GravitySucks
Thinks s/he gets paid by the post
Damn.
On the bad side of the curve again.
Ain't going back to work anyways.
On the bad side of the curve again.
Ain't going back to work anyways.
I am sorry but I read stuff like this and I break out laughing. $100 million please...
Yeah, I know. I should have said $500 million.
I feel wealthy because I do not need to feel wealthy. It sounds like a paradox, but it really is not.
Has anyone spotted where the article defines the amount of money needed to be considered "wealthy" given in the chart is for a single or a couple? I'm assuming it's for a single person and you double it for a married couple.
We enjoy a happy, comfortable life but are certainly not financially "wealthy" by this definition.
I also noted they didn't account for guaranteed income. For example, I'd consider someone with a one million bux invested portfolio and a very generous fed pension (say $120k plus benefits) to be wealthy. Someone with just the one million bux, not so much.........
Gosh, I don't know. How long's a piece of string? I'm having trouble getting my head around why this is important to people. I'm just as happy as punch that I have a reason to get out of bed in the morning, and that I don't have to work in order to pay my way. Everything on top of that - cars, vacations, a new set of skis, a second house, a private jet, gasoline-powered turtleneck sweater*, fur-lined sink*, is gravy.
(*These last two lifted shamelessly from Steve Martin.)
The article says the overall average response is $2.4M. Take out $200K for a median USA house (the article says net worth) and you have $2.2M to live off of. Using the good ol' 4% rule that is $88K/year to live on.
A good income but hardly wealthy. The article does not address individual versus household income, so perhaps double that - then you are approaching what I might call wealthy.
Yes, that is true. Then, once they have that, they want more, I think because it gives them some feeling of safety margin. Plus, to change your lifestyle appreciably, you need to double the expenses. Have a house twice as large. Buying a $70K car instead of a $35K one. Or upgrading from a $70K car to a $150K one.
I still remember when I had only 1/4 of the investable assets I do now. My wife bought me XO Cognac then. If anything, I drink less of it now because I am getting old. I can buy all the filet mignon I care to eat (it
's not that expensive), but it gets boring quick, compared to the boeuf bourguignon I make using lesser cuts that taste wonderful (my guests told me so).
Oh, and if you do this dish, get the frozen pearl onion from Trader Joe's. Not only it is inexpensive, it saves you a lot of hassle with peeling the outer layer.
So, I think I have enough. I still like to have more though. When I worked, I wanted to make more money because it meant I was good. Now, if I make more it tells me that I am a good investor.
"Millennials displayed some youthful optimism when it came to their financial future. Some 64 percent of twenty- and thirty-somethings believe they’ll be wealthy (the cash kind) at some point in their lives, compared with 22 percent of boomers."
Now wait a minute. Everything else I've read, says that younger people are very pessimistic about their financial future, what with college loans, scarce jobs, Social Security about to be "gutted," etc. Usually, they blame their parents' generation for having, in some unspecified way, ruined everything.
I read a book to DS who is 3 titled "If you give a mouse a cookie"
And the next page says, if you give a mouse a cookie, he's going to ask for a glass of milk. Life creep at 3 lol.
For me feeling "rich" is filling my life with good choices, good people, and good experiences. Those vary for everyone and I swear it some people strive on making terrible choices, hanging out with the wrong crowd, and basically having a totally different experience than me.
But hey, I'd take 2x
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.
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.
$300M would get you $1M/month at 4%WR. That's comfortable.
$3B would be better, $10M/mo. Now that's WEALTHY.
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.
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.
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.