Aston04 said:

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Classic e-p**** thread by op.

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Excuse me. The adults are discussing something.

Old RV Ag said:

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infinity ag said:

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Scotts Tot said:

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infinity ag said:

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Scotts Tot said:

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I have a hard time understanding how people need so much money to live at a pretty high standard. I live in a decent house in a nice neighborhood in a large city with a wife and 2 kids, take nice trips, eat out, etc, and we spend about $120k/yr. I could easily envision spending $150k or more, but anything over $200k feels pretty splurgy.

Anyone who is unsure if they're able to retire with $15M is either trolling or has issues.

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I am looking for a goal to shoot for. $15M seems very safe to me. $10M seems just about right. $5M seems like I am on the edge. I am just curious if the 40+ folks here have a number in mind before they retire.

My friend just moved to Dallas and will retire there in 3 months. He is 57. I didn't ask but he seems comfortable. They just sold their $600k house in my sub-div. Kids settled, one in med school, other working.

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Of course $15M feels safe, because that's an incredibly high number. As others here have said, for many people $5M would feel safe (depending on age). Is the $15M number based on any kind of analysis, or just a number that feels good?

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It's a number based on where I am now and where I think I can get as a "reach" before I retire assuming nothing catastrophic happens. I am still working on improving my projections and I do it in Google Sheets so I don't lose it. When I discussed the number with some friends who are in the same age/salary range as myself, they said $10M is a better goal to aim for. One friend said "My only goal is to pay off my house". That does me no good as I reached that goal in 2018 and he has the same model house as I have.

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Trying to make it big in the land of cookie cutter houses. Yikes!

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Well yeah. I live in a sub-div where many models are just like mine. I have nothing to be ashamed off, I paid off my 500k house in 8 years.

infinity ag said:

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Old RV Ag said:

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infinity ag said:

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Scotts Tot said:

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infinity ag said:

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Scotts Tot said:

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I have a hard time understanding how people need so much money to live at a pretty high standard. I live in a decent house in a nice neighborhood in a large city with a wife and 2 kids, take nice trips, eat out, etc, and we spend about $120k/yr. I could easily envision spending $150k or more, but anything over $200k feels pretty splurgy.

Anyone who is unsure if they're able to retire with $15M is either trolling or has issues.

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I am looking for a goal to shoot for. $15M seems very safe to me. $10M seems just about right. $5M seems like I am on the edge. I am just curious if the 40+ folks here have a number in mind before they retire.

My friend just moved to Dallas and will retire there in 3 months. He is 57. I didn't ask but he seems comfortable. They just sold their $600k house in my sub-div. Kids settled, one in med school, other working.

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Of course $15M feels safe, because that's an incredibly high number. As others here have said, for many people $5M would feel safe (depending on age). Is the $15M number based on any kind of analysis, or just a number that feels good?

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It's a number based on where I am now and where I think I can get as a "reach" before I retire assuming nothing catastrophic happens. I am still working on improving my projections and I do it in Google Sheets so I don't lose it. When I discussed the number with some friends who are in the same age/salary range as myself, they said $10M is a better goal to aim for. One friend said "My only goal is to pay off my house". That does me no good as I reached that goal in 2018 and he has the same model house as I have.

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Trying to make it big in the land of cookie cutter houses. Yikes!

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Well yeah. I live in a sub-div where many models are just like mine. I have nothing to be ashamed off, I paid off my 500k house in 8 years.

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PlanoAg98 said:

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Quote:

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The $5,000 you spend in month 1 of a 30 year retirement is going to go a hell of a lot further than the $5,000 you spend in the final month 30 years later.

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Hopefully your retirement savings is in some type of conservative funds that will match the yearly cost of living increase.

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Hopefully not. Sounds like a recipe to run out of money or destroy the legacy you leave to your kids

John Francis Donaghy said:

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Onceaggie2.0 said:

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most americans dont sniff six figure income..OP lying

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You sound like you suck at Capitalism.

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Facts are your friend

Tip to the new professionals our students out there... early in your career, find a GOOD financial planner, and a good one will actually provide you real answers and help you understand your financial situation and anticipate your future needs, NOT just try to sell you products). They are going to be a lot better for you than doing your financial planning on TexAgs.

As for me, I just had a boat load of kids, and I figure odd are at least one of them well do well enough to take care of me. That's a solid plan, amirite?

If you're talking about downshift into a secondary career, I think anything north of $5M is good at most ages. Big caveat is that $5M of liquid/trading assets, not net worth. If you want to own an second home/land or even look at your home equity, that doesn't count in this calculation.

planoaggie123 said:

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CowtownAg06 said:

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If you're talking about downshift into a secondary career, I think anything north of $5M is good at most ages. Big caveat is that $5M of liquid/trading assets, not net worth. If you want to own an second home/land or even look at your home equity, that doesn't count in this calculation.

