Retire at 35 with 15-20 million dollars

retireearly's picture
Rank: Chimp | 4

Let's say you landed with 15-20 million dollars by the time you are 35-40. (inheritance and your job)
Would it be truly enough to retire for life at that point in age? (assuming you enjoy luxury)
-Live in Northern NJ (around 2 million dollars home)
-You are married and have one kid (goes to private school (30K tuition example: Horace Mann))
-You and your wife enjoys driving high end BMW, Audi, Mercedes, Range Rover (200K worth of cars changed every 4 years)
-You and your wife likes wearing Prada, Gucci, Chanel, Hermes etc (not too extravagant, 10,000 shopping a month)
-Hire a housekeeper
-Eat out often
-Likes traveling (Bahama, Europe etc) (First Class, 5-star hotels)

Would it be possible to maintain this life style for the rest of life with 15-20 million dollars?

Multimillionaire by 35: Is it enough?

Retiring early sounds like all fun right? But what happens when you lose your purpose?
from certified user @LIBOR

i know a girl whose family lives completely off interest.... she dropped out of college and now does coke/heroin/acid, whatever. basically, when you have everything, what is their to look forward to?

the only reason I would say its ok is if you want to retire and then do something that you would love, like open your own business, or go back to school for doctoral studies so you can actually contribute some meaningful knowledge to society.

Thoughts on living the life of luxury.
from certified user @cphbravo96

It seems like it would be enough, but I feel like I would have a hard time walking away from a position in which I made a good amount of money. I don't come from much, so part of me thinks I would have this mentality of "just a little more, then I will stop" but who knows, priorities change. However, I'm sure there would be a transition point like raising a new fund or something of that nature that I could step out gracefully but I would have a hard time doing nothing. Having your own business would be a good choice, preferably one you can have someone run for you and that you can micro-manage from time-to-time, that way you can "work" but take vacations and time off whenever you want. I would probably find a restaurant or bar/pub/club to purchase from someone if I didn't have a passion for something else. Best of luck to you.

Getting to the life of luxury through a career in finance.
from certified user @judowned

If you are capable of making 15 million plus in finance by 35 than I am sure you are capable of doing simple financial planning. If you actually need other peoples advice for something like this I doubt you will ever need to worry about the situation to begin with.


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Comments (23)

Jun 3, 2010

Yes

Jun 3, 2010
retireearly:

Let's say you landed with 15-20 million dollars by the time you are 35-40. (inheritance and your job)
Would it be truly enough to retire for life at that point in age? (assuming you enjoy luxury)
-Live in Northern NJ (around 2 million dollars home)
-You are married and have one kid (goes to private school (30K tuition example: Horace Mann))
-You and your wife enjoys driving high end BMW, Audi, Mercedes, Range Rover (200K worth of cars changed every 4 years)
-You and your wife likes wearing Prada, Gucci, Chanel, Hermes etc (not too extravagant, 10,000 shopping a month)
-Hire a housekeeper
-Eat out often
-Likes traveling (Bahama, Europe etc) (First Class, 5-star hotels)

Would it be possible to maintain this life style for the rest of life with 15-20 million dollars?

well before you get there let me give you some gmat prep - free of charge.

_____(subject 1)____ AND ________(subject 2)_____ creates a plural subject. verbs must be adjusted accordingly.

Jun 3, 2010

Does that really matter.....This is not SAT or anything formal.....

Jun 3, 2010

So, you want to make 15-20 mil and then just stop? Sounds like you have all the answers to life.

Jun 3, 2010

If you have $15 million, you can put it in TIPs (June 2010 TIPs with a 30 year life were offering 3 5/8% pre-CPI). So with 3.625% interest is $540,000+. TIPs are also expempt from state and local tax. I'm pretty sure your wife, kids, and yourself can maintain that standard of living with half million, and you don't even have to worry about investing (you could probably buy default swaps on US debt if you reallllly wanted a hedge).

Jun 3, 2010

@the OP,

This is not really an answer to your question, but from the individuals I've encountered whose net worth was well north of 8-9 digits, MONEY was never really a goal from the onset. Money was a byproduct of their doing what they loved/were good at. And I think you'll find that individuals who are capable of making those sums are NOT the type that would "retire" at age 35 even if they had the means to never do a single productive thing again.

anyway, yes it is enough. one of my uncles is a very successful entrepreneur who decided to sell his business for a very large sum. he went with his family around-the-world- twice. then he became bored and empty--- said his biggest mistake was selling his business.

