My friend and I were discussing what our numbers were. Meaning how much money one would ideally want to live off of, to live as lavishly or as comfortably as he/she wanted to.
For the sake of 'fun,' what's everyones number? My friend said nothing less than $300 million net worth. While I was a bit more modest (relative to his 300) with $20 million total net worth.
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$300 million is alot
dude if I had 2 mm i would never have to work another day.....
well fuck, come to think of it, once I pay student loans off and accumulate 1.25 mm in cash Ill quit and just trade for myself. This could take 8-10 yrs given yearly expenses. Retire before 35?not bad....
I could retire and live very nicely with $3M.
But I'll "settle" for $150k+inflation/yr.
This has been posted like twice already...
Musta forgot to use the search function. Apologies.
Yes
Also, LOL @ "no less than $300m"
Not to sound like an old man, but the kids who say that will change their minds pretty quickly once the real world hits them. It just sounds retarded and laughable, because you KNOW that person will, in all probability, retire at 65 with about a $3 million net worth (and there's nothing wrong with that)
Dude got big dreams , respect that, as long as he is working towards his goal in a disciplined and strategic fashion.
Warren Buffet wanted to be a millionaire at 30, and would have sounded like a kid.
Infinity. I want to work till I die. Not necessarily in finance though.
It's funny, he's from Armenia, and always buy the most expensive thing he can afford and while it's nice in the moment. His bank account is a dismal number. I told him that one day, he will probably have everything he wants, but will actually have nothing. Great guy though.
300mm doesn't make any sense to me. seems like I would have to really try to spend that much, even at my age (21). people just always want more these days, kind of sickening. if I could some day be making 250k a year after tax for maybe say 5-10 years, I'd be extremely satisfied with that
Didn't Charlie Sheen spend half a million in one night?
I personally do not think money is in the top-5 most important things, may 6th most important thing. But I would like to be a pioneer in what I do (probably entrepreneurship), that means bigger number. That does NOT mean that I will not be satisfied by making 200 K a year. I will be extremely satisfied but will aspire to do better always.
I like your attitude
I doubt he had much thought behind the $300mm number... seems very arbitrary.
$10MM and I open a blues+jazz bar and peace out. If you want to get in touch with me, I'll be surfing Tahiti. Until then, nose to the grindstone.
nice
my number is high school kids need to get banned from the internet
I'd like to have ~$100k+inflation per year AFTER healthcare and housing costs. Obviously more would be nice, but once I get near that point I'll really be considering getting out of the rat race.
If my wife's pension actually holds up (thank you state of Illinois) this shouldn't be an issues. If it doesn't, which is my assumption, we have a long way.
Unless you're really wealthy healthcare is going to be a huge wildcard for all of us and really impact our ability to get out early. That and taxes, ohh those great taxes.
mfoste - I would think putting your nest egg at work by trading in "retirement" would be very challenging. If you have a bad year you might be working at Best Buy. Like all the pros say, poker is fun until your income depends on it.
"More"
^^ This.
I was once asked this same question by the most crazy guys in one IBD interview. I replied: USD 2 billion - and the guy liked it and made a face of "Well, seems fair." Oh man, those are the most ambitious (and unscrupulous) guys you can ever find...
Of course my real number is much lower... Between USD 7-10 million net worth would make me satisfied with myself.
armenians are like the white version of the black folks who aren't good with their money
Yea, there's definitely been 100 posts like this.
And $47,547.13
(inbeforeillini)
4mm
No number in mind. I want to retire with a few autonomous franchises and business under my belt. Would be more than happy with that since you can continue to work in some capacity but still enjoy being able to employ people to handle your biz.
50mm.
enough to buy one nice main home, one holiday home, equip them with decent cars and then have sufficient cash left over to live very very comfortably of interest.
5 mill pounds
first of all... when someone says "what's your number" to me I typically think they're talking about "how many girls have you slammed?"
But anyways... I've become more conservative in my old age (almost 26)... I think I could be fine with $150 million. With $50 you can lead a comfortable life - but you'd still have to fly commercially on family vacations, which isn't very convenient at all... particularly if you need to jump on the jet and get to an emergency meeting in Hong Kong directly from St. B's etc.
You have no idea what you are talking about do you? I have a jet, its not as expensive as you make it out to be. HK to St. Barts by private jet would require a long range class jet which is in an entirely different price range, unless you want to stop 2 or 3 times in which case commercial would take about the same amount of time.
On a different note, I've reached and surpassed my number (mid 8 figures) that I had considered in high school. I haven't stopped working, your number is just this imaginary idea that is rarely peoples cut out point.
wtf you have a jet? do you come from money or did you get this all by yourself? Also you mention you have surpassed ur number mid 8 figures..are you implying you have $50 mil? WTF
This wins the award for the Douchiest Thread of the Month
Just enough to die someplace warm.
10,000,000 USD... so i can buy a big mac when the fed stops printing money.
I think I am stealing your answer. For the past few years $10-15mm has been my aspiring number, down from my naive days of thinking I would make $100mm+.
With $10mm you could comfortably life off bond interest of 5-7% per year ($500,000k - $750,000k) and not worry about life much. I wouldn't need a mansion, a small cottage in Hawaii, maybe another small cottage somewhere international. Spend 6 months at a time really "mastering" a new hobby, surfing to start, speed-flying (youtube it) would be next. Traveling to all the spots on my bucket list.
But having a nice blues/jazz club to come back to would be just icing on the cake!
How did I miss this thread?
Also, how did it get resurrected?
Current lifetime inflation adjusted annuity rates for a 20-something male are around 2.7%.
It takes a house plus about $50K/year pre-tax to comfortably raise a family. Therefore my number right now works out to $3 million plus a house.
This number will get lower- inflation adjusted- as time goes on and my annuity rate increases. By 50, it will be more like $1.5 million.
If you can taste the difference between Santa Margherita Pinot and Yellowtail Pinot, be my guest and save $10 mil. I just want a house with a view of Lake Michigan and time for diving and hang gliding.
20 - 50 mm in investable assets, and probably 5mm in real assets.
Working for a large IA team made me realize that this is the range where people live extremely well and their heirs would never have to worry financially too much. (obv trust structures are needed to ensure the proper use of assets but that's another story). anything over 50mm in investable assets is like icing (and some people reaally like icing)
$30M cash by 30
Whatever it costs to buy a decent house in Florida, a Porsche 911, and a membership to a golf club costs in 50 years.
When he got hired at 22, he came to work on time.
See my signature.
Aristotle really talked about "the game?"
Not "that" Aristotle...
http://en.wikipedia.org/wiki/Aristotle_Onassis
U$ 15 mm
68 fuckzillion $$$
simple man with unsimple tastes
5 million, that's the number I figured when I was a kid. 5 million dollars and you could consider yourself a legitimate baller. You need them for stability. To develop a lifestyle. So I got started. Of course along the way you stop thinking about being rich and all that. It stops being the point. You get past the silliness of it all. But then, after, you realize that's what you are.
If your number is 5mil or less, good luck surviving massive infaltion.
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