How much money is necessary to be set for life?

[dterpsss]

Subjective

 

[Reno89]

No amount of money can protect you from Bad spending habits

 

[Strapped]

Depends on the state / city you live in , your spending habits ,your health , do you own your home , are you a trick ,do you like to court many females , do you have a frugal female , do you have kids ,do you have social security/ pension / 401k .too many unknowns playa

 

[MJ Truth]

To be able to live where you want, do what you want, etc....

You can’t be serious with this question breh.

It all depends where you wanna live, what you wanna do, and who you wanna do it with.

 

[seymour cake]

Different strokes for different folks. It depends on how bad ya spending habits is. shyt mike tyson ran through 200 mill.im pretty sure he thought he was set for life.

 

[phcitywarrior]

Very very subjective on your lifestyle. For some it's 1 million. For others it's 10 million, while for some 2 billion ain't enough.

When you start raking in cash, TGI Fridays may not cut it anymore. Anything less than Del Friscoes or Capital Grille seems cheap

 

[King Frost]

A billie

 

[Dave24]

Depends on the state / city you live in , your spending habits ,your health , do you own your home , are you a trick ,do you like to court many females , do you have a frugal female , do you have kids ,do you have social security/ pension / 401k .too many unknowns playa

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

 

[Darealtwo1]

100m to be safe.

50m will do

20m is very possible

10m absolute minimum. I would have to have a yearly/monthly budget though.

 

[DEAD7]

For me, I'd be comfortable living off $100k a year. So give me around $2.735 M right now and I'll be good for the next 40 years (assuming i just fukk with a savings account with a 2% yield).

 

[Doomsday]

10 mill. If you go broke after 10 mill you just a lame.

 

[Chrishaune]

An executive from Disney came to one of my college classes back in the mid 2000s and told us we needed $10,000,000 to live comfortable in retirement. Thinking about it, that's a decent number. If you have kids you want to take care of them and send them to college if they don't get a scholarship. You can live where you want to live. He was probably pretty close thinking back on it. But that also means, you need money before retirement which starts around mid 50s to 60s for those that can.

 

[eufemism]

i think 5 mil is like 200k a year on a 4% withdrawal rate

 

[KING WILL]

$10 M in my jobs guaranteed fund with Mass Mutual at 4% would give me $400K a year. I can live a very comfortable life with that.

Even half, or a quarter of that I'd be good.

 

[Nobu]

Putting money in a non-risky investment vehicle, you can safely expect 6% annual returns consistently. Just live off that 6% without touching the principal.

i.e. with 1 million invested you can safely withdraw 60k a year gains without touching the original million. Now how much principal you need depends how much annual income you want for your desired lifestyle.

Realistically, maybe less than 1% Americans of will save up $1 million in their lifetime though.