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.
Not to mention, I'm not sure $200k would be enough for all that. Either that's a very small house or that business has no start up capital at all.
As for my number, with a paid off house I'd assume about $2M if it were in a Roth.
Assuming 5% return, that'll come to $100k a year. I think I could live pretty comfortably on that without having to draw down on the principal considering that's about what I make now, but it wouldn't be taxed. I also plan on having kids in the future, so I'm sure the difference vs my current lifestyle would get sucked up by that.
I'm only 30, so I don't think I'd have to worry too much about major medical expenses(the biggest part of the typical retirement budget) until about the time I qualify other government programs.
The property I found is $77,000.00, the business would be run by others and would be very small with a limited amount of inventory. Nothing to rich on but enough to pay those who need a job.
Not everyone wants or needs a huge home with a lot of maintaining or a big business.
There are those in the world who are happy with enough and their enough may or may not be enough in your opinion but it is their opinion that really counts.
Not if I pay others to run it for me including a bookkeeper to do all the banking, bookwork, etc.
You realize the exact same thing can be accomplished by purchasing stock.
If you're truly not involved in the operations, you're no different from a shareholder in a major company that pays dividends. If you're more involved than that, then you're working.
Even if you hired everyone else, you'd still need the top guy to report to you, which means meeting with him for annual reviews at a minimum.
well i am stopping working in 2015. july to be exact and a few million makes up our budget but we live in queens , a borough of nyc so to live a real middle class lifestyle will cost you
well i am stopping working in 2015. july to be exact and a few million makes up our budget but we live in queens , a borough of nyc so to live a real middle class lifestyle will cost you
You realize the exact same thing can be accomplished by purchasing stock.
If you're truly not involved in the operations, you're no different from a shareholder in a major company that pays dividends. If you're more involved than that, then you're working.
Even if you hired everyone else, you'd still need the top guy to report to you, which means meeting with him for annual reviews at a minimum.
The difference is that I would be providing a real job for someone who needs it.
I could care less about investing, stocks and all that nonsense and I don't have to have anyone report to me if I don't want them to. Hence the reason others are paid to do the job, I'm not sure what is so confusing about what I have stated.
I answered a question in regards to the thread and my response is being picked to death for no particular reason.
My answer may not be appropriate for anyone else but it is my answer and what I would choose to do which I thought was the entire reason the question was posted as it was. If you disagree great but disagree in silence.
It all depends where you live and your lifestyle. I retired 8 years ago with an investment portfolio of $1.6 million. Without touching any capital, I have an income stream of $10,000 /mo from Social Security, annuities, and dividends.
My wife and I live very well on this in Southern California. We are not rich but we own a beautiful home with pool, and we travel a lot.
Everything we have was earned from hard work and investing.
The difference is that I would be providing a real job for someone who needs it.
I could care less about investing, stocks and all that nonsense and I don't have to have anyone report to me if I don't want them to. Hence the reason others are paid to do the job, I'm not sure what is so confusing about what I have stated.
I answered a question in regards to the thread and my response is being picked to death for no particular reason.
My answer may not be appropriate for anyone else but it is my answer and what I would choose to do which I thought was the entire reason the question was posted as it was. If you disagree great but disagree in silence.
Don't feel bad. Someone sent me this zinger:
you may have missed the point there....your comment makes ZERO sense.
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.
