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He hasn't sold yet.. but is planning to.. this will net him close to $3M after all is said and done.. I feel it is not enough for him. He lives in a MCOL area. 5/100 * $3M = $150k per annum. this is fine.. but can you imagine him not working at all.. and trying to live off of this for his whole life. He is still not very old.. early to mid 30s.
Maybe he can work part-time for health insurance
What part time company gives health insurance
You can work like 3 days a week for less pay obviously and still get health insurance. I know people who did that before the pandemic.
Sell what? I highly suggest not keeping cash.
Why? How much cash would you keep?
Inflation. It’s a depreciating asset. Keep as little as possible. Enough to pay your monthly bills and a little extra for when you need cash. Emergency funds in an insured HYSA for whatever x months you need to find a new job.
Sounds like that's your roommate's business not yours.
Good for them.
What’s MCOL mean?
I have no input other than to ask if they actually have 3M, why in the world do they need a roommate?
You can easily retire on 3M if you manage your investments well. Won't live like a king though depending where you live. 5% withdrawal rate is pretty aggressive to start so I'd dial that down a bit.
If I were retiring mid 30s I’d do 3%, that’s still 90k. Which would go a long way if you optimize, get a place with a low mortgage payment, don’t go getting a new car every couple of years.
If you move to Europe, like one of those countries without capital gains and dividend income taxes, 90k would be better than the majority of the population.
Two people can live in Spain, Portugal, or Panama for $3k / mo pretty easily. Do I think they'll get bored? Probably in about six months. Then they'll find something fulfilling that gives them a few bucks and insurance.
I'm sure there is a CFP somewhere on Blind that can answer this question
Meh. 150k a year is quite a lot. The harder part is health benefits if you’re not working imo
Just need to factor it in expense calculation. Play with coveredca to see what’s the cost at different income.
Us healthcare system forces you to work lmao