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How much money is needed to live comfortably for the rest of my life?

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Young-Gun

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Different for everyone.
It also changes as you grow as a human being.
It can go up or down, depends on what you focus on personally.

My minimum "made it" number is $5.5 million in liquid investments for myself, or $11 million in investments if I have a family.
I could reach 99.9% of my personal goals with this amount of cash.

There's virtually nothing I "couldn't do" at this level... other than private jets, living like international royalty etc.
All the experiences and goals I crave could be achieved...
I could get a sick sailboat and sail around the world... use Air BnB to live like a Boss in awesome locations...

I believe I would feel very financially secure at that point, since I know I can live happily on $36,000 a year if I'm not making any debt payments. I could be wrong, since I've never had that much money and don't know what it really feels like.

But there's nothing wrong with having additional ambitions "just to see how far you can go" without putting a limit on it.
The remaining 1% of extreme desires would be fun to satisfy if I can hit 10x or 100x my personal goal numbers.

Go from a 50 ft sailboat to a 180 ft motoryacht?
I wouldn't turn it down.

So, what's YOUR definition of comfort?
 
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FeaRxUnLeAsHeD

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Not sure if there's a conversion rate problem but 80-100K a year to live comfortably and travel the world?

Dude, I'm living comfortably on 15K USD per year. What the hell are you buying to live comfortably at 80-100K?

To add to this, I'm working on having enough flipping income to pay my student loans, and buying an investment property to take care of my rent. At that point, I'll be living comfortably on 5-7K USD a YEAR.
 
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Guest24480

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Not sure if there's a conversion rate problem but 80-100K a year to live comfortably and travel the world?

Dude, I'm living comfortably on 15K USD per year. What the hell are you buying to live comfortably at 80-100K?

To add to this, I'm working on having enough flipping income to pay my student loans, and buying an investment property to take care of my rent. At that point, I'll be living comfortably on 5-7K USD a YEAR.
The cost of living must be low where you are. I spend 15k USD per year on rent alone.

Looking to move somewhere with a lower cost of living soon.
 

FeaRxUnLeAsHeD

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I live just outside the heart of Boston with two friends - definitely not low cost of living.
 
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MidwestLandlord

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At that point, I'll be living comfortably on 5-7K USD a YEAR.

Just wait until you have kids...

It costs me that much a year just to feed them.

I hope you young guys with no dependents see the advantage y'all have in building your fastlane. If you can seriously live on so little, you could get wealthy FAST.
 
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jlwilliams

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I'm not big on annuities as they are guaranteed by an insurance company.

If the insurance company goes insolvent (think 2008) your money could be at stake. 2008 was quite eye-opening in terms of who should be holding money-system assets.


Man oh man, 2008 certainly put a whole new light on things.
 

Waspy

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Just wait until you have kids...

It costs me that much a year just to feed them.

I hope you young guys with no dependents see the advantage y'all have in building your fastlane. If you can seriously live on so little, you could get wealthy FAST.

I realised this very early in life.

My aunt was on a similar (modest) wage to my parents, but had no kids. My parents had three. She lived a very comfortable life and was able to have 5 properties (rental income) by about 45, and like I say she was on a modest wage and wasn't even trying to get wealthy. She was just a slowlaner with surplus cash. My parents were not, and it all came down to the money spent keeping me and my siblings happy/healthy.
 

ljean

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I keep track of my personal finances to the penny. I spend about $70k/yr just on food, household items, utilities, clothing, gas, family vacations, etc. That does not include taxes, mortgage, car payments, investment savings, kids college savings, etc. Add $100k for those items. And its not like I live extravagantly.
 
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Siberia

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I googled this question and as expected, most of the answers were not realistic and some were as outrageous as "money is really not that important, just be kind to others......". There were a few answers that were calculated but they were calculated on the best case scenario of the economy.

My personal aim in life is not to become a millionaire/billionaire but to get to a point where my family can have the option not to work and travel the world or whatever it is they want to do. I tried my best to come to a figure and it came to £2 million. I admit I'm not good at math and I've never experienced what it's like to have 6 figures so this figure is probably more than needed to live a comfy life.

How realistic/correct do you think my figure is?

Further reading shows that earning between £80k to 100k a year is more than comfy enough.

P.S. Below @eTox has made a post saying his goal is $10m and then proceeds to give motivational advice, I'd appreciate it if we can strictly stick with the topic of money in regards to a comfortable lifestyle.
I googled this question and as expected, most of the answers were not realistic and some were as outrageous as "money is really not that important, just be kind to others......". There were a few answers that were calculated but they were calculated on the best case scenario of the economy.

My personal aim in life is not to become a millionaire/billionaire but to get to a point where my family can have the option not to work and travel the world or whatever it is they want to do. I tried my best to come to a figure and it came to £2 million. I admit I'm not good at math and I've never experienced what it's like to have 6 figures so this figure is probably more than needed to live a comfy life.

How realistic/correct do you think my figure is?

Further reading shows that earning between £80k to 100k a year is more than comfy enough.

P.S. Below @eTox has made a post saying his goal is $10m and then proceeds to give motivational advice, I'd appreciate it if we can strictly stick with the topic of money in regards to a comfortable lifestyle.

I love minimalist lifestyle, without unnecessary things.

In this I follow the example of nature, its purpose does not waste anything and get maximum results with minimal investment.

"PRINCIPLE OF BIOLOGICAL ECONOMY"

..... and that no matter where I am.

My lifestyle will always be inspired by this fundamental principle.

I don't need any mathematical calculations and projections.

I live my life now, now in full, happy and satisfied with the minimum I have available.

I threw away the superfluous.......
well I threw it in my bank account to deposit or investment!!!:hilarious:

Seneca: a very rich man is his day, liked to say:

"I am only master of the room where I am now, right now. Even though I have a huge heritage "

RICH PEOPLE don't spend money on unnecessary things and they live comfortably for the rest of their life!!!!:)
 
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FeaRxUnLeAsHeD

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Just wait until you have kids...

It costs me that much a year just to feed them.

I hope you young guys with no dependents see the advantage y'all have in building your fastlane. If you can seriously live on so little, you could get wealthy FAST.

$245,000 to raise a child from 0-18 years old is the statistic. So technically 13K a year.

I often forget we're all at different stages/walks of life on this form. I'm a naive 23 year old not expecting children in the next decade, so you're absolutely right - I agree that there's an advantage, but let's not fool ourselves. We ALL have different advantages with the hand we have.

People think having 2-7 off-suit is the worst fking hand, and then they go through walks of life and sometimes the flop ends up being 2, 2, and 7. While I have no kids, I also started with no money and my parents came from welfare. So we all have our advantages and disadvantages. Better realize them quickly and make the most of them - the window can close just as fast as you realize the advantages that lie in front of you.
 

MidwestLandlord

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I'm a naive 23 year old not expecting children in the next decade,

I didn't expect kids at 23 either. Had the first one at 25 haha.

I also started with no money and my parents came from welfare.

Same.

Better realize them quickly and make the most of them - the window can close just as fast as you realize the advantages that lie in front of you.

Exactly.

Live like your peers WON'T now, so you can live like they CAN'T later.
 
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