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Let's say you have a modest paid for house somewhere in east TN. It's a low property tax state, so the fixed costs won't eat you alive. Modest cost of living all around.
A frugal couple with paid for homes and cars could easily make it on $3k/net month here. You could sustain that on a little over a million.
Hahaha nice, yeah that’s very true! I know this may not be realistic for many people but I wouldn’t personally be comfortable if I was drawing down my principal, rather than living off the income from investments. That way even if I’m spending every dollar that comes in, I’m still getting richer on paper as my investments increase in value over the years. It just feels more secure than the depression of watching your net worth continue to decrease and then, what, rooting against a long life because “dang only have enough left for 12 years, well hope I die before then!” Lol
There is no point in working until the day you die. I have no close family so it's no problem for me if I leave nothing to inherit.
Quote:
Originally Posted by JONOV
I've thought a lot about the FIRE movement...And here's what I think. I think a lot of the bloggers are the exception, and that for many, its about the FI as opposed to RE. Meaning, getting that nest egg healthy and built up super early, to allow you the independence to say, "I Quit" and find something more to your liking at your leisure. We see the RE part and think of white shoes, Florida Condo, Golf four days a week.
And to be honest, I know a lot of Boomers or GenXers that aren't so different; they had a high power, high stress, high earning career, and gave it up after awhile with a nice nest egg established to do something to "leave work at work." One is a History teacher. Another is a Financial Advisor. A third is a Pharma Rep; he had been an attorney for years and saw two classmates have heart attacks in their forties.
That's me. I just realized I have enough left to last my best case scenario of the maximum age I expect to achieve.
If you have enough to last until you're 100, why work on anything that isn't worth it for the fun alone?
I've thought a lot about the FIRE movement...And here's what I think. I think a lot of the bloggers are the exception, and that for many, its about the FI as opposed to RE. Meaning, getting that nest egg healthy and built up super early, to allow you the independence to say, "I Quit" and find something more to your liking at your leisure. We see the RE part and think of white shoes, Florida Condo, Golf four days a week.
And to be honest, I know a lot of Boomers or GenXers that aren't so different; they had a high power, high stress, high earning career, and gave it up after awhile with a nice nest egg established to do something to "leave work at work." One is a History teacher. Another is a Financial Advisor. A third is a Pharma Rep; he had been an attorney for years and saw two classmates have heart attacks in their forties.
I agree a lot of the bloggers are the exception. Their point is a lot more people could join them if it actually occurred to them that something else is possible. I get it. Not EVERYONE can do it. But a lot more people could, especially those on the top 1/2 of the income ladder. Maybe not in their 30s, but mid 40s? or even 50? 50 isn't super early for the FI crowd, but it's a lot earlier than most people achieve. And as I and others have been saying, a lot of people are burned out or booted out of corporate employment in their 50s anyway.
Wow, I am pretty sure you will never get to $5m. Maybe google the word 'compound'.
Also Google inflation and apply that to your funds and to your COL. At least compounding will help that, if your interest rate surpasses inflation...
The best idea is to become a vampire and stay out of the sunlight. Then wait a couple hundred years for your investing to make you wealthy. Watch out for girls named Buffy.
To say the least, yes. One of the actresses in my feature film was the girlfriend of one of my stars and he had been on Glee, he’s been in a Super Bowl commercial, and numerous other appearances. He asked me as a favor if I could find a small role for his girlfriend. I gave her two lines in a bar scene early in the film, just to be nice. She hadn’t done much, been a “Scream queen” I guess and a few small appearances. Fast forward 8 years and she is one of the biggest stars on YouTube with Variety reporting a $10 million income for one year alone! Turns out she was doing me a favor by being in my movie lol who would have known?! So yes some serious money on YouTube for the few who make it big.
As for not living past 100, umm well depends how old you are. Are you 80? Then maybe not. But if you’re retiring at 35 or 40, I strongly caution against that. There are numerous very well funded labs including Google’s Calico working on anti-aging research. The human body is a machine and like any machine it can be fixed and repaired once our knowledge is strong enough. I think anyone who is under 50 and in great health has a strong chance to live to see a world where aging is a disease of third world countries and the past, but no longer a problem for the first world. Technology has made rapid progress in many regards and it’s a problem that once there are sufficient reasons for optimism, funding will pour into the field like nothing else in human history because aging kills more people than every other disease put together.
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