How much do you (really) hope to be making by the time you're 40 to feel you are successful and comfortable?
How much do you guys have to be pulling annually to feel that you have been successful by the time you're 40? I know of course everyone would like to be making $20mm annually, but that's not what I'm referring to.
How much to the point where you would feel satisfied with your earnings power, and feel both realistically and mentally secure for your future/kid's futures (if you plan on having any)? Baked into this is of course things like vacations, multiple houses, private school, etc.; whatever expenses you feel are relevant.
Need at least $1M a month to be able to do what I want to do. Should very feasible in the next 7 years.
The only relevant question is what you can perpetually spend, which is determined by (i) active income and (ii) passive income. The rule of thumb is that you can withdraw 4% real $$ permanently without affecting principal. Therefore, I want to be able to spend $100K (permanently), so I need $2.5M. Any additional would be play-money
if you have kids....double that
Because kids really need a lot to feel successful and comfortable?
Because if they have a health issue you need cash to pay to ensure they get the best care possible
Triple that
you'll need more $$ because kids need
1) more space (you'll need a bigger house) 2) food to eat (kids are notoriously picky eaters) 3) clothes to wear 4) activities 5) gadgets that constantly upgrade and get more expensive 6) a bigger car to drive them around 7) baby sitters 8) private school? 9) college? 10) medical costs? 11) special needs kids? what if your kid has autism?
the list goes on...if you want to give your kid the best life possible (and, you will) that costs $$$.
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