My wife says 3 million, but I've seen her Amazon addiction in action, so I'mma

Report problem with this ad

Jul 7, 2020
7:37:09pm

DeekLyfter Truly Addicted User

say 10 million

Report problem with this ad

DeekLyfter

Previous username: UberDeek
New username: PrimeQuantumDeek
Bio page: DeekLyfter
Joined: Feb 27, 2011
Last login: Nov 9, 2021
Total posts: 0 (0 FO)

Report problem with this ad

Messages

Author

Time

POLL: At what point would you consider yourself “set for life”?

blackandblue

7/7/20 2:40pm

Most people (not cb) easily at 1 million. Most if not everyone on CB by $3

Baron

7/7/20 2:43pm

$1M? Maybe if dividends were higher or there was even a touch of interest from

crack

7/7/20 2:45pm

You could basically live off $40k for the rest of your life without running out.

Baron

7/7/20 2:52pm

I think you are right. But I just don't see how living on $40k when I am 50

crack

7/7/20 2:55pm

4% is the safe withdrawal rate based on the Trinity study. And you can actually

Baron

7/7/20 2:58pm

Thanks. I will take a look at the Trinity study. I haven't heard of that before.

crack

7/7/20 2:59pm

Here is a blogger talking about it:

Baron

7/7/20 3:02pm

Thanks.

crack

7/7/20 3:06pm

I wouldn't consider myself "set for life" if I have to live a lifestyle that's

Scratch

7/7/20 3:03pm

Yes. I agree.

Baron

7/7/20 3:05pm

4% is too high when you have such low interest rates on your savings.

scott715

7/7/20 4:08pm

No it isn't. It is very conservative.

Baron

7/7/20 4:12pm

RE: No it isn't. It is very conservative.

scott715

7/7/20 8:58pm

What a dumb article. Look at my link who looks at the numbers not

Baron

7/7/20 9:03pm

That wouldn't even cover my SF rent.

ReyOso

7/7/20 3:14pm

For 50, that seems low. If 65 or 70, then yes.

blackandblue

7/7/20 2:48pm

You are right on the $1 million number. I made some assumptions that may not be

Baron

7/7/20 2:53pm

$3 MM won't even cover my yearly yacht expenses.

Broda

7/7/20 2:49pm

What reputable financial advisor says you’re set w/ $1M at 50?

BYU'01

7/7/20 6:28pm

A million at 50 is totally fine if you are planning on working until 65

LaserCoug

7/7/20 9:12pm

Now.

grandpacoug

7/7/20 6:28pm

Assets quickly liquidated? Or assets in total?

immacougar

7/7/20 2:43pm

I wouldn’t include primary residence in this since I don’t consider that an

blackandblue

7/7/20 2:45pm

I'd look more at what kind of monthly cash flow you have, not money in the bank

CougarHut

7/7/20 2:45pm

Next assumption- your only cash flow is coming from this total sum.

blackandblue

7/7/20 2:46pm

You'd still want a nestegg for emergencies

CougarHut

7/7/20 2:49pm

$1mil a year is easy. That’s 50k/yr without touching principal. Income goes up

valleus

7/7/20 2:48pm

assuming all debts are paid, i agree with you.

blueaussie

7/7/20 2:53pm

Net worth is assets - liabilities. You don't have 1mil if you owe half of it.

TailgateU

7/8/20 2:19pm

yeah, but depends on your age. 50k/yr will not be much for someone in 60 years.

viper

7/7/20 2:55pm

It’s not even much right now.

JohnnyComeLately

7/7/20 2:56pm

Where are you getting a risk free 5% return these days?

crack

7/7/20 2:57pm

Historical return of an index fund is above 5%/yr for the past 100 years. So if

valleus

7/7/20 3:04pm

$50k a year is "set for life: or "just scraping by?"

Plato

7/7/20 3:39pm

It makes me wonder how much money kids costs me.

Belboz

7/7/20 3:56pm

You want to be a grandpa that spends some money on grandkids. Don’t be scraping

blackandblue

7/7/20 4:23pm

Mine are all rolled together. I have 2 grandchildren already.

Belboz

7/7/20 5:28pm

It is not hard to live well on 50k a year. 50k a year provides a decent house,

valleus

7/7/20 4:56pm

Not when your family's health insurance premium is $22,000/yr

Plato

7/7/20 5:52pm

If you make 50k you can get health insurance way cheaper than that

BYUFootballisBack

7/7/20 10:31pm

$1M probably isn't going to provide enough income to live on

Doctor Rosenrosen

7/7/20 2:55pm

$3M and debt free

Croweater

7/7/20 3:07pm

One can survive with that.

Archaea

7/7/20 3:08pm

<< Deleted >>

Croweater

7/7/20 3:10pm

The reason people set higher numbers is the current coupon rates are so low,

Archaea

7/7/20 3:07pm

Of course it depends on what the $3MM is. House? Bank account with lousy interest? Stocks?

hitechcpa

7/7/20 3:13pm

It's all fungible.

TailgateU

7/8/20 2:22pm

A million at 50 makes me feel good about being ready to retire in a decade or so

LaserCoug

7/7/20 3:23pm

One of the toughest parts for a lot of us around that age

Belboz

7/7/20 3:53pm

If I had a million, I could theoretically live off the interest, so I guess that would be "set for life"

RUNBYU1

7/7/20 3:26pm

You can live off $10,000 per year? That is impressive

Croweater

7/7/20 3:51pm

Average index fun is 5% return per year over the past 100 years = $50,000 per year. No mortgage, car payments, etc. so

RUNBYU1

7/7/20 3:55pm

Calling and Election.

lyrok

7/7/20 3:35pm

Home paid off and $1M would do it. There are a couple of part-time gigs I am

DC12

7/7/20 4:11pm

Props to all of you who can or do live off of 50k/year.

blackandblue

7/7/20 4:48pm

And that's cheap!

Plato

7/7/20 4:51pm

My wife says 3 million, but I've seen her Amazon addiction in action, so I'mma

DeekLyfter

7/7/20 7:37pm

$30M+

Cougstreak

7/8/20 12:28pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad