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- LouNeko@lemmy.worldEnglish9 days
3 thoughts of school:
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Actually never working at all from my 30s onward, probably around 10 mil €.
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Quitting my job and getting into lazy investment to get a passive income, around 1.5 mil €.
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Playing into me being passively suicidal, if I loose my job and the number hits zero, I’m just killing myself. Technically that would also mean I don’t have to work again.
Number 3 is the most realistic one.
9 days- Playing into me being passively suicidal, if I loose my job and the number hits zero, I’m just killing myself. Technically that would also mean I don’t have to work again.
Dude, if you really want to do that, don’t waste your life pointlessly: rob a few banks and give the money to charities, Luigi a few billionaires, and play cat-and-mouse with the cops until they find you, and then make sure they suicide you, not you.
- LouNeko@lemmy.worldEnglish9 days
Nah man. Finding your peace in a forest, surrounded by nature with nothing to your name, that’s where it’s at.
I agree. I live out in the sticks myself - not with nothing to my name, but I certainly haven’t saved anything for old age - and I have few needs. But this is not the thing OP was envisioning. And while I think it’s a terrible idea on its face, I just remarked that they could off themselves more productively if that’s what they really wish.
- 8 days
Please don’t. I mean, first, please don’t. But also think of the people who will be sent to search for you and will eventually find you. And finally, please don’t.
- 9 days
Technically that would also mean I don’t have to work again.
But if you are dead, you will never feel comfortable again. Technically that does not fulfill OP’s question. 😉
- LouNeko@lemmy.worldEnglish9 days
What is more comfortable than returning to the void from whence we’ve came?
Literally everything in existence is more comforting and simultaneously discomforting than the nonexistent void.
Comfort, as well as discomfort, are things not conceivable nor experienced in the void of nonexistence, since, y’know, they don’t exist (along with everything else).
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- 9 days
1 million. Getting 3% back on investments will give me $30,000 a year. That far more than what I currently make. Also, less laundry, less eating out, and not burning so much fuel commuting to work and home.
Don’t forget inflation. That 30K isn’t going to buy you much in twenty years.
The general rule is that you need to cover inflation plus what you want to withdraw. That way your income goes up as inflation does.
- adarza@lemmy.caEnglish9 days
put the money in a standard index fund. take $25k per million out first year. increase that by 2.5 percent annually to account for inflation. should last indefinitely unless some moron in a white house blows up the country.
- 9 days
Impossible to answer with all this AI BS that’s about to implode & take down a significant chunk of the economy with it.
i retired at 35 and am now 60, i have nothing like what people say they need here. i have been investing since i was 19, i have a gf, a modest cottage in a small town in Australia, no debts and we travel thru SE Asia 8 months a year.
There’s people living on way less with really interesting lives out there who don’t work.
10 mil. Enough to absorb all but the worst shocks to the stock market, continue to grow if desired, or pull $500,000/yr interest at a conservative 5% growth. $500,000 year means you could afford the Lamborghini, but you still gotta make payments.
IMO $2-3 million today is about the “millionaire” of yesteryear, someone we used to call rich but not crazily so. $10 million is actual passive wealth that is enough to live very well without touching the principal.
- 8 days
If you want it to run indefinitely then you need to let the principle grow with inflation as well, so with 5% growth and 3% CPI you have $200k to spend each year (which will also scale with CPI)
Edit: you’ll also have to choose more risky investments to stay above CPI, which means the stock market rather than fixed interest, and means your pot of money can change quite a bit with market shifts, and you may need to downsize expenses in some periods or risk eating into your principle if you can’t trim your lifestyle
Yes, I understand that and stated that the amount could be allowed to continue to grow as one of the choices for the investment. There was no need for me to get into the details and make it a financial lesson in respons to a hypothetical fantasy amount of money.
- 9 days
3million used to be the “fuck you” money estimate, but it’s probably more like 12 now, so, 12million dollars.
- Ava@piefed.blahaj.zoneEnglish9 days
General rule of thumb based on historical studies is that you can safely withdraw more like 3-4% to have a safe portfolio. Though, you can cheat this if you’re able to find more work or drastically reduce spending during recessions.
3 million USD. I’d still run my farm but I wouldn’t work my job job anymore. Just means I’d upscale the farm a small amount and give away a larger percentage of my products. 3 is genuinely low but I have very little debt as is and a reasonable lifestyle.
- 8 days
700k and I’d be choosing to be dirt poor in monetary value.
But I’d have freedom to live. Not lavishly, but I’d be free. Read books. Exercise. Creat art. Love, maybe.
There are many things in life that are both valuable and nearly costless. That’d be better than what I do now.
- 9 days
Enough to provide the USA median income of about $85K from investing it conservatively, while keeping up with inflation, plus a little cushion in case of emergencies or adverse economic conditions.
That’s about $10M.
- 9 days
You could withdraw 3% forever and should never run out. You really only need 2.8MM to live on that lifestyle.
- WhatAmLemmy@lemmy.worldEnglish9 days
This assumes that climate change, fascist kleptocracy, and a finite resource crunch doesn’t result in accelerated inflation for the rest of the century.
It also assumes that a diversified portfolio will achieve similar returns to the last 50 years.
I expect inflation to average 5+ % for the rest of the century.
- 9 days
Based on a very abbreviated look at his channel, I would argue that he does not. His investments are not conservative; the kind of investments he’s advocating require continual research and significant expertise or they become high-risk. That doesn’t count as “never working again”; it’s working as an investor with yourself as the client.
When I say “conservative”, I mean stick the money in an index fund or three and do nothing more than reinvest any returns over the median income on a good year so there’s some extra to take out in a bad year.
2 500 € per month multiplied by months of, say, 50 years.
2 500 € * 12 * 50 = 1 500 000 €.
Would not be a rich life, absolutely not, but would leave me with enough money to live even if the part I’d invest was to be lost.
- one_old_coder@piefed.socialEnglish9 days
2 million euros would be enough for me to live comfortably for 50 years.
- 9 days
I’m shocked at the huge sums people are posting. I agree 2 million is loads. 600k for a house then the rest is 2k per month of disposable income for 60 years.
- forkDestroyer@infosec.pubEnglish9 days
600k for a house could also mean 15k in yearly taxes or more depending on where you live.
right, here in Australia, where I am annual property taxes are AUD$1800.
The question is missing one key variable: how old are you?
Someone my age without that many years left and with the kids out of the house doesn’t need nearly as much as a 30-something with a family.
- 9 days
Roughly a million euros invested would barely keep me afloat. I doubt I’d still stop working though - it’s what keeps me relatively sane and forces me outside of the house.
- 9 days
1 million € would make for pretty comfortable living. Though I suppose I’d need to put it somewhat higher, because otherwise I’d be tempted to do part time work once in a while, so maybe 1.5 million.
