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#21
11-07-2005, 04:23 AM
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Re: How much money would you need to retire right now??
I'm surprised all of these numbers are so low. When I retire, I want to spend my days sitting in a hot tub on my yacht smoking cigars, not worrying about budgeting my money so I can pay my bills. I'd also like to give my kids (when I have them) a very good head start in life. A million dollars, 2 million dollars, or even 5 million dollars doesn't seem like all that much money to me. All of those amounts are certainly life-changing, but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again". I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount.
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#23
11-07-2005, 06:28 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
well 5% of 1 mill would be 50k a year. And i think you can get around 5% (but i dont know) in CD's or something.. you should be able to get more than that in some high-return stock things. [/ QUOTE ] CDs barely get 3% right now and u never wanna lock them for more than 6 months at a time which lowers ur rate....
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#24
11-07-2005, 06:28 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
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). [/ QUOTE ] I would need £5million.....(Sterling not dollars) That would keep me more than happy FWIW....and let me be able to continue a very happy life..... 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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#25
11-07-2005, 06:57 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again". [/ QUOTE ] Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you. I'm pretty sure I could pull this off with 500k. Yes, I would have to live cheaply, but I don't mind that, and it sure beats working.
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#26
11-07-2005, 07:12 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again". [/ QUOTE ] Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you. [/ QUOTE ] [ QUOTE ] I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount. [/ QUOTE ] You read very well.
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#27
11-07-2005, 07:20 AM
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Re: How much money would you need to retire right now??
$3M.
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#28
11-07-2005, 07:21 AM
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Re: How much money would you need to retire right now??
[ QUOTE ]
[ QUOTE ] [ QUOTE ] but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again". [/ QUOTE ] Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you. [/ QUOTE ] [ QUOTE ] I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount. [/ QUOTE ] You read very well. [/ QUOTE ] Just to clarify, my thoughts would be something along the lines of, "Good, now I have a little something to work with. It'll save me 10+ years of grinding."
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#29
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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#30
11-07-2005, 08:39 AM
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Re: How much money would you need to retire right now??
Haven't read the thread, but just one piece of advice which many forget. The living standard needed for you to feel satisfied will probably be significantly higher in 20-30 years time than it is now; since average living standard will be much higher then due to economic growth. Take into account that you need to find money to finance this somehow.
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