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Old 12-12-2014, 08:46 AM   #41
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That's the point...

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Originally Posted by Gumby View Post
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 can't imagine needing or even wanting that much...to be responsible for that kind of stewardship. A small turn in the market and it's the end of the world...and my ("my" means "his/her") 150K annual needs don't turn down with stocks...

But, you are wrong: Go ARMY; Beat NAVY! (my three stripes and one rocker talking)
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Old 12-12-2014, 08:54 AM   #42
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Originally Posted by Amethyst View Post
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."

Amethyst
Sounds like he was full of it.
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Old 12-12-2014, 09:08 AM   #43
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These conversations remind me of a news item I read a couple of years ago, about a fellow who, in flying his private airplane over his abode, observed a fellow breaking in. He called 911 on his cellphone (no flight attendants to bother him about that, I guess), and they caught the fellow. Somewhere in the article it was mentioned that the pilot/homeowner was an auto parts store manager.

In the comments below the article (yes, I sometimes read them for entertainment), a few people latched onto the "how does an auto parts manager afford an airplane?" assertion. I don't think I need to point out the ignorance of that assertion to most of this crowd...

The size of your asset pool is important in its ability to cover your expenses. Having millions of dollars to do that was probably less important folks retiring with pensions, but maybe more important to our kids who will have to rely almost exclusively on their own initiative in saving. But, in any living scenario, it's all about your priorities.
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Old 12-12-2014, 09:16 AM   #44
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Originally Posted by Gumby View Post
The wise man asks only "Do I have enough for me and my life?"
That is my view on the subject as well. Envy leads to Greed which leads to Hatred (or something like that if IRC one of my college Psychology profs). If DW & myself are content and safe in retirement that will be fine enough.

Oh, and that goats gonna get sheared
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Old 12-12-2014, 09:16 AM   #45
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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. ... 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.
Single Americans, ages 60-79, average about $31,000 of spending per year. If I have Social Security for even $12,000, and I'm targeting "average", I should be able to cover the gap with a lot less than $1 million in assets.

If I'm willing to live on something less than the average, my savings can be that much less.

The issue may be whether I can retire "early". Those early non-SS years can eat away at savings pretty quickly.
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Old 12-12-2014, 09:40 AM   #46
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Gumby said it best.
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Old 12-12-2014, 09:42 AM   #47
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Originally Posted by Gumby View Post
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?"


heh heh heh - go Navy beat Army! Peace to the Black Sheep relative in the Marines.

Crossed a mil in ER - actually went back and forth 3 times, 1993 - 2014.
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Old 12-12-2014, 09:57 AM   #48
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One of the attractions of this site, to me, is that there is variety here. There are folks with *lots* of money... and those with less.... We've got posters here who are masters of frugal living, while still maintaining a good quality of life. There are others who have more money but are still frugal. And there are those that aren't frugal, but have no need to be... Variety - it's all good.

I don't worry about how much others have - just about whether they have knowledge I can learn from them.
+1.
I sometimes get annoyed at "I have 8mm and just not sure......" or " I could spend more and would like some things but I just can't do it" but I probably should not. It is very interesting to read form all perspectives.
It's the diversity that I find fascinating....................
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Old 12-12-2014, 10:16 AM   #49
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Old 12-12-2014, 10:18 AM   #50
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Counting the house, we have less than $1MM. I have plans, but you know about plans.
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Old 12-12-2014, 10:23 AM   #51
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In the comments below the article (yes, I sometimes read them for entertainment), a few people latched onto the "how does an auto parts manager afford an airplane?" assertion. I don't think I need to point out the ignorance of that assertion to most of this crowd...

Probably the same way that I owned an airplane for many years as an "enlisted Air Force scum" that "makes no money". Sure, it's not the cheapest hobby out there, but it can be managed even with those that don't make "millions". I KNOW of several people that spent WAY more money on RVs and/or motorcycles than I spent on my airplane. Not only to mention, I was able to STILL retire at 40..even after owning an airplane.

As for the OP's original question..NO not even close to have "millions" in my case.
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Old 12-12-2014, 10:28 AM   #52
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That is my view on the subject as well. Envy leads to Greed which leads to Hatred (or something like that if IRC one of my college Psychology profs). If DW & myself are content and safe in retirement that will be fine enough.

Oh, and that goats gonna get sheared
I think your prof was paraphrasing Yoda: “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”
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Old 12-12-2014, 11:09 AM   #53
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Probably the same way that I owned an airplane for many years as an "enlisted Air Force scum" that "makes no money". Sure, it's not the cheapest hobby out there, but it can be managed even with those that don't make "millions". I KNOW of several people that spent WAY more money on RVs and/or motorcycles than I spent on my airplane. Not only to mention, I was able to STILL retire at 40..even after owning an airplane.

As for the OP's original question..NO not even close to have "millions" in my case.
Excellent for you. I had a friend in college, ROTC scholarship, and he owned a Cessna 172 outright. Dutifully paid all required expenses, including insurance and inspections. Did college full time with a B+ average in an aero engineering curriculum, and worked almost full time. It's ALL about priorities...

