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Another thing - I am seeing 10% of your gross suggested as a savings rate. I think it should be more like 20%. It should be even more if you plan to retire in your 50s - you will also need taxable account savings to tap before access to an IRA/401K at 59 1/2.
Everyone is different, but I plan to have in cash/stocks/real estate (actual equity) $2 million by the time I'm 35 and $6 million by the time I'm 45. I'm 24 years old currently.
Gonna retire at 45, BMW? I think I'd retire at the 2 million mark.
I dont think retiring from a fun hobby that pays is something I can full retire on yet and I am my 30s.
We dont have kids and I sold my company at the top of the market in 2008 to a massive company on the NYSE. I now consult for them and plan on 'retiring' when I think this office is up to snuff considering my vested interest in the company.
We live very modest lives and are VERY happy, but we were that way before the oppt to sell the company came around. We are fortunate enough to not have to look at a bank account or investments all the time. Reardless of our net worth, we stay the course. Its certainly nice to be able to enjoy finer things and travel etc, but we still understand what the value of a dollar is. Not overextending on what we think is valuable to us on a day to day basis is what is most important. In other words, I would rather learn how to cook gourmet food and be trained to cook than spend a lifetime of spending money on dining. We still like to dine out, but there isnt much value if you have the time and dont learn on your own at home. To each their own.
So while you will get varying answers, life can throw curve balls or have unexpected changes like health or things of that nature. If you plan on solely making money I think the sky can be the limit. You just have to ask yourself, is that singular goal good enough for you and how do you hope to achieve it?
Generally I dont think anyone can build substantial wealth working for someone else, but can certainly save money for retirement etc. I also dont think someone can hope to have a successful marriage or have a family without sacrificing some aspect of maximizing as much money as they can. Something at some point will have to give.
There are plenty of people I know that all they do is worry about money because they have it. They definitely dont enjoy it as much as someone that thinks of what they might want to do with it if they did. So money is really all relative.
My advice is to start with an xls spreadsheet and project outwards the next 360 months financially on what you are willing to save at varying points of salary as well as investing. When you look at this stuff on paper, it will make a whole lot more sense.
Last edited by shmoov_groovzsd; 07-26-2012 at 12:52 PM..
Everyone is different, but I plan to have in cash/stocks/real estate (actual equity) $2 million by the time I'm 35 and $6 million by the time I'm 45. I'm 24 years old currently.
You starting from scratch or from a windfall/family inheritance?
I dont think retiring from a fun hobby that pays is something I can full retire on yet and I am my 30s.
We dont have kids and I sold my company at the top of the market in 2008 to a massive company on the NYSE. I now consult for them and plan on 'retiring' when I think this office is up to snuff considering my vested interest in the company.
We live very modest lives and are VERY happy, but we were that way before the oppt to sell the company came around. We are fortunate enough to not have to look at a bank account or investments all the time. Reardless of our net worth, we stay the course. Its certainly nice to be able to enjoy finer things and travel etc, but we still understand what the value of a dollar is. Not overextending on what we think is valuable to us on a day to day basis is what is most important. In other words, I would rather learn how to cook gourmet food and be trained to cook than spend a lifetime of spending money on dining. We still like to dine out, but there isnt much value if you have the time and dont learn on your own at home. To each their own.
So while you will get varying answers, life can throw curve balls or have unexpected changes like health or things of that nature. If you plan on solely making money I think the sky can be the limit. You just have to ask yourself, is that singular goal good enough for you and how do you hope to achieve it?
Generally I dont think anyone can build substantial wealth working for someone else, but can certainly save money for retirement etc. I also dont think someone can hope to have a successful marriage or have a family without sacrificing some aspect of maximizing as much money as they can. Something at some point will have to give.
There are plenty of people I know that all they do is worry about money because they have it. They definitely dont enjoy it as much as someone that thinks of what they might want to do with it if they did. So money is really all relative.
My advice is to start with an xls spreadsheet and project outwards the next 360 months financially on what you are willing to save at varying points of salary as well as investing. When you look at this stuff on paper, it will make a whole lot more sense.
Sounds like you are really well off, and if you don't plan to have kids, and with these massive wealth, plus not a big spender, what are you going to with your pass when you leave earth?
You starting from scratch or from a windfall/family inheritance?
I've increased my stock portfolio for many years in a row by 50-100% and now my balance this year is over 100k, so if I can continue this momentum, I will be making serious money in the next few years. I was able to increase my account even with the 08/09 market crash. I also purchased a foreclosure property that was valued at 500k at the peak of the market. I'm also starting out at a large mortgage brokerage and have the vice president as my personal mentor who is a top producer in the area. I think in 10 years from now $2 million with my property is possible. We'll see, but that's my plans lol.
I googled this and found such a wide range of answers that I figured I would post on my favorite board
What say you?
Cash/Non-retirement assets
Depends on whether you have children or not or are saving for a down payment (if you NEED a mortgage), but about $200,000 as a minimum.
Quote:
Retirement accounts (IRA's and 401K's or similar)
$500,000 - $1,000,000 minimum.
Quote:
Real Estate/Gold/Yacht (I jest but you know what I mean
"Other" investments? Around $1m to join the medium-rollers club, about $10m to join the high-rollers club.
(Notice I'm just kidding)
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