I wanna be rich (1 Viewer)

[Buck Bradcanon]

I know this has been covered elsewhere, but.. Andy.. How old were you and wife when you retired?

 

[Otis]

15m to retire? Holy crap your finances and spending habits must be outrageous. And I say that as some one who retired early.

You said you had $2million in debt so that would leave you with $13m.

If you get 3% a year after taxes from that $13 million that is almost $400k a year with never touching the principle.

With no debt and no mortgage would you really need to spend $400k a year to be comfortable?

Fair point here. Is 3% a year after taxes a reasonable expectation?.

3% over time is pretty reasonable if you keep a good mix of fixed and variable investments, making use of tax free bonds where you can.

It is very conservative and you won't grow principle a ton n good years but it also protects you from downturns as well.

Nothing is certain of course.

I was assuming 1%. 3% makes me feel much better about this. Ok, you win, I'll take 9MM.

 

[Buck Bradcanon]

I want money, lots and lots of money
I want the pie in the sky
I want money, lots and lots of money
So don't be asking me why

 

[lod01]

find the next big thing before it's big.

liquidate all assets into cash.

put all of your cash in that thing.

thing becomes big.

YWIA

This will work. Now get back to work.

 

[Otis]

Harry Bailey was the richest man in town but he didn't have much money.

George.

 

[Mario Kart]

15M??? I could get away with 5M

Name that tune.

 

[Otis]

15m to retire? Holy crap your finances and spending habits must be outrageous. And I say that as some one who retired early.

You said you had $2million in debt so that would leave you with $13m.

If you get 3% a year after taxes from that $13 million that is almost $400k a year with never touching the principle.

With no debt and no mortgage would you really need to spend $400k a year to be comfortable?

Fair point here. Is 3% a year after taxes a reasonable expectation?

Give me $200k a year. So let's say 9MM.

Let's talk about how to get $9MM. If I ask here where I can get gluten free elbow macaroni, someone will tell me. If I need to know how I can get a brass quarter inch hex bolt, the FFA will guide the way. How do I get $9MM?

I'll hang up and keep slaving at a sucker's job.

Become a plaintiff's attorney and get one $25m verdict.

Giant POPCORN.

Innnnnteresting...

 

[Henry Ford]

15m to retire? Holy crap your finances and spending habits must be outrageous. And I say that as some one who retired early.

You said you had $2million in debt so that would leave you with $13m.

If you get 3% a year after taxes from that $13 million that is almost $400k a year with never touching the principle.

With no debt and no mortgage would you really need to spend $400k a year to be comfortable?

Fair point here. Is 3% a year after taxes a reasonable expectation?

Give me $200k a year. So let's say 9MM.

Let's talk about how to get $9MM. If I ask here where I can get gluten free elbow macaroni, someone will tell me. If I need to know how I can get a brass quarter inch hex bolt, the FFA will guide the way. How do I get $9MM?

I'll hang up and keep slaving at a sucker's job.

Become a plaintiff's attorney and get one $25m verdict.

Giant POPCORN.

Innnnnteresting...

One big case, 40% contingency fee. Of course, taxes will suck so you probably actually need a 35-40m verdict.

 

[Uwe Blab]

I'm going to win the lottery. I'll float you a few to get you started....

 

[Brony]

With $15M, just think of all the blackjack accounts you could open and run up to 5 figures only to lose it in a day.

 

[NewlyRetired]

I know this has been covered elsewhere, but.. Andy.. How old were you and wife when you retired?

I retired shortly after the last world cup in 2010 so I was 42.

 

[NewlyRetired]

15m to retire? Holy crap your finances and spending habits must be outrageous. And I say that as some one who retired early.

You said you had $2million in debt so that would leave you with $13m.

If you get 3% a year after taxes from that $13 million that is almost $400k a year with never touching the principle.

With no debt and no mortgage would you really need to spend $400k a year to be comfortable?

Fair point here. Is 3% a year after taxes a reasonable expectation?.

