What amount would you need to be "done" with a regular job

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OU Ariakas

OU Ariakas

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I swear that when I retire that I am going to try and start a private school just to see if I can do it. I'm sure it is way tough but it would keep me busy and I would finally find out if truly is as simple as providing a no-nonsense environment for kids to learn that government just cannot do.
 
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Ronaan

Ronaan

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Let's see. With €1m I can live for 20 years the same way I live now. Pay health and retirement plans just like now. Pay mortgage just like now for another 7 years then we're done anyway.

In 20 years I'll be 65 and I don't fancy working that long. Going to try and stop at 60 max.

With €2m the wife could stay home as well. But that would be madness.

What would I do? Travel around and see europe mainly, oh and play games. Spend time with the kids. Keep the garden nice and tidy. Some smalltime farmer stuff. Maybe get an old car (30 years+ which qualifies as historical, so low tax/insurance) and spend time keeping that in shape.
Read books. Learn a language or two.
 
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BrutulTM

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Ronaan said:
What would I do? Travel around and see europe mainly, oh and play games. Spend time with the kids. Keep the garden nice and tidy. Some smalltime farmer stuff. Maybe get an old car (30 years+ which qualifies as historical, so low tax/insurance) and spend time keeping that in shape.
Read books. Learn a language or two.
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See that's what I think a lot of people think of as retirement and then 5 years in they're sitting in front of the TV waiting for death. If you retire at 60 you probably have 25-30 YEARS of time to kill from 8-5 every day. That is a lot of time to sit on your ass and do hobbies that nobody cares about. You can see most of what's worth seeing in Europe by going on vacation for a week every year which you can do while you're working if that's what you want to do, and if you try to take vacations half the year, you're going to need a lot more money plus I think you will get sick of it pretty quickly.
 
Szeth

Szeth

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I'm still young, so I guess the number is much higher... I would say 10mil and I could retire without compromising what I want to do for the rest of my life. Like Brutul said, I could retire on 2m and just do free shit my whole miserable existence but...why?
 
Ronaan

Ronaan

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BrutulTM said:
See that's what I think a lot of people think of as retirement and then 5 years in they're sitting in front of the TV waiting for death. If you retire at 60 you probably have 25-30 YEARS of time to kill from 8-5 every day. That is a lot of time to sit on your ass and do hobbies that nobody cares about. You can see most of what's worth seeing in Europe by going on vacation for a week every year which you can do while you're working if that's what you want to do, and if you try to take vacations half the year, you're going to need a lot more money plus I think you will get sick of it pretty quickly.
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Yaah well I can also sit on my ass and play MMOs, telling those noobs how hard we had it back in '99, and yell FIFTY DKP MINUS if I feel like it.

You're right, a regular pension won't have me vacationing half year round, and you can see lots of the interesting stuff in small installments, but once retired i can just look at the smaller things, the non-touristy stuff, etc.

Plus I hope I'll be able to get it up even at 70. That should keep me occupied.
 
Noodleface

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$7 million a year for the rest of my life

That's how I read a lot.of these messages even if it isn't true
 
3301

3301

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Y’all accounting for inflation? What if the value of money really goes down? Sure would be nice to have a farm growing your own food and raising livestock. That’d be my goal, self sustainable, with several properties and land, and of course the usual 1 Trillion in the bank, might be able to afford healthcare when I’m 60.
 
TJT

TJT

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I'm mega cheap and save a ton of money already. $1M would put be far beyond critical mass enough to go and work my low paying dream jobs of just hanging out at the dropzone and teaching people to skydive, living in a nicely modified van, kayaking and doing other outdoors shit during the day. Then spend my time playing vidya games and such otherwise.

When i feel like it pack my shit up and drive to a dropzone in a different state and hangout and do the same thing for as long as I feel like!

But I already intend to do this at 40! Will be some good times.
 
Alasliasolonik

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TJT said:
I'm mega cheap and save a ton of money already. $1M would put be far beyond critical mass enough to go and work my low paying dream jobs of just hanging out at the dropzone and teaching people to skydive, living in a nicely modified van, kayaking and doing other outdoors shit during the day. Then spend my time playing vidya games and such otherwise.

When i feel like it pack my shit up and drive to a dropzone in a different state and hangout and do the same thing for as long as I feel like!

But I already intend to do this at 40! Will be some good times.
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I'm with ya man but this just reminds me of the year 1997 and my stoner buddy telling me about making grilled cheese at phish shows and we are totally set.
 
