What's Your Number?

[bluemarlin04]

being poor does suck some serious balls, I don’t recommend it

I know what it’s like all too well to have zero dollars in your bank account and worrying sick about how to afford even the slightest mishap in life.

Healthcare, food, repairing a car, etc.

All things that can really throw people who have very little expendable income for a loop.

 

[Oldsalt62]

I'm back, after self-imposed hiatus to travel and have some fun away from my computer. Markets have been on fire this entire year. My best earnings ever. I'm over the moon being on the moon.

But it got me thinking about retirement and numbers. How much does one need to be happy and live comfortably? How much do I need? I want to travel and play golf when I'm old, and only surf warm water. I wouldn't mind having a fun car to drive too. I grew up poor and in my 20's I was in debt a ton from school and stupidity. Those days are no longer, but I still live very simple.

My original number was $2m cash by the time I'm 50-ish, but now I'm thinking $5m would be better. I've been looking at decent homes on the CC and you can't even get a beach house for less than $1.5m. Plus all the cost of owning a beach house would eat up all my fun money into retirement.

But how far does money go in other countries? I have no idea. I love the Mediterranean lifestyle. Greek Islands. Italy. South of France. I've been and it looks amazing, but no surf. Maybe I'll give it up? But I also love Central and South America, particularly Nica, Chile, and Ecuador.

Do you have a number you're shooting for?

(Sorry I've not replied to PMs . Will read through/reply this eve.)

 

[Matilija]

Interesting topic. I just retired four days ago, it still hasn’t sunk in. I’m 56 with 33 years as a fed. Meager pension, health benefits and a 401K that will allow me to supplement my pension conservatively but nicely using the 4% rule. Also have income property that is paid off and 100% income now. This will allow me to essentially make the same amount as while working minus the maximum 401K contributions. I realize most here don’t have pension opportunities, but I was given a book in my early 20’s by an older Filipino man, The Richest Man in Babylon, a silly little fable that I have followed to a T for 30+ years. As someone mentioned , compound interest is like magic. It is without a doubt the main reason that allowed me to retire as soon as I was able. Sad to seen so many older co workers still grinding it out because they didn’t save, save , save. Everyone must choose their own path, but feel very fortunate to be free from work at 56, still fit, still surfing, hiking, snowboarding. With my new freedom, I plan to pursue fitness as a hobby rather than after work torture. Hopefully I’ve got 15 very active surfing years left in me. Yesterday was a weird day not having to get up for work. Prolly won’t set in for another month.

 

[keenfish]

Interesting topic. I just retired four days ago, it still hasn’t sunk in. I’m 56 with 33 years as a fed. Meager pension, health benefits and a 401K that will allow me to supplement my pension conservatively but nicely using the 4% rule. Also have income property that is paid off and 100% income now. This will allow me to essentially make the same amount as while working minus the maximum 401K contributions. I realize most here don’t have pension opportunities, but I was given a book in my early 20’s by an older Filipino man, The Richest Man in Babylon, a silly little fable that I have followed to T for 30+ years. As someone mentioned , compound interest is like magic. It without a doubt the main reason that allowed me to retire as soon as I was able. Sad to seen so many older co workers still grinding it out because they didn’t save, save , save. Everyone must choose their own path, but feel very fortunate to be free from work at 56, still fit, still surfing, hiking, snowboarding. With my new freedom, I plan to pursue fitness as a hobby rather than after work torture. Hopefully I’ve got 15 very active surfing years left in me. Yesterday was a weird day not having to get up for work. Prolly won’t set in for another month.

Interesting! My Dad gave me the same book "The Richest Man in Babylon" when I graduated college.
I read it and the message is still true to today. Bottom line is you work hard for your money so put minimum 10% away for you always. It's like paying yourself for all you do and you deserve it.
At the end of the road you will be golden.
I've followed this rule and it has held true.

 

[grapedrink]

being poor does suck some serious balls, I don’t recommend it

So overrated

 

[SurfFuerteventura]

I work so I can keep my wife and myself fed, roofed, watered, and we take lots of adventures near and far. im deeply sorry for how young your father was when he passed but that’s just awful luck.