3% over time is pretty reasonable if you keep a good mix of fixed and variable investments, making use of tax free bonds where you can.

It is very conservative and you won't grow principle a ton n good years but it also protects you from downturns as well.

Nothing is certain of course.

I was assuming 1%. 3% makes me feel much better about this. Ok, you win, I'll take 9MM.

1% over the long haul is extremely conservative and I am a very conservative investor. 3% is reasonable. You won't hit it every year but on average it is doable.

 

[Otis]

I play both MegaMillions and Powerball at least once a week. Usually like $10 on each. You gotta be in it to win it.

 

[Andy Dufresne]

I know this has been covered elsewhere, but.. Andy.. How old were you and wife when you retired?

Unfortunately, I haven't replaced my $100k salary yet. I guess that means I've failed.

My wife's been a stay at home mom since 25. We did replace her income.

Besides, if Hillary Clinton isn't rich, I've given up hope of ever being.

 

[Henry Ford]

I play both MegaMillions and Powerball at least once a week. Usually like $10 on each. You gotta be in it to win it.

You can probably help your expenses in the future by not spending $1500 a year on lottery tickets.

 

[Otis]

I know this has been covered elsewhere, but.. Andy.. How old were you and wife when you retired?

Unfortunately, I haven't replaced my $100k salary yet. I guess that means I've failed.

My wife's been a stay at home mom since 25. We did replace her income.

Besides, if Hillary Clinton isn't rich, I've given up hope of ever being.

Hope is a good thing, maybe the best of things, and no good thing ever dies.

 

[Otis]

I play both MegaMillions and Powerball at least once a week. Usually like $10 on each. You gotta be in it to win it.

You can probably help your expenses in the future by not spending $1500 a year on lottery tickets.

Holy crap!

 

[MAC_32]

With the way you spend money? Never happening.

Good, it's not just me that has noticed this.

Gotta get your spending under control or you're going to work forever no matter what you have stashed away.

 

[eoMMan]

2m at 45 for life? Please unpack.

EXACTLY

Seriously?

If you make only 5% on your money, you're looking at $100k in income....and that's without touching the original 2 million.

 

[Otis]

I play both MegaMillions and Powerball at least once a week. Usually like $10 on each. You gotta be in it to win it.

You can probably help your expenses in the future by not spending $1500 a year on lottery tickets.

Holy crap!

Um excuse me, $1040.

 

[Dinsy Ejotuz]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about it.

 

[Otis]

2m at 45 for life? Please unpack.

EXACTLY

Seriously?

If you make only 5% on your money, you're looking at $100k in income....and that's without touching the original 2 million.

Is there a bank somewhere just handing out 5% interest?

 

[Henry Ford]

I play both MegaMillions and Powerball at least once a week. Usually like $10 on each. You gotta be in it to win it.

You can probably help your expenses in the future by not spending $1500 a year on lottery tickets.

Holy crap!

Um excuse me, $1040.

You said $20 at least once a week. Do you do twice a week half the time?

 

[bigbottom]

Not filthy rich, or like oil tycoon rich. Just enough to never have to go to a job again out of obligation. I figure about 15M would cover it. How do I make this happen?

TIA

Own and operate 8 average McDonald's franchises for 3 years.

Wife and I have talked at length about investing in a McDonald's franchise. A friend of ours owns a couple and his dad owns something like 10. But I am concerned about the direction of fast food in this country - may end up a bad long term investment.

How "rich" is the guy who owns 10 of them?

No idea, as I've never met him. I suspect he's doing well. The son who owns two lives a comfortable suburban existence, doesn't seem to work too hard, and travels regularly to Vegas to play in poker tournaments. Seems like a pretty nice existence.

 

[Otis]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

 

[Otis]

Oh oh oh. I've got it.

I've always dreamed of playing in the WSOP ME. What if I buy my way in next July and win it. TWO DREAMS WITH ONE STONE.