TJT

TJT

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Alasliasolonik said:
I'm with ya man but this just reminds me of the year 1997 and my stoner buddy telling me about making grilled cheese at phish shows and we are totally set.
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I don't do any drugs and I just want to go into the skydiving lifestyle far better prepared than my brokedick friends who are, "professionals" in the sport.
 
AladainAF

AladainAF

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Dashel said:
What's the dollar amount you'd need in a lump sum to say you're set for life. Not in terms of no more income needed ever, but enough to say you would not have a 9-5 job. You could maintain your current lifestyle or a level you are comfortable with.

I'm just thinking about this question lately. I'm planning to build my business up to a level where I can sell it for this number. I have a mortgage, 2 kids in school, and all the extras of a middle class suburban family. Cars, camps, food, vacations, events, activities for the kids etc etc etc.

I know there are FIRE calculators out there, e.g. When Can I Retire? Early Retirement Calculator / FIRE Calculator - Engaging Data

But I'm trying to figure out what I'd need to... pay my mortgage, have enough for 2 college funds, buy a rental income property.. maybe a beach or lake house... that kind of thing. Or maybe sell my house and move somewhere cheaper to live. So many decisions.

Anyway, my random number is 2 million. Plus a side business that's mostly passive pulling in 5-10k a month.
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This is a nice thread, but there is one important part you're missing here, which is preventing me from answering this.

When most of us were under 20, we were happy if we managed to lounge around with $200 in the bank. Hell yeah, that's a lot of ramen noodles. Then after 20, you start feeling comfortable at about $1000. Once you have a solid, 60k+ a year job, having $3,000+ in the bank is comfort. However as you go up, the "comfort" level also goes up and your "panic level" changes. $10K.. $15K.. etc. Thus, there's no real way I can answer this question without the caveat of "considering what money means to you today". Even if you got a huge lump sum payment, if you are not used to that, then you will most likely be unable to discipline yourself to manage that properly. Everyone thinks that getting a huge amount of money or a windfall is a great thing when you're poor or lower income, and it's absolutely not in almost all cases.

So you need to consider that with your business. Not only the number, but you need to take into account your discipline in managing that money too.

Edit: Additionally, most people can't envision a life with a lot of money. Things change. If you think about having millions and millions it's easy to think "meh, I still love video games, I'll still play them all day", but when you *really do* have those millions, it's different.
 
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Hoss

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I've been thinking about the FIRE thing lately because I listen to clark howard and he talks about it a lot. My main concern is that my hobbies will get real expensive once I retire. Second concern is that I like my job and wouldn't want to stop doing it.
 
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Borzak

Borzak

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Don't forget as you get older to factor in you'll have more stuff you do yourself now you'll have to pay someone for later.

I'm always kind of suprised on some of the retirement threads some people will say stuff like "set around the house" and such. Until just recently I was planning on fishing a lot since the house is within minutes of the largest lake in TX and 1-1/2 hours of a half dozen of some of the best bass fishing in the country. Hunting as usual duck hunting on those lakes, deer hunting and turkey hunting here at the house. Working in the shop. I like to build stuff. Either woodworking or metalworking or just plain piddling. Maybe build some more boats like I have in the past (nothing giant like 40' sailboat type stuff). Spend some time camping and such or even some time out and about in my teardrop.

My parents day to day expenses and such they live off the $3k a month they get from social security and my dad still does work at times, maybe 2 days of work every 3 months or so in the home office. The other stuff they spend non social security money on stuff like vehicles and large expenses and travel. The money he gets fro working I have no idea what they do with it, probably just thrown in the pot.
 
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Hosix

Hosix

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I just want to be able to go fishing for an entire summer. Not have to worry about work, emails or voicemails related to work. Just what lure to use and what bay to fish.

But with no debt? 2k a month and I would be fine.
 
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TheBeagle

TheBeagle

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$1.1 million
Set aside $100k for the kiddo's college and buy some acreage in western Montana. I'm a simple man and could have a great life on $50k a year up there until SS kicks in.
 
AladainAF

AladainAF

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TheBeagle said:
$1.1 million
Set aside $100k for the kiddo's college and buy some acreage in western Montana. I'm a simple man and could have a great life on $50k a year up there until SS kicks in.
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Dude this is what I wanna do. I want some serious acreage in western Montana. I've thought this exact same thing. Amen to that.
 
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