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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 10:23 am to yellowfin
Posted on 3/22/16 at 10:23 am to yellowfin
quote:
what would you do 365 days a year?
golf?
fish?
vacation?
all costs money you wouldn't spend if you were employed
People still do this while employed, there would be days where you do nothing, saving gas money on going to and from work, not eating out for lunch everyday like some people do that work.
You could make it work.
1
Posted on 3/22/16 at 10:30 am to WG_Dawg
Some of you young'uns are underestimating. What if you live to be 95? I don't think I can afford to live that long.
This post was edited on 3/22/16 at 10:53 am
Posted on 3/22/16 at 10:42 am to WG_Dawg
I've always said my "frick you" money is 2 million after taxes. I'm 42 with relatively few bills. I could live the same life style by paying off the bills I have and using 100K cash per year until I hit 60 and can draw my retirement. Plus, I'm sure I could make some sweet moolah on my own in the next 18 years.
Posted on 3/22/16 at 10:43 am to WG_Dawg
10
Posted on 3/22/16 at 10:47 am to AUCE05
quote:
am saying at 60+ you can factor in no house payment, resulting in less money in investments.
Ahh, gotcha.
Posted on 3/22/16 at 10:48 am to dgnx6
quote:
People still do this while employed,
yes but right now I have 2 days a week available to do these things, with no job I have 7 so my entertainment expenses would at least double if not more
quote:
, there would be days where you do nothing,
I don't do that now
quote:
saving gas money on going to and from work, not eating out for lunch everyday like some people do that work.
I have a company provided gas card and i'd still eat out for lunch if I didn't have a job
Posted on 3/22/16 at 10:48 am to WG_Dawg
$3mil could do it for me- 27yrs old.
5% interest = 150K/yr without touching principle
$4mil if the wife would quit work as well.
5% interest = 150K/yr without touching principle
$4mil if the wife would quit work as well.
Posted on 3/22/16 at 10:49 am to MSTiger33
At least 15mil after taxes
Posted on 3/22/16 at 10:50 am to TigerTatorTots
quote:
$3mil could do it for me- 27yrs old.
5% interest = 150K/yr without touching principle
$4mil if the wife would quit work as well.
that would be an awkward conversation when you told her you're never working again but she has to continue
Posted on 3/22/16 at 10:50 am to Restomod
$5 mil & I'm good
Posted on 3/22/16 at 10:51 am to yellowfin
"I just won the lottery, I'm retiring!"
-how wonderful! How much did we win?
"....we?"
-how wonderful! How much did we win?
"....we?"
Posted on 3/22/16 at 10:51 am to WG_Dawg
Probably 500 million, minimum.
Posted on 3/22/16 at 10:53 am to yellowfin
quote:
that would be an awkward conversation when you told her you're never working again but she has to continue
Agreed. Probably wouldn't go over well eitherPosted on 3/22/16 at 10:55 am to TigerTatorTots
I'll say this, many people in this thread are going to be sorely disappointed with what they've got when it comes time to retire.
I understand a 30 year old is going to need a much larger number than a 65 year old, but if people are waiting for 100k per year for life before they hang it up they better have a fall back plan.
I understand a 30 year old is going to need a much larger number than a 65 year old, but if people are waiting for 100k per year for life before they hang it up they better have a fall back plan.
Posted on 3/22/16 at 10:55 am to Rouge
quote:
the answer is $6MM
conservative 2% investment nets you about $8,600 per month without ever touching the principal.
8,600/month is just 860,000 in rental property at a 10% cap rate
I was thinking about $750k would be needed to clear 5k month doing nothing(property expenses and mgmt fee paid, you get remainder)
so 750k to say frick it all
Posted on 3/22/16 at 10:58 am to slackster
quote:
if people are waiting for 100k per year for life before they hang it up
pretty sure the whole "if you won the lottery" scenario is going to play out different than what people actually plan to do IRL.
Posted on 3/22/16 at 11:00 am to Kujo
quote:Cap rates are annual rates - $8600/month is $1,032,000 in property.
8,600/month is just 860,000 in rental property at a 10% cap rate
Posted on 3/22/16 at 11:02 am to WG_Dawg
I understand that, but most people still have an elementary understanding of personal finance - even those on this board.
Posted on 3/22/16 at 11:16 am to slackster
$2 mil would be plenty.
I am close to retirement anyway.
That amount is what I expect to make before I retire, so go ahead and give it to me now and I am going to a Caribbean island.
So if one of you wins the lottery for more money than you need, just shift $2 mil to me and that will create a job for someone else, someone younger.
I am close to retirement anyway.
That amount is what I expect to make before I retire, so go ahead and give it to me now and I am going to a Caribbean island.
So if one of you wins the lottery for more money than you need, just shift $2 mil to me and that will create a job for someone else, someone younger.
Posted on 3/22/16 at 11:18 am to slackster
quote:
8,600/month is just 860,000 in rental property at a 10% cap rate
Cap rates are annual rates - $8600/month is $1,032,000 in property.
yeah, sorry. I often take short cuts in thinking. The idea is there, accuracy...eh.
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