 

[Andy Dufresne]

The simple answer is that you need a revenue generating asset.

If you don't want to work again, you have to figure out how to stop trading your own effort for compensation.

Love,

Robert Kiyosaki

 

[eoMMan]

2m at 45 for life? Please unpack.

EXACTLY

Seriously?If you make only 5% on your money, you're looking at $100k in income....and that's without touching the original 2 million.

Is there a bank somewhere just handing out 5% interest?

No, but 5% is a reasonable return to expect.

It's not like I'm saying "omg.....12%!!!"

 

[Henry Ford]

Oh oh oh. I've got it.

I've always dreamed of playing in the WSOP ME. What if I buy my way in next July and win it. TWO DREAMS WITH ONE STONE.

Yay! A really expensive lottery ticket!

 

[NewlyRetired]

Oh oh oh. I've got it.

I've always dreamed of playing in the WSOP ME. What if I buy my way in next July and win it. TWO DREAMS WITH ONE STONE.

that would get you close, although taxes would eat into it.

This year the winner is getting $10m no matter how many entrants.

http://www.wsop.com/2014/2014%20Main%20Event%20Payout%20Table%20In%20Dollars.pdf

 

[ClownCausedChaos2]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Dreaming of luxury cars again?

 

[Dinsy Ejotuz]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Fair enough. That was harsher than I meant it to be (you got it before my quick edit), but you seem like you're always focused on "next" rather than where you are. That's a hard thing to stop doing.

 

[bigbottom]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

It's absolutely about "stuff." The stuff you buy now that delays your eventual retirement date, and all the stuff you want to be able to afford after you retire. It's the "stuff" in your calculus that is making this a big hill to climb.

 

[Henry Ford]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

It's absolutely about "stuff." The stuff you buy now that delays your eventual retirement date, and all the stuff you want to be able to afford after you retire. It's the "stuff" in your calculus that is making this a big hill to climb.

This.

 

[NCCommish]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

It's absolutely about "stuff." The stuff you buy now that delays your eventual retirement date, and all the stuff you want to be able to afford after you retire. It's the "stuff" in your calculus that is making this a big hill to climb.

It's hard to get over stuff though. Stuff is addicting.

 

[Wrigley]

Move to Columbia and set up an "export" business

 

[El Floppo]

Not filthy rich, or like oil tycoon rich. Just enough to never have to go to a job again out of obligation. I figure about 15M would cover it. How do I make this happen?

TIA

Two words: ball bearings

it's all ball bearings these days.

 

[El Floppo]

Move to Columbia and set up an "export" business

Better yet, get a fancy advanced degree at Colombia University.

 

[jon_mx]

15M??? I could get away with 5M

5M?? What do I do in 5 years after I have burned through it all?? I won't settle for a penny less than 10, and 15 is far more realistic.

Why? Are you planning on dying before spending a million a year leaves you broke?

Stop changing the subject. How do I go about getting 15MM?

My sisters cousin makes $8,000 an hour sitting in front of her computer taking online surveys

Is she naked while she is doing these 'surveys"?

 

[Henry Ford]

Move to Columbia and set up an "export" business

Better yet, get a fancy advanced degree at Colombia University.

IMO, an American University is a better return on investment.

 

[MC Gas Money]

What is the difference between filthy and oil tycoon rich?

I thought were pretty much the same thing.

 

[Tiger Fan]

Not filthy rich, or like oil tycoon rich. Just enough to never have to go to a job again out of obligation. I figure about 15M would cover it. How do I make this happen?

TIA

Own and operate 8 average McDonald's franchises for 3 years.

Wife and I have talked at length about investing in a McDonald's franchise. A friend of ours owns a couple and his dad owns something like 10. But I am concerned about the direction of fast food in this country - may end up a bad long term investment.

Never underestimate how stupid people are

 

[Henry Ford]

What is the difference between filthy and oil tycoon rich?

I thought were pretty much the same thing.

