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#1
11-06-2005, 11:49 PM
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How much money would you need to retire right now??
Lots of variables here, I suppose, but just for argument's sake, let's say you're between 25 and 35, no outstanding school loans or anything. No kids (but maybe married).
How much $$ would you need to have in the bank to feel comfortable quitting your job and "retiring". (I think we probably also have to assume that you're not planning on making any substantial additional poker income...otherwise, I could technically "retire" right now.) 
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#2
11-06-2005, 11:51 PM
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Re: How much money would you need to retire right now??
Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.
But $1 million would probably be good enough anyway.
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#3
11-07-2005, 07:26 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then. But $1 million would probably be good enough anyway. [/ QUOTE ] Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!
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#4
11-07-2005, 08:48 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then. But $1 million would probably be good enough anyway. [/ QUOTE ] Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!! [/ QUOTE ] Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything. A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?
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#5
11-07-2005, 09:26 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then. But $1 million would probably be good enough anyway. [/ QUOTE ] Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!! [/ QUOTE ] Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything. A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle? [/ QUOTE ] i thought OP wasnt about a couple but about just him without kids. i think 100K/yr is alot for one person. Maybe not alot for someone living in a very expensive city like NY or LA though. How big of a house is a single guy living in? where is he spending all of his money?
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#6
11-07-2005, 09:32 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then. But $1 million would probably be good enough anyway. [/ QUOTE ] Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!! [/ QUOTE ] Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything. A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle? [/ QUOTE ] i thought OP wasnt about a couple but about just him without kids. i think 100K/yr is alot for one person. Maybe not alot for someone living in a very expensive city like NY or LA though. How big of a house is a single guy living in? where is he spending all of his money? [/ QUOTE ] Where I live, a single guy making 100k a year, is doing very well. Could easily afford a nice 3-4 bedroom house, 60k+ car, and have a lot of money left over to have fun with. An emigrant direct account @ 4% interest, w/2 million yields, 80k. I think that is decent income for the rest of your life. Ecspecially if you currently play Pokeher, you could add a lot on to that initial principle.
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#7
11-07-2005, 09:44 AM
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Re: How much money would you need to retire right now??
Just because a person is single/living alone right now doesn't mean they'll stay that way. If you're looking at how much you'd need to retire you can't just take your current situation and extrapolate it forward in terms of lifestyle and yearly expenses. Personally, I think even looking at this situation in terms of X dollars per year is wrong. I think far to many people focus on paying their bills and maintaining their lifestyle or whatever rather than accumulating wealth.
Ofcourse I can live very comfortably off 100k right now, but once I end up getting married and having a couple kids, things would be pretty tight. Maybe then, I could live very comfortably of 200k or 250. 30 years from now though, that 200 or 250 won't be that much and I'd probably need something more like 500 or 600. IMO the whole point is to accumulate enough so none of that will be a concern. Ever.
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#8
11-07-2005, 09:56 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle? [/ QUOTE ] You're nuts. Where'd you get this figure for a teacher's salaries? My yearly expenses come under $25k/yr, probably under $20k, and I don't live a particularly sparse lifestyle. But I still wouldn't feel comfortable retiring without more than $2M.
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#9
11-07-2005, 10:09 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle? [/ QUOTE ] You're nuts. Where'd you get this figure for a teacher's salaries? My yearly expenses come under $25k/yr, probably under $20k, and I don't live a particularly sparse lifestyle. But I still wouldn't feel comfortable retiring without more than $2M. [/ QUOTE ] [ QUOTE ] Loc: Nashville [/ QUOTE ] I'm from Connecticut so there's probably a huge regional difference in terms of cost of living. There's no way you could get by on under 20k a year unless you lived a VERY sparse lifestyle. Just renting a semi-reasonable apartment will run you north of 1k/month. If you want to buy a house in a decent town with decent schools and whatnot, you'd be hard-pressed to find one for less than 300 or so. I have a cousin that's been a teacher for 3 or 4 years and he makes ~45. I'm pretty sure they start at 36 first year out. The ones who have been teaching for a number of years make closer to 70.
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#10
11-08-2005, 12:14 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle? [/ QUOTE ] Wtf? That is an insane comparison. How can you compare a situation where you are have regular jobs and need to be saving up a large portion of your money for the future to a situation where you have millions in the bank and whatever you "pay yourself" is 100% disposable? This isn't like having a $100k salary. This means that you are literally spending $100k a year. That's about $275 a day. You don't think you can by spending an average of less than $275 per day on food, insurance, entertainment, etc.? That's a huge amount.
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