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you sure as hell don't need more if all you want is retire early and live frugally. if you'Re thinking of a McMansion with several cars which you exchange ever
by y4mi 7y ago
you sure as hell don't need more if all you want is retire early and live frugally.
if you'Re thinking of a McMansion with several cars which you exchange every so often and constantly buy new gadgets etc then no, its not gonna be enough.
- bogomipz 7y ago>"you sure as hell don't need more if all you want is retire early and live frugally." You sure as hell do need more than that if you want to retire in your early 50s and you plan on living another 30 years. At least if you want to live somewhere remotely interesting. $1 million divided by 30 would mean you need to live on 33K a year. Which is about $2,750 a month without accounting for future inflation which would erode this figure substantially over those 30 years. An average inflation rate of 2.50% would be a cumulative inflation of 109.76%. Your $2750 would trend towards half that during that time[1] [1] https://smartasset.com/investing/inflation-calculator https://smartasset.com/investing/inflation-calculator
- Balero 7y agoYou invest the $1M, this grows faster than inflation, live off of that.
- bogomipz 7y agoPlease walk me through this with some concrete numbers. How long do you suppose it takes to build up a million through investing your savings? You realize you can lose money in the market as well right? Lastly When you start pulling that money out to live on each year you aren't earning money on this.