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05-17-2018, 04:16 PM
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#41
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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I have actualized.
I do want I want to do and I don't have to work anymore -
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05-17-2018, 04:30 PM
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#42
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,390
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I would say it depends. If I have 5 million and move to New York City, I would be doing okay, not great, I've seen the real estate prices in NYC. If I had 50 million , that is much better, but I'm not sure I would call myself wealthy. Better than most, for sure. If I had 100 million and up in New York City now we're getting somewhere.
Being wealthy might start creeping into the conversation at that point. If I lived in, oh I don't know, Kansas City,Missouri, maybe 5 million and up I might start to feel wealthy. It would certainly be much, much less than New York City, San Francisco,Zurich,etc.etc, needed to feel wealthy. But being wealthy never really mattered to me much, all I want is to be comfortable.
Whatever amount I have when I die, it goes to someone else. That holds true for everyone, no matter how much one has.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
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05-17-2018, 06:52 PM
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#43
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,635
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Quote:
Originally Posted by Red Badger
I believe that if you're living comfortably, not "having" to w*rk, and have minimal stress in your life, you are wealthy beyond measure. ....
....So yup, if you're just hanging out (or maybe travelling), while keeping an eye on your investments (or an eye on your FA ), and posting here, you are very wealthy indeed.
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Great post and great philosophy!
__________________
friar1610
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05-17-2018, 07:04 PM
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#44
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,534
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So, at 52, wanting to retire at 53, I'm thinking if I work One More Year, I can buy a house instead of a condo, and if I work 2 more years, I can buy a house AND a Lamborghini. Then I'd feel 'tapped out' at only having $2MM in investments and $100K income. Or I could work 5 more years and add more than $1M to the pot, but then I'd be 57 and miss out on my remaining healthiest years. I think I'll settle for FIRE at 53, a condo and a Alpha Romeo 4c.
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05-17-2018, 07:07 PM
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#45
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by Red Badger
I believe that if you're living comfortably, not "having" to w*rk, and have minimal stress in your life, you are wealthy beyond measure.
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+1. I grew up pretty blue collar so I rich to me is not having to worry about what to do if the car needs new tires or the water heater goes out. All the extras we get to do like wine tastings and concerts are icing on the cake.
__________________
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)
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05-17-2018, 07:09 PM
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#46
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Moderator
Join Date: Jul 2017
Posts: 5,661
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Quote:
Originally Posted by gcgang
$300M would get you $1M/month at 4%WR. That's comfortable.
$3B would be better, $10M/mo. Now that's WEALTHY.
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TRUE!
__________________
Use it up, wear it out, make it do or do without.
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05-17-2018, 07:12 PM
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#47
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
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I have everything I want, with money left over, but articles like that one would not label me as wealthy.
I guess that there are zero people who know me IRL and are thinking, "Gosh, she is so wealthy! I wish I had that much money."
I am neither wealthy nor poor in comparison with others in my suburb. Apparently I am wealthy compared with the earth's population, as are most of us from what I understand.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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05-17-2018, 07:14 PM
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#48
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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Quote:
Originally Posted by HNL Bill
So, at 52, wanting to retire at 53, I'm thinking if I work One More Year, I can buy a house instead of a condo, and if I work 2 more years, I can buy a house AND a Lamborghini. Then I'd feel 'tapped out' at only having $2MM in investments and $100K income. Or I could work 5 more years and add more than $1M to the pot, but then I'd be 57 and miss out on my remaining healthiest years. I think I'll settle for FIRE at 53, a condo and a Alpha Romeo 4c.
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Congrats. Then you will be one of the "idle rich". Which is even better than being wealthy. Not all the wealthy are idle.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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05-17-2018, 07:20 PM
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#49
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Moderator
Join Date: Jul 2017
Posts: 5,661
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Quote:
Originally Posted by Totoro
Might be lack of creativity on my part, can't imagine what I would spend that kind of money on that would actually make a difference in my quality of life.
That's $2000 USD per waking hour.
Anything about $10k per month I'm already well into frivolous territory by my standards.
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Actually, I could image, but that level of income is way beyond my personal desires, which means supporting worthy causes and charities.
__________________
Use it up, wear it out, make it do or do without.
