How much is enough to retire/what is your number?
I know there are a lot of variables, age, dependents, lifestyle, etc. but for the sake of conversation let's say mid-thirties, married, 1 child.
Goal: never to work again, but maintain decent, but not excessive lifestyle.Edit:
Specifics: Ideally, I would retire in 2-5 years, have enough for a nice house (I already own a few, but will consolidate), enough for their college should they elect to go, perhaps send my child to a private school, and ensure a war chest for occasional vacations and regular dining out, health care, taxes off passive income, property taxes life events, etc..
I understand the fundamentals of retirement, 4% rule, delayed social security etc.
My question really is this:If you were 35-40, and had done fairly well for 14/15 years (with a pause for grad school), and virtually no debt expect mortgages on a few commercial properties - what is your number?
Edit: I think $8.5 m net (including primary residence in that number) is enough? Agree? Would that be enough for you in the same (high level) situation?
You really have to be more specific. “Decent” lifestyle has so many different meanings to people.
private school or public?
pay for kids education?
retire at what age?
what types of vacations?
what area (lcol or hcol)?
People retire on all sorts of different income. I know people who retired in their mid 40s and lived in the Midwest in a $400k house, and others who worked until much later because they wanted a different lifestyle.
there's not enough information to answer this
"virtually no debt expect mortgages on a few commercial properties"
are you running blackstone RE, or a backyard RE shop
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