Welcome to NESR! Most features of this site require registration, including replying to threads, sending private messages, starting new threads, and uploading files. Click here to register.

Page 4 of 11 FirstFirst 1234567891011 LastLast
Results 76 to 100 of 270

“Forget You” money, how much and at what age?

  1. #76
    Lifer
    Join Date
    Aug 2008
    Location
    holland ma.
    Posts
    1,466

    Re: “Forget You” money, how much and at what age?


    Maybe this isnt quite what this thread is about but i had enough fu money at 32 and i truely did tell everyone to f off. That was north of $500k and a few rentals to bring in some steady income. Everything was paid off and i have a very low cost of living due to where i live and what i do.
    Now being retired at 32 was great until it sucked. I had no one to play with and life was getting all mixed up. I couldnt even tell you what day of the week it was. If i was 62 i would have had more people my age to hang with but being so young meant i was hanging out with the neighborhood house wives.
    As boredom set in decided to go to school to learn a trade that i could do in my spare time. As luck would have it i was headhunted while at school due to my previous jobs and my unique skillset so i reentered the work force to help out a start up company that was growing abit faster than they could handle. That was almost 9 years ago. I should have retired in august last year but due to my overseas relocation the virus i have not been able to find a way back to the states for my dog so i have stayed. I am due to go back this august now where i will retire again but with much, much more fu money due to this job and my sheer luck with bitcoin that i mentioned in that thread a while ago. I can just go more wild with things that i normally wouldnt consider. Like i bought a gt500 for myself months ago to be ready when i got home. It sits in a warehouse somewhere waiting for my return. I havent even seen it in person, only pictures but im not bothered. Thats the real power of fu money.

    3 Not allowed! Not allowed!

  2. #77
    Lifer SteveM's Avatar
    Join Date
    Aug 2009
    Location
    Norwell, MA
    Age
    60
    Posts
    3,378

    Re: “Forget You” money, how much and at what age?

    The responses are quite interesting, people look at this concept in many different ways.

    The simplest way I can express it, at 60, is that FU money is enough to stop doing whatever you don't feel like doing an not worry about what's next.

    I'm not there yet.

    0 Not allowed! Not allowed!

  3. #78
    Lifer Chippertheripper's Avatar
    Join Date
    Jul 2009
    Location
    the fairest of havens
    Age
    41
    Posts
    14,305

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by nhbubba View Post
    FU money is being able to tell the boss what a flaming doosh-canoe he is at the top of your lungs as you walk out, without any regard for what comes next, references or any of that jazz. I used to think it meant working purely because you felt like it. But I've relaxed that a little to think it is more of a spectrum that starts with a little financial security to survive that layoff or dry-patch and evolves from there.

    If someone dropped $10M on my head I'd probably finish out the year @ work to not leave my cats in a lurch, but be done after that. I'd start a couple dozen non-profs and maybe a center for kids who can't read good and want to learn how to other stuff good too. But when the sun was shining I'd sure as hell not be at a keyboard from 9-5.

    Drop $1M on my head and the decision isn't as easy.

    Drop $100k and virtually nothing changes. That is depressing.



    Eh. With rates where they are today, why? Would you rather have $200k in the bank and $100k left on a 30 year (call it a payment of ~$800/mo) or $100k in the bank and no payment? An extra $100k in the bank means for an extra $3-4k/yr in safe drawdown.. almost exactly what the note will cost you to hold. But on the flipside you have a lot more flexibility. And then there is the upside if the market does what it has done for the last 5.



    Might also be worth mentioning the risk involved in holding a lot of stock in one company relative to your savings. If half (or more) of your savings is tied up in one company and that company goes under.. well.
    I participate sparingly in a similar program. But as soon as I can sell the company stock I do so I can diversify that savings. One more tool in the tool-chest. But not the primary driver.
    I just want you to know that I appreciate your zoolander reference.

    4 Not allowed! Not allowed!
    Cliff's Cycles KTM
    NETRA enduro B-vet
    Close your eyes, look deep in your soul, step outside yourself and let your mind go.

  4. #79
    Fast is contagious JettaJayGLS's Avatar
    Join Date
    May 2009
    Location
    San Francisco
    Age
    32
    Posts
    4,933

    Re: “Forget You” money, how much and at what age?