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05-17-2018, 07:23 PM
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#50
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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Quote:
Originally Posted by HNL Bill
So, at 52, wanting to retire at 53, I'm thinking if I work One More Year, I can buy a house instead of a condo, and if I work 2 more years, I can buy a house AND a Lamborghini. Then I'd feel 'tapped out' at only having $2MM in investments and $100K income. Or I could work 5 more years and add more than $1M to the pot, but then I'd be 57 and miss out on my remaining healthiest years. I think I'll settle for FIRE at 53, a condo and a Alpha Romeo 4c.
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The Alpha Romeo would be nice - I had a used one when stationed in Germany. Loved my 12 mile drive through the country after work. I guess I would suggest if you want more stuff, keep working. But if you want more experiences, keep your time.
But ya'll might need to saddle up out there. That nuisance might be the next St. Helen's or Pinatubo. But def not wishing that on anyone/anywhere.
__________________
Never let yesterday use up too much of today.
W. Rogers
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05-17-2018, 07:40 PM
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#51
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,610
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Quote:
Originally Posted by HNL Bill
So, at 52, wanting to retire at 53, I'm thinking if I work One More Year, I can buy a house instead of a condo, and if I work 2 more years, I can buy a house AND a Lamborghini. Then I'd feel 'tapped out' at only having $2MM in investments and $100K income. Or I could work 5 more years and add more than $1M to the pot, but then I'd be 57 and miss out on my remaining healthiest years. I think I'll settle for FIRE at 53, a condo and a Alpha Romeo 4c.
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Lease it.
Fun-to-drive but not fun-to-own luxury vehicles are best leased.
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05-17-2018, 07:57 PM
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#52
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Recycles dryer sheets
Join Date: Mar 2016
Posts: 103
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With all the rich people who saved a lot of money to FIRE and/or are rolling in big pensions and SS--its easy to feel inadequate even if you do have a million or more--which someone will quickly point out its not nearly enough and definitely is not wealthy and they have way more. All of this comparing with other people who saved money can be stress inducing . What is the point of all the constant head banging on these Money type sites?
IMO--You are wealthy if you have enough to live comfortably AND you have the health to spend it. What good is sitting on millions if you are sickly and confined to a wheelchair or chained to your doctor appointments each month? The comfortable number varies according to your priorities and needs.
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05-17-2018, 08:20 PM
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#53
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,534
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Thanks...but like many here, I won't be idle. I'll be travelling, diving, writing articles and taking underwater photos to go with those. Not so much to earn money, but to share my love of the ocean and to keep myself busy!
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05-17-2018, 08:23 PM
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#54
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,534
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Quote:
Originally Posted by Red Badger
But ya'll might need to saddle up out there. That nuisance might be the next St. Helen's or Pinatubo. But def not wishing that on anyone/anywhere.
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Thanks...the erupting island is 200 miles away, and is a shield, or strato volcano. Not a plug dome like Mt. St. Helen's. We might get a bit of SO2 or ash, but that's about it...Hawaii Island on the other hand, is in for a bit of a rough ride, IMHO.
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05-17-2018, 08:26 PM
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#55
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,534
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Quote:
Originally Posted by Fleur58
You are wealthy if you have enough to live comfortably AND you have the health to spend it. What good is sitting on millions if you are sickly and confined to a wheelchair or chained to your doctor appointments each month?
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Yep. Watching my mother die in February at age 80 hastened my desire to 'get on with the rest of my life' and to decide what's really important. As one person said on this forum, there's no need to be the richest person in the cemetery (something like that).
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05-17-2018, 08:29 PM
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#56
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,324
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I'm pretty sure I can guess what the cat's name is. That's funny! You just reminded me of a recording I heard the other day of Steve Martin talking about the time he washed his cat. It won't be as humorous if I transcribe it here, so I won't try.
