Quote:
Originally Posted by Zabulus
Im close to the same boat as Graham and I have picked his brain a little bit. My question to you guys is, how much is enough (of a safety net) to retire?
I just hit 7 figures and I guess worse case I want to live off interest and investments. I am close to leaving my day job that pays roughly 50k a year + benefits. So obviously I have to buy benefits.. which I think is around 12-15k a year for a good package.
So how much is enough? is 1m?
|
Seems like a personal question of comfort level rather than a question someone could easily answer. You're own personal situation, family, responsibilities, debts etc would likely play big into you decision.
Nine years ago I was working a decent job, about $65K per year plus benefits, which I pretty much had gotten because my girlfriend at the time was pregnant and I was going to need to get health benefits for our daughter. I was young and did not save money. Anyways a few months later my daughter mother developed a drug habit and I ended up being a single father with a few month old baby and ended up quitting my job to take care of her. I had nothing in terms of savings, i had debts for car insurance, car payments, rent, credit card debt etc. I voluntary had my reposed my car, told creditors they would have to wait and went to work. It was very tough in the begining with no car, and not coin what so ever but it was motivating as well. It only took me 10 months of work, between caring for a baby to be making $10K per month. I would like to say I never looked back from there but this is reality and not a brag story. Life is a humbling experience sometime. I got to the point where a couple years into i was earning $50K per month is passive residual, but then something happened. I am not sure if it was out of greed, or if it was because I wanted so bad to do big things (charitable thing) but I ended up putting it all on the line, had 2 million networth and lost around 4 million in in a single investment deal. After a period of depression and not doing much at all, I finally got motivated a few years ago to start again. I'm not even at what I was at in 10 months time the first time around, but I'm able to live without worrying about money at all and know its just a matter of time now that I get there.
So why the difference? Motivation
Anyways my point is anyone can go full time and make it at anytime they want if they believe that they can. Its a big question of motivation, for me I had all the motivation I needed the first time around because it was a near necessity.
Anyways don't mean to hi-jack this thread or anything but figure this is on topic enough that people considering going
FT will find this in the future.
Anyways, we always have what we want the most.
Linear Mode
