How much is required to retire.
- Thread starter nickCR
- Start date
I recommend you read dave ramsey's book about budgetting and retiring, his the master of it, I have read it, and do live with that kind of philosphy
2-3 Mill at a 5% annual return is fine for most of us to live comfortably on, but the problem is that you never know what's going to happen to the currency itself.
A lot of inflation is a GIVEN over 20 or 30 years, so that 3 million WILL act more like 1 million to your purchases after that time. So that in itself sucks and you really need to be re-investing some of your monthly dividends back into the principle just to beat inflation.
Then there is the threat of the USD hyperinflating when we hit our debt wall. $3 Million USD might not be able to buy you some starbucks when that happens, all because Nixon took us off the gold standard and washington can't balance it's freaking checkbook.
So to combat this issue, I'd recommend keeping multiple funds in multiple currencies. Look at the top innovating countries of the day and put a million dollar fund in their currency, each, if you want the best results.
China's RMB is the obvious one going up right now, but Japan is no slouch and frankly whatever currency Germany uses this week is always going to be a good safe bet... If you be sure and switch with them when they jump off the euro.
Canada, Thailand, Oz, NZ, there are many strong countries out there that aren't going to take the nosedive with us and may even profit off the USD's demise... So be sure you're balanced between a few for any such long term plan.
...And a few precious metals don't hurt too.
A lot of inflation is a GIVEN over 20 or 30 years, so that 3 million WILL act more like 1 million to your purchases after that time. So that in itself sucks and you really need to be re-investing some of your monthly dividends back into the principle just to beat inflation.
Then there is the threat of the USD hyperinflating when we hit our debt wall. $3 Million USD might not be able to buy you some starbucks when that happens, all because Nixon took us off the gold standard and washington can't balance it's freaking checkbook.
So to combat this issue, I'd recommend keeping multiple funds in multiple currencies. Look at the top innovating countries of the day and put a million dollar fund in their currency, each, if you want the best results.
China's RMB is the obvious one going up right now, but Japan is no slouch and frankly whatever currency Germany uses this week is always going to be a good safe bet... If you be sure and switch with them when they jump off the euro.
Canada, Thailand, Oz, NZ, there are many strong countries out there that aren't going to take the nosedive with us and may even profit off the USD's demise... So be sure you're balanced between a few for any such long term plan....And a few precious metals don't hurt too.
Those are some impressive balls.
A lot of Americans don't even have the option to retire. What is retirement anyway? It's desire for a lifestyle choice; a choice we should be making now while young. I'm almost 30 and within the next few years I'm going to move to regional Tasmania and become as self sufficient as possible while continuing with the online thing. Grow my own veg, breed rabbits for meat etc etc. I want to get back to basics like those survivalists but with a tech twist and you don't need a million in cash for that.
A lot of Americans don't even have the option to retire. What is retirement anyway? It's desire for a lifestyle choice; a choice we should be making now while young. I'm almost 30 and within the next few years I'm going to move to regional Tasmania and become as self sufficient as possible while continuing with the online thing. Grow my own veg, breed rabbits for meat etc etc. I want to get back to basics like those survivalists but with a tech twist and you don't need a million in cash for that.
Make sure to keep some or most of your retirement money in gold. You'll be able to wallpaper your house with dollar bills soon.
I love all these fuckers guessing. $5m? $10m? $20m? Guys you really need to do some serious financial planning. If you don't know the exact number you're fucked. Get with a certified financial planner and have them do a financial needs analysis. A FNA includes all your hopes/dreams/aspirations and medical bills for when you're old and crusty.
Jesus you guys sound like a bunch of ghetto drug dealers rather than entrepreneurs.
Jesus you guys sound like a bunch of ghetto drug dealers rather than entrepreneurs.
I'll probably die before retiring. So for me the question is: what life insurance do I get so that my family is somehow protected.
I asked the question more to get a discussion going as I was interested in the responses and mindsets of others here. Definitely something to think about.
Hopefully it won't be something I worry about at all, as I plan to be exceptionally rich (as everyone else here), but it's good to set goals.
The comments about not having cash laying around in the millions is very valid. Investments are a great idea, depending on what provides you a decent return for your $$$.
