How much money would it take for you right now to retire for good?

[guyver01]

Originally posted by: mchammer187
IE you get paid 5% more than you are making now adjust for inflation every year to not go to work and do anything you want. Would you honestly turn that down?

yes. i would.

5% more isnt enough for me to say i'm done.

40% more.. maybe.. 50% more.. possibly... 75% more... almost certainly.

like i said.. i dont want to "just live"

i want to be comfortable till the day i die.

i want a nice big house.. with big yard .. and big pool
i want a nice car.. comfortable to fit me & my family
i want a boat. and not just a put put boat.. i want a freaking yacht.
i want to take vacations. i'm no content with sitting around my front yard for the next 40+ years.
and if i get sick.. i want the best doctors in the world to be able to treat me.
i get a cough? FLY in the best doctor
i get cancer.. fly in the entire mayo clinic.

its my dream... this is how I want to live.

if i'm not going to be working for the rest of my life.. i'm going to be happy and do eveything i want to without a care in the world.

 

[Mike Gayner]

Originally posted by: guyver01

Originally posted by: Mike Gayner
I can tell just from this post that you're a giant dick IRL.

why? cuz i'm not a pussy like you and put up with bullshit?
i say what's on my mind, and if you dont like it... go sit on a fence post and rotate, cuz i dont really give a shit.

i'm not a 20 year old kid.

i dont coddle people or put up with "woe is me" crap.

and do i really care if you think i'm a dick?

the answer is no.

if that hurts your feelings.. i dont give a shit.

LOL, yep you're a dick all right. And I wasn't talking about your "I don't take no crap from nobody" attitude, though I did get a giggle from that. I'm more talking about your "I'm the next Donald Trump, dawg" disposition.

 

[guyver01]

Originally posted by: Mike Gayner
I'm more talking about your "I'm the next Donald Trump, dawg" disposition.

fuck donald trump.. he's going bankrupt.

i'm the next mother fucking sultan of brunai.

 

[Wheezer]

when I worked at my old job I would have said 150,000 because I hated the place so bad, as long as I paid off the house and the cars I would have been fine.

Now though it would have to be at least 1 mill, partially because I love my job and it would take more for me to leave it and partially because we want to move into another home and the price range we have our sights on is from 150,000 to 200,000.

 

[shortylickens]

Several million.
Not kidding. I think about this a lot, and if I want a nice house in the era of ridiculously overpriced housing, it would cost me close to a million. And with whats left over I'd be able to live decently and not have to sweat health care. And if theres any more bullshit with the American health care system I would seriously consider moving, even if the house sold at a loss.

 

[boomerang]

These answers are meaningless without knowing the age of the poster.

 

[kranky]

Originally posted by: guyver01

Everyone wants to live the life of the rich.

Nobody is "content" with being middle class

anyone that says they don't want to be rich and well off and not have a care in the world is lying.

I don't want to be rich, and I don't want to live the life of the rich. And I assure you I'm not lying.

 

[skyking]

Originally posted by: kranky

Originally posted by: guyver01

Everyone wants to live the life of the rich.

Nobody is "content" with being middle class

anyone that says they don't want to be rich and well off and not have a care in the world is lying.

I don't want to be rich, and I don't want to live the life of the rich. And I assure you I'm not lying.

I would not quit for any amount if I had really found my calling in life..........but I have not.
1 million is a little shy, 1.5 would be OK.
"retire" is a loosely defined concept, I'd still be very busy.

 

[jlee]

A lot. I like working.

 

[radioouman]

I could live comfortably on 2 million indefinitely.

 

[bignateyk]

Well, right now my wife and I require about 3K/month to live (food, insurance, bills, mortgage/auto loans, etc...). If I could guarantee 3% gain/year, we would need at least 1.25 million to live off just the interest.

If we were to pay off the mortgage, and not ever buy a nicer house, that figure would decrease by about 1K/month, so we would need even less.