    Several years ago, my colleagues and I would buy scratch tickets as we slaved away day in day out. My number was a $8M winning ticket, which would net me around $4-5M cash that I could live comfortably on assuming a 3% return from treasuries. Conservative estimates.

    We also had a "quitting number." Depending on the current time of year and work load, that number would range from the $8M down to about $10k.

    Right now. I don't think I have one. I like my job and I like working. It is probably the only time my extroverted side can come out. I feel like my ideal scenario is taking 6 months off at a time every 4-5 years to do something cool.

    1 Not allowed! Not allowed!
    A man of many names...Jay, Gennaro, Gerry, etc.

  5. #80

    Re: “Forget You” money, how much and at what age?

    I also lol'd @ the zoolander reference

    FI-RE is what I mean by FU-$

    agreed, early retirement sounds boring AsF...FI-RE is the freedom to walk away or covid economy lay off backup income

    for all of us that don't have the $3mil in cash, it's possible outside of a day job. Buy and hold rentals, flips, mobile home parks, short term rentals, etc.

    All of those elements are anecdoatal examples of what I've seen. I'm guessing you guys are all part of the "fans of bigger pockets" facebook group?

    0 Not allowed! Not allowed!
    Last edited by breakdirt916; 11-30-20 at 03:08 PM.
    FREE $10 UBER CREDIT W' PROMO CODE --> PON41
    1994 Yamaha YZ250 CA Street Legal 2-smoke :smoke: ** 2005 Kawasaki Ninja 500R **
    instagram @veshlife

  6. #81

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by JettaJayGLS View Post
    Several years ago, my colleagues and I would buy scratch tickets as we slaved away day in day out. My number was a $8M winning ticket, which would net me around $4-5M cash that I could live comfortably on assuming a 3% return from treasuries. Conservative estimates.

    We also had a "quitting number." Depending on the current time of year and work load, that number would range from the $8M down to about $10k.

    Right now. I don't think I have one. I like my job and I like working. It is probably the only time my extroverted side can come out. I feel like my ideal scenario is taking 6 months off at a time every 4-5 years to do something cool.
    at first thought I was like 4-5M cash right now I would throw my laptop through the window and walk out (naked).
    On a second thought, i absolutely love my job. I also happen to love the grind, i love learning new business and growing as an individual. Having the investments, real estate license and couple of other things we are involved is my replacement "hobbies". I keep finding out more n more than I need to be actively engaged and pursuing new goals or my brain stops working and my motivation level drops to scary levels.
    That may change with time. I also have done very well with work-life balance lately (covid helped in a way). I am there when my son wakes up, I am there to bath him and put him to bed (95% of the time at least). I spend a lot of time with him and I havent missed anything so far (no first steps, words, etc).

    boy on 3rd thought 4-5M cash right now would probably seriously change my thought process and feelings on many of those.. I dont know... anyone want to hand me that to see how things play out?

    0 Not allowed! Not allowed!

  7. #82

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by breakdirt916 View Post

    All of those elements are anecdoatal examples of what I've seen. I'm guessing you guys are all part of the "fans of bigger pockets" facebook group?
    serious or sarcastic?

    0 Not allowed! Not allowed!

  8. #83

    Re: “Forget You” money, how much and at what age?

    totally srsly

    I'm guessing many of us don't have $3mil in cash, but want it. It's possible, and more quickly in addition to the day job albeit variable levels of risk. If you're willing to filter through a lot of beginner questions, there are many examples of how people did it in those facebook groups.

    just for fun Q: let's say you're FI-RE

    pre-nup before tying a new knot?

    0 Not allowed! Not allowed!
    Last edited by breakdirt916; 11-30-20 at 03:15 PM.
    FREE $10 UBER CREDIT W' PROMO CODE --> PON41
    1994 Yamaha YZ250 CA Street Legal 2-smoke :smoke: ** 2005 Kawasaki Ninja 500R **
    instagram @veshlife

  9. #84

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by breakdirt916 View Post

    All of those elements are anecdoatal examples of what I've seen. I'm guessing you guys are all part of the "fans of bigger pockets" facebook group?
    Never heard of it.

