How much money is necessary to be set for life?

[Reece]

answer is entirely subjective based on your spending habits and location.

This.


I live in Central Illinois and have no intentions on leaving. It's cheap as hell to live here, and I get all 4 seasons, which I love.

There's maybe 2 Bentleys in my city, so if I wanted to stunt on nikkaz, a 550 Benz would do the trick

I'm not a stunna tho

This. Again.

I live in Pennsylvania. Philly is more expensive than cities down south but, it and Baltimore are the cheapest big cities on the East Coast.

You can pay $500k to $700k and live in a big ass house out in Chester/Montgomery/Delaware/Bucks county. And then whenever you want, you can go to Philly in 30 mins or be up in NYC or DC in 2 hours. As far as the thread is concerned, I'd be cool with $10 million. Give me like 20 real estate properties and a big ass annuity also. That would be enough to do 99% of what you want to do in life.

 

[GoFlipAPack]

Depends on what you want in life.

For me it's roughly 10 million. I'm shooting for 30...but I'll settle for 10.

Gimmie 5 mill and I'm good.

 

[BlackBall]

6-8 million

 

[Shadow King]

100 million + liquid

 

[IsThatBrothaMouzone?]

There's set for life, and then there's SET FOR LIFE.

$500k - $2 million would be enough to keep working but not really have any issues. My company offers both a 401k and a pension with pretty good (and cheap) healthcare. Decent salary, plus my lady makes solid money. A nest egg like that would have us set for life.

Now to be SET FOR LIFE would require considerably more money. Wealth managers, accountants etc., from what I've read recently consider $25 million to be "high net worth" for an individual. In my mind, I'd want the ability to pay myself at least $10,000/week or $520k/year. At a 3% annual interest rate, that would require $17.33 million dollars. If I kept that same rate of return but paid myself only $300k, the $17.3 million dollar nest egg would grow. Obviously I'm not factoring in any kind of capital gains/investment income taxation, but the point stands.

I'd probably want at least $100 million liquid. Put about $30 to $50 million of that in risk free treasury/government securites, the stock market and a very tiny bit in real-estate (very small amount in real-estate). I'd live off a fraction of the interest. If my money somehow earned a 3 to 6% return, I might live on 1 to 2%. I'd keep money in various "high yield" savings accounts...which wouldn't yield much, but still. Don't like the idea of ALL my money being tied up. I'd want cash available to buy stupid shyt from time to time.

 

[SwizzLake]

18.2 Million. I'll stay in Toronto during the summer, and get a place in LA or Arizona during the winter months.

 

[TrebleMan]

Like other folks have said, depends on your lifestyle. It's very doable to not work and have assets that produce money to spend for the year.


If we're talking extremely set for life, sadly, very few will ever see that. There are some people who will be highly successful entrepreneurs when they're 40.

But for the most part a lot of people who are extremely set for life and extremely successful, were straight A students when they were young, flipped that into a degree from a world-renown university with connections all over the world, and built their career from there.

Some girl who I knew when I was younger went to a private school pretty much aced everything, got accepted to an Ivy League school, aced everything again and now she's a producer for Good Morning America. She's incredibly rich.

 

[Strapped]

So if i break my stuff down you will be able to tell me?

Yesir

 

[Ezekiel 25:17]

A lot of crazy numbers in here.

Give me $5,000,000. I don't know the math, but that's gotta bring in at least $150k a year in interest.

 

[Dave24]

Yesir

Health wise I am obese at 260 lbs. I am 5'10''. I am 33 years old.

I don't own a home, I still live with my mother but want my own place. I work sa a sales associate at Dollar General currently. It is a minimum wage job. As of now, my intention is to join the air force once I lose the weight.

I would like to court/fukk many women before settling down. I would like to get married and have 2-4 children.

I currently live in Americus, Georgia and would like to stay in Georgia in Atlanta or move to Tampa, Florida.

 

[TrebleMan]

Health wise I am obese at 260 lbs. I am 5'10''. I am 33 years old.

I don't own a home, I still live with my mother but want my own place. I work sa a sales associate at Dollar General currently. It is a minimum wage job. As of now, my intention is to join the air force once I lose the weight.

I would like to court/fukk many women before settling down. I would like to get married and have 2-4 children.

I currently live in Americus, Georgia and would like to stay in Georgia in Atlanta or move to Tampa, Florida.

First step would be to get into shape for you to join the Air Force.

The military benefits are one of the best assets in the world tbh: free education, no down payments on a first house (perfect for a multi-family unit), good money on the side for life, etc.

From there, honestly, you should be pretty good, especially if you can get some type of degree on top of it.

Chances to retire early go up exponentially after you get your first multi-unit house. Could use the free money you're getting after the military to fix up the multi and if you have a good degree there's a good salary to invest even more into the first and any follow-up houses.