Financial Freedom: What's your number?

[Rain]

How much money do you think you'll need to never have to work again (working becomes 100% optional), while living the lifestyle you daydream of having?

It's easy to throw big numbers around like $1 billion or $100 million (talking is always easy, isn't it?), but honestly speaking, how much do you feel you would need?

Personally, I think $20 million in liquid cash, or $1 million a year in passive revenue would completely satisfy my financial desires. After that, unless I was just having too much fun in business already, I think politics or world traveling are things I'd like to spend the rest of my time on.

 

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[Graves]

Enough passive income for healthy food, great weather, and middle-class luxuries is my 'financial FREEDOM' goal - anything more is just icing on the cake.

I like my cake better with icing, though

 

[Inphinity]

$10million for me, is the point I've worked out (thanks to MJs calculations example in the book ;P) I would need to get my "dreams" done. It's probably smallfry to some people, and I'll probably keep building beyond that point, but that's the "now I've met my specific goals" point. Anything beyond that is bonus.

"Freedom" will be sooner, though. Around $2million, or a passive income of about $100k/yr would do that. That should, by projections, happen next year.

 

[Rain]

@Akitoes

Fair enough, my friend. To have more, desire less.


@Inphinity

Yeah, I won't stop when I hit my goal either. Like anything else, your portfolio is either growing or it's dying. Although, I will consider any excess wealth a bonus as well.

 

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[Graves]

Well, it's still a difficult goal, $40k/yr today's dollars in passive income doesn't fall on your lap.
I just separate financial "freedom" (enough money to feel like I don't truly NEED to work) and financial "extravagance" (making more money just for the hell of it)

Anyway, back to work

 

[gofalls]

Financial Freedom for me is somewhat cheap.

4 months Travel per year = 20k
1 month Volunteer/ donate = 5k
7 months learn, create, or be lazy = 35k
12 month total = 60k after tax

plus

1 home 200k
2 cars (sports car, rock crawler) 40k
1 expedition motorhome (for surf trips to baja mexico) 20k
5 motorcycles 25k
5 bicycles or more 7k
2 whitewater kayaks 3k
2 stand up jet skis 5k
equipment = kite boards, surfboards, paraglider, climbing gear, etc. 10k
Total = 310k

Looks like I need 310k in toys and another 800k invested with 10% CF for 80k before taxes, 60k after taxes. I personally couldn't spend more than that. Everyday would feel like a party. :urock2:

 

[ClintonSkakun]

400-450k per month or 80mil lump sum.

Retire parents
Luxuery condos / houses
Ferari, cars, boat, etc.
Clothes, furniture, art, jewlery
Investing, funding new businesses and building net worth
Travel and parting
Bills

 

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[Rcaraway1989]

My current goal is 7 million in by 30. I don't think i really need anymore, I live a pretty simple life, though I would love to retire my parents.

 

[NHS]

No real numbers for me. I already feel pretty free and alot of that was getting myself out of debt.

It's the monthly payments for things that truly made me feel like a slave. Pretty much knocked them out for myself and now working on my fiances student loans and car payments.

I know alot of people feel that debt is ok. Which to each their own. For me debt makes me feel like a slave. Knowing I absolutely have to work "or else" is what seems to destroy the feeling of freedom.

So what I have learned is to scale my life very quickly depending on whats going on. If I want a new sports car I better have the cash in hand and not effect me in any way.

 

[Kinsey6287]

My number is $5 million. That would (very) easily get me and my wife out of debt, and put us in a nice home on the water. I would put a large chunk of that away for my son, and then use a chunk of it for various ventures I have always wanted to start but couldn't fund.

 

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[zipan]

1 home 200k

I don't know where you would buy an home and how big it would be but I think that 200k a little bit small is. =/

I can not afford my dream house with 200K, and if I look at how many toys you want it would be difficult.

LOVE, Light & Peace

 

[Likwid24]

Did you just watch Wall Street 2??????

 

[zipan]

Yes, I saw the movie.
Why???

LOVE, Light & Peace
Zipan

 

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[Likwid24]

How much money do you think you'll need to never have to work again (working becomes 100% optional), while living the lifestyle you daydream of having?

