Millionaires on blind, Why stilll work?
just hit my goal of reaching a million dollars in total networth (stocks, cash, crypto. excluding house and 401) I own a house thats fully paid off. My parents passed it down to me. they now live in Nevada thinking I should retire and spend time with my family. maybe start a blog or youtube channel. lol Age: 29 Married: Yes Kids: 1 TC: 280k networth: 1.4m Edit: my wife will still work to provide the family with health insurance. so maybe jot retire full time but be a stay hhome day
1.4M doesn’t go very far especially with 1 kid.
I plan to retire once I hit 2 mil. That's a safe $60k annual withdrawal rate
This is very close to what the wife and I are shooting for, though we don't plan to have kids. Some of the extremely high retirement numbers I see thrown around here leave me surprised. Though I suppose if you want to retire very comfortably in a VHCOL city with multiple kids then 4m+ could be necessary, but idk why anyone would want to retire in a hyper-inflated tech hub of all places. In most everywhere else in the country 80k will have you living very comfortably.
I also believe 2 mil is a good target. But, what about health care insurance?
Weird flex, but ok. Congratulations, anyway!
“Hey I am now a millionaire, other millionaires why are you still working lol?”
Not a millionaire but say I own a $1M house with no other assets. In CA that’s a $10k annual property tax expense. (We haven’t even discussed food or other mandatory expenses). You need more cash flow to pay your property taxes. So you need to work or have investments to draw from. For many, $1m isn’t enough to stop working.
I’m assuming for most ppl a couple mil is not enough to retire on without significant change in lifestyle
“I own a house thats fully paid off. My parents passed it down to me. they now live in Nevada” If only we are all that lucky
Very lucky. My parents bought the house in south San Francisco in 1982 for 89k!
How much is it worth now
As an ex google ex Facebook ex married tech lead, I continue working because not working is what lazy bums like you like to do
Weird flex but k
Try it out and come back with a AMA.