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Old 12-11-2014, 10:17 PM   #21
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Originally Posted by zesty View Post
I don't even have $400k saved yet. Unless I step it up, it's gonna take 10-15 more years just to reach $1M.

Invested well in 10-15 years you'll have $1M anyway.


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Old 12-11-2014, 10:19 PM   #22
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Originally Posted by Texconsin View Post
A thread in another post asked if $3.1MM was enough to retire.



I can't imagine ever having that much money (even if I worked to 100) and can't imagine how that couldn't be enough.



Since I'm single and have no dependents, I doubt I'll ever be able to spend what I'll accumulate by 65 and, by then, (free) time left is more important to me than all the money in the world. It would be nice to leave some to a veterans' organization or children's hospital (my brothers don't need it and they'll end up leaving MY money to THEIR dependents), but I just don't think it's worth another 1-5 years of waking at sun-up and coming home after sunset, 5 days a week.



Most folks worry about outliving their money. I'm just hoping for a draw!

I think a lot of folks here were also spooked by 2008's crash. $3M sounds like a lot but could become half that in a hurry.


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Old 12-11-2014, 10:21 PM   #23
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Comparing yourself to others is a fool's errand. There will always be someone with more and better than you. Their situation is not yours. Neither are their hopes and aspirations. And vice versa. The wise man asks only "Do I have enough for me and my life?"
I agree. Some people might be happy living in a small town and puttering around their property. Others might prefer the allure of a big city and enjoy world travel. Different lifestyles, different asset requirements, who's to say who is right or wrong?
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Old 12-11-2014, 10:49 PM   #24
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You know, I'm tired of all the people on this forum pulling the legs of the posters who ask these types of questions. Come on, 'fess up. We've all got millions. Millions and millions and millions.

And we didn't earn it working in our little government or tech jobs or whatever. Hedge funds, drug cartels, and the lottery. That's how we did it. Saving and LBYM, that's for suckers. We just tell you that so you'll keep working and struggling and paying for our SS.
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Old 12-11-2014, 11:29 PM   #25
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You know, I'm tired of all the people on this forum pulling the legs of the posters who ask these types of questions. Come on, 'fess up. We've all got millions. Millions and millions and millions.

And we didn't earn it working in our little government or tech jobs or whatever. Hedge funds, drug cartels, and the lottery. That's how we did it. Saving and LBYM, that's for suckers. We just tell you that so you'll keep working and struggling and paying for our SS.
I confess.

I'm not a bad person, I don't drink and I don't kill
I've got no evil habits and I probably never will
I don't sing like Elvis Presley, I can't dance like Fred Astaire
But there's one thing in my favor, I'm a millionaire

And I got more money than a horse has hairs
'Cause my rich old uncle died and answered all my prayers


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Old 12-11-2014, 11:47 PM   #26
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I doubt that many people here actually saved a million, let alone millions.

What propelled most of them to the multi-millionaire status is the inflation and the generosity of the market god.
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Old 12-12-2014, 12:05 AM   #27
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It wasn't how much they have that caught my attention, it's how much they spend.

Wow.
+1, big time!
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Old 12-12-2014, 01:18 AM   #28
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I started the road to my F.I. fortune with nothing, I tell you, nothing, but determination ,sacrifice, hard work , and a multi-million $ trust fund

Seriously , a 50 y.o. couple living in a high cost city with no pension ,maybe still putting a child thru. college in most any developed nation could easily "need" 3.1 or more to live comfortably. The same 50 y.o. couple could also live comfortably on a shoe string in retirement in a different situation. It's about like arguing about how blue the sky is.
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Old 12-12-2014, 01:49 AM   #29
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I have to say I see both sides of this question. On one hand it is absurd to ask can I retire on amount that lets you safely withdrawal greater than $100K, when 80% of households make under $100K. Especially so because most statistic focus on gross income, retirement income generally is taxed lowered and there are lower expense (except for healthcare). I'd say as reasonable estimate $120K in wage income is equal to $100K in retirement income.

On the other hand ever since I read Tom Wolfe wonderful book (lousy movie) Bonfire of the Vanities, I am somewhat sympathetic for how is it it to get sucked into high spending. There is a great scene in the book,when the prognostic is doing a household budget in his head. In some ways lots of things he is budgeting for are no different than everybody has to worry about, housing, utilities, car payment, schooling for the kids, gifts, clothes, and vacation and entertainment and retirement saving. There are things that he pays for nanny, housekeeper, personal fitness trainers, masseuse chauffeur, butler, private tutor for the kids that most of us don't have, but everybody in NYC society does. And of course the things he is buying are a bit on the pricy side, Rolls Royce, apartment overlooking Central, Hamptons beach house etc.

