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~$500K. I rent, and have no desire to own at this point, so that number would include paying rent. I'm 24 and fairly frugal for an American, though still extravagant compared to the rest of the world.
Once I reach this amount in my early 30's, I do plan to retire from regular work, though I would love to do some volunteering in my spare time. I want to slow-travel and live like the locals, not a tourist. For example, I can easily live on $10K a year in southeast Asia. In Europe, I can stay in hostels. There's a lot you can do if your expectations are reasonable.
~$500K. I rent, and have no desire to own at this point, so that number would include paying rent. I'm 24 and fairly frugal for an American, though still extravagant compared to the rest of the world.
Once I reach this amount in my early 30's, I do plan to retire from regular work, though I would love to do some volunteering in my spare time. I want to slow-travel and live like the locals, not a tourist. For example, I can easily live on $10K a year in southeast Asia. In Europe, I can stay in hostels. There's a lot you can do if your expectations are reasonable.
I do want to have kids (I actually really like kids, unlike most in my generation), but I do not want to have kids in America. The culture here has little merit to me anymore - for a number of reasons. Most likely I'll get married and start a family in a foreign country. Getting married around 35 isn't particularly late anymore, and $500K can support an entire family in a place like Southeast Asia or South America without my needing to work for money.
I do want to have kids (I actually really like kids, unlike most in my generation), but I do not want to have kids in America. The culture here has little merit to me anymore - for a number of reasons. Most likely I'll get married and start a family in a foreign country. Getting married around 35 isn't particularly late anymore, and $500K can support an entire family in a place like Southeast Asia or South America without my needing to work for money.
Getting married at 35 does force a faster series of child births though. Risks start to get higher for birth defects as women get older. I think 40 is the age where down-syndrome really picks up, but I'm not positive and don't feel like googling that at the moment.
Getting married at 35 does force a faster series of child births though. Risks start to get higher for birth defects as women get older. I think 40 is the age where down-syndrome really picks up, but I'm not positive and don't feel like googling that at the moment.
That's correct, but not guaranteed. My mom had 2 kids after she turned 40 and they're perfectly fine. Just had them over at my place for a day last weekend.
I think a lot of people don't like kids because the ones they know weren't parented well. People always have said us kids (I'm the oldest of 6) are extremely well-behaved, and we honestly do enjoy spending time with each other as a family. While I can't claim I would be as good a parent, I would definitely be talking with my parents for advice.
Just turned 30. I actually, enjoy what I do, but if I had a windfall profit I probably wouldn't stay here full time. There are either other (lower margin) things I would do or I would work here part time. However, if I keep to the strict intent of the post, with no work I'd say our number is around 2.5-3 million. Hoping to achieve that number by early 40s at least.
That's correct, but not guaranteed. My mom had 2 kids after she turned 40 and they're perfectly fine. Just had them over at my place for a day last weekend.
I think a lot of people don't like kids because the ones they know weren't parented well. People always have said us kids (I'm the oldest of 6) are extremely well-behaved, and we honestly do enjoy spending time with each other as a family. While I can't claim I would be as good a parent, I would definitely be talking with my parents for advice.
The risk of Down syndrome and other genetic problems, as well as obstetrical complications, is not negligible, and does indeed go up significantly for mothers over 35. It's not something that should just be brushed off with "not guaranteed" type reasoning - because the stakes are VERY high when you are dealing with an individual being born with major genetic problems. If the stakes are high, then you need the odds to be lower before you are really justified in dismissing the risk as not worth taking seriously.
The risk of Down syndrome and other genetic problems, as well as obstetrical complications, is not negligible, and does indeed go up significantly for mothers over 35. It's not something that should just be brushed off with "not guaranteed" type reasoning - because the stakes are VERY high when you are dealing with an individual being born with major genetic problems. If the stakes are high, then you need the odds to be lower before you are really justified in dismissing the risk as not worth taking seriously.
Testing for major genetic problems in the first trimester is pretty common.
You need 42k to live off of after medical expenses, property taxes, and assuming your house is paid off (what was assumed by the OP's directive? Holy!! That's a lot of food, vacations, car payments, and toys. If that's what it's for, great. Have fun. But if it's what you need to just "live" then living is very different between me and you.
I can't speak for UntilThe, but I need a lot more than 42K. 142K is more like it. I have responsibilities that perhaps you don't have. How nice for you. But other people depend on me and I plan to honor my obligations.
I also plan to reward myself for honoring those obligations with a generous allowance of food, vacations, and toys (no car payments; I buy used luxury cars with cash). But that amounts to less than half of the 142K.
I'd be able to get a very cheap bronze plan, if not free. At this low income I would definitely qualify for subsidies.
Of course things change but the question was phrased as what would it take now to get you to retire. 600k is my response. If situations changed and I had a family I would readjust and return to the workforce. However, if tomorrow 600k appeared in my brokerage account I would be putting in the two weeks' notice.
You need 42k to live off of after medical expenses, property taxes, and assuming your house is paid off (what was assumed by the OP's directive? Holy!! That's a lot of food, vacations, car payments, and toys. If that's what it's for, great. Have fun. But if it's what you need to just "live" then living is very different between me and you.
living vs existing can be very different for all of us. that is why when we work we all earn different amounts and have different lifestyle.
perhaps we even have the same lifestyles but different locations take very different amounts to live that same lifestyle.
we can exist in a bungalow in the woods if we had to or i could live in manhattan for a few hundred thousand a year and everything in between.
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