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Just one home in retirement? Do people really live that poorly?

/Texags

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Exclude the ski chalet and island too.

Old RV Ag said:

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infinity ag said:

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Old RV Ag said:

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infinity ag said:

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Scotts Tot said:

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infinity ag said:

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Scotts Tot said:

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I have a hard time understanding how people need so much money to live at a pretty high standard. I live in a decent house in a nice neighborhood in a large city with a wife and 2 kids, take nice trips, eat out, etc, and we spend about $120k/yr. I could easily envision spending $150k or more, but anything over $200k feels pretty splurgy.

Anyone who is unsure if they're able to retire with $15M is either trolling or has issues.

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I am looking for a goal to shoot for. $15M seems very safe to me. $10M seems just about right. $5M seems like I am on the edge. I am just curious if the 40+ folks here have a number in mind before they retire.

My friend just moved to Dallas and will retire there in 3 months. He is 57. I didn't ask but he seems comfortable. They just sold their $600k house in my sub-div. Kids settled, one in med school, other working.

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Of course $15M feels safe, because that's an incredibly high number. As others here have said, for many people $5M would feel safe (depending on age). Is the $15M number based on any kind of analysis, or just a number that feels good?

---

It's a number based on where I am now and where I think I can get as a "reach" before I retire assuming nothing catastrophic happens. I am still working on improving my projections and I do it in Google Sheets so I don't lose it. When I discussed the number with some friends who are in the same age/salary range as myself, they said $10M is a better goal to aim for. One friend said "My only goal is to pay off my house". That does me no good as I reached that goal in 2018 and he has the same model house as I have.

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Trying to make it big in the land of cookie cutter houses. Yikes!

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Well yeah. I live in a sub-div where many models are just like mine. I have nothing to be ashamed off, I paid off my 500k house in 8 years.

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haha yeah, one view is that instead of paying off I could put in the market and earn x % a year. But what I got is peace of mind which is priceless. I did well in my investing that I didn't have to damage my finances to pay off. 3 years later, I still think it was a good decision.

Aston04 said:

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infinity ag said:

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Aston04 said:

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Classic e-p**** thread by op.

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Excuse me. The adults are discussing something.

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on the general board.

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Good point!

planoaggie123 said:

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This is just a tad crazy.

$10M - $15M will have you living well beyond 99.99999% of the world....in retirement.

It honestly cannot be a legit question. It just cant.

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It's not.
One cannot compare oneself to someone in Sudan or Pakistan and be happy that one is doing better than them. The question is more like how much do we need to have before one drops one's job and can live the same lifestyle until one dies while doing things like travel and others while also paying for optional obligations like kid's college and other things.

Topic came up again with the friend yesterday (same guy who has the same model house as me) on our 5 mile walk in the evening. He said $2M and he would be happy. I think that is not enough. He said he would not mind moving back to his town house. That I don't want to do. I am also deathly scared of finding out at 75 that I am running out of money so I would rather be CLEAR over the finish line if possible.

It seems to me now that $10M should be good. Probably a better way of figuring out is to only look at one's liquid assets and use that to figure out how much one needs. House value cannot be used to live off.

CowtownAg06 said:

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If you're talking about downshift into a secondary career, I think anything north of $5M is good at most ages. Big caveat is that $5M of liquid/trading assets, not net worth. If you want to own an second home/land or even look at your home equity, that doesn't count in this calculation.

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Yes you are right, that is what I also said in the prev post. Liquid Assets must be used not net worth to get a better idea.

I guess maybe but the initial post was just like "Is $15M enough".

Let's exclude the rest of the world and you are still doing better than 90% of the USA.

Surely its enough.

Now, where I think the post finally started going a bit... is it enough for multiple homes ('main home', beach home, ski home)? Trips to Europe annually, and living there for a month(s) at a time? That is a more fun debate and how much that might require would be interesting.

My goal is to downsize from current home about 5 years after kids leave college then and have a smaller home here in Plano and then a beach house / condo. I am working with someone to plan that all out and see what it will require. Its not cheap but think we will be able to get there...

IIIHorn said:

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And ...

Another thread that reeks of leased BMW's

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I have a BMW but I bought it in 2014 on loan and paid if off by Aug 2015 :-)
Still have the car and it's running well.
Never leased a car, don't think I will.

DuncanLEO said:

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planoaggie123 said:

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I guess maybe but the initial post was just like "Is $15M enough".

Let's exclude the rest of the world and you are still doing better than 90% of the USA.

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90% of the US probably doesn't even have $15k in cash.

