How much money do you need?

[NCAces]

[ QUOTE ]
I agree with you 100%. Most of us are nothing more than “climate controlled” slaves. I have come to realize though, that it has always been this way. It’s just more cleverly disguised now, which makes us much more efficient automatons.

This used to bother me to no end, until I realized this was the nature of human existence. In the animal kingdom, stronger genes thrive and survive, while the weaker genes quickly die off. It is this process that keeps the species strong. However, with humans, this process has radically evolved. Instead of the weaker genes dying off quickly, they are kept alive, and enslaved for the progression of the stronger ones.

Now some people will argue that our entire species benefits from this process, but I disagree. In my opinion, the relatively few that thoroughly enjoy their lives, nowhere near compensates for the amount of suffering that takes place in this horrible world.

It will never change, except to get worse. The majority will continue to suffer, while the elite few enjoy the ever-illusive pleasures that come with power, freedom, and luxury.

It is true that if you work hard enough, you can attain you desires and achieve your goals, but most of these are manufactured, and leave no real lasting satisfaction anyway, which makes me feel like they're not even worth the fight.

After years of severe depression and anxiety, I have finally hit “rock bottom”, and have subsequently been forced to, as Tyler Durdon so eloquently put it, “just let go!”

It has been three months since I walked out of my [censored] job mid-shift, and have finally spent the last of my dwindling supply of money. Consequently, I was evicted from my apartment, and am now temporarily staying with a friend. My plan is to move out to B.C., where I will live in a mountain cave, until I can figure out when and how I’m going to kill myself.

[/ QUOTE ]

I think I will bow out of this discussion at this point.

NCAces

[SpearsBritney]

I don't blame you. It's much easier to just ignore the side effects of your "ideal" socioeconomic system.

[RocketManJames]

My magic number has been right around $4MM. This assumes that I will get 6-7% return longer-term, and I spend LESS than what I make from the money. So, at 6%, that's 240K per year. But, I would spend well below this, allowing the rest of the year's gains to compound without taxes. Over time, this 4MM would grow to 8MM at which point, I would more or less be DONE.

-RMJ

[Wake up CALL]

[ QUOTE ]
I don't blame you. It's much easier to just ignore the side effects of your "ideal" socioeconomic system.

[/ QUOTE ]

Personally most of us really don't care one bit about poor people. Except for the fact that no one would know if they were rich or not without poor people as a comparision they serve no other useful function to our society other than to breed.

[grandgnu]

[ QUOTE ]
[ QUOTE ]
I don't blame you. It's much easier to just ignore the side effects of your "ideal" socioeconomic system.

[/ QUOTE ]

Personally most of us really don't care one bit about poor people. Except for the fact that no one would know if they were rich or not without poor people as a comparision they serve no other useful function to our society other than to breed.

[/ QUOTE ]

You some kinda supremicist or something? It's through poor people that the top 5% attain a lot of their wealth, off the backs of the working poor.

Karl Marx foresaw the problems with Capitalism, whereby there would be a growing gap between the have's and have nots, and the middle class would eventually disappear.

[locutus2002]

It's a difficult and personal question: alot like would you call with AK here?

As has already been pointed out, in the first world, the U.S. and most notably CA, $3,000,000 is not alot of money compared to a lifetime of earnings. In the 3rd world, outside the US, it is alot of money.

When you're 20 it is very difficult to anticipate what your needs or desires are going to be for the next 60 years. In general, trust babies are some of the most undeveloped and unfulfilled people that I know, for this lack of struggling through life to achieve more.

Most importantly very few 20 year olds are mature enough to make pivotal decisions for the rest of their life. It would probably be a good idea to finish school and broaden your horizons and worry about settling down later.

[Analyst]

[ QUOTE ]
About $10 million.

I want enough that after inflation, interest, and taxes (including taxes on the interest!) that I can get $100K/year (adjusted up each year for inflation) with enough principle to last 60+ years. If you imagine that you get a nominal rate of return of 6% per year, that you lose 1/4 of that return to taxes, and that inflation averages 3% per year then $10 million and that you want to be able to spend $100K [2005 dollars] / year then the money runs out after 62 years.

[/ QUOTE ]

This is the only reasonable approach to look at the problem. 6% nominal return is pretty reasonable, say munis or the like, and 3% inflation is reasonable as well. 25% for taxes seems is much too low, though - keep in mind that you're talking $600k in income the first year, and it goes up (in nominal terms) thereafter. Also, 60+ years is pretty much the same as forever - you're living off the interest.

My rule of thumb is that you can expect to make ~1.5%/year in real, after-tax returns that are sustainable indefinitely. It surprised me at first that the number was so low, but that's the way it worked out. So, for me, ~$8-10M and a paid-off house.

[Howard Treesong]

[ QUOTE ]
This is the only reasonable approach to look at the problem. 6% nominal return is pretty reasonable, say munis or the like, and 3% inflation is reasonable as well. 25% for taxes seems is much too low, though - keep in mind that you're talking $600k in income the first year, and it goes up (in nominal terms) thereafter.

[/ QUOTE ]

I'm no expert on the subject, but I believe that certain types of interest (i.e. muni bonds) aren't taxed; dividends, certainly, are taxed at the lower 15% federal rate. Moreover, the first chunk of your $600K is taxed at a much lower rate. So long as you live in Nevada, Florida, or another state-income-tax-friendly jurisdiction, I'd think your overall tax rate could easily be well under the 25% rate you suggest -- and very likely under 15%.

[ QUOTE ]
My rule of thumb is that you can expect to make ~1.5%/year in real, after-tax returns that are sustainable indefinitely. It surprised me at first that the number was so low, but that's the way it worked out. So, for me, ~$8-10M and a paid-off house.

[/ QUOTE ]

That's a very conservative set of assumptions. I suspect a real sustainable rate of return is higher than that; and my number is correspondingly somewhat lower.

[ohgeetee]

[ QUOTE ]
- I can tell you that I am in the top 5% as are many of my friends and colleagues.

[/ QUOTE ]
[ QUOTE ]
Take away my wealth (and I am not asserting that I am in any way a wealthy person),

[/ QUOTE ]

LOL.

You're wealthy, and that's fine, but how do you make this second statement with a straight face? Wealthy people scared to admit it and speak of it like its AIDS or something amuse me. The folks who would harp on you for claiming to be wealthy(which is who I assume your disclaimer is pointed at) are the same ones that started typing their reply after reading the first quote, ignoring the rest of whatever you had to say anyway. Witnessing you cater to stupidity with lame disclaimers makes it difficult to take you seriously.

[ohgeetee]

[ QUOTE ]
In order for someone to be rich, many others must be poor.

[/ QUOTE ]

[ QUOTE ]
If you're below average, yes, I would consider it poor.

[/ QUOTE ]

What a great argument. The man is keeping all the poor people down, and by poor, we mean the bottom half of all wage earners, regardless of what their actual income is. In your world, the economic crisis would never change, because there will always be below avg, even if everyone were millionaires.