In order to be a millionaire, considering when the term became popular, you need $30,000,000.00 today. Is anything less hacksaw, or is 5MM respectable? What’s your number? Is it enough to make you forget about your sexual inadequacies?
If I had no debt and $2M I would retire. I know it’s low for this forum, but I’d be ok with it. Nice ordinary sized house in the woods near my family and some whitewater outside Pittsburgh.
^No kidding. That’s impressive. Wish I could. I’m north of that now and still feel like a pauper. Maybe I need some counseling. Is your girl on board with that? I guess it’s the female influence that keeps me plugging away. I certainly don’t need more.
with $2MM i could live very comfortably off my investment income and grow my capital.
What rate of return would you plan on? How much would go towards housing? Or maybe be a nomad?
$500k for a house, no debt. the rest in a certain niche market i recently started investing in – 15% income returns (leveraged modestly) with some modest appreciation potential. low volatility, very few headaches, just cashing checks.
^Oh yes, the Madoff Plus strategy. Are you accepting new investors?
Everyone says that. It’s real bro. I wouldn’t have left a high paying BSD job if it wasn’t.
Low volatility is the rub. Level 1 daily pricing or more likely Level 3 once a year?
Cash flow volatility is low so earning an 8 - 10 on the downside while waiting for the sale market to improve ain’t so bad should the need arise.
Yeah my wife loves the outdoor scene and simple life so that helps. It also depends on where you live. Cities suck the money out your pocket and force you to keep up with the joneses both because of the cost index and because your primary forms of entertainment are paid (eating out, shows, etc).
How old are you? On a relative basis this forum makes me feel like I’m doing it all wrong.
$2mm and I’m out. I nearly have my house paid, that’s all I’d need to live my life with a comfortable margin and minimal investment risk.
^Hell, maybe I’m doing it wrong. I got a few years on BS to answer his question. But all these people that are willing to live on what 2 mil can throw is surprising. I have a brother in law that makes that every year and a brother doing half that. Must affect what I deem necessary. Going to have to look into this country living.
Having very wealthy people around you has a huge negative impact on your ability to be content. It’s still possible, but you would have to be zen level 1000 to pull that off. If you can surround yourself with people living simply without some form of culture shock (I grew up with that demographic so it’s easier for me than I’ve seen it be for other wealthy people) then it’s realitively easy to enjoy a simple life. For me, it simply comes down to freedom vs things and I’d much rather have freedom to pursue things like skiing, kayaking and budget traveling (ie renting an cheap apartment in Panama for a year to surf). Also, at $2M, I’m ok with the fact that I might have to work a simple job at some point off and on doing something I enjoy to supplement the income. Maybe learn to be an electrician for awhile and then do it off and on without responsibility.
I agree with the $2m, provided that you don’t have any debt.
I don’t know that I’d throw in the towel at $2m, but it’s a decent goal.
Personally, I hope to be subject to estate tax when I die. In other words, $10.9m in assets.
First I’m going to save $1M, then I’m going to pay off the rest of my mortagage… At that point ill spend the rest of my life ‘working’ when and where i desire. My work will probably consist of a mix of volunteer work and paid work, with the volunteer portion making up at least 40% of the time and growing as i age. $1M can yield $30K easy per year. Wife and I can easily earn $40K a year working 2 days a week. $70K a year, mortgage free, is double what we need…so well prob end up withdrawing less than that $30k in most years.
I’m 3/4 of the way to my number and once i hit it I’m leaving banking and moving to Thailand.
I guarantee you that when you get $2 million or whatever, you will not retire. First, lifestyle creep happens to almost everyone. Maybe it is not noticeable now, but when you start to have more money, you will start to spend more. Second, If you make that money when you are relatively young, it generally means you can make even more money by working a bit longer. Why bet everything on $2 million when you can be much safer and secure for your family with $3 million in a couple more years? Third, your kids will imprison you in your lifestyle. Are you really going to pull your kids out of some blue ribbon school (that generally is in some expensive area), to go live in the some cheap ass place so you can save money? I don’t even have kids and I know everything ends up being about the kids.
It’s good to have some money saving ambition. Just don’t count on actually retiring with that amount if you are still not old. “A lot of money” only seems like a lot of money until you actually have it.
Also, I guess Greenman plans to die in about 30 years, based on my rough assumptions. It’s good to have a plan I guess.
^ Disagree. Some people have good discipline with spending, some don’t. We spend less than 20% of our net excluding housing. So when the house is paid, we are pretty much done with having to work. And we don’t live like homeless bums either. Could easily generate that cash flow from $2mm.
I want a Chiron, that is all.