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10 mil. Enough to absorb all but the worst shocks to the stock market, continue to grow if desired, or pull $500,000/yr interest at a conservative 5% growth. $500,000 year means you could afford the Lamborghini, but you still gotta make payments.
IMO $2-3 million today is about the “millionaire” of yesteryear, someone we used to call rich but not crazily so. $10 million is actual passive wealth that is enough to live very well without touching the principal.
If you want it to run indefinitely then you need to let the principle grow with inflation as well, so with 5% growth and 3% CPI you have $200k to spend each year (which will also scale with CPI)
Edit: you'll also have to choose more risky investments to stay above CPI, which means the stock market rather than fixed interest, and means your pot of money can change quite a bit with market shifts, and you may need to downsize expenses in some periods or risk eating into your principle if you can't trim your lifestyle
3.5 million. I'm 31
The answer is 'it depends' How long do you expect to live and what do you expect to do in retirement. The answer for a 30 y.o. is much different than that of a 65 y.o.
700k and I'd be choosing to be dirt poor in monetary value.
But I'd have freedom to live. Not lavishly, but I'd be free. Read books. Exercise. Creat art. Love, maybe.
There are many things in life that are both valuable and nearly costless. That'd be better than what I do now.
💯 👏
OP should probably have asked for the ages of people responding. One million takes an old person beyond the grave but might fall short for a 20 year old.
Somewhere between 5 and 10 mil, even at only 1% interest rates that should cover everything I reasonably need
1mil but I'd probably still work. I'd wanna be a fulltime BERRT nurse (Behavioral Emergency Rapid Response Team) and just wander around the hospital at night calming patients down. I've done a little BERRT work but most hospitals won't pay a living wage for someone to do that full time. It's usually just lumped on the psych unit charge so they can only respond when they're not busy which defeats the point of an emergency response protocol. Doing that full time and just wandering around the hospital giving fake cigarettes to people with Alzheimer's and talking people withdrawing into sticking it out through their detox protocol would literally be my dream come true LOL.
4 million invested with 5% withdrawal rate and 400k in HYSA. 200k per year with 2 years in reserve to buffer any sequence of return risk on the 4M. Adjust spending and rate as needed.
Why 5% withdrawal rate? Also, what do you do with your buffer in a year where the market crashes? Skip adding to your reserve that year and hope for a recovery?
There’s the famous 4% rule that has been amended to 4.7%. I rounded up to 5%. Just a nice even number of 200k per year. With the flexibility the buffer adds and the ability to cut back in a down year I’d be comfortable with the extra .3%.
The buffer is there to live off of in a down year or years and not pull 5% out of the investment portfolio. Either 100% comes from the buffer or it can supplement a much lower withdrawal rate. In a known downturn I could reduce my expenses, minimize withdrawal rate, and fund the rest of the year with the buffer. Essentially I don’t want to pull $$ out of the 4M on a down year that will prevent recovery.
In an up year or a year I didn’t spend the full withdrawal amount, I can replenish. The 5% rate over a long time period will still let the portfolio grow. So if I pay myself 200k per year static, my rate could also naturally decline. There are a lot of factors (inflation, expenses, lifestyle) but that’s the high level framework.
2M. I'm also older so this should be enough.
5 million euros probably.
Millions, certainly. Probably about 2 of them, if we had that today I would be pretty confident. That is not likely to actually ever happen, or at least not before it wouldn't be enough.
I wouldn't stop working.
With ~500k I'd take a few months of leave, reduce my hours to working 6h/4d/week, and only take the shifts I want to.
I need to keep some rhythm otherwise I stop functioning.
Yeah I'd do the same, if I had no mortgage all I would need is enough to eat and get a few trips in a year. I could do that part time charity role.
I would not have it in my bank account. I would invest it and live off the interest. So whatever amount that would be.
You earn interest from the bank, if your investing it it would living off dividends, principle and proceeds
Interest from bank is pretty low. It would increase the amount of principal you would need. And then, at least in US, the FDIC only insures so much. And I can not say I even trust that right now.
About a million to two million. Enough that with a high interest savings account, I'd be making like $1000/day on the interest. That $1000 a day is my per diem.
To get 1k/day from 2 mil you'd need an annual interest rate of close to 20% from your savings account. At a more reasonable 4% you'd get around 80k a year or over 200 a day, still a good amount. If you're using that to live on you'll want a bit more to beat inflation long term but it'll be a while before that's even noticeable.
You're gonna have to check your math, homie. $1,000 a day is $365,000 a year. With $2,000,000 in the bank, you'd need a return of 18.25%. That's not a high interest savings account. That's investing heavily in risky stocks and getting lucky every time for the rest of your life.
4 million.
That would give me a comfortable six-figure salary for the remainder of my life.
That being said, I would also know that if there was something that did not fit into my budget at six figures, I could go and get a job and earn the difference with all of my free time.
enough that I can huck most of it in a trust and still be able to live off the interest. Yes, this makes it hard to tax, (I see taxes as rent, not theft, so this would be an UNfortunate side effect) but it also keeps me from "discovering" people to whom I'm apparently distantly related, suddenly appearing at my doorstep looking for handouts.