Filthy rich, you can hire two women to do you at the same time every night. Oil tycoon rich, you can hire two women for each of your friends and three for yourself every night.

 

[Yankee23Fan]

I hear ya. I got out of court yesterday and was proud of myself for making a grown man cry as I obliterated him on cross. And after being all super cool awesome lawyer guy and patting myself on the back I felt like crap. This is what I do for a living?

I want 2 million. Pay off all debt and put money away for kids college with the first million. Buy anywhere from 5 to 7 properties with the other million and live off the rent paid by tenants. Supplement with a very small law practice focusing on one thing and work no more than 20 hours a week.

I'd sign for that now. No debt, kids taken care of and about 10 grand coming in a month. Sold. I'd buy that for a dollar.

 

[Henry Ford]

I hear ya. I got out of court yesterday and was proud of myself for making a grown man cry as I obliterated him on cross. And after being all super cool awesome lawyer guy and patting myself on the back I felt like crap. This is what I do for a living?

I want 2 million. Pay off all debt and put money away for kids college with the first million. Buy anywhere from 5 to 7 properties with the other million and live off the rent paid by tenants. Supplement with a very small law practice focusing on one thing and work no more than 20 hours a week.

I'd sign for that now. No debt, kids taken care of and about 10 grand coming in a month. Sold. I'd buy that for a dollar.

Yep. My number's lower, but property is cheaper here.

 

[Ditka Butkus]

Not filthy rich, or like oil tycoon rich. Just enough to never have to go to a job again out of obligation. I figure about 15M would cover it. How do I make this happen?

TIA

Own and operate 8 average McDonald's franchises for 3 years.

Wife and I have talked at length about investing in a McDonald's franchise. A friend of ours owns a couple and his dad owns something like 10. But I am concerned about the direction of fast food in this country - may end up a bad long term investment.

That's a tough call. The normal humans stay clear of McDonalds. Their 'food' has gone south. However the subhumans that frequent McDonalds are multiplying much faster than the normal humans. So you have that as a plus.

The problem is McDonalds have priced themselves out of the sub-humans range.

 

[El Floppo]

I hear ya. I got out of court yesterday and was proud of myself for making a grown man cry as I obliterated him on cross. And after being all super cool awesome lawyer guy and patting myself on the back I felt like crap. This is what I do for a living?

I want 2 million. Pay off all debt and put money away for kids college with the first million. Buy anywhere from 5 to 7 properties with the other million and live off the rent paid by tenants. Supplement with a very small law practice focusing on one thing and work no more than 20 hours a week.

I'd sign for that now. No debt, kids taken care of and about 10 grand coming in a month. Sold. I'd buy that for a dollar.

Yep. My number's lower, but property is cheaper here.

That other million would buy half a property here. So there's that. But I lerve the first million.

 

[MC Gas Money]

What is the difference between filthy and oil tycoon rich?

I thought were pretty much the same thing.

Filthy rich, you can hire two women to do you at the same time every night. Oil tycoon rich, you can hire two women for each of your friends and three for yourself every night.

Tycoon sounds better.

 

[NutterButter]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Fair enough. That was harsher than I meant it to be (you got it before my quick edit), but you seem like you're always focused on "next" rather than where you are. That's a hard thing to stop doing.

The problem with Otis and a lot of people especially with money is that there's never an "enough point". They make more money, they find a way to spend more money. There's always some new, more expensive material possession to acquire.

 

[Dinsy Ejotuz]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Fair enough. That was harsher than I meant it to be (you got it before my quick edit), but you seem like you're always focused on "next" rather than where you are. That's a hard thing to stop doing.

The problem with Otis and a lot of people especially with money is that there's never an "enough point". They make more money, they find a way to spend more money. There's always some new, more expensive material possession to acquire.

The human capacity to want more is unlimited. Almost everyone almost always wants something they don't have. Which is fine -- it keeps us productive and gives us goals. But if your happiness is tied up in getting what you want, you'll never get enough.