People with more than $2M net worth - why are you still working?
$2M has to earn a comfertable living. Curious why work if you dont enjoy what you are doing? update: if you think 2M isnt enough, say why and share what number is enough?
Because living in the Bay Area with kids is expensive
Because single digit millionaires in the Bay Area are merely upper middle class. It could be FU money if you absconded with it overseas or somewhere in the middle of the country.
So what’s your threshold/target?
$10MM before considering the possibility of retirement. Gotta leave cheese for the kids, especially in the Bay Area.
You think everyone works for money? Even if I got billion dollars in lottery, I would go to work on Monday.
Good for you!!! Tell em you don’t need a paycheck and let’s see how long does it last.
OK, Larry.
2m isn’t shit if you’re trying to live well for at least 30 more years. I think of it like this: 1m buys me a shitty lifestyle for 10 yr (100k).
The Money earns more Money - you got that concept - right? 2M gives you a relatively safe withdrawal rate of 80k.
For how many years?
I dont see a point of not working. You can work while living comfortably. You wont be bound by the company, which gives you more flexibility in your wlb
Nowhere close to 2M. Barely 200k total now, including 401k 😂
Lol, you will get there in time. Targets are good. I have hit the one I had 5 years ago so now crowd sourcing what’s a next one? I thought I will take it easy but I don’t nearly feel as secure so trying to see what others think. You are in the right place for hopefully some inspiration.
Suits how old are you?
I would make enjoying my life my work.
2M isn’t enough for my family to retire at the standard of living we want. 2M is 80k a year in safe withdrawal, a little less if you’re more risk averse.
Fine. So what’s your target?
Turn the 2M into more. That's a lot of capital to work with.
"Your number" changes as you reach them because you let your lifestyle expand when you hit them. My first one was 2, then 5, now 10m. I like working anyway.
Yep! That’s what it feels like :)
If you love your job you’re not really working :-) So you might have the wrong job. Also if you have a $2M home in the bay, you still have to work to afford property taxes and living expenses.