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11683172 No.11683172 [Reply] [Original]

How much money do you think you'll need before you stop wagecucking? How did you go about reaching that number?

>> No.11683207

>>11683172
2.5 million.
Take how much yearly income you think you need to live off of, add in taxes, and divide by 0.03 for a 3% safe withdrawal rate.
For me that's 75k a year before taxes which will be about 50k after.

>> No.11683229

>>11683207
Exactly how much I figured as well. 75k a year is my income before taxes rn and it's comfy af. Going up to the next level put you around 110k, but you work an extra 15 hours a week. Not worth.

>> No.11683255

>>11683229
Do you have a mortgage/family? Keep in mind by the time you're nearing retirement age your average costs to maintain lifestyle should decrease. I just want 50k per year after taxes/1k per week because with minimal expenses that's fuck you money, and I want to have a nice ass retirement.

>> No.11683340

>>11683255
I just started at my first job and will be forced to move every few months for 5 years or so. No family, no mortgage, no debt rn.

Don't forget inflation though. If you want 50k in 30 years expect inflation to at least double.

>> No.11683356

500k. i can literally live off 10k a year

>> No.11683369

>>11683340
Inflation is factored in a bit. The 3% withdrawal rate assumes you have your money invested in dividend paying stocks which return more than 3%, therefore you're living off of your dividends only, never touching the principal. If you get get 5 or 7% return then your principal grows with inflation

>> No.11683403

>>11683340
I'm talking getting out like 5 to 10 years from now not 30.
I think with that much money so you'll be okay some dips in off years you can average 6% returns easy, that way you give up 3% to inflation and 3% for withdrawals and still maintain your stash at the same time.
Out of curiosity what type of job makes you move every few months?
I'm closing in on my first million so I'm starting to brainstorm about an exit strat.

>> No.11683429

>>11683403
Audit, shit sucks.

>> No.11684219

500K and my house paid off. Other than my house, I have very few expenses.

>> No.11684234

>>11683356
>>11684219
>500k

Frugal master race.
I would be so happy just to have this amount, I don't want to keep wageslaving...

>> No.11684265

>>11683172
1.5 million. I'm not a flashy guy, no interest in lambos or anything. Half a mill on a house and 1 mill to live on.

>> No.11684281

>$500k
>house already paid off
>get a wife, force her to work
>stay at home working on projects

>> No.11684336

>>11683172
i need $7 billion net worth and $400 million in usable spendable money

>> No.11684341

>>11684234

>Live with roommates or your family if you can
>Ride your bike everywhere
>Make most of your food yourself
>Change all your insurance plans to high-deductible plans
>Switch your phone provider to Ting, Cricket, Republic or similar cheap provider

You just greatly reduced your cost of living, without making major sacrifices to your standard of living. Now take your extra money, throw it in VTI and wait. Just don't tell normies. They will try to sabotage you every chance they get.

>> No.11684630
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11684630

>>11683172
Bumping important thread. I would say 2-3 million to be able to retire and be comfy but frugal. I hope my 10k link stack is enough for this by 2022 or so

>> No.11684641

I have a child, so 2 mil

>> No.11684653

I'd like to change the world so at least 20M would be good

>> No.11684674
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11684674

>>11683172
Holding 10,000 Snow until 2021 and hoping for $5 Million. More would be just fine.

>> No.11684685

>>11684653
I'd like to change the world but I don't know what to do, so I'll leave it up to you.

>> No.11684708

>>11684685
I'll try my best

>> No.11685323
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11685323

>>11683172
---------
$630k
---------
>$300k home
>$30k vehicle
>$200k long term investments
>$100k liquid/short term investment

I know I'd still have to work, but with all that taken care of, I know I could survive off my Etsy store and just relax for the rest of my life.

>> No.11685334

>>11683172
I don't have big aspirations. I'd be happy with 2-3 million. From there I could at least grow my wealth or comfortably retire.

>> No.11685528

i just want around 80 million, maybe 120 if everything goes fine
not greedy btw i just want to retire early

>> No.11685552

>>11683172
My preliminary goal is to simply break 6 digits of savings and investment.
That would be several years worth of fuck you money unless my spending somehow skyrocketed.
Wage, contract, own business, a mix of everything? I'll simply do what's most interesting to me and become as good as I can at it, I think the money will follow.

>> No.11685558

>>11685528
Yeah, same here. I just need 100 millions to live comfy. I'm a frugal person so not much is needed