
Just read an article where it says you live comfortably 21 years on $200,000 in phillipines and its 7,000 islands. So 1/2 mil will last a long time. Vietnam and Ecuador had cheaper standard of living. A few other Central America countries is cheap too. I wouldn't mind seeing coconut trees everyday in my golden years.
Posted on 3/22/16 at 10:06 am to slackster
No. I am saying at 60+ you can factor in no house payment, resulting in less money in investments.
Posted on 3/22/16 at 10:07 am to PeteRose
How's the healthcare in those countries? Really important in your golden years
Posted on 3/22/16 at 10:08 am to PeteRose
I have been researching Cebu. It is shielded from typhoons. When my oldest is out of high school, I plan on spending part of the year in a local like this. The only issue is the rainy season starts in June and runs for 5-6 months.
Posted on 3/22/16 at 10:11 am to WG_Dawg
Enough that I could invest and have a fixed income of $200,000/yr, adjusting forward for inflation. At that point I don't think it would be worth my time to work anymore.
That's more than I make now, but if I just got my current salary for not working, I'd still work so I could double it. $200k is probably the sweet spot where I just wouldn't want to work anymore and would be fine with what I've got, and would just enjoy my time doing whatever else I wanted to do. I'd probably buy a cheap, decent place to live in a low cost of living area, and then spend most of my time traveling. I would be getting more than $10,000 a month after taxes, so that's enough to travel almost constantly if I want to.
edit: So we're talking 10 mil or a little more.
That's more than I make now, but if I just got my current salary for not working, I'd still work so I could double it. $200k is probably the sweet spot where I just wouldn't want to work anymore and would be fine with what I've got, and would just enjoy my time doing whatever else I wanted to do. I'd probably buy a cheap, decent place to live in a low cost of living area, and then spend most of my time traveling. I would be getting more than $10,000 a month after taxes, so that's enough to travel almost constantly if I want to.
edit: So we're talking 10 mil or a little more.
This post was edited on 3/22/16 at 10:16 am
Posted on 3/22/16 at 10:19 am to yellowfin
The blogs I have been researching say for issues like broken bones, etc, you can get X-rays, speak to an English Dr, and scripts for $20-$30. I would assume you need an exit plan for any major medicals. Most Asian countries have good medical systems.
Posted on 3/22/16 at 10:20 am to WG_Dawg
Simple calculator to help figure it out.
For OT Ballers
With 10 mill you could take 15K/month with a 3% annual increase and assuming a 3% return on principal and you would never really draw down the principal. I could make that work.
For OT Ballers
With 10 mill you could take 15K/month with a 3% annual increase and assuming a 3% return on principal and you would never really draw down the principal. I could make that work.
Posted on 3/22/16 at 10:20 am to WG_Dawg
quote:No mortgage?
I'm 30 and single with no debt
Posted on 3/22/16 at 10:21 am to lsupride87
quote:
No mortgage?
I just live by myself in a small apartment.
I've never really made a ton of money and houses in this city are reeeeeal expensive, even the old crappy ones.
Posted on 3/22/16 at 10:22 am to WG_Dawg
Not working is not all it's cracked up to be. I retired at 44 due to back and neck problems. Staying home most days is BORING AS frick. You really miss the daily interactions with coworkers and clientele . Even if you think you hate your job (not saying I did), you're going to miss it. Of course, it has its obvious advantages as well. I mean, who doesn't want to spend 8 hours/day on the OT?
This post was edited on 3/22/16 at 10:24 am
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