What amount would you need to be "done" with a regular job

A side business that passively pulls in 5-10k per month huh? At 10k/month my number would be about $0

My lifestyle has crept like crazy with my Wife and I's income and her windfall from an IPO. Probably 10million would let us retire and live our lifestyle. That would be 20 years of income at our current salary I figure... (including what we hold now)

Biggest hit for us is that we are sending our son to a Private School that teaches Chinese, Arabic, Spanish (and of course English). Not a cheap school at all... but was the only non-Chinese school we could find that teaches Chinese. Thinking about a second kid so... ugg.

what ritley said..
you said 2 mil in bank and the side job.

with that "passive" income doing say 90k a year -midrange of what you have for the income
payoff mortgage, get 2 mil in the bank.
with that side job, unless you are an idiot with money you are set for life, or until your kids go to college and even then, it would just put a dent into your savings, @90k a year- with the mortgage paid off, you just have taxes, utilities, and "spending money" of that 60k net(after taxes) shouldn't be spending much more than 40k thus you gain 20k a year. plus a decent interest rate(without trying hard) for your 2 mill (say 2%) that is another 40k a year you are making) you are set.


college for the 2 kids, set aside say 320k for both combined (160k each- that is 40k a year) my son's -match- program for umaine is ~32k a year for tuition("match" is tuition match, you pay your instate university tuition instead of the flat out of state tuition, saves ~15k a year). a for private college that number is can be 60k a year or more depending- and out of state tuitions even for relatively inexpensive schools can be...daunting (clemson is ~60k a year out of state).

My parents have medicare but they have supplimental that a lot of people use that suppliments what medicare doesn't pay. I'm not sure what their cost is. My parents get just over $3k/month in social security and it's used for stuff like that. I'm sure the supplimental comes in variety of types, cost, and such.

OU Ariakas said:

Brother, with the numbers you are quoting then your duty to the United States is to have 4 or more kids! Get on it!

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Fuck no. 1 kid already makes me go crazy. My wife looks like an anime character (cut-mark above and below eye in straight line) and I look like my forehead was raked across asphalt.

Companies should sell knives claiming they are as sharp as toddler nails. He wasn't stuck on a plane for 3 hours with his parents... we were stuck with him. (And the bitchy stewardess who was HE IS SUPPOSED TO BE SITTING DOWN WITH HIS SEAT BELT ON. My wife literally asked her to tell him that... she left and shutup then.)

//At 4 kids I would be a stay at home dad :diedinside:. Wife is the one with a career on a crazy trajectory.

Just get to 1 or 2 million and tell your kids they’re paying for their own school and good luck.

Problem solved enjoy your life

Dashel said:

Right so 20 years of current salary for us would already be over 6 million ... damn. That's crazy to think about. That's top line though before taxes. If I moved to someplace even remotely less expensive than a NYC suburb it would be much easier. We don't even do private schooling, which would be another ton of money on top of everything.

Realistically though, after college and the mortgage, that's a lot less we'd have to worry about. Food, cars, health insurance, home upkeep, vacations, still seems like a lot. Especially if you want to leave anything for the kids. It's pretty daunting but I feel like I'm over estimating.

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Yeah we are doing private school mainly for language learning. We want our son to be fluent in Chinese and Arabic. Spanish is just a bonus.

Too many schools stick to useless languages like French and Spanish. I want my son to learn Business Languages.

4 million. About 100k salary for the next 40 years. And you could make side income off that amount with investments etc, if you wanted. Otherwise I could easily live comfortably and still have fun, buy toys at 100k salary for the next 40 years.

20 YEARS at my current pay rate w/my wife's would be ~4 million. at that time i will be 72 and wife 69....

i get the next promotion for work(have to pass a fucking 2hr test and i have not yet passed it- i passed the 6 hr national test, just not the state one)) and my pay alone would be over 3 million over the next 20.

We're done with mortgage, and we have enough put away for each of our kids' education. We could likely live off our investments indefinitely, but we love to travel a lot. I'm still pulling in income from a side business, and my wife still works about half time. I'm 45, and I anticipate continuing doing what I'm doing until about 60. I love it, and I only work about 15 hours a week, and that's super flexible.

To quit everything now, and have no more income isn't something I'd like to even consider. I'm too young.

Alasliasolonik said:

I sure hope all you guys saying below 10 million have lifetime 100% medical. 300-500k a month for dialysis sure as shit adds up.

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This is a good point.