4 ms·

Oh, it's just that easy? And I can do it whenever? I just need a nest egg? What is that exactly? Oh, but I also need a passive income source? That's all? S

by owyn 10y ago

Oh, it's just that easy? And I can do it whenever? I just need a nest egg? What is that exactly? Oh, but I also need a passive income source? That's all? So explain how exactly does "anyone" pull this off, or explain how there a massive gap which prevents most people from doing this. Bonus points for explaining how one or the other situation is better.

josephg 10y ago
Its simple, but that doesn't make it easy. The most tractable way to pull it off is to dramatically lower your expenses. How much do you need to live? If you can get a consistent 5% interest from your assets (-2% inflation) then $1m will net you $30k of spending money per year without digging into the base. Saving up that much money in the tech sector over an entire career (especially one thats been extended due to anti-aging research, which is what we're talking about) is very doable. Lots of people pull it off, they just call that asset 'their house' and call saving money 'paying off the mortgage'. If you sell / rent out the house and move somewhere cheap then you can be pretty comfortable living on less than $30k/yr, depending on what you want to do. If you want more information: http://www.mrmoneymustache.com http://www.mrmoneymustache.com https://www.reddit.com/r/financialindependence/ https://www.reddit.com/r/financialindependence/
- literallycancer 10y ago
  Doesn't it take some time to take care of the assets though? Or are you able to get those returns without touching them at all?
  - josephg 10y ago
    There is a plethora of companies who will solve that problem for you, in exchange for a small cut of the investment returns. Eg, https://www.betterment.com https://www.betterment.com for stocks & bonds, and http://www.ipmanagers.com.au http://www.ipmanagers.com.au for managing property. (For property you obviously want someone local to your area.)

by owyn 10y ago

josephg 10y ago

Its simple, but that doesn't make it easy. The most tractable way to pull it off is to dramatically lower your expenses. How much do you need to live? If you can get a consistent 5% interest from your assets (-2% inflation) then $1m will net you $30k of spending money per year without digging into the base. Saving up that much money in the tech sector over an entire career (especially one thats been extended due to anti-aging research, which is what we're talking about) is very doable. Lots of people pull it off, they just call that asset 'their house' and call saving money 'paying off the mortgage'. If you sell / rent out the house and move somewhere cheap then you can be pretty comfortable living on less than $30k/yr, depending on what you want to do. If you want more information: http://www.mrmoneymustache.com http://www.mrmoneymustache.com https://www.reddit.com/r/financialindependence/ https://www.reddit.com/r/financialindependence/

literallycancer 10y ago
Doesn't it take some time to take care of the assets though? Or are you able to get those returns without touching them at all?
- josephg 10y ago
  There is a plethora of companies who will solve that problem for you, in exchange for a small cut of the investment returns. Eg, https://www.betterment.com https://www.betterment.com for stocks & bonds, and http://www.ipmanagers.com.au http://www.ipmanagers.com.au for managing property. (For property you obviously want someone local to your area.)