What NW would a person need to retire by age 30 in a HCOL area?

[Anonymous]

This is my goal so any figures?

[Anonymous]

LOL!

[Anonymous]

Choosing the right stock at a young age that will keep increasing in value for decades while paying you dividends. Eventually, your portfolio is so large that you can live off the dividends.

Obviously this takes luck, not just an understanding of the company and its industry, as well as global forces influencing the market for its products.

This is what I did, but my goal was reached a decade later than your timeline. I will gift my children some select stocks to start them off in the hope one of them makes it long-term.

[Anonymous]

Anonymous wrote:