Did you just watch Wall Street 2? (tried to find the video clip but couldn't find it anywhere)

 

[zipan]

Here you are!

YouTube - Official Trailer: Wall Street - Money Never Sleeps

LOVE, Light & Peace
Zipan

 

[Likwid24]

That was a line from the movie. When their in the office he asks the guy Bretton "what's your number?". Couldn't find that scene from the movie.

 

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[Rain]

Did you just watch Wall Street 2? (tried to find the video clip but couldn't find it anywhere)

Haha! I saw it quite a while back...but totally forgot about that part lol.

"What's your number?"

"More."

lol.

 

[biophase]

Financial Freedom for me is somewhat cheap.

4 months Travel per year = 20k
1 month Volunteer/ donate = 5k
7 months learn, create, or be lazy = 35k
12 month total = 60k after tax

plus

1 home 200k
2 cars (sports car, rock crawler) 40k
1 expedition motorhome (for surf trips to baja mexico) 20k
5 motorcycles 25k
5 bicycles or more 7k
2 whitewater kayaks 3k
2 stand up jet skis 5k
equipment = kite boards, surfboards, paraglider, climbing gear, etc. 10k
Total = 310k

Looks like I need 310k in toys and another 800k invested with 10% CF for 80k before taxes, 60k after taxes. I personally couldn't spend more than that. Everyday would feel like a party. :urock2:

5 bikes for $7k. LOL. Not at the rate you go through them. When are you coming back to the US.

My number is very similar to yours. If my home was paid for I could do $100k a year passive or very little work. Looks like my number is $1 million making 10% or $2 million making 5%. Or even $100k making 100%.

My number used to be very high like many here. But I spent a few years living off $30k a year with ease when I had much more than that. I just couldn't find things to spend more money on at all.

 

[BPA]

I don't have a number, I have a lifestyle in mind that I'd like to achieve, but no number could make me "walk away and retire for good". I couldn't be retired for more than a month without going crazy with boredom, I need to be productive to feel alive.

 

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[gofalls]

I don't know where you would buy an home and how big it would be but I think that 200k a little bit small is. =/

I can not afford my dream house with 200K, and if I look at how many toys you want it would be difficult.

LOVE, Light & Peace

Big homes are a life and money sucker. I know rich guys with La Jolla beach front properties and they spend an enormous amount of energy to maintain it. They are slaves to it, kind of like owning a boat. My dream home is one that is small and simple to maintain. The idea is not to have everything I need in the Home (gym, pool, spa, etc) If I did that then I would never get out of the house. Hopefully I will not be at home often b/c I will be out traveling and playing with my toys. 200k will buy a 1600 sq ft home with a 1200 sq ft garage at todays prices in my area.

5 bikes for $7k. LOL. Not at the rate you go through them. When are you coming back to the US.
.

Been traveling for 8 months now. Still not ready to come home yet. A few more months maybe just to round it off to a full year.

 

[CEBenz]

Financial Freedom for me is somewhat cheap.


1 home 200k
2 cars (sports car, rock crawler) 40k

Uh, I'm not sure how you figure 40k for a crawler and a sports car. My buddy's TJ Rubicon probably has 40k into it alone (GenRight Suspension, Dynatrac 60s, RubiCrawler, 2sp Atlas, King Coilovers and air bumps, 37" MTR Kevlars and 40" pit bulls both sets on beadlocks) just sayin. Lol

oh and you left out the requisite shop space. Lol


Ok, my turn.

Just to get free, I would say 50k per year and to have just a basic comfortable life (it would even feed my Jeep habit).

Now let's look:

10k sq ft house built in 1907---- $ 1,500,000
Lambo LP640-------------------------- $ 170,000
Lambo Aventador---------------------$ 400,000
Lambo Gallardo Spyder ---------- $ 120,000
Small Tropical Island ----------------$ 3,000,000
Misc (inexpensive cars etc...-----$ 1,000,000
Savings (for interest)---------------$20,000,000

Total---------------------------------------$26,190,000

Damn I'm expensive. Lol

 

[gofalls]

Uh, I'm not sure how you figure 40k for a crawler and a sports car. My buddy's TJ Rubicon probably has 40k into it alone (GenRight Suspension, Dynatrac 60s, RubiCrawler, 2sp Atlas, King Coilovers and air bumps, 37" MTR Kevlars and 40" pit bulls both sets on beadlocks) just sayin. Lol

oh and you left out the requisite shop space.

