$5m is the new $1m

[retire@40]

Right now $5 million is too high and way out of reach for most people in a lifetime, much less making it a goal for early retirement. Heck, just getting to $1 million is a struggle when you're trying for a couple of decades.

[citrine]

Geez....when is it going to be enough? I am amazed by the herd mentality that is portrayed by much of our society. My goal is still a million....if I have 750K and I want to call it quits....I will!
I would rather live a happy, simple life on my own terms than working like a dog because everyone else is!

[Texas Proud]

Quote:

Originally Posted by Miss_Lala Yes, those salaries are possible for people my age who graduate with a lucrative degree. Those of us with B.A.s in History don't fare so well.....

yea.. you got me there.... not much demand for a History degree...

My niece just graduated from law school and will probably be the highest earner in the family in a year or two.. and I mean all aunts and uncles and cousins etc...

And then there are some engineers who also make a good amount of money for only a couple of years experience...

[Texas Proud]

Quote:

Originally Posted by citrine Geez....when is it going to be enough? I am amazed by the herd mentality that is portrayed by much of our society. My goal is still a million....if I have 750K and I want to call it quits....I will! I would rather live a happy, simple life on my own terms than working like a dog because everyone else is!

But you are looking at it from 'todays' number... my nephews and nieces that are just coming out of college will need 'more'...

In 30 years, $1 mill will not buy you much off the $40K that you can spend off it... maybe $15 to $20K today...

[citrine]

As long as I can buy paint supplies, food, and cat food.....what else do I need? (assuming mortgage and car is paid off)

[unclemick]

- some days you just get an offer you can't refuse:

Jan 1993 - layed off, canned, made redundant, right sized, whatever.

300k or so - his and hers. unemployed.

A little time passes, a little being a cheap bastard, get a webtv and surf the net - ER forum and sha-zam magically transformed into a Frugal ER(first class mind you).

And Mr Market does the 1 mil thing - now the new/old 300k as it were.

heh heh heh heh heh heh - so if I don't croak for a long time and slip back into el cheapo and frugal ways - 10 mil becomes becomes the new/old 5mil by the time I get there Party on!

30 yrs at 7.65% - 1 mil goes to 10. Go for gold - age and party wise.