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$1 million to retire on

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    #31
    Originally posted by tomhole View Post
    Contrary to popular belief, everyone doesn't work just for the money.
    True. I don't need my job's money (but, I don't mind taking it). I work because I like doing what I do, and I think many people are in similar situations.

    I guess the thread title can be changed to "would $1m make you financially independent" or something along those lines.

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      #32
      Originally posted by Captain Save View Post
      I don't think anyone wants to be fully "retired" .. it's not a fruitful way to leave.. you want to be independent, have a peace of mind, and do what you do when you want to do it.. that does not mean you should stop making money
      What is fully retired? Not working can be very fulfilling: spending time with family and even pursuing a college degree. <-- based on personal experience.

      The key is passive income (which most folks here already have); and have it by large enough to sustain your lifestyle indefinitely (and perhaps even grow). This is the key to retirement. So, you can work if you want to, but job income shouldn't be a necessity during retirement.

      Retirement is about freedom. Freedom to do whatever you like. I just now understand that I'm really still retired because I don't really care for my job's pay; I just do it because it is fun.

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        #33
        Invest in a side project/business

        I'd probably invest some of that money into my side hustle and make it my full time project. I'd then set aside some of the money for initial living expenses as I built my business full-time. Eventually I'd start generating more income from my business and I'd be able to live off the profit generated from it. Working on something you're passionate about can be extremely fulfilling and I'd love to work in it full time eventually. When you love what you're what you're doing it doesn't feel like work.
        Check out the go-to blog for personal and professional development
        thestrongprofessional.com

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          #34
          Originally posted by Singuy View Post
          You know I got crucified on money mustache's forum wondering why MM himself retired at 32 with only 300k. He was making over 100k back then so I wondered why he didn't wait perhaps 10 more years and make a bigger passive income. Everyone was telling me TIME is way more impt than stuff..so everyone should simplify their lifestyle and retire ASAP.
          He had 800k invested plus 2 paid for houses.

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            #35
            Originally posted by Petunia 100 View Post
            He had 800k invested plus 2 paid for houses.
            From reading this brief history, seems that when he quit his job with a 720k "stash", he included his house and its appreciation in there as well. His house appreciated 100k, and it was a 235k house (335k evaluation). I don't know if this house was paid off or not since it's not in this history post. We do know that he bought it using a 20% downpayment. So if we are talking about just investment cash, it's around 300k (assuming house was fully paid off).

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              #36
              No the house wasn't paid off. And the $720k stash included the house. But his wife continued to work for the family business for healthcare and money. So not exactly buying insurance and paying for it on a minimal budget.

              $1m would put up definitely into FIRE range but like SV2007 my DH wouldn't want to. He likes what he does so he'll do it until he's tired. I doubt he'd have to much longer but he wants to so it is what it is.

              $1m is enough if you live simply. Question is do you want to>?
              LivingAlmostLarge Blog

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                #37
                Originally posted by LivingAlmostLarge View Post
                $1m is enough if you live simply. Question is do you want to>?
                I wouldn't retire if I only had that $1 million. But if I got that $1 million on top of what we already have saved, then I would retire.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

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                  #38
                  Can't add much to what the others have said - it really depends on your situation. In my case add $1 Mil to my current $600+k and my paid off house, and yeah, I would almost have to quit. I might continue to work until my girlfriend retires in 2 years, but who knows.

                  I guess this explains why I don't gamble on anything like this. If I gamble I want there to be no doubt about what to do if I were to win.
                  Don't torture yourself, thats what I'm here for.

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