Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
What was your magic Number? Was : Survey finds $880,000 is magic number
Old 04-11-2015, 06:17 PM   #1
gone traveling
 
Join Date: Sep 2013
Posts: 1,248
What was your magic Number? Was : Survey finds $880,000 is magic number

?
__________________

__________________
eta2020 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-11-2015, 06:26 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,453
Was or is or will be?

The more I have the more I want. Right now, I think I would be really happy if I could see another digit in my number. No, I am not going to add digits to the right of the decimal point and look down to the penny. To the left of the decimal point, you hear?

It's not that I am unhappy now, but if I have more, I can do a few more things, like always flying 1st class or business seat.

Hmm... I may not get there in my lifetime. Better start thinking about how much lower I can go from that nice number and can still pay for better air travel without grimacing. I'll work on this, but I know it's more than what I currently have.
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 04-11-2015, 07:10 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,702
If I could get an extra zero on the left of the decimal point, I wouldn't be posting so much here. Money would be a distant afterthought.
__________________
Lsbcal is online now   Reply With Quote
Old 04-11-2015, 07:37 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,453
Surely, you would post here to brag about it, would you not? I will envy, but still congratulate you (then beg for your trading algorithm).

Zeros to the left of the decimal point are actually very easy though.

Oh, you did not say non-leading zeros.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 04-11-2015, 11:06 PM   #5
Thinks s/he gets paid by the post
photoguy's Avatar
 
Join Date: Jun 2010
Posts: 2,301
Quote:
Originally Posted by NW-Bound View Post
It's not that I am unhappy now, but if I have more, I can do a few more things, like always flying 1st class or business seat.
It always seems to be double my current net worth.
__________________
photoguy is offline   Reply With Quote
Old 04-11-2015, 11:26 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,331
Quote:
Originally Posted by photoguy View Post
It always seems to be double my current net worth.
There is a term for that - accommodation.

"A Gallup survey asked people who made $10,000 a year, "Who is wealthy and happy?" Their response was, "That's simple-people making $50,000 a year." So Gallup went to folks making $50,000 and asked the same question. Their response was, "People making $100,000." For people making $200,000, the sense of who is wealthy and happy was a couple of million dollars. We tend to push the bar above and beyond where we are, no matter where we are, because of accommodation. "

Article: What-Happy-People-Know
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is online now   Reply With Quote
Old 04-11-2015, 11:39 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,020
$3m in net worth.
__________________
Meadbh is offline   Reply With Quote
Old 04-11-2015, 11:56 PM   #8
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,192
Actually, my Lucky Number is 8. So the $880,000.00 is fine but we would like $8,888,888.00 even better. But for now, anything with 8's is just fine.
__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 04-12-2015, 12:31 AM   #9
Recycles dryer sheets
 
Join Date: Jul 2013
Location: Villa Grande
Posts: 259
My magic number was $2m.
__________________
TimSF is offline   Reply With Quote
Old 04-12-2015, 08:47 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Sep 2012
Location: Seattle
Posts: 2,907
44

Time > Money
__________________
Fermion is offline   Reply With Quote
Old 04-12-2015, 09:20 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,820
I like this:
Quote:
Originally Posted by photoguy View Post
It always seems to be double my current net worth.
But I like this even more:
Quote:
Originally Posted by NW-Bound View Post
Right now, I think I would be really happy if I could see another digit in my number. No, I am not going to add digits to the right of the decimal point and look down to the penny. To the left of the decimal point, you hear?
__________________
Independent is offline   Reply With Quote
Old 04-12-2015, 09:58 AM   #12
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 887
My number was 3 million, but that was 30 years ago!
__________________
NYEXPAT is offline   Reply With Quote
Old 04-12-2015, 10:08 AM   #13
Recycles dryer sheets
wingfooted's Avatar
 
Join Date: Jul 2011
Location: Oregon - Dry Side
Posts: 218
Net investable wealth > $10MM

I have a shot at it, dependent on equity market performance.