My thoughts are invest your time energy and money now. Build out your companies. Make them self sufficient and profiting enough $$$ to support your lifestyle. As you build up more and more companies your monthly $$$ will grow. By the time you are ready to retire, it may not be necessary as you will really just need to keep and eye on everything and give you something very basic to do.
Having money in multiple currencies is the way to go and something I have already implemented. I did this when the US currency was dying and scaring the shit out of me. Regarding, precious metals. Although I see the value in Gold, Silver, etc... I am concerned that EVERYONE in the world is putting a lot of weight on this. I don't know why but I can't help but think that as everyone in the world goes for the same thing it doesn't retain it's exclusivity. Not sure why I just get a hesitant feeling when I think about investing in metals. A property that is self sufficient would be great and I always thought about making a contained environment for growing vegetation. Then the amount you would need is going to drop considerably. However initial investment in something like that will run into the millions i'm sure.
I honestly think that if we were talking cash value (properties, investments, etc) without considering the amount you would make back from them you would be talking in the neighborhood of 6 - 8 million to retire comfortably, taking into account that in 30 years it's going to be way more expensive to live.
Also no debt would be ideal. You would only be supporting your month to month lifestyle.
Hopefully it won't be something I worry about at all, as I plan to be exceptionally rich (as everyone else here), but it's good to set goals.
The comments about not having cash laying around in the millions is very valid. Investments are a great idea, depending on what provides you a decent return for your $$$.
My thoughts are invest your time energy and money now. Build out your companies. Make them self sufficient and profiting enough $$$ to support your lifestyle. As you build up more and more companies your monthly $$$ will grow. By the time you are ready to retire, it may not be necessary as you will really just need to keep and eye on everything and give you something very basic to do.
Having money in multiple currencies is the way to go and something I have already implemented. I did this when the US currency was dying and scaring the shit out of me. Regarding, precious metals. Although I see the value in Gold, Silver, etc... I am concerned that EVERYONE in the world is putting a lot of weight on this. I don't know why but I can't help but think that as everyone in the world goes for the same thing it doesn't retain it's exclusivity. Not sure why I just get a hesitant feeling when I think about investing in metals. A property that is self sufficient would be great and I always thought about making a contained environment for growing vegetation. Then the amount you would need is going to drop considerably. However initial investment in something like that will run into the millions i'm sure.
I honestly think that if we were talking cash value (properties, investments, etc) without considering the amount you would make back from them you would be talking in the neighborhood of 6 - 8 million to retire comfortably, taking into account that in 30 years it's going to be way more expensive to live.
Also no debt would be ideal. You would only be supporting your month to month lifestyle.
The sort of people who are successful enough to "make enough money to retire" tend not to be the sort of people who ever actually retire.
In my opinion, you're asking the wrong question and are working from it backwards. It's really a basic math equation, but it involves these questions instead:
1. What kind of lifestyle do I want to live on a month-to-month basis?
2. When do I want to stop actively seeking new wealth?
3. How long do I need to live after that?
4. How much do I want to leave to others?
Answer those questions, prepare for the unexpected stuff mentioned above, and you'll be able to do some math and get a closer (but imperfect) number.
As for me, I don't think I'll ever stop being active in my pursuits, but I do hope to close out "financial uncertainty" by age 35.
1. What kind of lifestyle do I want to live on a month-to-month basis?
2. When do I want to stop actively seeking new wealth?
3. How long do I need to live after that?
4. How much do I want to leave to others?
Answer those questions, prepare for the unexpected stuff mentioned above, and you'll be able to do some math and get a closer (but imperfect) number.
As for me, I don't think I'll ever stop being active in my pursuits, but I do hope to close out "financial uncertainty" by age 35.
Have you been watching the TV series Gourmet Farmer? The plot seems similar to your plan except the online money part.
About | Gourmet Farmer on SBS
I downloaded it on TV Torrents and watched it recently. Good show if you are interested in that type of stuff and have not seen it.
I love SBS and I had no clue this show even existed. Thanks for the heads up and yeah it is exactly what I want to do, it sounds a lot like river cottage.
It is similar to River Cottage. :thumbsup:
If you can't find all of the episodes elsewhere and don't have a TVTorrents account, send me a PM with an email address for an invitation. Both full seasons are available there.
