Everyone knows about the FIRE movement now. But Jow Forums, given your current age and annual spending, how much would it take for you to quit your job/quit saving and start coasting?
For me, I think it would be $500,000 invested in index funds. At 7% compounding (which accounts for 3% inflation given historic stock market returns), that $500,000 would become around $2 million after 20 years.
I figure once I have $500,000 I can quit my engineering job and go do something easier/part time for the next 20 years to just cover the bills while my money grows.
Must be some people on Jow Forums that want to discuss non-crypto related finance...
Levi Reyes
£70k ~$100k >Buy land >build house slowly whilst living in caravan >grow lots of weed in big fuck off basement >Sell weed for daily income >ride my bike to the local shops everyday >picking up only the finest produce >renaissance man activated I can build it'd just take some time.
Logan Gonzalez
Actually sounds like a super comfy lifestyle. I was lucky enough to live in Europe for a few years and really miss riding my bike everywhere and going to local markets/shops... Here in NA I have to drive everywhere.
user you don’t want a shitload of money just making interest. Yeah have some cash, bonds, stocks, but your passive income diversity should include a few rentals or maybe real equity in a few businesses
Alexander Sanders
This is still attainable, you have time to do this if you choose to >buy motorbike >git gud with fixing things on motorbikes >make it a hobby, force it >ride to local shops / walmart /McDs / >buy electric push bike being out in all weather, the ability to feel it, is struggle in of itself. A push bike allows that feeling and promotes good cardio health. You always come home to your safe space with a sense of relief and comfort. Just like our ancestors did. You don't need to grind everyday to feel the disparity that initiates contentment.
Joshua Morgan
~400k CAD
Same idea as you, 400k is enough to get the compound effect rolling while I comfy something part-time to keep some structure in my life and cover a frugal lifestyle.
I was a NEET for a few years and wouldn't go back to doing nothing at all, was terrible for my mental health.
Josiah Scott
29, I could probably retire form my wageslave permanently with around £250,000 and then work on investment portfolio and own businesses part time.
First thing I would do is emigrate out of the UK to E.Europe where my roastie owns land with property on it and develop that as a project.
Christopher Walker
mans got the right set up and some great tips, ive watched that before. But its a little cold for me, I need more than 3 rooms. >living room / kitchen open plan >bathroom >2 bedrooms >one office type space >outdoor building with a wood fire sauna & >hot tub - ironically one of the most expensive single purchases. >big big basement spanning 1/2 the property >generate as much power from renewables on site >has a gas powered back up generator I will accumulate these things, no rush to get it all done, if I don't have the money I'll wait or get creative in the mean time.
Isaac Powell
None of these numbers matter because of the current systemic risks in the financial system that will likely blow over in the next few years. We could be looking at a hyperinflation, or a great depression, or bail-ins and bail-outs, or any combination of them. It's not easy to predict and requires some action on your part, but calculating interest for 20 years most likely isn't gonna cut it. Preserving wealth will be hard enough outside of getting lucky on crypto gambles.
Jaxson Hernandez
based, ~$400k CAD is a great number, I am planning to move back to Canada after I reach mine too, CoL should be a bit better than here in Seattle
One of the main things I hope to spend more time on in retirement/coasting is more wordworking/construction. Feel like I never learned that growing up and could see it being insanely satisfying to renovate a basement or build a small house or something as a project.
Ayden Baker
you can retire early if you commit to an hero when you run out of money.
Nolan Flores
That is why even Warren Buffet suggests you have at least 10% (his number) of your portfolio in bonds at the time of retirement. Then if the market goes down, you use that stable money to ride it out until the stock market recovers.
Noah Garcia
At this point? A mil. If everything goes super well? Four million.
Australia haven't had a recession in 30 years >but muh housing bubble Who knows? Might be the new normal seeing how prices of real assets keeps inflating
Leo Phillips
just lol @ brainlets being taken to the cleaners by wealth management funds.
William James
Right, asset inflation has been high for many years around the world as a result of monetary policy. It works well until it doesn't. Real estate becomes increasingly unaffordable because wages don't grow as fast, stocks are also largely driven up by speculation and more recently buy-backs, and there's the whole issue of zombie corporations that bind human capital and other resources in unproductive ways, but are only kept alive by low interest rates. And high asset inflation contributes to economic inequality and potentially social unrest further down the road. Money and thus debt are growing exponentially but the real economy cannot keep pace, and defaults of "systemic" institutions are no longer allowed, so all of these imbalances and misallocations build up.
We had to foot the bill for the banks. We had to foot the bill for the migrants (especially in Europe). We're being told that we have to foot the bill for climate change. That's a lot of bills to pay as well. At least some of these are probably driven by the desire to kick the economic Ponzi further down the road, but it cannot work indefinitely.
Grayson Sullivan
>how much would it take for you to quit your job/quit saving and start coasting? This is a good thought experiment I've been thinking about, user. But in my case, I won't quit my job. Rather, it's just what's a reasonable number I can continue with my job but divert the extra money I would have been putting in savings to spend on my family. And that's important in my case because I'll be starting a family in the next few years. $1MM at that point is a conservative guess how much I'll have saved then at which point I'll be 30. Your math implies doubling every ten years, which would mean I should have around $8MM by retirement. Personally, I was assuming a doubling about every 15 years, so more like $4MM by retirement which I still think should be enough.
Elijah Bell
600,000 USD is enough
Anthony Jackson
>But in my case, I won't quit my job. >but divert the extra money I would have been putting in savings to spend on my family. >I'll be starting a family in the next few years. nice troll, but no-ones this cucked.
Lucas Ortiz
>this cucked Yeah maybe. But I already tried the atheist/liberal/antinatalist option and hated my life, myself, and everyone around me. Maybe for people with my personality type, the choice is between that and cucked dad. Of the two, I'll pick the latter 1000 times out of 1000.