    Trailer parks I always heard is a gold mine if you buy the right one without septic issues. But good luck with that (ideally you have one connected to the grid)

    0 Not allowed! Not allowed!

  10. #85
    Lifer
    Join Date
    Aug 2008
    Location
    holland ma.
    Posts
    1,466

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by breakdirt916 View Post
    I also lol'd @ the zoolander reference

    FI-RE is what I mean by FU-$

    agreed, early retirement sounds boring AsF...FI-RE is the freedom to walk away or covid economy lay off backup income

    for all of us that don't have the $3mil in cash, it's possible outside of a day job. Buy and hold rentals, flips, mobile home parks, short term rentals, etc.

    All of those elements are anecdoatal examples of what I've seen. I'm guessing you guys are all part of the "fans of bigger pockets" facebook group?
    I used to be really into the forums but i stopped going on it at least a year ago. It got to be too many people offering help or advise for a fee rather than just helping. Everytime i posted i was hounded by people trying to get a cut or profit off me somehow yet never actually offered much. I figured out i was better off on my own since i had already done what most people were trying to do on it.

    I dont view FIRE money as fu money. FIRE is more or less living off investments with nearly all your money tied up. Sure they have a lot of money in 401k and stocks but they usually have very little in savings. Running a life like that makes them incredibly vulnerable to market fluctuations or just bad luck. The amount of stories that came out when the market crashed because of covid and people taking a beating was insane. Many FIRE lifestyles were ended then.

    Fu money is straight up cash i am sitting on that i have immediate access too within reason and is pretty secure in terms of risk. So 500k in the bank is my Fu money and the 500k in stocks is my FIRE money if you want to term it like that. I would bever rely on tge stock money to carry me through life. My cash money i do. I could use my cash money to further my investments but thats not how i operate. Cash first, then investments. Its a bit like the Dave Ramsey plan except instead of having 6 months of savings i have 60 years worth. The rest goes to investments and i pick housing for that.

    1 Not allowed! Not allowed!

  11. #86
    Hypertarded
    Join Date
    Aug 2008
    Posts
    1,259

    Re: “Forget You” money, how much and at what age?

    -fumoney1-jpg

    Yeah, that's about right...

    0 Not allowed! Not allowed!

  12. #87
    Jamnuts jhawley's Avatar
    Join Date
    Oct 2009
    Location
    Southern CT
    Age
    37
    Posts
    825

    Re: “Forget You” money, how much and at what age?

    I'll be working till I'm dead. Wife and i have a few bucks in 401Ks from work, but I been moving around jobs the last 3 yrs so i haven't been able to contribute to mine, Looking back i should have got a state job and worked 20 years, and got a pension, then retired and did something else in my free time.

    Plan Z would be just sell my soul and become a finance manger be able to make fuck loads of money at the expense of social and family life, but at least the wife and child will be taken care of.

    0 Not allowed! Not allowed!

  13. #88
    Member tucktuvak's Avatar
    Join Date
    Apr 2019
    Location
    Somerville, MA
    Posts
    139

    Re: “Forget You” money, how much and at what age?

    Seems like the key here is to retire early enough in life that all your luxuries haven't become necessities, and be single or without kids. What are people planning to do with 100k per year in retirement income? Here's an alternative FU amount:

    $10k for an old RV (could be less)
    $20k per year in various expenses like gas, food, and healthcare
    $10k per year on track days, racing, mx etc.

    IF you're not wrapped up in needing a house and stuff like that, you can easily live off 600k, and much less than that if you continue to work part time/contract work in a professional field like engineering.

    Let's say you invest 20k annually starting at 22 years old at a 9.8% growth rate (SP500 average) you will have $600k by 37 and can retire while still young enough to actually enjoy activities that will destroy your knees at 65!

    I've also been thinking about mini retirements, where you take 6-12 months off every 5 years or so, but that will make your final retirement age a few years later.

    I know I'm young and ignorant but it does seem like the estimates are very high here, maybe someone can explain.

    0 Not allowed! Not allowed!
    YouTube: The Motorcycle Room 2014 MV Agusta Rivale - 2007 CBR600RR (race) - 1999 SV650S (race) - 2011 TM Racing EN 250

  14. #89

    Re: “Forget You” money, how much and at what age?

