Tulane Skins Fan Posted January 31, 2014 Share Posted January 31, 2014 Was talking about this with my brother. How much money do you need in the bank today to say "I've got enough." You can stop working, but you don't have to stop investing (obviously). Link to comment Share on other sites More sharing options...
S.T.real,lights,out Posted January 31, 2014 Share Posted January 31, 2014 Im 29...i would say 3-4 mil would do it. Link to comment Share on other sites More sharing options...
G.A.C.O.L.B. Posted January 31, 2014 Share Posted January 31, 2014 I've always had a dream of getting enough to buy a place on the cheap on the beach overseas somewhere. Wherever the current girlfriend/wife is from (was Brazil, now Ethiopia). I've had **** for pretty much all of my life so I've learned how to be happy with little. I really, really don't/wouldn't need much. House and then essentials. I'd be good. Not sure what the exact figure would be. Real interesting question. I look forward to seeing everyone's answers so thanks for the thread. Link to comment Share on other sites More sharing options...
chipwhich Posted January 31, 2014 Share Posted January 31, 2014 Depends if you want to choose where you live. I don't think 3-4 mill would do it for S.T Lights out giving rising health care. But it depends on where he lives and what income he needs per year. I've always had a dream of getting enough to buy a place on the cheap on the beach overseas somewhere. Wherever the current girlfriend/wife is from (was Brazil, now Ethiopia). I've had **** for pretty much all of my life so I've learned how to be happy with little. I really, really don't/wouldn't need much. House and then essentials. I'd be good. Not sure what the exact figure would be. Your biggest concern will be costs for health care, so pick an island with free healtth care for all Link to comment Share on other sites More sharing options...
Slateman Posted January 31, 2014 Share Posted January 31, 2014 You give me a million, I'm good for life. Link to comment Share on other sites More sharing options...
G.A.C.O.L.B. Posted January 31, 2014 Share Posted January 31, 2014 Your biggest concern will be costs for health care, so pick an island with free healtth care for all Eh, my concern would be finding quality health care, not the price of it. I know my dad saves all his major dental and medical stuff for when he goes to Peru with the stepmom (Peruvian obviously) because it's cheaper there. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 31, 2014 Share Posted January 31, 2014 About 5 Mil would do it for us. I don't know if I'd stop working. I'd work less and go into my passion full time so I'd still make some money, but wouldn't need to work to make a living. You can use drawdown calculators to help calculate the number you'd need: http://www.mycalculators.com/ca/retcalc1m.html Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted January 31, 2014 Author Share Posted January 31, 2014 Depends if you want to choose where you live. I don't think 3-4 mill would do it for S.T Lights out giving rising health care. But it depends on where he lives and what income he needs per year. Your biggest concern will be costs for health care, so pick an island with free healtth care for all British Virgin Islands. Don't forget return on investments. If you could pull as little back in 5% a year of an investment, you could probably pull in significant income (taxed at short term or long term capital gains). Maybe my 5% is way off... another reason I'm sort of asking/something debated with my bro. About 5 Mil would do it for us. I don't know if I'd stop working. I'd work less and go into my passion full time so I'd still make some money, but wouldn't need to work to make a living. You can use drawdown calculators to help calculate the number you'd need: http://www.mycalculators.com/ca/retcalc1m.html Ok, so I put in 5 mill for 50 years, and I think its got me taking out more than 6 figures every year... should be enough to not work full time. (I, too, would work on my passion, not my job.) Am I reading that right though? And, are those draws taxed as income or at lower rates? Link to comment Share on other sites More sharing options...
chipwhich Posted January 31, 2014 Share Posted January 31, 2014 You would have to start at $5 mill. My problem would be 1) where would you get a guaranteed rate of return to ensure you never run out. In 30 years 5 mill won't mean much. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2014 Share Posted January 31, 2014 1 million would do me fine,3-4 would be more fun. If I shifted down South America way even less With Obamacare I'm very tempted right now ......a looooong vacation at least Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted January 31, 2014 Author Share Posted January 31, 2014 You would have to start at $5 mill. My problem would be 1) where would you get a guaranteed rate of return to ensure you never run out. In 30 years 5 mill won't mean much. You can get guaranteed rates of return on bonds and certain investment vehicles. You would probably diversify with those vehicles, but you'd definitely include some guaranteed money. Link to comment Share on other sites More sharing options...
