Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When it's time to hang it up you hang it up.
I don’t need a Beamer.
Once you exceed much beyond the above, you are never satisfied.
When I decided I wanted to stop working, I knew that I wouldn't be travelling to Europe every year or buying fancy new cars or $1100 cell phones or buying new clothes. Or eating out at expensive restaurants. Or seeing expensive concerts and shows. Or updating my house. I knew that retirement would mean largely spending time doing simple everyday things that I never had time to do before or never appreciated. I live very simply and don't really need a lot of money to live this way--simply.
I enjoy going on walks, watching birds, photographing things, working on several personal projects at home, having lunch with a friend, meeting someone for a walk in the middle of the week, taking the train somewhere for a day outing--the list goes on. I don't do anything upscale.
Of course, I'm a younger retiree and single and not on SS yet so my budget is rather tight. I have acquaintances who are older retirees (in 70's) who have a grander budget than me due to having 2 incomes and they travel a lot.
Stop the insanity, most of America won't earn 5mm in their whole working career!
$5,000,000 over a 50 yr career would be 100K a year starting at age 15 and working until 65!
The way I read the OP, Suze didn't say you need $5M to retire, she said you need at least that much to retire EARLY. I don't know what age range that pertains to, but there's this whole movement of people trying to retire by 40. If someone wants to retire at 38, for example, they would need enough money to possibly last 50 years, and everyone knows the value of $1M now isn't the same as it was 50 years ago. I kinda get the point if that's what she means. I don't think she is saying you need $5M to retire at 65.
The way I read the OP, Suze didn't say you need $5M to retire, she said you need at least that much to retire EARLY. I don't know what age range that pertains to, but there's this whole movement of people trying to retire by 40. If someone wants to retire at 38, for example, they would need enough money to possibly last 50 years, and everyone knows the value of $1M now isn't the same as it was 50 years ago. I kinda get the point if that's what she means. I don't think she is saying you need $5M to retire at 65.
I saw her interview on this and she was referring to the FIRE movement (financial independence, retire early) where blogs talk about retiring by a young age like 30. She said to do that you'd need at least $5 million because you need to guard against unexpected problems such as illness, illness of a loved one, losing your house in a natural disaster, healthcare costs, stock market crashes, etc. She did NOT mean that you need $5 million just to retire what most people call "early". I tend to agree with her as when you are young it's easy to believe hardships like those previously mentioned will never affect you.
But at the same time Suze is telling people they need to work until age 70. She seems to be against retirement in general.
^^^^^^^
That. Maybe if you really love your job, but my next career will be sitting on a beach from 55-70 years old. If that's what Susie means by work, then I'm in!
When it's time to hang it up you hang it up.
I don’t need a Beamer.
Once you exceed much beyond the above, you are never satisfied.
When I decided I wanted to stop working, I knew that I wouldn't be travelling to Europe every year or buying fancy new cars or $1100 cell phones or buying new clothes. Or eating out at expensive restaurants. Or seeing expensive concerts and shows. Or updating my house. I knew that retirement would mean largely spending time doing simple everyday things that I never had time to do before or never appreciated. I live very simply and don't really need a lot of money to live this way--simply....
Appetite vs. contentment is one of those eternal debates, because the most apt compromise is intensely personal and situational. If there’s a nobility and wisdom to the sort of stoicism that allows one to be content with minimal material wherewithal, then why wouldn’t the same stoicism be deployed to abide an unpleasant job, for example? Those who are able to “just deal with it”, can do so, with an obnoxious boss, just as they can with do-it-yourself solutions to home-maintenance, to walking/biking instead of driving everywhere, to putting on extra clothing instead of turning up the thermostat. Is luxury something to be abjured, as fluff and weakness? To some, working at one’s job is no burden. The real burden is having to mow one’s own lawn, or repair one’s own car, or cooking one’s own dinner. That is… just an opinion – their opinion… one of many possibilities.
If we have some compelling and all-encompassing life’s mission, whose furtherance is impeded by traditional full-time work, then of course it’s sensible to quit the latter as soon as possible, to devote ourselves to the former. But how many people are thus? And for those who are, is it not generally the case, that their work/career IS their life’s work?
And: of those who have the ambition to earn good money, to save and to invest it… don’t most also have similar ambition, to rise in their careers, to enjoy advancement and promotion and plaudits, followed by a lavish and fawning retirement ceremony at age 75?
Suze evidently is very appetite-driven. She enjoys both her job, and her habits of consumption. Her mistake isn't in doing so, but in hectoring everyone else to do likewise.
Quote:
Originally Posted by City Guy997S
Stop the insanity, most of America won't earn 5mm in their whole working career!
$5,000,000 over a 50 yr career would be 100K a year starting at age 15 and working until 65!
Compound interest! 9% annually (if this can be achieved) doubles every 8 years. A person who sets aside $15K at age 18, will have attained $960K by age 66. Repeat over 5 years, in one’s late
Of course this reasoning has its own problems and prevarications. First, it ignores inflation. Assuming 2.5%/year, the $5M that we so dearly desire today, would be worth only $1.5M in 48 years… and that’s a low rate of inflation by historical standards. Second, it’s precisely in our earliest years that we have the least resources for earning and saving money. Third, it’s precisely in our later years, when the magic of compounding is most lucrative, that we grow skittish and conservative, thus eschewing good chance for high returns.
Wealth is attained not from tenacious savings of one what one earns, but from returns-on-returns... from one's money working, rather than one's own self working.
Suze Orman can be bat-crap-crazy. I watched her show for a couple of years; got me motivated to organize my money. i remember one episode where she did a 1 on 1 with a woman in her 40's who had won about $50M on the lottery. She advised the woman to keep working her job at Wal-mart and save all she could. because that's why people buy a lottery ticket...so they can day dream about keeping thier job at Wal_mart after they win.
Stop the insanity, most of America won't earn 5mm in their whole working career!
$5,000,000 over a 50 yr career would be 100K a year starting at age 15 and working until 65!
IMO you don't make it to $1M+ by wages, you gotta invest your way to becoming a millionaire or a multi.
Only superstars and mega-musicians make the stratosphere based upon their income. You can also get there by selecting the right parents. DT was a millionaire by age 2.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