Talking of cats. I was telling a friend recently how much my 3 furry gals cost me to have. I guesstimated a rough monthly total including not just food and litter, but vet bills too - averaged over the life of all 3 kitties. It wasn't a fortune, but it certainly isn't an insignificant amount. Once in a blue moon, I think that if I didn't have the cats, I'd have more money to spend on other things. Then I immediately realize what great value they are, because without them, my home wouldn't be anywhere near as much fun, and I'd really miss the company. Not that you can put a value on life but, to a frugal fellow like me, my kitties enrich my life far beyond what I spend on them. To get back to the spirit of the thread, this makes me a wealthy person indeed.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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05-17-2018, 08:39 PM
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#57
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Administrator
Join Date: Apr 2006
Posts: 22,973
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By all objective measures, the young wife and I are wealthy. But it seems to me that our life is much the same as it was 25 years ago when we weren't.
I have mentioned it before, but it bears repeating - the wealthiest I have ever felt was the day (probably 37 years ago) when I walked into the grocery and bought what looked tasty, without knowing or caring how much it cost. That was most certainly not the case when I was a child; we were poor and sometimes hungry. My aspiration when I was growing up was not to be rich. Rather, I just didn't want to be poor like my parents. Buying what I wanted at the grocery seemed a good yardstick.
__________________
Living an analog life in the Digital Age.
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05-17-2018, 08:50 PM
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#58
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,418
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Quote:
Originally Posted by Gumby
By all objective measures, the young wife and I are wealthy. But it seems to me that our life is much the same as it was 25 years ago when we weren't.
I have mentioned it before, but it bears repeating - the wealthiest I have ever felt was the day (probably 37 years ago) when I walked into the grocery and bought what looked tasty, without knowing or caring how much it cost. That was most certainly not the case when I was a child; we were poor and sometimes hungry. My aspiration when I was growing up was not to be rich. Rather, I just didn't want to be poor like my parents. Buying what I wanted at the grocery seemed a good yardstick.
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I can relate to your response. I knew what poor meant from an early age also. We never went hungry and had only what we needed nothing more. I consider myself wealthy and blessed in life. There is a lot more people with a lot more money then I have but I'm wealthy in many ways.
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05-17-2018, 08:57 PM
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#59
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Quote:
Originally Posted by REWahoo
It should be pretty clear by now: Wealthy is someone who has a lot more money than you have.
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Life, Liberty and Pursuit of Happiness. At a much younger age when I got a raise/promotion I practiced catch and release in the pursuit of happiness(counted/equated with wealth). Ratcheting up the expectation to a higher level of wealth.
Now after 24 going 25 years of ER 'with enough' it's a WAR to de - clutter to get rid of stuff 'that one has to maintain/repair/pay taxes, license, insure' so that you are the manager instead of the stuff managing you.
The ultimate horror would be to inherit a mansion with servants, grounds keepers and all the service required. Or perhaps a yacht having experienced plain old boat ownership in my youth.
heh heh heh -
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05-17-2018, 09:40 PM
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#60
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by Totoro
Might be lack of creativity on my part, can't imagine what I would spend that kind of money on that would actually make a difference in my quality of life.
That's $2000 USD per waking hour.
Anything about $10k per month I'm already well into frivolous territory by my standards.
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I ran across some data published by CapRelo (Capital Relocation Services) that shows the average gross and take-home incomes in several developed countries. I was surprised as how low the average annual income was in several Western countries.
In the following list, I have sorted some representative countries in the order of take-home pay in US dollars.
Country | Gross Pay | Take-Home |
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Russia | $9,720 | $8,456 | Romania | $9,480 | $8,532 | Sweden | $46,804 | $22,410 | Denmark | $64,310 | $28,227 | France | $40,718 | $28,503 | Germany | $42,369 | $29,685 | Japan | $39,089 | $35,279 | Canada | $48,688 | $35,299 | UK | $46,252 | $40,169 | Ireland | $56,787 | $42,322 | Australia | $59,538 | $46,781 | USA | $64,154 | $52,344 | Switzerland | $85,718 | $84,006 |
Note how Denmark's tax rate is sky-high. The Swiss tax rate is very low, and they take home the most money but their cost of living is famously high too.
I was surprised to see the Irish do so well compared to the Swedes, the Danes, French, and Germans.
The above are developed countries, and people in developing countries would be down to a couple thousands if not hundreds of dollars a year. So, one does not have to spend as much as $10K/month to feel wealthy.
See: https://info.caprelo.com/blog/tax-rates-by-country.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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