I get you. Depends on the person, their location, and priorities. Then they don't buy a brand new $50k Mustang GT if they can't afford it. For me $2k a week after tax would be a sweet deal with more than half left over most months. People think they need a bazillion dollars to retire. It's all in the person's head.
How much money do you estimate it taking for you to never have to work again? Think the lottery.
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I get you. Depends on the person, their location, and priorities. Then they don't buy a brand new $50k Mustang GT if they can't afford it. For me $2k a week after tax would be a sweet deal with more than half left over most months. People think they need a bazillion dollars to retire. It's all in the person's head.
I feel like the best people to retire early are the ones that consistently run out of day. I have more hobbies or things I want to learn than I have time but I know a lot of people who get off work and kill 5 hours on the sofa every evening. Those people are doomed if they win the lottery and retire early IMO.
It’s before tax and like I said before in 30 years it would only be $700 a week pretax.
I would much rather have the 5 million up front and $10k per week after inflation pretax than $950 a week pre tax.
Even getting a $1 million up front is better than $5 million paid out over 50 years.
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I already hit the lottery and quit workin but I’m not sayin what it took or givin any figures. That’s only my business.
Been pretty much retired five years. I was on straight commission the last 25 years and self employed the last half of that. Wife, two kids, house, educated the two kids, blah, blah.
In the early '90's I did some long term retirement planning based on expected inflation, expected return on my investments, and how much I planned to sock away every year. I figured I'd need about $1.8 million to retire, and I was saving 10-15% of my earnings every year while earning a very good living three out of every four years (my business was wildly cyclical). I kept rainy day cash tucked away for the bad years so I never dipped into retirement savings.
In conclusion, $1.8 million was not enough, and saving 10-15% a year was not enough. Fortunately, I had some unexpected things drop in my lap that saved my bacon, but whatever you are saving? Save more.
In the early '90's I did some long term retirement planning based on expected inflation, expected return on my investments, and how much I planned to sock away every year. I figured I'd need about $1.8 million to retire, and I was saving 10-15% of my earnings every year while earning a very good living three out of every four years (my business was wildly cyclical). I kept rainy day cash tucked away for the bad years so I never dipped into retirement savings.
In conclusion, $1.8 million was not enough, and saving 10-15% a year was not enough. Fortunately, I had some unexpected things drop in my lap that saved my bacon, but whatever you are saving? Save more.
10 mil would put me well above my current lifestyle and me or the wife wouldn’t have to step foot another day at work again.
That buys a nice house and land and pays off any debt. It equates to 200k a year for 50yrs which doubles our current income of 90k a year so we would be in a great spot.
We aren’t materialistic people so we don’t need much and live modestly and at that point its more than either of us has ever had
That buys a nice house and land and pays off any debt. It equates to 200k a year for 50yrs which doubles our current income of 90k a year so we would be in a great spot.
We aren’t materialistic people so we don’t need much and live modestly and at that point its more than either of us has ever had
Exactly what I’ve been trying to say! Thank You
At that point I would give up my trailerpark lifestyle and get a mustang.
for me that would be about 30-40 not working years LOL. So probably about 40 million. But hell, I'd be fine with a 10 mil jack pot =) ....That being said my father is so ****ing lucky, he'd be the one to win, not me
don't lie to daddy =P
To walk away today? Probably a 20-50mil lump sum before tax pot.
But I'd take a 1-5mil pot, pay off the house, pick up a new toy or 2, invest the rest then work another 10-12 years while continuing to put away 15% annually before matching then retire.
But I'd take a 1-5mil pot, pay off the house, pick up a new toy or 2, invest the rest then work another 10-12 years while continuing to put away 15% annually before matching then retire.
I have expensive tastes and habits. It would be a solid $50M before I would walk away from work (knowing that would net me around $20M after everything).
Debt free, house and toys[ muscle/sports car+ motorcycle-nothing exotic on either] paid for, nice daily paid for[ who knows what that would be something around $50x ish.]
4% of 4m[ conservative investing] is $160k I can hang with that.
So 5m net, 1m to pay off/spend on stuff [ see above] 4m invest.
4% of 4m[ conservative investing] is $160k I can hang with that.
So 5m net, 1m to pay off/spend on stuff [ see above] 4m invest.
For me, an inflation adjusted $5m would be more than enough.
•$2m in 4-5% tax free muni bonds and safe mutual funds for stable growth ahead of inflation. I’d let this reroll into a bigger portfolio of safe crap.
•$2M in rental properties like 6 plexes etc with portions of rents tied in to site management companies that I would research and entrust but also hold to the fire.
•$1m to play with with about $750,000 of it in free lance business flips/relaunches and $250k of it in option spreads and short term high yield stock portfolios and mutual funds.
I’d hope to average about 9.5-12% that way which would be $475-600k a year. Taxes at ~15-25% plus prop etc would leave me the $300-400k of it conservatively.
I’d live on $200k with my future fam and reinvest the extra $100k as I saw fit based on market conditions.
•$2m in 4-5% tax free muni bonds and safe mutual funds for stable growth ahead of inflation. I’d let this reroll into a bigger portfolio of safe crap.
•$2M in rental properties like 6 plexes etc with portions of rents tied in to site management companies that I would research and entrust but also hold to the fire.
•$1m to play with with about $750,000 of it in free lance business flips/relaunches and $250k of it in option spreads and short term high yield stock portfolios and mutual funds.
I’d hope to average about 9.5-12% that way which would be $475-600k a year. Taxes at ~15-25% plus prop etc would leave me the $300-400k of it conservatively.
I’d live on $200k with my future fam and reinvest the extra $100k as I saw fit based on market conditions.
I'll be 43 in August. My plan has always been to semi retire somewhere between 50-55. Meaning I'll cut my contracts in half and work maybe 20 hours a week. So far I'm on track to do so. Life is too short to work most of it.
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