I can’t just not pay the mortgage because I have a 1 in 5 million chance of getting killed by a subway on the way to work. Or having an aneurysm riding my bike during my mid day work out when I work at home.

If work=death to a person than by all means they should seek new ways of feeding and sheltering themselves. But that’s probably not the case for most people. Most people need to actually exchange their time and energy (work) for things that OTHER people have also spent their time and energy to produce and sell to you so you can eat or have indoor plumbing. money isn’t evil it just makes it easier to exchange one another’s time and energy so we can eat and not freeze to death in the winter, and hopefully have some fun along the way. But work isn’t a dirty word man. I’m proud of the financial and physical security I’ve built for my family. It’s come at a price of stress, time, energy etc, but it sure beats being poor and homeless. tried that briefly in my very early 20s. Sucks.

When I did do that four letter thing, I was a banker. Loan Manager for a small tech company credit union in San Jose was my last yob in the late 90's. Graduated college on the east coast as an Economist, so of course, I do understand the value/purpose/use of money.

I also understand the opposite rule, the borrowing one. The fixed interest in a skyrocketing market one. The I financed my home at 3% fixed over so many years that within 5 of paying, my mortage was already €1000/month less than the cost of renting here.

Also, the "how" of making money without working. Now THAT is a book y'all need to read!

No trust funds, no inheritance, no savings, no slaving my life away at a desk. Just a few phone texts, send a few people to do some work they didn't even know existed, and sit back and collect on the fruits of someone else's labors while I go surf, shoot some hoops, garden, play with my pets, play some chess with my neighbor (who absolutely is loving my phylosophy of life and how NOT to chase the almighty dolla no mo, adapting and adjusting he's made it to only working 2 day weeks, getting paid for 6) or hanging and spending time with my wife or my friends.

I simply took what was done to me as an employee, and started to employ those in need of gainful employment. Send a guy to do a €1000/week garden clean up or house maintenance for some rich folks that you know, make sure your guy's good with €800, you just made €200 for doing nuttin. Have 10-20 guys, you're making a decent living salary, still not doing nuttin.

Not too hard to figure out actually.



I also was extremely lucky to have had the financial knowledge I did, right before the € came into existence. Buy property until you cannot anymore, even tapping out loans, family, friends, etc .... As soon as the € came into existence, it was better than Crypto my erBB bro-brahs!



Now I don't even have the crew anymore, what for? Living off rents is fun, yo!

 

[Subway]

When I did do that four letter thing, I was a banker. Loan Manager for a small tech company credit union in San Jose was my last yob in the late 90's. Graduated college on the east coast as an Economist, so of course, I do understand the value/purpose/use of money.

I also understand the opposite rule, the borrowing one. The fixed interest in a skyrocketing market one. The I financed my home at 3% fixed over so many years that within 5 of paying, my mortage was already €1000/month less than the cost of renting here.

Also, the "how" of making money without working. Now THAT is a book y'all need to read!

No trust funds, no inheritance, no savings, no slaving my life away at a desk. Just a few phone texts, send a few people to do some work they didn't even know existed, and sit back and collect on the fruits of someone else's labors while I go surf, shoot some hoops, garden, play with my pets, play some chess with my neighbor (who absolutely is loving my phylosophy of life and how NOT to chase the almighty dolla no mo, adapting and adjusting he's made it to only working 2 day weeks, getting paid for 6) or hanging and spending time with my wife or my friends.

I simply took what was done to me as an employee, and started to employ those in need of gainful employment. Send a guy to do a €1000/week garden clean up or house maintenance for some rich folks that you know, make sure your guy's good with €800, you just made €200 for doing nuttin. Have 10-20 guys, you're making a decent living salary, still not doing nuttin.

Not too hard to figure out actually.



I also was extremely lucky to have had the financial knowledge I did, right before the € came into existence. Buy property until you cannot anymore, even tapping out loans, family, friends, etc .... As soon as the € came into existence, it was better than Crypto my erBB bro-brahs!



Now I don't even have the crew anymore, what for? Living off rents is fun, yo!