abdcskins Posted January 31, 2014 Share Posted January 31, 2014 * editing because I misunderstood the question. It still depends on your way of living. You could be really frugal and make $1 million last if you invest right. Get rid of your smartphone, only cook at home, get rid of cable, stop doing expensive activities, and you can live off that no problem. The answer to your question for me would be $1.5 million if I don't have to work. Buy a nice house somewhere not in a major city for like $350,000 and invest wisely. Live properly without being tempted by lavish things. Would never have to work again. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 31, 2014 Share Posted January 31, 2014 You would have to start at $5 mill. My problem would be 1) where would you get a guaranteed rate of return to ensure you never run out. In 30 years 5 mill won't mean much. there's no such thing as "guaranteed" but without compounding interest there's no such thing as stopping working (essentially). Link to comment Share on other sites More sharing options...
Predicto Posted January 31, 2014 Share Posted January 31, 2014 Let's see.... here in San Francisco? Oh about 100 trazillion should do it. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted January 31, 2014 Author Share Posted January 31, 2014 there's no such thing as "guaranteed" but without compounding interest there's no such thing as stopping working (essentially). Hmm... I have bought investment vehicles for clients that are "guaranteed" for as much as thirty years. No? Link to comment Share on other sites More sharing options...
chipwhich Posted January 31, 2014 Share Posted January 31, 2014 * editing because I misunderstood the question. It still depends on your way of living. You could be really frugal and make $1 million last if you invest right. Get rid of your smartphone, only cook at home, get rid of cable, stop doing expensive activities, and you can live off that no problem. The answer to your question for me would be $1.5 million if I don't have to work. Buy a nice house somewhere not in a major city for like $350,000 and invest wisely. Live properly without being tempted by lavish things. Would never have to work again. Health care costs would destroy you. Link to comment Share on other sites More sharing options...
Mocountyskins Posted January 31, 2014 Share Posted January 31, 2014 6 mil at least Link to comment Share on other sites More sharing options...
abdcskins Posted January 31, 2014 Share Posted January 31, 2014 Health care costs would destroy you. True. Guess it depends if you want to stop working or not. If I only had $1.5 million in the bank, I would keep working, and presumably still have health care provided by my employer. Once I turned a certain age, say 53, then I'd stop working, assuming I still owned the house and has over a milli in the bank. Link to comment Share on other sites More sharing options...
PokerPacker Posted January 31, 2014 Share Posted January 31, 2014 a couple million would probably be fine for me, especially if I already had a house paid off. I could probably come close to living off interest if I had to, though I imagine I'd prefer to work for awhile, first. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2014 Share Posted January 31, 2014 Health care costs would destroy you. But I was told there is a maximum out of pocket. and non means tested don't crush my dreams Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted January 31, 2014 Author Share Posted January 31, 2014 But I was told there is a maximum out of pocket. and non means tested don't crush my dreams Health care costs would destroy you. You two are like a kick to the nuts. This thread is supposed to be interesting and FUN. Injecting healthcare into this thread is like inviting all your friends to a comedy club so you can tell them you're getting divorced. Let it go. Link to comment Share on other sites More sharing options...
warskins65 Posted January 31, 2014 Share Posted January 31, 2014 Was talking about this with my brother. How much money do you need in the bank today to say "I've got enough." You can stop working, but you don't have to stop investing (obviously). Whatever you are willing to give, I'm willing to take.... Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted January 31, 2014 Author Share Posted January 31, 2014 Whatever you are willing to give, I'm willing to take.... Sure... You can pick up my student loan debt any time you want. Link to comment Share on other sites More sharing options...
China Posted January 31, 2014 Share Posted January 31, 2014 I think about $3-4 million would do it for us. A few caveats: all debt would need to be eliminated first (e.g., no mortgage, car payments, etc.). Living would also become a lot cheaper once the kids are out of the house. Link to comment Share on other sites More sharing options...
twa Posted January 31, 2014 Share Posted January 31, 2014 Let it go. Lighten up Francis ya'll helping me retire is fun Link to comment Share on other sites More sharing options...
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