How much money is "enough" money?
Re: How much money is
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?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 $300,000 in the bank right now....)
I read that you can get around 7% on USD$ 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
Re: How much money is
I am also very interested in this but how old are you now ? Or is it just an interest thing?GeeMan wrote: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?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 $300,000 in the bank right now....)
I read that you can get around 7% on USD$ 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 $500K to be confident of not outliving my funds.
Thanks for your feedback
GeeMan
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Re: How much money is "enough" money?
That math works for me, and I'm just ballparking.GeeMan wrote: If you don't mind sharing, how do you arrive at this particular number?
I read that you can get around 7% on USD$ 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?
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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Re: How much money is
hmmm...from the twang of yr posts I reckoned U to be 50ish & with "$30.ish" in your bank account (total) - Ha!General Mackevili wrote:That math works for me, and I'm just ballparking.GeeMan wrote: If you don't mind sharing, how do you arrive at this particular number?
I read that you can get around 7% on USD$ 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?
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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Re: How much money is "enough" money?
And by that he almost certainly means you.General Mackevili wrote:(Not "you" per say, I'm just speaking in general.)
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Re: How much money is "enough" money?
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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Re: How much money is "enough" money?
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?
In that case being an Australian has its advantages,we get paid $1500 a month for getting old and living disgracefully.Soi Dog wrote: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.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.
Re: How much money is
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 $500k. Infation would kill it.GeeMan wrote:
I read that you can get around 7% on USD$ 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
Re: How much money is "enough" money?
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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