 

[isekii]

I think 1.5mil tax free would be perfect.

 

[FoBoT]

about $3.50


billion

 

[mugs]

Originally posted by: mchammer187

Originally posted by: zerocool84
Minimum 5mill.

Are you likely to earn that much if you exclude

simple investments like mutual funds, stock indices, etc., (you can't say invest in your own biz or provide capital to another company) or basic jobs like bartending/pizza delivery

If I work 40 years than I'll net about 2.5 mill after taxes but half of will go to expenses and that money will never get a chance to work for me

The thing is, if you get it all at once you will be inclined to buy things that you wouldn't have bought if you earned it over 40 years.

 

[amdhunter]

If I maintain my single lonely lifestyle, made no plans to ever get a wife or kids, ditch my car, and off'ed my dog and parrot -- I could retire today.

 

[Cuda1447]

Originally posted by: ahenkel
Yea I wonder what people do that they would blow through 250 - 333,000 thousand a year

Actually, I think it'd be like $333,333.333333333333333333333333333333~


All I know is I want enough money to buy a plane. I already have the treadmill.

 

[Cuda1447]

Originally posted by: guyver01

Originally posted by: Mike Gayner
I'm more talking about your "I'm the next Donald Trump, dawg" disposition.

fuck donald trump.. he's going bankrupt.

i'm the next mother fucking sultan of brunai.

And what do you do for a living?

 

[BoomerD]

We "scrape by" on about $50K (net) right now, and I figure I have about 15-20 years max left...so $50 million tax free should do it nicely.




(yes, I KNOW the math doesn't work...duh)

 

[A5]

I'm 23, so $5 million minimum so that I could try to live off the interest for 60 years.

 

[spidey07]

When you factor in inflation and your age, I'm 38 so I need about 8 million.

 

[hanoverphist]

Originally posted by: guyver01

Originally posted by: Syringer
If someone told you they wanted you to stop working and you could never earn another penny again in your life how much would it take?

right now?

About 45-50 mil.

thats what i was thinking. im not going to quit working just so i can be on a budget and break even. gimme a ton o cash and ill do it, and have fun at the same time.

 

[zebano]

I'm 28 with two kids and a third on the way. $6mil minimum.

 

[vi edit]

Hell, if my wife was still working if somebody offered me $500,000k in cash I'd take that in heartbeat and never lift a finger again working for somebody else.

No house payment or daycare costs would be nice. Plus my wife makes enough bank to easily live very comfortably on one income for the next 30 years.

 

[Juddog]

A million would be enough for me. Assuming 5% interest, that would be enough for me to earn $50,000 per year in interest payments with larger funds available if necessary for car expenses, etc..

 

[a123456]

You're going to need more than you think you need since future working is prohibited. This situation is different from the "how much lump sum would it take for you to win in the lottery before you retire?"

Most people would think that it's okay with the interest off 1-8M to net somewhere in the 80-150k/year range but what if you have unexpected expenses, like huge medical bill for someone you love (children/parents/SO/etc.)?

The 100k/year now looks fine now but in 10-25 years or whenever, it'll look like 50k/year after inflation. That much money doesn't look so great anymore. This doesn't even take into account that the US might kill the dollar if its debt gets too unwieldy.

For the other class of people in the "living it up" range, 50M is nowhere close to enough. Entertainers file for bankruptcy all the time with income in the tens of millions of dollars because once you start living the high life, expenses just keep piling up and up and up as the grass is always greener on the other side. See MJ for a obviously famous example. Probably need at least 1 billion, if not more, to cover true extravagance.

Personally, I don't spend that much and wouldn't spend that much more even if I had a billion dollars but that's just a personal choice. So, my figure would be 50M or so, not because it's needed but as insurance against unforeseen circumstances like hyperinflation. If I was allowed to work still at a future time, it would be a lot less (~2M) to get me to quit my job.