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Well, right now I’m in college, so I don’t have a great estimate of my yearly spending. But according to the 4% rule, you need a million dollars for every $40,0
by gallerdude 8y ago
Well, right now I’m in college, so I don’t have a great estimate of my yearly spending. But according to the 4% rule, you need a million dollars for every $40,000 you want per year.
I don’t think I’m super materialistic, the only possessions I really find “enjoyable” are probably my tech - best smartphone, tablet, etc. And fortunately these are orders of magnitude cheaper than being a car-guy. The only big expense I imagine from being an adult would be travel, I really like diving into totally different world views.
So my tentative number is about $1.5 million, maybe even $2 million, for somewhere between $60K-$80K. This is obviously crazy a lot of money. But if you compare it to how much some businesses sell for, it seems achievable.
- GFischer 8y agoThe good news is, any moderately successful software company / startup is probably worth at least a million. So, while it looks crazy at this point in your career, it's not beyond your potential. If you're going the employee path, a successful employee at Google and the rest can save a million dollars after 5 to 10 years if they're frugal enough. Not to mention if you make it to a management/CTO or similar position, you might be able to make "crazy" amounts of money as well.
- hluska 8y agoJust so you know, if you can invest about $1,100 a month for 35 years and get a 4% return after tax, you'll have a million dollars. And the more you invest when you're young, the better that math gets... Seriously bud, at your age, $1.5 - $2m is attainable even if you have a job!!