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As a single earner, my goal is 6 figures to feel comfortable and like I'm saving enough for my retirement. Immediate goal is reaching 75K.
I would like to marry my boyfriend and have children, but our household income would need to increase dramatically to handle his student loan debt, daycare costs, and saving for college.
My situations is actually similar. Im at a point where more money just goes to savings and investing not changing my lifestyle.
I'm 59. At age 50, I took a hard look at my finances and adopted a lifestyle I could sustain when I'm retired and the high tech wages end. I could live on my defer-to-age-70 Social Security check. My tax deferred and after tax savings & investments are for luxuries. I'd like to boost my net worth over the next 6 or 7 working years to add to the luxuries. I traveled the world on business but I'd like to do it as leisure when I retire. I don't want to sweat doing City culture things that would be off budget on a max Social Security check.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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I hit my goal.I'm at about $110K a year retired with my rentals. I also have a roth retirement that will pay out about 22K a year in addition to that I am eligible to collect next year. I'm going to try to invest in a few more rentals so the $110K gets bumped to about $120K and the roth gets bumped to about $30K. I think I might be eligible for a few hundred from SS but I never contributed to much to it so I'm not counting on it.
So I am happy enough where I am at now, but will still shoot for the $150K in the next few years. If I don't hit it I will still be happy.
After that I am in pretty good shape since I'm single. I obviously have poor budgeting habits to feel I need this much. You guys have it nailed down way better than I. I know it sounds excessive, but I never traveled much so I would like to spend a lot doing that. Also maybe buy a few nicer clothing items than my usual Walmart Wardrobe.
I hit my goal.I'm at about $110K a year retired with my rentals. I also have a roth retirement that will pay out about 22K a year in addition to that I am eligible to collect next year. I'm going to try to invest in a few more rentals so the $110K gets bumped to about $120K and the roth gets bumped to about $30K. I think I might be eligible for a few hundred from SS but I never contributed to much to it so I'm not counting on it.
So I am happy enough where I am at now, but will still shoot for the $150K in the next few years. If I don't hit it I will still be happy.
After that I am in pretty good shape since I'm single. I obviously have poor budgeting habits to feel I need this much. You guys have it nailed down way better than I. I know it sounds excessive, but I never traveled much so I would like to spend a lot doing that. Also maybe buy a few nicer clothing items than my usual Walmart Wardrobe.
Would love to hear 'your story' on how you got here. This amount in "passive" income is admirable.
Disclaimer: I do realize that being a landlord requires work and is not necessarily all that 'passive' in the traditional sense of the word.
If you had asked me this question back when I was making less than half of what I make now, I would have said that what I make is plenty. Now that I do make it, I find plenty of ways to spend it. I am by no means rich and I live a modest lifestyle. It just simply doesn't go as far now as it once did, plus I have a wedding and kids in my near future so I need to prepare.
In the great words of Rockefeller. When a reporter asked him, “How much money is enough?” He responded, “Just a little bit more.”
I'm at $200k and trying to get to $200 million. Fingers crossed for the powerball tonight.
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I'm at $200k and trying to get to $200 million. Fingers crossed for the powerball tonight.