I'd also probably move somewhere remote, where the locals are few, don't really care what you do as long as you keep to you and yours, and aren't murdering people.
I wouldn't choose to not work until I had a brokerage in the range of $4 Million. I could live on much less but I wouldn't CHOOSE to not work.
If I had $2 Mil, I could live a modest lifestyle happily forever. Or.. I could just work some chill job I don't care much about and live a non-modest lifestyle. There are millions of low-stress jobs in the $40-60k range. 4% rule says $2Mil ~= $80k/year (don't @ me with nuances). I would be much happier on $120k with a chill job than $80k with no job.
But at $4 Mil -> $160k I would prefer to just travel and have my time back.
The details would need to be adjusted if we assume a paid off house or not.
€2×10^6^
I'm 40 and I take home a shade over €1000 a fortnight (and my employer also gives me health insurance and pension contributions). Optimistically assuming I live to be 100, that works out to a little under €1.6×10^7^. I liveodestly but comfortably, and spend a few hundred euro less than I earn most fortnights; if I'm particularly frugal, might spend just half of what I earn.
With this in mind, my current lifestyle would probably be sustainable even with inflation. But I'd like to have a buffer, so I'll round it up to €2million. That gives me enough to buy a house in decent condition, which dramatically lower my fortnightly spending as I no longer need to pay rent.
Nit. Your employer doesn’t “give” you anything. Those benefits are part of your total compensation.
probably 7 million, minimum.
1 million for a house, furniture, car, debts.
then about 6 million into one of those savings accounts that give like 3% interest but are heavily restricted on transactions and such, and just like once a year pull the interest out and live off that.. should be more than enough to cover a year of decent living if you arent stupid.. and any money left over at the end of the year can be put back into the account to slowly increase the base amount and thus how much you get in interest every year.
2 500 € per month multiplied by months of, say, 50 years.
2 500 € * 12 * 50 = 1 500 000 €.
Would not be a rich life, absolutely not, but would leave me with enough money to live even if the part I'd invest was to be lost.
1 million. Getting 3% back on investments will give me $30,000 a year. That far more than what I currently make. Also, less laundry, less eating out, and not burning so much fuel commuting to work and home.
Don't forget inflation. That 30K isn't going to buy you much in twenty years.
The general rule is that you need to cover inflation plus what you want to withdraw. That way your income goes up as inflation does.
put the money in a standard index fund. take $25k per million out first year. increase that dollar amount by 2.5 percent annually to account for inflation. should last indefinitely unless some moron in a white house blows up the country.
3million used to be the “fuck you” money estimate, but it’s probably more like 12 now, so, 12million dollars.
3 thoughts of school:
Actually never working at all from my 30s onward, probably around 10 mil €.
Quitting my job and getting into lazy investment to get a passive income, around 1.5 mil €.
Playing into me being passively suicidal, if I loose my job and the number hits zero, I'm just killing myself. Technically that would also mean I don't have to work again.
Number 3 is the most realistic one.
- Playing into me being passively suicidal, if I loose my job and the number hits zero, I’m just killing myself. Technically that would also mean I don’t have to work again.
Dude, if you really want to do that, don't waste your life pointlessly: rob a few banks and give the money to charities, Luigi a few billionaires, and play cat-and-mouse with the cops until they find you, and then make sure they suicide you, not you.
Nah man. Finding your peace in a forest, surrounded by nature with nothing to your name, that's where it's at.
Please don't. I mean, first, please don't. But also think of the people who will be sent to search for you and will eventually find you. And finally, please don't.
I was just running through this hypothetical with my wife last week. We settled on $5,000,000 USD as a bare minimum.
i retired at 35 and am now 60, i have nothing like what people say they need here. i have been investing since i was 19, i have a gf, a modest cottage in a small town in Australia, no debts and we travel thru SE Asia 8 months a year.
There's people living on way less with really interesting lives out there who don't work.
Impossible to answer with all this AI BS that's about to implode & take down a significant chunk of the economy with it.
Since I’m on the US, it would need to be “whatever I would need to live comfortably” + “another $2-5 million so I don’t bankrupt myself from a large impact medical event”, since we don’t have universal healthcare here.
Sadly that latter number is the largest reason I feel I’m “just okay” rather than comfortable given that I make over $200K. Any other place in the world and I’d be feeling good.
Yeah we're in a similar boat. I think our healthcare system (or lack of one) is very much designed to keep people working longer and also to work for corporations, rather than striking out on their own.
If it weren't for healthcare, I'd consider downsizing and retiring right now. But as is, probably going to have to work for another 20 years.
Half a billion. I would stop working in IT, but I'd be building social housing for the homeless in my neighborhood and across my city. I'd have social workers check up on them and make sure they're okay.
I'd do this until I run out of money or die.