    Thats another good point ^

    FU money for everybody is different so...

    How much money do you need to actually live a year?

    Interesting math on a hypothetical:
    Current salary $100k
    Lets say the person really wants to fire and is able to bank 30% pretax + Roth etc

    Realistically the person is living of $70k salary if he's able to save $30k extra.

    Minus mortgage assuming it's paid off by retirement. Lets call it $1500 a month (not counting taxes because those stay) Thats another $18,000 that won't be needed in income.

    So now we are talking a $52,000 salary in retirement is essentially equivalent a typically health $100,000 salary pre retirement.

    I believe a lot of people can pretty easily live off $20,000 - $30,000 a year if you don't need to contribute towards 401k anymore or have mortgage.

    0 Not allowed! Not allowed!

  15. #90
    Lifer Chippertheripper's Avatar
    Join Date
    Jul 2009
    Location
    the fairest of havens
    Age
    41
    Posts
    14,305

    Re: “Forget You” money, how much and at what age?

    I want to know what 22yo has 20k to invest???
    I was living paycheck to paycheck and late on my rent and car payment all the time. And at that time I had a full time job and was in the reserve as well.

    3 Not allowed! Not allowed!
    Cliff's Cycles KTM
    NETRA enduro B-vet
    Close your eyes, look deep in your soul, step outside yourself and let your mind go.

  16. #91
    Member tucktuvak's Avatar
    Join Date
    Apr 2019
    Location
    Somerville, MA
    Posts
    139

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by Chippertheripper View Post
    I want to know what 22yo has 20k to invest???
    I was living paycheck to paycheck and late on my rent and car payment all the time. And at that time I had a full time job and was in the reserve as well.
    Someone who graduates with a degree in engineering, gets a job at a tech company, makes $80-120k/year and lives in a $850/month apartment with no car or student loans. Most of my friends either have jobs like this or are living the millennial lifestyles picking weed in california and living out of their cars.

    1 Not allowed! Not allowed!
    YouTube: The Motorcycle Room 2014 MV Agusta Rivale - 2007 CBR600RR (race) - 1999 SV650S (race) - 2011 TM Racing EN 250

  17. #92

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by Chippertheripper View Post
    I want to know what 22yo has 20k to invest???
    I was living paycheck to paycheck and late on my rent and car payment all the time. And at that time I had a full time job and was in the reserve as well.
    Lots of variables for this but number of people do.

    • Some have been saving nearly 100% of income living at home throughout those years at regular jobs since 16. Even part time at lets say average $10/hr over 6 years/20 hours a week is $60,000. Minus taxes and actually spending their own money for misc things, having $20k is possible.
    • Alternatively it's not uncommon for military guys to spend nearly 0 of their income while deployed and come back with a huge wad of cash.
    • Also alternatives is anybody who got into a trade or a hard labor job such as oil fields instead of going to college after high school can have a very high earning path pretty early on and have considerable savings by 22.
    • Final alternatives is fresh career graduates with high income salaries of $80k+ to start. Typically in a HCOL area but it's still possible to start banking early, especially if you were used to living off practically no income during college and continue to live similar path while making good money.

    0 Not allowed! Not allowed!

  18. #93
    Lifer Chippertheripper's Avatar
    Join Date
    Jul 2009
    Location
    the fairest of havens
    Age
    41
    Posts
    14,305

    Re: “Forget You” money, how much and at what age?

    I was in a trade. I still couldn’t manage to do anything but go into debt, and my only luxury at the time was having a new car.

    It’s just shocking, that a kid of that age has that kind of money floating around AND has the sense to do something smart with it. It sounds like some silver spoon ass shit, but maybe that’s more a reflection of how far removed from that type of thing I was.


    Edit: and to further flabbergast myself, 20k is more than the annual allowed contributions to most 4xx plans.
    So to my point, kids are maxing our contributions from day 1? That can’t be the majority.

    1 Not allowed! Not allowed!
    Last edited by Chippertheripper; 12-01-20 at 10:29 AM.
    Cliff's Cycles KTM
    NETRA enduro B-vet
    Close your eyes, look deep in your soul, step outside yourself and let your mind go.

