- Joined
- Aug 20, 2000
- Posts
- 60,434
What amount of money do you need to hit in order to say “I’m good. No need to work anymore.”
How much is enough in life?
- Thread starter evil wasabi
- Start date
- Joined
- Dec 14, 2004
- Posts
- 4,300
Ive been thinking about this a lot lately. Somewhere between 500 and 750k since i doubt ill live past 70, is the number that i keep coming back to. Even in retirement, im sure ill be doing some sort of 20 hour a week side hustle just for fun, so ill still have some play money coming in. I think the 750k will handle everything else, so long as i can die endlessly in debt with medical bills that i just make minimum monthly payments on, like everyone else does.
- Joined
- Oct 30, 2003
- Posts
- 34,074
2Million
Financial
Independence
Retire
Early
$2,000,000 @ 4% annual growth=$80,000 a year.
Last edited:
- Joined
- Oct 22, 2000
- Posts
- 11,106
Yup. I'm on the FIRE path. As I'm getting closer and closer in the current market, I'm getting quite anxious. I will likely plan for 10 more years of work even if I hit my targets this year.
- Joined
- Apr 20, 2007
- Posts
- 10,183
Now don’t misconstrue this as greed - but I don’t think there is any amount where i’d call it quits. I want to work and earn as long as I am physically able because I want to help my kids as much as I can.
Maybe if I hated my job it would be a different story and i’d be counting the days until I quit, but I genuinely enjoy my work and the people I work with so I am in no rush to get out. I realize I am very lucky in that regard and something I am super grateful for.
Maybe if I hated my job it would be a different story and i’d be counting the days until I quit, but I genuinely enjoy my work and the people I work with so I am in no rush to get out. I realize I am very lucky in that regard and something I am super grateful for.
- Joined
- Dec 1, 2002
- Posts
- 22,054
Have the plan, get there, and if you want to continue working after that then it's all gravy.
Don't have your plan be that you enjoy work now, so you'll enjoy work in the future, and so you'll enjoy work forever. Things can change, sometimes quickly with little or no warning. Better to have the cushion and not use it than to need the cushion and not have it.
- Joined
- Oct 22, 2000
- Posts
- 11,106
It's definitely not greed if you are considering your kids. that's a whole different justification.
- Joined
- Oct 30, 2003
- Posts
- 34,074
Hell, If I had enough money I'd offer to go 90% remote and donate my salary back.
- Joined
- Sep 22, 2004
- Posts
- 4,101
if i was single
enough to live comfortable , that really depends on your life style and location. personally i think for me would be paid off the house and enought in the bank account to be able have choice on when i want partial work or vacation time probably say 200-500k cash/investment( i figure at 5-10% return) i will be comfortable .
base on canadian average house price $400k and wage are about $15/hr and health and medical are all included . my expectation would be lower if the price and wage are lower as well .
with a family will probably have to be over 1-2 million .
enough to live comfortable , that really depends on your life style and location. personally i think for me would be paid off the house and enought in the bank account to be able have choice on when i want partial work or vacation time probably say 200-500k cash/investment( i figure at 5-10% return) i will be comfortable .
base on canadian average house price $400k and wage are about $15/hr and health and medical are all included . my expectation would be lower if the price and wage are lower as well .
with a family will probably have to be over 1-2 million .
Last edited:
- Joined
- Aug 20, 2000
- Posts
- 60,434
Ok, that’s a very modest return. If you just park your cash in Ford, AT&T, and Altria, you’re getting between 7-8% a year in dividends. My idea is $2m in fixed and the rest in growth, and whatever I don’t need from fixed each year gets put in growth. It’s modest, but you know, no kids makes life a lot easier in terms of hitting the number. Guys with 2 or 3, and that number multiplies.
Plus there’s the idea of the snowplow parent. If you provide too much, will your kids adapt to the world around them?
- Joined
- Sep 22, 2004
- Posts
- 4,101
a lot of things is out of your control, when you get married and have kids.
- Joined
- Jan 24, 2007
- Posts
- 8,152
And filling your double-wide with broken arcade cabinets.
- Joined
- Sep 18, 2007
- Posts
- 13,430
- Joined
- Sep 20, 2004
- Posts
- 3,073
You need to figure out what kind of lifestyle you want to live and be happy with what you have. Ideally if you can sock away three years of that liquid in the bank in addition to investment funds you're drawing off with a min of 4%.
If the rate of return is bad due to unforeseen markets like 2008, huge corrections, etc you can then hopefully get by off what you have in the bank instead of drawing off your investment pool. The real kicker is having health insurance up until you can get SS and Medicare and it's very expensive, even for a couple with no kids.
Lastly, you have to figure in how long you will live for - actuary tables will show if you can make it to 65 as a male you have 30+% to live until 85 etc - women fair better.
All this and you can still get hit by a car or take a nasty fall one day, or get a terminal illness.
#Start putting away as much as you can early in a growth type of fund(s), don't touch it and let compounding do it's thing and as you approach retirement age start moving it to conservative low risk options
#Pay off your debts as fast as possible (homes, loans etc)
#Don't get suckered into buying new things you don't need, if it works be happy with it
#Living below your means and taking care of your health is the key to true freedom
If the rate of return is bad due to unforeseen markets like 2008, huge corrections, etc you can then hopefully get by off what you have in the bank instead of drawing off your investment pool. The real kicker is having health insurance up until you can get SS and Medicare and it's very expensive, even for a couple with no kids.
Lastly, you have to figure in how long you will live for - actuary tables will show if you can make it to 65 as a male you have 30+% to live until 85 etc - women fair better.
All this and you can still get hit by a car or take a nasty fall one day, or get a terminal illness.
#Start putting away as much as you can early in a growth type of fund(s), don't touch it and let compounding do it's thing and as you approach retirement age start moving it to conservative low risk options
#Pay off your debts as fast as possible (homes, loans etc)
#Don't get suckered into buying new things you don't need, if it works be happy with it
#Living below your means and taking care of your health is the key to true freedom
- Joined
- Sep 18, 2007
- Posts
- 13,430
Neo Geo CDs and cocaine?
- Joined
- Dec 2, 2006
- Posts
- 8,790
No
To crush your enemies, see them driven before you, and to hear the lamentation of their women.
- Joined
- Dec 20, 2004
- Posts
- 44,873
I bet this guy is a great son-in-law. Macho Moe moment.
WTF is this BS?? You come from a long line of learn-ed scholars and then you decide 'naw i'm good'?? This is how the bloodline ends??!! This is fucking BULLSHIT. You would be a KILLER DAD.
- Joined
- Jul 25, 2012
- Posts
- 10,160
All of these things are better after a cheeky line though
- Joined
- Dec 2, 2006
- Posts
- 8,790
Everything is better after a cheeky line.