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$1 million to retire on

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  • bennkar
    replied
    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.

    Leave a comment:


  • disneysteve
    replied
    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.

    Leave a comment:


  • LivingAlmostLarge
    replied
    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>?

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  • Singuy
    replied
    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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  • Petunia 100
    replied
    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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  • thestrongprofessional
    replied
    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.

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  • sv2007
    replied
    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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  • sv2007
    replied
    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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  • disneysteve
    replied
    Originally posted by cornfieldj View Post
    Telling everyone to simplify their lifestyle
    I do think there is value, however, in encouraging everyone to take a good hard look at their lifestyle and see if it aligns with their priorities and goals.

    Leave a comment:


  • cornfieldj
    replied
    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.
    Life isn't that one-size-fits-all. I live in NYC, and I work every day, and sometimes I do media interviews. So even though i am not Megan Kelly and never will be, I have to do a certain amount of spending to look a certain way. (Though I am getting much better at the home blow-out.)

    I shop at thrift stores, I hit the sale rack, I don't shop constantly... but I can't spend NOTHING on appearance. Telling everyone to simplify their lifestyle is like saying everyone should have kids. And frankly telling everyone to retire ASAP is unrealistic.

    Leave a comment:


  • clatoden99
    replied
    For me it would not matter. Iíve already planning on working until I can no longer work. Frankly, I enjoy what I do. My mind needs the stimulation that work provides. Essentially, I could retire now. I simply do not wish to.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Captain Save View Post
    I don't think anyone wants to be fully "retired"
    It depends what you mean by retired, a question we've discussed numerous times.

    I know plenty of people who no longer work for pay, but that doesn't mean they are sitting around on a rocking chair all day. My uncle, who is 91, just got back from a Caribbean cruise to celebrate his wife's birthday. They cruise every year for that occasion. My mom, who is 86, lives in a senior apartment building and is active on the social committee that plans and runs various events for the residents. She also helps out in the kitchen regularly. My cousin, who is 61, lives in a 55-and-over community in Florida and belongs to several clubs there. He also has 2 antique cars and is very active in the local car clubs, cruise nights, and shows. None of them earn any money but they are all very active and enjoying life.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by 97guns View Post
    contrary to popular belief working is not the only way to make money
    Obviously. Otherwise nobody would ever be able to retire. You need to have a steady income in retirement whether it comes from a pension, a 401k, Roth IRA, annuity, rental income, investment income, etc.

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  • greenskeeper
    replied
    Originally posted by 97guns View Post
    contrary to popular belief working is not the only way to make money.... get enough money and it works for you and you not work for it
    completely agree.....500k and I'm "out" !

    Leave a comment:


  • corn18
    replied
    Contrary to popular belief, everyone doesn't work just for the money.

    Leave a comment:

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