Re:Why Aren’t Rich People Happy With the Money They Have?
by EADGBE on Monday December 10, 2018 @09:50AM
(#18648252)
This is a good example; no one has to worry about finances for the rest of their life if what they've already saved up can sustain them for the rest of their life. Just as a squirrel doesn't need be concerned with finding food again if its nestegg is properly stocked.
So many people are so concerned with The Jone's and new cars and high-expense lifestyles that it requires a very different kind of number.
It's a formula, and you just need to put in the numbers to find what works. For some maybe that's $200k. For others, maybe $200M.
- Unfortunately, this whole thread is yet another example of the HN bubble.
Re:Why Aren’t Rich People Happy With the Money They Have?
by scarface74 on Monday December 10, 2018 @09:58AM
(#18648320)
I could come up with a lifestyle where my wife and I could live off of $200k, a paid for house and social security if the social security amounts that we would be entitled to now don’t change when we are retired (inflation adjusted). It wouldn’t even be a hard life that wouldn’t allow us to have some fun, travel, etc.
Re:Why Aren’t Rich People Happy With the Money They Have?
by bytematic on Monday December 10, 2018 @02:28PM
(#18650505)
That 2-3 million number is a common one I see for software engineers who aim to have that much invested by 40-50. Certainly my goal.
Re:Why Aren’t Rich People Happy With the Money They Have?
by scarface74 on Monday December 10, 2018 @05:53PM
(#18651846)
Well because of $bad_decisions up until I was 35 and purposeful financial commitments I’ve made for the past 10 years, it’s going to be a stretch for us to have $2 million. But, I’m okay with that. If we can retire with a paid for house, about a million and whatever social security is then, we should be okay.
Worse case, what would We do retired that we couldn’t do with me contracting/consulting part time? My hobbies are technology and fitness. I’ve been developing for 20 years and never disliked my careeer. I have disliked my job but there is mobility in the technology industry if you keep your skills up.
My mom did low pay volunteer work as a consultant for a few years after she retired, but now they are in their mid 70s and not “worried” about money between social security, a pension, and retirement savings. They don’t live an extravagant lifestyle.
That being said, I understand that they are fortunate to have had a guaranteed pension and paid for health care at 55.
On a more practical note, seeing that $120K a year is twice the average household income and even if you add another $25K for insurance, if you consider a return of 6% a year, most people could live comfortably with $2.5 million in investments. That would be even easier if you have a paid for house.