Sent from my iPad using Early Retirement Forum
__________________
wingfooted is offline   Reply With Quote
Old 04-12-2015, 10:49 AM   #14
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,950
I think that many older members may find that their magic number is/was considerably less than an $880K portfolio (excluding real estate). This would be especially likely for those with a paid off house, no dependents, and living in low COL areas, who have reached SS age and/or have a small pension, and who do not regard expensive international travel as one of their core activities. I fall in that category.

Younger retirees may need more to bridge the gap to SS and/or pension and to last for more than 30 years.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 04-12-2015, 11:29 AM   #15
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Our magic number was always a million, no reason whatsoever, first as net worth and then as investable $$. Still amazed that we reached it.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 04-12-2015, 11:59 AM   #16
Recycles dryer sheets
 
Join Date: Mar 2014
Location: Islands
Posts: 330
I have changed my idea of the magic number many times. The truth is the "number" is relative to spending. No matter how many times and ways I run FireCalc, it keeps spitting out successful - 100% - results. I can't explain why, but I just don't believe it yet.
__________________
Travelwanted is offline   Reply With Quote
Old 04-12-2015, 12:07 PM   #17
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,492
I imagine a magic number depends on availability of other sources of income, such as SS or a pension. In my case, there was no magic number, just a BS bucket that was overflowing.
__________________
MichaelB is offline   Reply With Quote
Old 04-12-2015, 12:23 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
This always comes up so I'll do it this time........ It's pretty meaningless to talk about "magic numbers" without the context of whether or not some ongoing source of retirement income (not derived from the investment portfolio) will be involved. For example, a retiree with a $70k retirement income from a cola'd pension and SS plus a $200k investment portfolio seems better off than a retiree with only $20k of SS and a 5X bigger $1MM investment portfolio.


My own "magic number" was the amount I had on the day that MegaCorp fire'd my sorry ass and booted me out the door and across the parking lot. Leaning on my car and wondering where my briefcase went while I was sliding across the asphalt, I decided I wasn't "fire'd" but that I was "FIRE'd." That was 9 years ago, at age 58, and I can't even remember exactly how much I had stashed away on that day to call my "magic number."
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 04-12-2015, 12:32 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Travelwanted View Post
I have changed my idea of the magic number many times. The truth is the "number" is relative to spending. No matter how many times and ways I run FireCalc, it keeps spitting out successful - 100% - results. I can't explain why, but I just don't believe it yet.
It's easier to believe when some life events make you feel more mortal.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 04-12-2015, 12:33 PM   #20
Recycles dryer sheets
Theseus's Avatar
 
Join Date: Aug 2013
Posts: 484
A sufficient amount to provide a 100% success rate in FIRECalc when assuming conservative future ROI, life expectancy in the upper quintile of IRS actuarial tables, and expenses equivalent to the 5 years prior to retirement. And that amount was less than $880k, although including a NPV for pensions it was more than that. While some may claim that using pension NPV is not a prudent planning assumption, I didn't see ignoring it and continuing to w*rk prudent, either.

Now, if only I had spent more money during those 5 years, perahps FIRECalc would have told me to keep w*rking so as to yet be striving to reach a higher 'number'
__________________

__________________
Theseus is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Survey finds $880,000 is magic number Focus FIRE and Money 97 04-14-2015 06:31 PM
Don't forget to claim your part of the $10,000,000,000 refund mickeyd FIRE and Money 1 12-26-2006 01:58 PM
$20,000,000,000 in Taxes. mickeyd FIRE and Money 12 11-01-2006 05:49 PM
$423,000,000,000.00 Howard Other topics 25 02-08-2006 03:59 PM
$2,000,000,000,000- Happy 55th mickeyd Other topics 12 12-28-2004 09:19 AM

 

 
All times are GMT -6. The time now is 02:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.