That’s great I love the set up. But you still made a bunch of trade offs in order to do so. In other words, you had to work for it

 

[Matilija]

Interesting! My Dad gave me the same book "The Richest Man in Babylon" when I graduated college.
I read it and the message is still true to today. Bottom line is you work hard for your money so put minimum 10% away for you always. It's like paying yourself for all you do and you deserve it.
At the end of the road you will be golden.
I've followed this rule and it has held true.

Yup, pay yourself FIRST. Simple concept, hard to grasp for some. My dad instilled the need to save in me, but for some reason it was that silly little book that resonated with me. Sort or like the Dr. Sarno back book. When my sons turned 18 I gave them each a copy and told them if there is only on piece of advice I give you that you heed, let it be this. They seem to be on track and following it.

 

[One-Off]

Last time I moved at age 33/34, I intentionally paid for movers. Mostly for my own sake, but also as a "fook off, don't ask" message to anyone else. At a certain age it's simply disrespectful IMO.

Had a neighbor hit me up about a year after. Needed some help shuffling furniture around his 2 story house. Nice guy, retired cop with 2 homes and a pension so not exactly hurting for cash. Said he would buy me dinner afterwards I politely said No, and to pay some professionals to do it. It was both funny and sad watching his face deflate in front of me

Should have just asked VonM to help out. He could carry the sofa in one arm and the love seat in the other.

 

[SurfFuerteventura]

Should have just asked VonM to help out. He could carry the sofa, with Mike Tyson ko'd, in one arm and the love seat, with Charles Bronson's chin, in the other.

Fauxed!

 

[Truth]

When you own nothing moving is really easy

 

[SurfFuerteventura]

When you own nothing moving is really easy

Shake your groove thing,
Shake your groove thing,
Baby! Show us how you do it now!

 

[HarryLopez2]

Work is what I get out of it. Hard work feels good, either paddling out, or getting mauled at the gym, or teaching 6-7 year olds how to read. How much does it pay? I can't put a price on personal satisfaction to another person. When I spend enjoyable time with family or myself, it feels better to me. I'm 51 so probably until kid goes to college then think about cruising more.

 

[SlicedFeet]

It is ALL in your head.

Every response is a justification.

Sail on Sailor.

 

[SlicedFeet]

You do know the biggest dousche bags in the world are the ones who sit in the lineup and talk about money.

 

[Aruka]

You do know the biggest dousche bags in the world are the ones who sit in the lineup and talk about money.

Yeah that's so lame.

I only talk about bitcoin, real estate and coffee makers in the lineup.

 

[enframed]

I'm almost 50, figure I have 20-30 years left max.

$1M is all I'd need. And I don't want to own a home.

Nantes is pretty nice, somewhere west of there.

 

[SurfFuerteventura]

I'm almost 50, figure I have 20-30 years left max.

$1M is all I'd need. And I don't want to own a home.

Nantes is pretty nice, somewhere west of there.

If you enjoy flooding? That's a great area to be.

 

[stringcheese]

When I did do that four letter thing, I was a banker. Loan Manager for a small tech company credit union in San Jose was my last yob in the late 90's. Graduated college on the east coast as an Economist, so of course, I do understand the value/purpose/use of money.

I also understand the opposite rule, the borrowing one. The fixed interest in a skyrocketing market one. The I financed my home at 3% fixed over so many years that within 5 of paying, my mortage was already €1000/month less than the cost of renting here.

Also, the "how" of making money without working. Now THAT is a book y'all need to read!

No trust funds, no inheritance, no savings, no slaving my life away at a desk. Just a few phone texts, send a few people to do some work they didn't even know existed, and sit back and collect on the fruits of someone else's labors while I go surf, shoot some hoops, garden, play with my pets, play some chess with my neighbor (who absolutely is loving my phylosophy of life and how NOT to chase the almighty dolla no mo, adapting and adjusting he's made it to only working 2 day weeks, getting paid for 6) or hanging and spending time with my wife or my friends.

I simply took what was done to me as an employee, and started to employ those in need of gainful employment. Send a guy to do a €1000/week garden clean up or house maintenance for some rich folks that you know, make sure your guy's good with €800, you just made €200 for doing nuttin. Have 10-20 guys, you're making a decent living salary, still not doing nuttin.

Not too hard to figure out actually.



