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

Discussion in 'The Fastlane' started by GatsbyMag, Feb 4, 2017.

  1. GatsbyMag
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    GatsbyMag Contributor Speedway Pass

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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.
     
    Last edited: Feb 4, 2017
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  2. eTox
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    eTox Toxic WASTE Read The Millionaire Fastlane Speedway Pass

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    My personal goal is $10M.

    But then again, it's only when you forget your goals and focus on execution does it seem to become evident that goals are mental masturbation. It's the process that matters.

    For me, I just put that in my mind and forgot about it, because thinking about the goal won't make me any closer to it, executing, grinding, and hard work will.

    So in the end, it really doesn't matter what the goal for a comfortable life style is, if you can't get shit done and get any closer to. Advice: forget dreams and goals and start bringing in money.
     
  3. acerseller
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    acerseller Contributor FASTLANE INSIDER

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    Everyone will have a different number.

    It is important to make clear whether you are talking about total equity, active income, or passive income.

    This is the roughest way to calculate it (if thinking in terms of equity generating passive income so you don't have to work):
    - how much income do you need to cover all your expenses such that you feel comfy? (assume $100K based on your comments)
    - what annual return do you expect is reasonably achievable? (assume 8% since that is what the models always use for stocks)
    - divide the income by the annual return ($100K / .08) = 1,250,000

    That doesn't account for inflation, return risk, taxes, and more, but it is a starting point.
     
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  4. MakeItHappen
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    MakeItHappen Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    40x your yearly spendings invested in something like ETFs should be fine.
     
  5. #nowhere
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    #nowhere Constant dripping wears away the stone. FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Could you please elaborate on this? Source?
     
  6. Waspy
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    Waspy Float like a butterfly FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    What? So we can't post about things we find relevant. Do you want an exact figure? No conversation?

    Alright. I'd live a very good life on 500k per annum.
     
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  7. MidwestLandlord
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    MidwestLandlord Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    I can live very comfortably on $35,000 per year.

    The comfort just increases after that.

    Probably not the answer you were looking for.
     
  8. Mikkel
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    Mikkel Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Isn't the most important part of your question still unanswered? When will you die?

    If you died at 50, well than maybe you would do fine with $2 million. What if medicine found a way to regenerate body parts and replace narcotic tissue.. which is very plausible. Would that not allow us to live well beyond 100? How much more money would you need to have?

    Plus, who saying $10 Million is not living comfortably for someone else. Living comfortably does not have to be a selfish act. It could mean, peace of mind when you pass away. You know your family can live comfortably as well.
     
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  9. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member LEGENDARY CONTRIBUTOR FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    Admin Post
    I clearly outlined a mathematical formula for this in TMF. You should read it if you want your answer.
     
  10. MakeItHappen
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    Sure, let's say your perfect lifestyle would cost $100k per year. If you have 40x that = $4 million and have it invested in low risk investment verticals which yield you 2.5% on your investment after inflatian you can withdraw $100k per year (2.5% return on $4 million = $100k) from your net worth while not decreasing your net worth.
     
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  11. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    I don't know how long you'll live or what you consider comfortable. That said, you'll need precisely $8,976,432.98.
     
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  12. Raoul Duke
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    Raoul Duke wubba lubba dub dub FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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  13. loop101
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    loop101 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    You need enough to pay for all your future healthcare costs. Everything else is peanuts.
     
  14. Jonathan Polley
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    There is no correct answer.

    Lets play the hypothetical.
    I live in Spain, it's a cheap place to live.

    I could live comfortably on $50,000 (USD is close enough to Euros, but I'll keep it in dollars as everyone knows its value) a year. No problems at all.

    But, as I acquire more wealth as my business progresses my lifestyle will also change to match my new income. $50,000 would no longer be enough to be comfortable, and would be scraping along, so I would need to increase my earnings to match my new lifestyle.

    And you can say it as much as you like, and it is cliché, that "money won't change me" or "I won't live a more extravagant lifestyle"

    But you will, and as your means change, your interpretation of living within them will change.
    Which is why you should be aiming for a passive income source that provides you with a good income regardless. (or hope for a liquidation event)

    So the question you should be asking is not how much income you will need but how you will obtain that money so that you have a constant income which is being increased, rather than a pot of money being eaten into.
     
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  15. Jon L
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    Jon L Gold Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    If you live in Pakistan, $30k/yr will get you a very nice (by US standards) 3500 sq ft house and three full time servants.
    So...$30k/.05 (typical interest rate) = $600,000.
    Save $600,000, move to Pakistan, live like a king.
     
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  16. Jonathan Polley
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    I see a flaw in your logic here. (I could be wrong though) but Pakistan is an Islamic country, thus interest is banned. So you would not be able to live off the interest as there is none. Unless you invested your money over seas.
     
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  17. jon.a
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    jon.a Legendary Contributor LEGENDARY CONTRIBUTOR FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Does that include arm guards?
     
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  18. Jon L
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    I didn't saw how *long* you could live like a king :) From what I'm told, though, there are some areas where an American can live just fine. There are also some areas that you'd be best advised to stay out of.

    I don't know specifically about investments, but if you get a loan in Pakistan, you'll be charged interest, at rates we'd consider usury.

    Also, if you are paid for technical work from an overseas company, you don't pay any taxes on your income. I'm sure you could find a way to structure that income so you didn't have to pay taxes...
     
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  19. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Pakistan? Amateur. That money will go twice as far in Somalia. I'm creating an Udemy course about lifestyle entrepreneurship in Somalia and Yemen. It's only going to be $499. I'll let you know when it comes out.
     
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  20. andreaguzzonato
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    It depends on where you live and what you mean by comfortable life.
    Here in Italy, the avg paycheck is 1560€/month. With 2,5 / 3k € you can live a comfortable life.
    Of course, you can't travel for the whole year. You can't own a mansion. You have limits, but you can give your family everything they need.
     
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  21. GMSI7D
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    we don't have the same definition for the word " comfortable "

    i am not kidding

    for bill gates, comfortable is a mansion. at least

    for me comfortable is having my bills paid and sleeping in a silent room far away from the stupid drivers making noise outside my appartment

    for people in poor countries, comfortable means eating a cheap meal

    so obviously, we don't have the same definition

    so how much money is needed ?

    i need 3000 euros a month

    i don't need your ferraris and mansions of the american dream

    i want to be free
     
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  22. P3HSB
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  23. ArtRyumin
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    I use a spreadsheet that calculates how much i need at each level, while i'm still working and at what point i can stop working with my passive income. You can use this to gain a clear idea, start from the top and then add in the things you and your family want and need and you'll get a great idea. I'll leave my personal financial goal levels in there so you see what i've done.

    This takes into account what MJ goes through in the book and some extra additions.

    Let me know if this helped you, thanksand good go hard to achieve it! look at it everyday and measure how far/close you are to each new level.
     

    Attached Files:

  24. Argue
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    Argue Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Chapter 37: Give Your Road A Destination.

    1. Define the lifestyle.
    2. Assess the cost.
    3. Set the targets.
    4. Make it real.
     
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  25. eTox
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    eTox Toxic WASTE Read The Millionaire Fastlane Speedway Pass

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    Could you summarize the steps here, I don't feel like reading them.

    PS, as the OP mentions, just give me a solid figure. Oh, and don't forget to send me a check too.

    just kidding
     

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