Jun 3, 2010

I think it will be incredibly easy to get $15-$20 million by the time most people on this board are 35. A loaf of bread will cost $20K, but everyone will be millionaires.

Jun 3, 2010

I think the pressing question is why would you retire so early? I've heard of traders who do that but what is the bloody point? After spending your entire 'youth' working your butt off, a simply life does get tedious.

Jun 3, 2010

i know a girl whose family lives completely off interest.... she dropped out of college and now does coke/heroin/acid, whatever. basically, when you have everything, what is their to look forward to?

the only reason I would say its ok is if you want to retire and then do something that you would love, like open your own business, or go back to school for doctoral studies so you can actually contribute some meaningful knowledge to society.

Jun 3, 2010

Oh come on, you can't put those three drugs into the same "whatever" category. Coke is for partiers, acid is for hippies, heroin is for addicts. Just to clarify.

Jun 3, 2010
mas1987:

Oh come on, you can't put those three drugs into the same "whatever" category. Coke is for partiers, acid is for hippies, heroin is for addicts. Just to clarify.

haha she does all three... i guess it depends on her mood

Jun 3, 2010

It seems like it would be enough, but I feel like I would have a hard time walking away from a position in which I made a good amount of money. I don't come from much, so part of me thinks I would have this mentality of "just a little more, then I will stop" but who knows, priorities change. However, I'm sure there would be a transition point like raising a new fund or something of that nature that I could step out gracefully but I would have a hard time doing nothing. Having your own business would be a good choice, preferably one you can have someone run for you and that you can micro-manage from time-to-time, that way you can "work" but take vacations and time off whenever you want. I would probably find a restaurant or bar/pub/club to purchase from someone if I didn't have a passion for something else. Best of luck to you.

Regards

Jun 3, 2010

$500 for a cheap shotgun to put in my mouth when I realized I live in NJ.

Jun 3, 2010

Illin, not sure if you are fcking around but I doubt most people on this board will have made $20 million by the time they are 35. They certainly wont do it as bankers.

Jun 3, 2010
junkbondswap:

Illin, not sure if you are fcking around but I doubt most people on this board will have made $20 million by the time they are 35. They certainly wont do it as bankers.

When minimum wage is $50K/hour and a new car costs $25 million, believe me, most people on this board will have made $20 million by the time they are 35.

Edit: oops, someone else already made my point.

Jun 3, 2010

I was talking about current value money.........Of course in 20-30 years 15-20 million would seem like 3-5 million dollars.......

Jun 3, 2010

My plan is to retire at 40, open a chain of laundromats, and pay for everything in quarters.

Jun 3, 2010

Illin was implying that in a decade, inflation will have made us all millionaires.

Jun 3, 2010

@junkbondswap I think Illini's point was about inflation...that in 15 years or so when most of us reach 35 $15 million won't be what it's worth today.

it depends on what you mean by 'retire' if i had that much money I would like to spend my time investing it and enjoying it, that being said I wouldn't just live off interest...that would get really old fast unless I was doing some philanthropy or something

Jun 3, 2010

If you can't retire and live the rest of your life with $20MM then you have some major problems.

Jun 3, 2010
retireearly:

Let's say you landed with 15-20 million dollars by the time you are 35-40. (inheritance and your job)
Would it be truly enough to retire for life at that point in age? (assuming you enjoy luxury)
-Live in Northern NJ (around 2 million dollars home)
-You are married and have one kid (goes to private school (30K tuition example: Horace Mann))
-You and your wife enjoys driving high end BMW, Audi, Mercedes, Range Rover (200K worth of cars changed every 4 years)
-You and your wife likes wearing Prada, Gucci, Chanel, Hermes etc (not too extravagant, 10,000 shopping a month)
-Hire a housekeeper
-Eat out often
-Likes traveling (Bahama, Europe etc) (First Class, 5-star hotels)

Would it be possible to maintain this life style for the rest of life with 15-20 million dollars?

WTF, how is Prada, Gucci, Chanel, Hermes "not extravagent"? And who the fuck spends $120,000 a year on clothes?

Non-target person with high finance dreams

Jun 4, 2010
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Jun 6, 2010