Why is everyone trying to rain on my parade?????

built samurai (geared, locked, lifted, armored,legal, etc) this one sold for 6k
HERE


replica 550 for 30k HERE

40k for a crawler, I would cringe every time I scraped. I want something I can roll and laugh about it.

3 Lambos? I have learned it is much more fun to drive a slow car fast than to drive a fast car slow. The Lambo is a tiger in a cage until you get it on a proper track.

 

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[Kinsey6287]

I have learned it is much more fun to drive a slow car fast than to drive a fast car slow.

Yes it is! I have an '03 Cobra with almost 650hp at the tires, everytime I drive it on the street I can't get through 3rd gear without shredding the tires. Fun, but useless. I drive my wife's '05 GT mustang to work sometimes and drift that thing around traffic circles at 4am. That's a damn blast!!

Lifting the front tires 2 ft off the ground in the Cobra at the track is bad a$$ though. Puts a perma-grin on my face every time. lol

And yes.... If you were to cut me open, I would bleed Ford Blue. lol

 

[valuegiver]

My number is MORE.

 

[Likwid24]

I won't know my number until I reach it. It's hard to say since I don't know how far off it is. It will depend on many things such as the lifestyle I adapt to, the economy and how well I am doing. If I'm wealthy enough to take care of my close friends and family, I might keep going. Or if my business is enjoyable, I might keep going. When the time comes, only then will I know.

 

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[biophase]

Been traveling for 8 months now. Still not ready to come home yet. A few more months maybe just to round it off to a full year.

Come join us in Crested Butte in July, same place as last year. I won't be in town long either, going to Peru in May and Prague in June. Will get back in time for mountain biking.

 

[biophase]

Why is everyone trying to rain on my parade????

Your parade sucks, that's why. Because going on an indefinite vacation is just not living when you don't have "stuff" stored somewhere. I thought I went on alot of vacations, but Derek puts me to shame.

For those others in this thread. The point of having a number is do be able to do what you want every day. So if what you want is to have a garage filled with toys, that's fine. But there are others who don't like to own things at all. I personally don't like owning things. People often ask if I've just moved in at my house because every room is empty. I can't wait to downsize to a 700sf 1 bedroom condo.

 

[CEBenz]

Why is everyone trying to rain on my parade?????

built samurai (geared, locked, lifted, armored,legal, etc) this one sold for 6k
HERE


replica 550 for 30k HERE

40k for a crawler, I would cringe every time I scraped. I want something I can roll and laugh about it.

3 Lambos? I have learned it is much more fun to drive a slow car fast than to drive a fast car slow. The Lambo is a tiger in a cage until you get it on a proper track.

Not trying to rain on your parade, just making sure you didn't forget anything

The porsche replica is actually pretty cool.

There is actually a story to the Lambo thing. I would love a Murcielago, but an open top with swing up doors seems odd to me. So that would have to be a hard top. Love the new Aventador but it doesn't have a gated shifter on the floor (i'm a traditionalist when it comes shifting I guess). So the only reasonble convertible would be the Gallardo. Track days would be required. Besides, I can always sell what I decide I don't want. lol I don't need to hear about slow cars going fast anymore. I'm sick of driving a 3cyl. Geo Metro (the only slower car I can think of is a Smart for Two and it might actually be faster).

Believe it or not, his crawler spends 40 days a year in the rocks in Arizona, and usually at least a week in Moab. occasionally California to, but I think we've decided the Hammer trails are a bit too specialized. He has it at the detail shop about once a month. I'm just glad we don't go through engines like Tony Pellegrino at Genright. I believe he's blown more than one engine in their KOH rig. I know it was blown when we saw him in Moab last year.
Personally, I think the Zuke is a bit short. If you want to go the Budget Crawler Route, I'd say do a Toyota. A good crawler really should have a 100+" wheelbase.

It's not rain, it's an umbrella.
Cheers

 

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