How much money is "enough" money?

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Soi Dog
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Re: How much money is "enough" money?

Postby Soi Dog » Tue Jun 03, 2014 9:31 pm

FreeSocrates! wrote:I think the world is seriously backwards. How is one supposed to enjoy oneself and live it up, travel etc, when they are 70+.
I always thought people should retire (See the world, party etc) from 20 - 40 and then work for the rest of their lives. :lol:
That is a great plan, when you are 20 !! But eventually you hit age 40 and then have to resign yourself to working until you drop. It can get seriously more difficult to find employment as you get older, you know. Good thing you are self-employed.
FreeSocrates! wrote:I have no retirement savings, but I still for the most part act like I'm 21, I am slowing down and maturing and probably in the next few years I'll start thinking about this stuff.
I hear that often, about people not having much retirement savings yet. I have a decent safety cushion already and it gives me some peace of mind for the future. And i'm not much older than you. :)
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Re: How much money is "enough" money?

Postby UKJ » Tue Jun 03, 2014 11:17 pm

If you were planning to live in Asia, a Brit could buy enough properties in the UK for under £1 million, and live off the yield in Asia.
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Re: How much money is "enough" money?

Postby Soi Dog » Tue Jun 03, 2014 11:25 pm

UKJ wrote:If you were planning to live in Asia, a Brit could buy enough properties in the UK for under £1 million, and live off the yield in Asia.
That is what? $1.6 million? So your comfortable number is twice my number.
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Re: How much money is "enough" money?

Postby UKJ » Tue Jun 03, 2014 11:34 pm

It could possibly be done for less in the UK , but you get taxed. Agents have to hold back tax for overseas landlords. You would also have to pay national insurance, but would get healthcare ( fly back) and a state pension if you returned.
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Re: How much money is "enough" money?

Postby Soi Dog » Wed Jun 04, 2014 12:30 am

My strategy relies heavily on the stock market and dividends, which (especially after the recent 2008 collapse) is a risky and scary proposition. I may delve into the rental property market though.
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FreeSocrates!
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Re: How much money is "enough" money?

Postby FreeSocrates! » Fri Jun 06, 2014 11:25 am

Soi Dog wrote:
FreeSocrates! wrote:I think the world is seriously backwards. How is one supposed to enjoy oneself and live it up, travel etc, when they are 70+.
I always thought people should retire (See the world, party etc) from 20 - 40 and then work for the rest of their lives. :lol:
That is a great plan, when you are 20 !! But eventually you hit age 40 and then have to resign yourself to working until you drop. It can get seriously more difficult to find employment as you get older, you know. Good thing you are self-employed.
FreeSocrates! wrote:I have no retirement savings, but I still for the most part act like I'm 21, I am slowing down and maturing and probably in the next few years I'll start thinking about this stuff.
I hear that often, about people not having much retirement savings yet. I have a decent safety cushion already and it gives me some peace of mind for the future. And i'm not much older than you. :)
Yeah my idea that the world is backwards is an idealistic one and would never work in practice. A rainy day fund is always a good idea, out here especially.
The cedar roasted asparagus has good chew. I don't know how to enjoy it, so I'll Instagram it instead.
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Re: How much money is "enough" money?

Postby phuketrichard » Fri Jun 06, 2014 12:02 pm

always thought people should retire (See the world, party etc) from 20 - 40 and then work for the rest of their lives
Pretty much led this life, school ended when i was 24, than off to see the world, for a few years worked only winters and traveled, Peace corps for 2 years earning <1,800/year
moved to Asia, made more than enough to retire on ( an not exactly "working " for it) and than Lost 3/4 of it.
had to get back into work when i was 42 and now make more than i spend and still have small egg plus investments.

Like i said, u make as much as you can, as long as you can.

anyone here watch the Suzi Orman show? Amazing, http://www.suzeorman.com/the-suze-orman-show
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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Re: How much money is "enough" money?

Postby Barang_doa_slae » Fri Jun 06, 2014 1:37 pm

FreeSocrates! wrote:
Conventional wisdom says you work until you hit age 67 or so (probably age 70+ for the younger generation). Then, you get to enjoy life.
I think the world is seriously backwards. How is one supposed to enjoy oneself and live it up, travel etc, when they are 70+. Work for 50 years then you get to enjoy life when you need hip surgery and can't see more the 2 feet in front of you???

I always thought people should retire (See the world, party etc) from 20 - 40 and then work for the rest of their lives. :lol:

For me I lived a bit like that as I've had passive income for a long time, but I only came to realize that I like working, and that you need a balance in life. Things tend to lead to their opposites.
I worked hard enough in my 20's for my savings (combined with an inheritance) to be sufficient for early retirement in my 30's (in Cambodia only).

As others already said:
- One has to decide when enough is enough and seldom people manage to do that.
- It is not easy to retire young because work/activity is necessary for sanity.
- Retiring early is shameful or at least badly perceived in the west. Luckily it is quite the opposite in Asia.

I managed to dodge these 2 dangerous reefs but now in my early 40's after more than 10 years of non working life it would be very hard to go back to work 8 hours or more a day... :whip:
Luckily I also dodged the "shrinking savings" syndrome so prevalent amongst some cambodian's expats.

As for the necessary amount to retire early, if you are satisfied with living in a cheap rental, driving a cheap car/motorbike then 800k $ might be enough but you will pray everyday that the banks holding you savings don't make a runner and will also be at the mercy of exchange rates changes... :dragonchase:
And keep in mind that health can become a financial burden at a later age and that a family will also require additional incomes.
If you want to own a nice house, be able to change car from time to time, travel etc.. Then I would say that 5M is a more comfortable/suitable figure. :Yahoo!:
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vladimir
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Re: How much money is "enough" money?

Postby vladimir » Fri Jun 06, 2014 1:44 pm

OrangeDragon wrote:I'm banking on this website. If I'm not a retired millionaire by next year I blame Vlad for not posting enough puns.
Ve haff vays und means of making you regret that post.

wrt money, the answer is that if you're thinking about this all the time, they have succeeded already, and no amount will ever be enough.
Oh, Carruthers, if you can hear me, wave your antennae.
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Alex
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Re: How much money is "enough" money?

Postby Alex » Fri Jun 06, 2014 2:01 pm

One thing to keep in mind is this nugget of wisdom: "It is difficult to make predictions, especially about the future" - that's certainly very true when making plans for retirement, because many things can change and/or are yet unknown. I think it would be incredibly difficult to "undo" the decision to retire early in case it proves to be premature.

That said, my current plan is to be done with acquiring major assets, such as properties I'm renting out and various other investments, by the time I'm 40. Then I'll keep working until I'm 50 (still adding to my savings, but spending more for my enjoyment at the same time), and by that time I'll check if I've got enough for early retirement, or not. From today's point of view, I can probably retire when I'm 50, but I don't bank on that and I'm not even sure if I would want to. All that is standing between me in my current form and an alcoholic is being busy, I guess. ;) Maybe some kind of semi-retirement would be a good idea, if possible.

I'm not quite ready to come up with a number as far as that long-term plan is concerned, but if I miraculously won the lottery today, I'd say it would have to be north of $2M for me to stop working immediately. And even then it would probably be a bad idea.


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