How much money is "enough" money?

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GeeMan
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Re: How much money is

Postby GeeMan » Mon Jun 09, 2014 1:30 pm

General Mackevili wrote:If I had $300,000 in the bank right now, I'd attempt retiring here this very instant! (Which is probably also the reason I DON'T have $300,000 in the bank right now....)
Interesting. If you don't mind sharing, how do you arrive at this particular number? I recognise there are a multitude of individual factors that go into a calculation like this, god knows I crunch and re-crunch my own numbers on a way-to regular basis, but why $300K?

I read that you can get around 7% on USD$ with some Cambodian institutions. Possible a bit more risk than I would be comfortable with, but hey ho. So that's a $21K return before tax. Not sure what the rate is, but let's say 10%, leaving approx. $19K pa, or $1600 / month. Is this your number?

I'm in the fortunate position (actually not so much that as living within my means for many years) of being close to this number, but have been thinking I would need closer to $500K to be confident of not outliving my funds.

Thanks for your feedback

GeeMan
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EdinWigan
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Re: How much money is

Postby EdinWigan » Mon Jun 09, 2014 1:36 pm

GeeMan wrote:
General Mackevili wrote:If I had $300,000 in the bank right now, I'd attempt retiring here this very instant! (Which is probably also the reason I DON'T have $300,000 in the bank right now....)
Interesting. If you don't mind sharing, how do you arrive at this particular number? I recognise there are a multitude of individual factors that go into a calculation like this, god knows I crunch and re-crunch my own numbers on a way-to regular basis, but why $300K?

I read that you can get around 7% on USD$ with some Cambodian institutions. Possible a bit more risk than I would be comfortable with, but hey ho. So that's a $21K return before tax. Not sure what the rate is, but let's say 10%, leaving approx. $19K pa, or $1600 / month. Is this your number?

I'm in the fortunate position (actually not so much that as living within my means for many years) of being close to this number, but have been thinking I would need closer to $500K to be confident of not outliving my funds.

Thanks for your feedback

GeeMan
I am also very interested in this but how old are you now ? Or is it just an interest thing?
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Re: How much money is "enough" money?

Postby General Mackevili » Mon Jun 09, 2014 2:41 pm

GeeMan wrote: If you don't mind sharing, how do you arrive at this particular number?

I read that you can get around 7% on USD$ with some Cambodian institutions. Possible a bit more risk than I would be comfortable with, but hey ho. So that's a $21K return before tax. Not sure what the rate is, but let's say 10%, leaving approx. $19K pa, or $1600 / month. Is this your number?
That math works for me, and I'm just ballparking.

It just seems like if you have that amount of cash and plan to stay in Cambodia, surely you can figure out a way to make that money to work for you. If you can't, maybe you're doing it wrong. (Not "you" per say, I'm just speaking in general.)

Let's just say I'm 30ish, LoL.
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dagenham
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Re: How much money is

Postby dagenham » Mon Jun 09, 2014 4:17 pm

General Mackevili wrote:
GeeMan wrote: If you don't mind sharing, how do you arrive at this particular number?

I read that you can get around 7% on USD$ with some Cambodian institutions. Possible a bit more risk than I would be comfortable with, but hey ho. So that's a $21K return before tax. Not sure what the rate is, but let's say 10%, leaving approx. $19K pa, or $1600 / month. Is this your number?
That math works for me, and I'm just ballparking.

It just seems like if you have that amount of cash and plan to stay in Cambodia, surely you can figure out a way to make that money to work for you. If you can't, maybe you're doing it wrong. (Not "you" per say, I'm just speaking in general.)

Let's just say I'm 30ish, LoL.
hmmm...from the twang of yr posts I reckoned U to be 50ish & with "$30.ish" in your bank account (total) - Ha!
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StroppyChops
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Re: How much money is "enough" money?

Postby StroppyChops » Mon Jun 09, 2014 4:26 pm

General Mackevili wrote:(Not "you" per say, I'm just speaking in general.)
And by that he almost certainly means you.
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Re: How much money is "enough" money?

Postby vladimir » Mon Jun 09, 2014 4:29 pm

I'm not sure about enough money, but it's too much when you start thinking about being prepared to hurt people to get it.
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The Add Jay
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Re: How much money is "enough" money?

Postby The Add Jay » Mon Jun 09, 2014 4:43 pm

Poor man wanna be rich....rich man wanna be king...and that king aint satisfied till he rules everything.
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Re: How much money is "enough" money?

Postby ozzydom » Mon Jun 09, 2014 4:44 pm

Soi Dog wrote:
Cowshed Cowboy wrote:My own philosophy was 20 years education, 30 years work and 20 years retirement. Anything else is a bonus depending on health. So financially for me that equates to a minimum of 20 * £15,000 = £300,000 in today's terms and for my own personal circumstance.
What if you last beyond age 70, though? Outliving your savings and trying to gain income at that age is can be a tough proposition. Hence, my stupid spreadsheets.
In that case being an Australian has its advantages,we get paid $1500 a month for getting old and living disgracefully. O:-)
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Re: How much money is

Postby UKJ » Mon Jun 09, 2014 10:28 pm

GeeMan wrote:
I read that you can get around 7% on USD$ with some Cambodian institutions. Possible a bit more risk than I would be comfortable with, but hey ho. So that's a $21K return before tax. Not sure what the rate is, but let's say 10%, leaving approx. $19K pa, or $1600 / month. Is this your number?

I'm in the fortunate position (actually not so much that as living within my means for many years) of being close to this number, but have been thinking I would need closer to $500K to be confident of not outliving my funds.
GeeMan
I just done a quick UK google, and it seems like 3% interest is the max here, if you want security and aren't tied in for years. That equates to $750 a month! Or $1250 for the $500k. Infation would kill it.
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Re: How much money is "enough" money?

Postby Alex » Mon Jun 09, 2014 10:41 pm

Well if you have $300,000 I think it's key that you spend A LOT on unhealthy stuff. If you die rather soonish, that money will be enough. Easy. For example, spend $5,000 per month and most of it on funny substances. You probably won't even need the full 60 months (assuming no interest).


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