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If that is so, it is very sad and which is why threads like this are needed so people save for retirement and not mooch off the system.

infinity ag said:

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DuncanLEO said:

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planoaggie123 said:

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I guess maybe but the initial post was just like "Is $15M enough".

Let's exclude the rest of the world and you are still doing better than 90% of the USA.

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90% of the US probably doesn't even have $15k in cash.

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If that is so, it is very sad and which is why threads like this are needed so people save for retirement and not mooch off the system.

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I will say no matter what....these threads make me log into my online accounts and do a quick double check!!

Scotts Tot said:

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One issue I have with shooting for a target that's way higher than your needs is the impact on career planning. Unless you love your job so much that you would rather do it than just about anything else, why shoot for $15M when you could stop at $10M (or much less) and pretty much do whatever you want with the rest of your life?

Say it takes another 10 years of grinding in your career to go from $10M to $15M. That's 10 years you'll never get back, when you could have been engaging in something far more fulfilling than your career, for the sole purpose of making an already-excessive nest egg even bigger. At that point all you're doing is adding to your kids' inheritance.

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Best advice anyone can give. Reason I want to be 45 with 5M and no debt. I'll continue to work no doubt but having FU money and FU mentality is a dream I look forward too

riverrataggie said:

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Scotts Tot said:

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One issue I have with shooting for a target that's way higher than your needs is the impact on career planning. Unless you love your job so much that you would rather do it than just about anything else, why shoot for $15M when you could stop at $10M (or much less) and pretty much do whatever you want with the rest of your life?

Say it takes another 10 years of grinding in your career to go from $10M to $15M. That's 10 years you'll never get back, when you could have been engaging in something far more fulfilling than your career, for the sole purpose of making an already-excessive nest egg even bigger. At that point all you're doing is adding to your kids' inheritance.

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Best advice anyone can give. Reason I want to be 45 with 5M and no debt. I'll continue to work no doubt but having FU money and FU mentality is a dream I look forward too

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Yep. 5 mil is my FU money number too. Getting to the 7-8 mil number would allow for more splurge spending, gifts, donations, and luxuries, but IMO 5 is enough that I can live how I want forever without anything else from anyone. I very much look forward to the FU mentality that comes with that number.

Quote:

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It seems to me now that $10M should be good. Probably a better way of figuring out is to only look at one's liquid assets and use that to figure out how much one needs. House value cannot be used to live off.

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I understand wanting some extra cushion, which is why I'm shooting for 7-8, but have you worked out the numbers of 5 mil vs 10? At 5 mil, you could have $10,000+/mo., after taxes, to spend/live on, essentially forever without earning another penny working. With your house and debts paid off, that's more than comfortable.

If you dont mind my asking, what would you do with 10 that you couldn't do with 5?

IIIHorn said:

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And ...

Another thread that reeks of leased BMW's

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And ...

Mexican time shares.

Old RV Ag said:

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infinity ag said:

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planoaggie123 said:

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This is just a tad crazy.

$10M - $15M will have you living well beyond 99.99999% of the world....in retirement.

It honestly cannot be a legit question. It just cant.

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It's not.
One cannot compare oneself to someone in Sudan or Pakistan and be happy that one is doing better than them. The question is more like how much do we need to have before one drops one's job and can live the same lifestyle until one dies while doing things like travel and others while also paying for optional obligations like kid's college and other things.

Topic came up again with the friend yesterday (same guy who has the same model house as me) on our 5 mile walk in the evening. He said $2M and he would be happy. I think that is not enough. He said he would not mind moving back to his town house. That I don't want to do. I am also deathly scared of finding out at 75 that I am running out of money so I would rather be CLEAR over the finish line if possible.

It seems to me now that $10M should be good. Probably a better way of figuring out is to only look at one's liquid assets and use that to figure out how much one needs. House value cannot be used to live off.

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Don't forget to live and enjoy life now. You may never reach 75.

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Agreed, you are right.
It's a balance.

planoaggie123 said:

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This is just a tad crazy.

$10M - $15M will have you living well beyond 99.99999% of the world....in retirement.

It honestly cannot be a legit question. It just cant.

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It's not. 10-15 million can be VERY conservatively invested into a multi-6 figure income per without touching the principal. Ex) 10 million times 2% = $200,000 per year.

For someone with no mortgage payment because they can just buy their property (if not already). This thread is obviously a flex. Nothing wrong with being rich though. Good for op. I hope to be too someday.

Where's the guy with a land cruiser and a Rolex

according to the google...

canagian said:

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according to the google...

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So 1 in 20 Americans is a Millionaire? Sounds pretty attainable to me.

Also seems like a community of university educated professionals in a rapidly growing economy like Texas would be particularly well suited to be overrepresented in that particular societal echelon.

What's the problem?