SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Spanky said:2Cor521,
Thanks for listing your expenses -- they are low. Keep it up. Take care.
Spanky
Thanks for the kind words.
2Cor521
Edited for typo.
Spanky said:2Cor521,
Thanks for listing your expenses -- they are low. Keep it up. Take care.
Spanky
redduck said:Actually, it's not all that funny. I like my job and while there are days that I can't wait to retire, there are also days where I figure "What's the rush?" Anyhow, this is a terrific forum regarding money management, life strategies, life philosophies, conventional and unconvential wisdom, etc. (Don't tell anybody, but this is my favorite website).
I guess there is no magic number. We just need to identify or forecast expenses required to support our lifestyle and unforeseen expenses and multiply that number by 25 (or higher) to arrive a number based on the assumption that our portfolio is properly diversified to achieve a return at least 3 or 4 % over inflation.As to the question re: the magic number. The magic number keeps increasing: $1.5million originally sounded great, then $2million sounded a whole lot better. $2.5million should completely shut me up. But, the stock market is going to have to go on a real tear to get me there.
SecondCor521 said:Update:
For the three months ending today:
Mortgage Interest + Taxes + Kids + Child Support represent nearly 84% of my expenses.
Annual run rate on the rest is about $10,671. 25x number is thus $266,772
2Cor521
Tommy said:I think a consideration in the magic number is whether the money is pre tax or post tax. If it's pre tax the 4% withdrawal is subject to a bigger income tax bite than post tax.
That means the spending power of the 4% is reduced.
USK Coastie said:What ever I've got on July 1, 2007. Cause thats when I retire