Re:I Quit Google to Work for Myself (2018)
by saagarjha on Monday November 11, 2024 @04:10AM
(#42105585)
People who make $700k a year generally do not live in a way that makes it possible for them to retire at 30. Usually they’re aiming for 50+ or even 65 like everyone else, which of course means they both are spending more than someone making $70k but also their requirements when they retire are more. If they let go of the latter they could in fact be “set for life” sooner but it’s typically not the case that someone is capable of doing that suddenly. You have to plan for it over years and decades even then.
Obviously you won't be set for life at any income level if you spend money as quickly as you earn it - hedonic treadmill and all - but there is an income level sufficient to meet all of ones needs, and the rest can be saved and invested.
Rule of thumb is: if you can barely afford the lifestyle you have with an income, you probably can't maintain the same lifestyle without an income.