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

Discussion in 'Lessons from Success/Failure' started by GatsbyMag, Feb 4, 2017.

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  1. jlwilliams
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    jlwilliams Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    If you want real, targetable numbers you can talk to an insurance agent about annuities. An annuity disperses money over time. You can buy them with a lump or with a structured buy in (_$/month or the like) or both and you can get guaranteed life payments (if you buy it with that provision.) That means if you die before the money is done your heirs get what's left but if you out live your fund the insurance company keeps paying anyway. Annuities are typically paid in a dollar (or pound or Euro) per thousand figure. So an agent can quote you how many thousands or millions would yield you a target amount per month payment.

    Annuities are a really safe bet for this type of thing. They are a lousy way to make money. As slow as slow lane gets. They truly shine for what we are talking about here. If I sold a business for a lump sum and wanted to live of that lump forever, or put that lump into a fund and add to it for a decade or two, then live off it, an annuity would be high on my list of options to consider because this is exactly what they are designed to do.
     
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  2. Drew D
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    Drew D Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Be kind to others and millions of dollars will fall in my lap. Thanks sidewalkers.
     
  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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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.
     
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  4. TheDillon__
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    TheDillon__ Bronze Contributor Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Sure - let's say that $2MM is your goal (only got freedom characters on this keyboard, sorry!) Here's what that says to me.

    That says, right now, from start to finish, you're going to spend your ENTIRE journey in entrepreneurship working towards a point where you control two million. Have you ever heard of something called Parkinson's Law, friend?

    Parkinson's law states that "work expands so as to fill the time available for its completion." What that means is that if you believe it will take your entire career in entrepreneurship to reach $2,000,000, it will take your entire career. If you believe it will take two years, and act accordingly, it will take two years.

    If you want to control two million pounds, why not save yourself some time and effort? Set your goal and your actions ten times higher, work ten times more effectively, and see your results ten times earlier. Hell, I'd consider my goal to be even more modest than yours - right now I'd like to have a meager $3,000 a month coming in online! But I'm not working towards $3,000 per month. I've found a venture which I can target that will allow me to provide massive value to a large number of people. I'm not working as if I'm trying to earn $3,000 a month; I'm working as if to earn $30k per month.

    Then - should I fall short of that goal before my deadline, big deal I'm already at least where I wanted to be, if not further ahead.

    Set your sights higher friend.
     
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  5. PeterCastle
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    PeterCastle Bronze Contributor Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Read the book. MJ provides a good example.
     
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  6. Young-Gun
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    Young-Gun Silver Contributor Read The Millionaire Fastlane Speedway Pass

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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?
     
  7. ChrisJHarrington
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    ChrisJHarrington Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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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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  8. holmzee
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    holmzee Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    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.
     
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  9. ChrisJHarrington
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    ChrisJHarrington Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    I live just outside the heart of Boston with two friends - definitely not low cost of living.
     
  10. grindmode
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    grindmode Bronze Contributor Speedway Pass

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    That's only a question you can answer my friend...
     
  11. holmzee
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    holmzee Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    My bad - being in NYC I often forget just how affordable otherwise expensive areas are relative to this place.

    Like I said, getting out ASAP.
     
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  12. MidwestLandlord
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    MidwestLandlord Platinum Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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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.
     
  13. jlwilliams
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    Man oh man, 2008 certainly put a whole new light on things.
     
  14. Waspy
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    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.
     
  15. levijean
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    levijean Bronze Contributor Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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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.
     
  16. Siberia
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    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!!!!:)
     
    Last edited: Feb 18, 2017
  17. ChrisJHarrington
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    $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.
     
  18. MidwestLandlord
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    MidwestLandlord Platinum Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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

    Same.

    Exactly.

    Live like your peers WON'T now, so you can live like they CAN'T later.
     
  19. grindmode
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    Get the procedure and stick to dog's...

    :)
     
  20. Pedro Henrique
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    Pedro Henrique Contributor Read The Millionaire Fastlane

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    One billion would be nice hahahaha
     
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    The amount of money it takes to not think about it.