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How many millions do you have to make to be sustainable to quit your job?

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  • How many millions do you have to make to be sustainable to quit your job?

    If you live in a small town and don't care for huge luxuries. How many millions does it take?

  • #2
    Lots of folks do it with under $1 mil net worth.

    Comment


    • #3
      It partially depends on how old you are.
      I retired at 52 with well under a million.

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      • #4
        Oh about tree fiddy.

        Comment


        • #5
          Originally posted by clatoden99 View Post
          If you live in a small town and don't care for huge luxuries. How many millions does it take?
          Cannot be answered without specifics.

          I see this is your first post. If you're not a troll/spammer, and are seriously asking this question, provide more details.
          seek knowledge, not answers
          personal finance

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          • #6
            Originally posted by clatoden99 View Post
            If you live in a small town and don't care for huge luxuries. How many millions does it take?
            This is impossible to answer without details.

            How old are you? Married? Kids? How much are you monthly expenses? Are you eligible for a pension? Social Security?

            Kind of an odd first post.
            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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            • #7
              It depends on your age (and how long you expect the savings to last--and whether you are spending down to zero), what type of investment mix you have and how much your expenses are.

              Some folks believe safe withdraw rate at normal retirement age is somewhere between 3-4% (and that is with some exposure in equities)... So, for every million saved, you would have about 30-40k to spend. If the money is pretax, you would have to account for taxes.

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              • #8
                Originally posted by clatoden99 View Post
                If you live in a small town and don't care for huge luxuries. How many millions does it take?
                Impossible to answer without more details.

                Me personally.... I'd probably call it quits around $3MM
                Brian

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                • #9
                  OP, are you handing out money? If so, just put me down for $10 Million. Without doing any calculations, I'm pretty sure that would cover me for the next 57 years or so if I was smart about it.
                  History will judge the complicit.

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                  • #10
                    Originally posted by clatoden99 View Post
                    If you live in a small town and don't care for huge luxuries. How many millions does it take?
                    $500,000

                    I'd buy rental properties for cash and live off the income
                    Gunga galunga...gunga -- gunga galunga.

                    Comment


                    • #11
                      2.5

                      Huh. I was going to submit just "2.5", but when I clicked Submit, I got a message that my post needed at least 5 characters.

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                      • #12
                        Originally posted by Bob B. View Post
                        2.5

                        Huh. I was going to submit just "2.5", but when I clicked Submit, I got a message that my post needed at least 5 characters.
                        That's most likely part of the new forum structure to help to minimize spam posts.

                        It keeps people from answering "yes" or "ok" or other one word responses to posts.
                        Brian

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                        • #13
                          To last 30 years you need about 25x annual spending.

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                          • #14
                            Personally, $1 mil. We live in a higher cost region but that has its financial advantages. Plus my figure includes luxuries. Maybe not huge luxuries.

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                            • #15
                              $3M that sounds luxurious and double what I need. I'm too careful to have less.
                              LivingAlmostLarge Blog

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