mountainsoft
Thinks s/he gets paid by the post
Location: in a low cost of living area...
Initial annual expenses: minimum $100,000
Low cost of living area but you need 100K per year to live? You must have expensive hobbies.
There are two sides to financial independence. Saving more money, and reducing expenses. The less you spend, the less you need to save.
I have a 25 year old unemployed son who does not seem to be interested in working for others. He has a computer science degree and is doing something computer related and hope to commercialize his game skills some day. I am not interested in comments about if we should take care of him. We decided to take care of him no matter what.
I understand, our daughter was over 30 years old before she finally moved out. You want the best for them, but you don't want to kick them to the curb with tough love either. We would have supported her as long as she was living at home, but we did repeatedly encourage her to start her own life.
Like PB4USKI mentioned, we charged our daughter $400/month the last few years she lived at home. Partially it was to teach her to be responsible for herself. Of course, there was a real financial reason too, she was costing us money. Food, clothing, internet, electricity, car insurance, licensing, health insurance, etc. The older she got, the more expensive it became to support her, and she had very few frivolous expenses. She was content spending the day on her computer and watching movies. She finally moved out about 1-1/2 years ago and is doing very well on her own.
It's only fair that your son helps out financially, even if it's just a token amount that doesn't cover his actual expenses. Surely he can do something to earn a little money, fast food, delivery driver, youtube videos, etc. It will help with your finances, teach important life lessons, and can make your son feel more confident and responsible.
That is why I am asking for a potentially long period withdrawal of my portfolio, covering my son's life if he is not successful.
I am tired of working. Assuming we both retire now. How much can we realistically spend for about 70 years? (beyond the minimum $100,000).
As other's have mentioned, all three of you won't be around for 70 years. The total expenses should go down as each of you dies.
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