I also was extremely lucky to have had the financial knowledge I did, right before the € came into existence. Buy property until you cannot anymore, even tapping out loans, family, friends, etc .... As soon as the € came into existence, it was better than Crypto my erBB bro-brahs!



Now I don't even have the crew anymore, what for? Living off rents is fun, yo!

I definitely want to hear a more thorough explanation of this. I'm all about not working but getting enough money to live a simple life somewhere far away from anything orange county like.

 

[Mr Doof]

GBG's mom and every single person with assets needs a properly formed trust by a real lawyer (not an online vendor or place like We the People). Properly formed trusts avoid probate. Probate drains estates of their assets. Improperly formed trusts are rejected and the assets will be sent through probate. A good trust will cost you $1500-2500. if you own a home, have a trust.

Make sure all retirement type accounts have a current and living beneficiary. This will keep probate from draining these assets.

All cash accounts, real estate etc outside of a trust will wind up in probate. Probate attorneys are not cheap and the process is not fast.





Will's are nothing but a wishlist for the deceased.

1) I stand by my earlier recommendations. You don't always need a trust to avoid probate. Don't believe me though, believe this. (likely a bit different in other states). A little bit of up front work will save oodles of ache. Am sure other states have something about "small estates" not requiring probate.

2) Trusts can be extremely beneficial, especially if there are sums of money/property/goods involved. Paying for a well reviewed/constructed trust makes a lot of sense.

3) "Will's are nothing but a wishlist for the deceased", hahahaha, totally agree. None of the banks or brokerage houses cared about it. "Do you have a copy of the death certificate and notarized Power of Attorney?" At worst, the dead are trying to take it with them, at best, your sisters don't have any grounds to complain about who gets the fancy plates dear old mom brought out at Thanksgiving, Christmas, and Easter, or the jewelry, while you drink a delicious fermented malt beverage from the stein she willed you. So on that point, am glad dear old mom had a will (naming me as executor).

That’s the reason why I did the double grind and retired at 40.

This is your next step after late retirement.
View attachment 118676

So, you work hard, retire young, then build a voodoo shrine to enable you to transfer the lifeforce (of the people in the photos) while you nap in the hammock?

Gawd-dammet, why didn't my 2nd grade teacher, Mrs. Murphey, ever mention this avenue to prosperity?

being poor does suck some serious balls, I don’t recommend it

1) Great minds think alike!

2. I don't know who said it first, but I like to pretend I came up with this wording of same idea many years ago...has served me well: "Poverty is inconvenient, try to avoid it."

Interesting topic. I just retired four days ago, it still hasn’t sunk in. I’m 56 with 33 years as a fed. Meager pension, health benefits and a 401K that will allow me to supplement my pension conservatively but nicely using the 4% rule. Also have income property that is paid off and 100% income now. This will allow me to essentially make the same amount as while working minus the maximum 401K contributions. I realize most here don’t have pension opportunities, but I was given a book in my early 20’s by an older Filipino man, The Richest Man in Babylon, a silly little fable that I have followed to a T for 30+ years. As someone mentioned , compound interest is like magic. It is without a doubt the main reason that allowed me to retire as soon as I was able. Sad to seen so many older co workers still grinding it out because they didn’t save, save , save. Everyone must choose their own path, but feel very fortunate to be free from work at 56, still fit, still surfing, hiking, snowboarding. With my new freedom, I plan to pursue fitness as a hobby rather than after work torture. Hopefully I’ve got 15 very active surfing years left in me. Yesterday was a weird day not having to get up for work. Prolly won’t set in for another month.

A - Congrats on reaching this milestone with what looks to be a well thought-out plan.

B - Compound interest for the win! Reminds me of the math story I heard as a kid. "Do you want a $100 dollars now, or a penny which is doubled every day for a month, you know, $.01 turns to $0.02 turns to $0.04 and so on? I think about 5 of us out of the 30 kids took the $0.01 and double option...I chose it because I suspected an adult trick not because I did the math. (at end of month you have $100 or $2.68 million)

C - Richest man in Babylon can be read here for free. Fine set of post-Depression compiled advice/principles to understand. Maybe what it best about the book is the story format...turning dry finance concepts to quasi-Biblical tales to make it more digestible.