Oh, and to OP: no "millions", but two pensions. And, LBYM.
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Old 12-12-2014, 11:09 AM   #54
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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.
I don't agree. Accumulation and withdrawal are 2 different processes. I think it's entirely possible to get so caught up in the accumulation phase that you haven't given much thought to withdrawal, regardless of your income level. I know that your thinking is probably along the lines that anyone smart enough to amass a large portfolio would also be smart enough to figure out whether they have enough to retire, but I don't think it necessarily works that way.

I also don't necessarily agree that some may be sharing their information here for the purposes of ego gratification. Even if a prospective retiree feels fairly sure they have enough money, it is very understandable that they might want some reassurance from a group of peers such as they might find here on this forum. Even high earners can need advice and reassurance. "They" are not really that different from "us"!

If someone posts a question along the lines of "I have $xxx, can I afford to retire?" I think it's fair to assume that they are looking for advice and help and, likewise, think it's rather cynical to speculate that they may merely be looking for ego gratification.
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Old 12-12-2014, 11:10 AM   #55
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Baa, baa, black sheep! Pappy Boyington was a U-dub grad, in Aeronuatics. Ugly as sin and too tough to kill. I read his book before the TV show. Backatcha, Unclemick.


Actually handsome or at least my niece thinks so - after Iraq and Afghanistan will cross the magic twenty years on Embassy duty.

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Old 12-12-2014, 11:54 AM   #56
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Originally Posted by DFW_M5 View Post
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.
Many successful people learn how to make money. But few of them learn how to save money. That seems to be the purview of the majority of the participants here.

So the fact the people come and ask a genuine question but then disappear is because they do not find any kinship with the majority of the participants here.

We seem to have a problem helping someone who has $3.1 million and spends $140k a year but less of a problem with someone who has $750k and spends $35k a year.

(Sorry Major Tom: I had not read your post before posting.)
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Old 12-12-2014, 12:54 PM   #57
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If you have twice what I have then you're rich beyond measure and I can't imagine ever spending what you have. If you have half what I have then you're pitifully poverty stricken and I can't imagine living on such a pittance or that you'll ever retire.

True if "I" have $100K, $10M or anywhere in between.

Moral: Don't get hung up on raw dollar figures.
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Old 12-12-2014, 01:35 PM   #58
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I must admit I've been rather blown away by some of the numbers posted on this board. I have thought that I was rather well off and even questioned my own plans a couple of times. Of course I'm in the middle of OMY syndrome which isn't helping anything.

So for about the five hundredth time I calculated my cash flow, meager pension, ss, retiree medical, etc. Used both a buckets mind game and total return analysis which both came through fine. I'm assuming zero real growth and normal inflation ranges.

Other than the potential size of our children's inheritance I feel comfortable with my situation. What someone else has or hasn't does not matter. Good health and satisfaction with life are the key.
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Old 12-12-2014, 01:40 PM   #59
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No millionairess here. But I am available for adoption to anyone who is.

It all boils down to what you feel you want to spend. I live out in the country where the cost of living is relatively cheap compared to urban settings. Yes, I pay steep real estate and consumer sales taxes in NY, but the cost of services, entertainment and home maintenance are dirt cheap in a small town. If I need an urban adventure, I travel to get that.
It all evens out in my budget.

I am very fortunate to have 2 govt pensions (1 as a widow, 1 as a retiree myself) which will keep me afloat no matter what my portfolio does. Neither is very big, but it is enough to cover my living expenses. I am still investing some of that at age 56.

Save what you can, invest it wisely, and watch it grow.
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Old 12-12-2014, 01:56 PM   #60
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I don't agree. Accumulation and withdrawal are 2 different processes. I think it's entirely possible to get so caught up in the accumulation phase that you haven't given much thought to withdrawal, regardless of your income level. I know that your thinking is probably along the lines that anyone smart enough to amass a large portfolio would also be smart enough to figure out whether they have enough to retire, but I don't think it necessarily works that way.

I also don't necessarily agree that some may be sharing their information here for the purposes of ego gratification. Even if a prospective retiree feels fairly sure they have enough money, it is very understandable that they might want some reassurance from a group of peers such as they might find here on this forum. Even high earners can need advice and reassurance. "They" are not really that different from "us"!

If someone posts a question along the lines of "I have $xxx, can I afford to retire?" I think it's fair to assume that they are looking for advice and help and, likewise, think it's rather cynical to speculate that they may merely be looking for ego gratification.
May be I am being too harsh or I just woke up on the wrong side of the bed today, but my point is that if you have the brains to accumulate those levels of assets, you probably are capable and self sufficient enough to figure that out on your own. This isn't rocket science nor does it take being a financial genius. If they really are uninformed or just want some warm fuzzy reassurance, a little searching on the forum provides plenty of examples on how to figure out that answer for one's self. I think a sticky about how to assess the question, "do I have enough to retire" needs to be posted or reposted. Perhaps the $3M scenario should not be picked on, but there have been many others well above that. Nevertheless, I think many on here can only dream of accumulating such assets, and in my opinion, it comes across as a bit ostentatious when fairly wealthy folks ask the question.
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