+1 ain't that the truth. For me I'd say enough to invest in something that would keep making money for me. No matter how much money you make (or have) you are never truly rich unless your money works for you. Originally Posted by Jessica JadeYou are 100% correct Jessica. That said, I think that is what THN and Grace are doing as well. They have a number that allows them the ability to begin earning in an alternate method. Bottom line, if I understand correctly, the number has to be enough to ensure you are able to keep earning enough money to support yourself, whether that be from a new career, or from investments.
1 million @ 5% returns 50K, less taxes of 20% would result in 40K. This is why most financial planners suggest 3.5 million for retirement. I would suggest since gifts are taxed over 10K, taxes are to be collected. I suggest that most of the numbers that were given are not going to provide for the goals listed. This is not to say the numbers given did not sound impressive it is just when the numbers are crunched it takes more than we think to reach a goal. Originally Posted by TownCryerA couple of thoughts, initially, gifts over 14k are taxed not 10k, that said, you are assuming they would report the gift LOL. Also, I think it is realistic to earn between 8 and 12% ROI meaning $80-120k less taxes. Finally, I think most of the ladies that have responded so far are talking about what it would take for them to stop providing not stop working entirely.
I would prefer $750,000. Then, I could easily retire and be comfortable.Sounds great Elisabeth!!! Let me know if you need a traveling companion!!! ....
Go back to school ... volunteer. Live a frugal life of understated elegance.
Travel the world and live close to the ground while doing so.
(Gosh. Listen to me, will 'ya?)
Originally Posted by ElisabethWhispers