Wolfe is such a good writer that by the end of the budget you can understand how it is really difficult to make ends meet if you only make several million a year, and really you need more than $10 million/year (the books was written in the 80s so prices are higher now)
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Old 12-12-2014, 06:43 AM   #30
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It is true...
We all have millions and butlers with Rolls Royces, and Grey Poupon.
Although some are the "extreme" frugal types, like myself.
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Old 12-12-2014, 06:49 AM   #31
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However, if you consider 35-40K/year to be a large income, then I'd agree with you. It all depends what you mean by "large income".
And it also all depends on what the word 'early', in the definition of 'Early Retirement' means.

For some it's 65, for others it's 40.
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Old 12-12-2014, 07:15 AM   #32
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A recently updated (Dec. 2014) analysis From Financial Samurai... Average net worth for the above average person. Comparisons, pre tax, home equity, 401k and other comparisons by age, along with 11 motherhood observations about what describes the above average person...
The Average Net Worth For The Above Average Person | Financial Samurai

BTW... in answer to the OP... No... I can verify that at least one person here doesn't meet the criterion.
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Old 12-12-2014, 07:29 AM   #33
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Here in the USA, anyone can be a millionaire.

LBYM and do not get too greedy will do it. Work hard, save even harder, and make the financial decisions that have worked for generations. Do not think you are smarter because you went to some fancy investment/trading course.

Even in my situation, where I actually beat most of the Financial Samurai statistics, my Fidelity account has consistent under-performed the S&P.

On a 10 year basis, my Roth Account has gotten a 3.50% return, vs. the S&P at 8.06%. That alone would have added quite a bit more to my account than I have.
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Old 12-12-2014, 07:39 AM   #34
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This is a great Country......we can live well NOT achieving a million net worth......we can choose owning a business or training for a high paying job, save/invest and easily save a couple of million bucks.....few other Countries offer our opportunities.....me? I've been lucky, saved my money and have a little more than I need.......so, my kids, grandkids and DW favorite charities all win....what do I get? A warm fuzzy since sharing gives me a lot of satisfaction. My parents didn't have what I have......and, they were just as happy!
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Old 12-12-2014, 07:40 AM   #35
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If anyone has the ability to accumulate $3-10M or more in assets through their own initiative, its laughable to me that they need to ask the question on ERF, can I retire, and if they do, it would seem to me they are doing it for ego gratification only. Now if they inherited or won the lottery and don't know squat, that's a different story.

Anyway, as Gumby indicated, it's a fools errand to want to compare oneself to the assets of others.
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Old 12-12-2014, 07:57 AM   #36
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Don't worry about people that have more money than you. That leads to nothing but misery. Use this sight to learn about how manage your life and finances better. +1 to the post that praised the variety of participants on this site. I would encourage empathy in both directions. It is easier than you think to slip into a high spending lifestyle if you have a high income. And harder than you might think to "downsize" from what you are accustomed to. Also, if you don't have kids it is very hard to understand how expensive they can be. The cost of college alone for some families would be enough to make a good FIRE nest egg. Personally, I don't resent people with more net worth but I do find myself resenting DINKS or SINKS who amass a tidy nest egg and can FIRE in their 40s. But that forces me to be honest with myself about the choices my wife and I have made. In the end, I obviously wouldn't trade my kids for being FIRE a few years earlier.
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Old 12-12-2014, 08:05 AM   #37
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How much you have is not what matters most anyway, with no other info 'can I retire with $X' can always be answered 'yes.' How much you're planning to spend relative to your assets is the primary question, with number of years, other income sources, asset allocation and withdrawal strategy among the secondary factors.
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Old 12-12-2014, 08:28 AM   #38
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Comparing yourself to others is a fool's errand.
I think it's part of human nature to wonder about such things. There are many questions/polls on this forum that are in effect comparing the members net worth, lifestyles, etc. No harm, as long as it doesn't drive you to do foolish things.

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"Do I have enough for me and my life?"
Now, with that said, I think this is a much better and more useful question for the individual.
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Old 12-12-2014, 08:41 AM   #39
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About 20 years ago, I was riding a military bus with a recently promoted Navy Admiral (07) and a bunch of other people who way outranked me and were congratulating the Admiral on his promotion. He made the most bleak, cynical, and yet memorable statement on "what is enough" I have ever heard. He said [as nearly as I can recall], "Yeah, it's all about the pension. Basically it's the difference between affording a nursing home where they change your diapers regularly, and being left to sit in it."

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I wouldn't know what to do with $2M. If you're aiming for satisfaction in life, it doesn't take a great deal of money. If you're aiming for something else, however, it does. Problem is, the something else is never enough.
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Old 12-12-2014, 08:42 AM   #40
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Does $0.x million count?


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