  19. #94

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by Chippertheripper View Post
    I was in a trade. I still couldn’t manage to do anything but go into debt, and my only luxury at the time was having a new car.

    It’s just shocking, that a kid of that age has that kind of money floating around AND has the sense to do something smart with it. It sounds like some silver spoon ass shit, but maybe that’s more a reflection of how far removed from that type of thing I was.


    Edit: and to further flabbergast myself, 20k is more than the annual allowed contributions to most 4xx plans.
    So to my point, kids are maxing our contributions from day 1? That can’t be the majority.
    I read the post above. He said invest "$20k annually". That removes a lot of my hypotheticals.

    That pretty much leaves Oil rigs and Engineers and finance careers as far as I'm concerned. Maybe a successful dealership salesman as well.

    Edit: He's also talking about a hindsight type situation. Almost nobody does maximum contributions at 22 even if they have the ability to do so. Very few do but they had the FIRE mindset since they were teens.

    0 Not allowed! Not allowed!
    Last edited by Vovchandr; 12-01-20 at 10:39 AM.

  20. #95
    Lifer SteveM's Avatar
    Join Date
    Aug 2009
    Location
    Norwell, MA
    Age
    60
    Posts
    3,378

    Re: “Forget You” money, how much and at what age?

    At 24, my gross salary was < $20k with an accounting degree in my 2nd year of public accounting.

    I wasn’t saving a penny.

    1 Not allowed! Not allowed!

  21. #96

    Re: “Forget You” money, how much and at what age?

    I didn't seriously start contributing until ~27 I think.

    I'm now contributing a heavy amount to punish myself for not contributing earlier.

    I set a goal to keep contributing heavy until I reach a retroactive equivalent of having 15% yearly since the beginning of my job. The math works out a little funky for obvious reasons but that's my goal. My job has been doing 7% since I started and I've done 0 for years. So I am shooting to have personal contributions double the amount of work contributions to make it a retroactive equivalent of having 15% of personal contributions in the game since the start.

    I'm almost there a few years later.

    0 Not allowed! Not allowed!

  22. #97
    Lifer Chippertheripper's Avatar
    Join Date
    Jul 2009
    Location
    the fairest of havens
    Age
    41
    Posts
    14,305

    Re: “Forget You” money, how much and at what age?

    Quote Originally Posted by SteveM View Post
    At 24, my gross salary was < $20k with an accounting degree in my 2nd year of public accounting.

    I wasn’t saving a penny.
    I just backwards math’d my way back to what I was earning then to compare to the 20k annual investment we’re talking about here, and that number wouldve been almost half my income at the time (again, adjusted for inflation vs what I was earning).
    I guess I should’ve been an engineer after all.

    0 Not allowed! Not allowed!
    Cliff's Cycles KTM
    NETRA enduro B-vet
    Close your eyes, look deep in your soul, step outside yourself and let your mind go.

  23. #98
    Member tucktuvak's Avatar
    Join Date
    Apr 2019
    Location
    Somerville, MA
    Posts
    139

    Re: “Forget You” money, how much and at what age?

    If you're planning to retire early, it might not be a good idea to max out your 401k/ira contributions because you'll incur a withdrawal penalty in addition to standard capital gains taxes on those withdrawals.

    0 Not allowed! Not allowed!
    YouTube: The Motorcycle Room 2014 MV Agusta Rivale - 2007 CBR600RR (race) - 1999 SV650S (race) - 2011 TM Racing EN 250

  24. #99
    Burns retinas nhbubba's Avatar
    Join Date
    Jun 2011
    Location
    Seacoast NH
    Posts
    17,310

    Re: “Forget You” money, how much and at what age?

    Engineering does not suck.

    0 Not allowed! Not allowed!

  25. #100
    Lifer SteveM's Avatar
    Join Date
    Aug 2009
    Location
    Norwell, MA
    Age
    60
    Posts
    3,378

    Re: “Forget You” money, how much and at what age?

    CPI'd my 6/1984 18,5 salary

    -cpi-png

    linky...

    https://www.bls.gov/data/inflation_calculator.htm

    0 Not allowed! Not allowed!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •