The most prestigious law school admissions discussion board in the world.
|
 |
 
|
$1mm net worth by 30. How much more until retirement?
Poast new message in this thread
Date: May 25th, 2016 11:47 AM Author: cerebral misanthropic locus How much do you think I need to retire?
My own opinion is about $3mm, which is calculated by taking 5% average returns split by different passive investment strategies multiplied by my cash net worth ($150k a year).
Thoughts? Also, what is YOUR number? |
 |
Date: May 25th, 2016 12:01 PM Author: Dark twinkling uncleanness that sounds good (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30555543) |
|
Date: May 25th, 2016 6:54 PM Author: cerebral misanthropic locus What # would you be comfortable with retiring? (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558464) |
|
Date: May 25th, 2016 7:22 PM Author: Dark twinkling uncleanness 3 million sounds good. i could easily go lower because i have experience living abroad.
|
|
Date: April 29th, 2018 9:53 PM Author: bat-shit-crazy zombie-like hunting ground famous landscape painting if only he’d listened to you re: Bitcoin! I can now see why OP shits on crypto relentlessly hehe (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#35947183) |
|
Date: May 25th, 2016 12:04 PM Author: Chocolate Dilemma Idiot 5% is too aggressive because of sequence of returns risk. Recalculate using 3.5-4% withdrawal rate, depending on your risk tolerance and ability to be flexible (with spending or supplemental income) in case real returns are lower than projected.
Edited to add, my number is 2.5M. I'd be cool with 100 for life |
|
Date: May 25th, 2016 12:05 PM Author: cerebral misanthropic locus Makes sense, I can do 3.5% which is about $105k. I still think I'll stop at $3mm.
Sadly that'll take me another 10 years or so to achieve. |
|
Date: May 26th, 2016 7:11 AM Author: excitant godawful school cafeteria voyeur brother just inve$t in medical $tocks, watch boomer$ $pend billion$ and trillion$ trying to boom their way into immortality (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30561708) |
|
Date: May 26th, 2016 8:11 AM Author: Self-centered Gaping (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30561809) |
Date: May 25th, 2016 6:55 PM Author: histrionic indecent national 10m net but living the way i do, not like not going out and driving cars with no ac. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558470) |
|
Date: May 25th, 2016 6:58 PM Author: cerebral misanthropic locus I'm talking $3mm cash and you have a house and car. What else do you need? (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558497) |
|
Date: May 25th, 2016 7:01 PM Author: histrionic indecent national Depends on my situation then but I would like to freely travel without worrying about budgets, medical expenses, etc. Ultimately though, I would like to leave whatever family I have a decent chunk to lessen their worries. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558506) |
|
Date: May 25th, 2016 7:25 PM Author: cerebral misanthropic locus That makes sense, I definitely need way more in order to travel and be care-free on medical expenses.
I won't have much to leave for family either, probably just be able to pay for kid's full college tuition. |
|
Date: May 25th, 2016 7:26 PM Author: histrionic indecent national That's a good gift. Good luck with your goal brother. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558635) |
|
Date: May 25th, 2016 7:34 PM Author: Zippy property Great moniker/op synergy (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30558670) |
|
Date: May 26th, 2016 6:43 AM Author: glittery hominid What portion of that 3 mil will be in retirement accounts? If it's all in a brokerage account then you'll be set; retirement accounts? you have to worry about taxes eating up a good chunk of that $. Taxes on long term capital gains and qualified dividends are pretty low--I was planning on 2 million before I bail and at 4% I would gross 80K year pre-tax and ~72K post tax. |
|
Date: May 26th, 2016 8:17 AM Author: cerebral misanthropic locus Yeah I would say 100% cash.
The goal is $3mm cash / brokerage excluding retirement accounts which are pretty flame unless you get 50% match. Waiting decades to live a good life is pretty shitty IMO.
How close are you to your goal? |
|
Date: May 26th, 2016 10:41 PM Author: glittery hominid Pretty close. I'm at 1.8. It's been fluctuating between 1.7 and 1.85/8 the past 12 months. I just switched to 60% equities and 40% cash. I'll wait for a 10%+ correction and go all in. Hopefully this puts me over the 2 mil mark. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30567561) |
|
Date: May 26th, 2016 8:16 AM Author: disrespectful son of senegal regret Probably like 5 mil. I'm 37 and at 450k net worth. I should be at $1m within 3-5 years, at which point I couldn't retire but could probably leave law for a chill job paying 50-60k. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30561818) |
|
Date: May 26th, 2016 9:36 AM Author: Cyan heady dog poop I'm married, with kids. Three million won't do it once you consider the college expenses. Thinking five million, especially if we buy some more real estate, but I'm a risk-averse faggot. Should be able to retire at 45, but that will require a lot of discipline to walk away. Housing costs are a third of your living costs, so it definitely makes sense to have a condo and a house paid off before you retire. (http://www.autoadmit.com/thread.php?thread_id=3233936&forum_id=2#30562012) |
|
Date: May 26th, 2016 11:56 AM Author: Swashbuckling Sepia Mexican I'm at around 1M at age 30 as well. I'm planning on leaving full time employment once I get to 2M NW (probably around 3-4 years depending on market returns). I'll have about 1.6M in investable assets and a paid off 400k home in low COL area in rocky mountains. this will allow me to live on about 60-65k/year mortgage free, which is plenty (especially since my tax liability will be 0). the plan is to raise chilrens' and chill doing outdoor shit for a few years. i may go back to work eventually and i'm likely to earn money again in some capacity, but it won't be strictly necessary.
also, for those worried about accessing retirement accounts, google "roth ira pipeline".
|
|
Date: May 27th, 2016 12:17 AM Author: awkward brass laser beams round eye i think if I had $5mm in today's dollars at age 55, I'd think about retiring unless i was making bank at my job.
gotta worry about that 40 years of no earnings scenario.
|