patrick.net

ThreeBays says

Then his daddy died and he inherited an empire. But you're missing the point, he did a lot of hard work and sacrifice. The end.

Absolutely..

Trump took a million, and turned it into a Multi-Billion dollar organization.

What a fucking slacker.

Can we impeach him yet?

ThreeBays says

Getting rich requires hard work and sacrifice!

Does that mean you'll never get there?

BayArea says

If you are so smart, why aren’t you rich?

I finally figured out why I'm so smart, but not rich... I'm a future millionaire.

HeadSet says

If you are so smart, why aren’t you rich?

I think we need to set the premise. How much is needed to be rich? Is it at least one million in assets? My goal to retire is $1million in assets not including the paid for house. I am right about there. But I am not smart, I am a averaged intelligence fellow who came from an "Appalachian" background and was determined not to be poor.

In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

To be considered rich in term of finance, one must join the 1%er and have a net worth greater than $8M. That’s a good definition IMO. A million dollars doesn’t go very far nowadays.

ThreeBays says

I'm already there. Are you?

I retired in my 50's, so no, I'm probably not there yet...

Oh, wait....

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Can buy a mcmansion in Syria for far less

CBOEtrader says

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Can buy a mcmansion in Syria for far less

Fuck shitholes. There is still plenty of cheap & decent places in US and Europe.

CBOEtrader says

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Can buy a mcmansion in Syria for far less

Or buy a few blocks of houses in Detroit.

MrMagic says

CBOEtrader says

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Can buy a mcmansion in Syria for far less

Or buy a few blocks of houses in Detroit.

Now that you mentioned Detroit the mcmansion in Syria suddenly doesn't sound all that crazy.

E-man says

HeadSet says

If you are so smart, why aren’t you rich?

I think we need to set the premise. How much is needed to be rich? Is it at least one million in assets? My goal to retire is $1million in assets not including the paid for house. I am right about there. But I am not smart, I am a averaged intelligence fellow who came from an "Appalachian" background and was determined not to be poor.

In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

To be considered rich in term of finance, one must join the 1%er and have a net worth greater than $8M. That’s a good definition IMO. A million dollars doesn’t go very far nowadays.

Well, I guess I will settle for being independently comfortable.

E-man says

In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

Move out of the Bay Area and dump that electric golf cart (Tesla), you'd be amazed what $1 million will buy in other areas of the country.

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Well, you want a comfortable retirement right, not just go to some cheap place to retire and die. Home is where your family, kids and grandkids are, not some cheap place where you have to fly back to visit them a couple times a year. You want to have the resources so you can travel and do whatever the hell you want, not just getting by and calling it a retirement.

My mentor used to live in San Diego. He has one daughter with two grandkids. His son in-law got a job offer he couldn’t refuse so the family moved to North Carolina. My mentor and his wife didn’t know what to do so they sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here. He said that was the right decision. Home is where your family is.

Of course, everyone is different. YMMV.

MrMagic says

you'd be amazed what $1 million will buy in other areas of the country.

Lots of Teslas.

E-man says

In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

What about Social Security and/or a pension? Someone who put away $3M for retirement should have a decent S.S. check each month or a decent pension check. Why would you leave that out of the equation? When that's added in, you won't need $3M to retire with $10K/mo.

I'll never understand this California math.

ThreeBays says

Good for you. My aim is $20~30M at retirement.

Which Socialist program that you're involved with is going to provide that for you?

E-man says

DASKAA says

E-man says

A million dollars doesn’t go very far nowadays.

Hugely depends on location.

Well, you want a comfortable retirement right, not just go to some cheap place to retire and die.

There are still plenty of comfortable places to retire which are not carrying insane overpricing and overcrowding of SFBA. It's a false dichotomy.

E-man says

sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here.

Here you go. Good example.

DASKAA says

E-man says

sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here.

Here you go. Good example.

The point is, when you’re retire, you want to live where your family is, not move to some cheap place to retire and die due to the lack of resources. He moved to NC b/c of his daughter and grandkids. If it weren’t for them, he would have never moved there.

With respect to retirement, I checked out of my W-2 at the age of 36 and retired at 40. I don’t want to be an old fart retiring in my 60’s and driving a sports car like a corvette or a Porsche. I want to be able to do it while I still have some youth.

My income in the last several years have exceeded my W-2 salary by a mile and I pay less in taxes due to passive income and a chunk of the income is off-set by depreciation. What’s not to love about this great country?

Time is the most precious commodity money can buy until our time on this earth runs out. I’ve been owning my time and getting to do whatever the hell I want w/o answering to anyone. It’s freaking awesome. FREEDOM!

ThreeBays says

Which Socialist program that you're involved with is going to provide that for you?

Self made, with thanks to a completely free (to me) higher education in another country.

See, I was right ... Socialist education (someone else, not you, paid for it).

Why am I not surprised?

ThreeBays says

Self made, with thanks to a completely free (to me) higher education in another country.

ThreeBays says

Are the schools, police, and military, Soclialist?

Ahhh, there it is, the typical narrative parroted by the Liberals... Ha Ha Ha

Wait, Bill Gates went to Harvard. Mark W went to Harvard. Warren Buffet and D. Trump went to Wharton. The list of smart people who happened to be the one of the richest continues.... One should not use their ability to gauge other's intelligence.