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Old 03-13-2018, 08:10 PM   #81
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I also see it as security.
What is the amount of money will provide security for you? In other words, how much money do you need to feel secure?
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Old 03-13-2018, 09:19 PM   #82
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What is the amount of money will provide security for you? In other words, how much money do you need to feel secure?
That's a hard one. A reliable income, more coming in than going out.. Enough to support an average house, car, food, clothes, to afford heath care, a small personal care budget, to be able to visit my children and give them small gifts, to make charitable donations, to keep my kitty in style.

I would also like to be able to keep a lid on costs. My DH has more expensive tastes than I do, which makes me nervous and raises the amount I would otherwise need.
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Old 03-13-2018, 09:41 PM   #83
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I suspect that it is more about winning or succeeding than it is about the money at that point.
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Old 03-13-2018, 10:01 PM   #84
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Whilst a working joe, one of my clients is now a billionaire, although he wasn’t at the time I worked with him. He owns multi family properties and his goal was to be one of the top 50 owners in the US. Currently his company is top 20. So he was motivated by “moving on up”. Another client is also a billionaire, but was not at the time. He owned what was at one time the largest home builder in Hawaii and then sold it to DR Horton. After the sale, he just wanted to “stay in the game”, but moved into multi family as well.

You won’t find either of these gentlemen on any list of billionaires in the US as their companies are private and they stay under the radar. Based on that, I suspect the number of billionaires in the US (and globally for that matter) is quite a bit higher than the reported number.

Even though I will never come close to having the number I suspect is needed to comfortably fly in a private jet regularly, the first gentleman I mentioned above did fly me in his Gulfstream to see some of his properties. It certainly is the way to go.

And yes Al, I think you need to rethink your flying numbers. We’re over your chartered jet number, and there is no way we could afford that on a regular basis. In fact, we just started the first class option. Although that could be due to being frugal/cheap (potato/potahto) than anything else.
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Old 03-14-2018, 08:49 AM   #85
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That's a hard one. A reliable income, more coming in than going out.. Enough to support an average house, car, food, clothes, to afford heath care, a small personal care budget, to be able to visit my children and give them small gifts, to make charitable donations, to keep my kitty in style.

I would also like to be able to keep a lid on costs. My DH has more expensive tastes than I do, which makes me nervous and raises the amount I would otherwise need.
I think living "comfortably" on a 2% SWR or less would suffice for us. Obviously "comfort" has a different meaning for each of us.
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Old 03-14-2018, 09:01 AM   #86
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About the security part, I have found what helps is to look at people who have to live with less than what I have now and to try to put me in their shoes. If they can survive and live normally, then I will be able to also. That eases the fear.

WR of 2.5% right now. If we claim SS early, will get a nice boost.
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Old 03-14-2018, 06:50 PM   #87
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I think living "comfortably" on a 2% SWR or less would suffice for us. Obviously "comfort" has a different meaning for each of us.
I would like a 2% SWR myself (a truly safe rate in my mind), but I am prefer to be discreet about that so as not to attack the wrath of the 4 percenters.
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Old 03-14-2018, 07:09 PM   #88
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About the security part, I have found what helps is to look at people who have to live with less than what I have now and to try to put me in their shoes. If they can survive and live normally, then I will be able to also. That eases the fear.

WR of 2.5% right now. If we claim SS early, will get a nice boost.
I think about my grandmother, a widow. She lived pretty well in a rent controlled apartment in Brooklyn for about twenty years. Then the crime rate really sky rocketed in her neighborhood and she began to suffer from macular degeneration and a little dementia. That could have been really bad, but my parents took her in and treated her like a queen.
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Old 03-14-2018, 07:20 PM   #89
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A long, but interesting read on Jeff Bezos, the richest man in the world, which might give you a sense of what makes him tick.

https://longreads.com/2018/03/13/the...hilanthropist/

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