Current Events > How much money would it take for you to never work again?

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If you were getting a check tomorrow, how much would it have to be to never work again?

I'm already there

It would only take 400k after taxes to quit my job. Id start my own company. But thats still work. So I dont think theres any dollar amount that would make me stop working. I dont love work or anything but what would I do? Paint and shit?

A million. Because at a modest 5% return I could live on $50,000 a year easily. I currently live on about $1,400 a month for all my required monthly bills. That is everything. All household bills, food, gas, property taxes, house insurance, I mean literally everything.

I just hang out at home and watch tv/movies, game, read, listen to music. I could easily live off 50K a year when I'm currently spending far less and just investing all my extra money.

So I wouldn't need to touch the initial amount. Just live off the interest.

Probably like 2.5 million

500k and im set for life

5M-10M, I'm estimating.

10 million sounds like a nice number

1-10 billion, especially with inflation and all that.

Probably like 10 million

Total debt including mortgage: $360,000

Monthly expenses without debt: $1,400

Monthly allowance for gas, groceries, random fun shit, etc: $2,000

Im 31 with a baby, so Id need enough to take care of three of us comfortably for at least 18 years and then my wife and I for like 40-50 years

So probably like $2.5-3 million if its invested right.

4 million

2 million dollars I could quit and live off dividends for the rest of my life

I'd be cool with a lump $500k

archizzy posted...

A million. Because at a modest 5% return I could live on $50,000 a year easily. I currently live on about $1,400 a month for all my required monthly bills. That is everything. All household bills, food, gas, property taxes, house insurance, I mean literally everything.

I just hang out at home and watch tv/movies, game, read, listen to music. I could easily live off 50K a year when I'm currently spending far less and just investing all my extra money.

So I wouldn't need to touch the initial amount. Just live off the interest.

If we went by a 5% monthly return I'd need 3 million to continue providing what I do for my kids if they were both 18 I could get away with the 1 million.

I paid off my house and quit my job last year. Still do a little side hustling but never working for some shit corporation again.

probably 2 million

it would take 1 million to buy myself a house and my parents/sister a two family house.

then I buy a Porsche and probably die before I spend the rest

IfGodCouldDie posted...

If we went by a 5% monthly return I'd need 3 million to continue providing what I do for my kids if they were both 18 I could get away with the 1 million.

I meant 5% for the year. AYP (Annual Yearly Percentage) That is where the $50,000 comes from. 5% a month would be $600,000 a year.

$2 million

5 million I'm only 29

A mil would easily cover my needs for the rest of my life and still have a decent chunk of change afterward to leave to my niece.

Not much.

About 10 million, medical debt, cost of home repairs, living in general, getting cars fixed, getting some desperate home renovations done, shit, this might actually take 30 to 50 million to get my life on track to where I can just chill for the rest of it.

archizzy posted...

I meant 5% for the year. AYP (Annual Yearly Percentage) That is where the $50,000 comes from. 5% a month would be $600,000 a year.

Yea, I didn't check your math, but I just went by what you posted.

About tree fiddy

Like 7 mil to be able to buy a house and then live comfortably on the rest. Maybe a bit more to cover inflation.

archizzy posted...

A million. Because at a modest 5% return I could live on $50,000 a year easily. I currently live on about $1,400 a month for all my required monthly bills. That is everything. All household bills, food, gas, property taxes, house insurance, I mean literally everything.

I just hang out at home and watch tv/movies, game, read, listen to music. I could easily live off 50K a year when I'm currently spending far less and just investing all my extra money.

So I wouldn't need to touch the initial amount. Just live off the interest.

You need to account for cost of living (not to mention income tax.) If you start at 25k and end at 75k, thats about 50k avg.

if you want to begin at 50k, then youd need to account for a larger investment. Think about the buying power of a dollar 10, 20, 30 years ago compared to now. Factor time until retirement.

Probably $2M, dividends and returns could handle the rest.

Another thing I would add, dont count on generating income like that to plan your finances. If you want to retire from working and spend 50k per year increasing to about 100k per year over the decades to maintain the same standard of living, ideally you want that money up front.

Think of any interest yielded as a bonus. With large amounts of cash like that, it would behoove you to use some of it in savings accounts, stock market, and other types of accounts to protect your money by diversifying it. Interest rates from investments will change over time and I wouldnt count on it to plan finances. If someone hands you $1 mil, you dont want to put that all into one place.

Stuff happens, accidents, family emergencies, you never know.

I would quit working for about 10 million, preferably 20, at the very minimum. Less would be nice but you want to have enough money to spend comfortably under an assumption you will not turn any profit on investment and may even lose money unexpectedly.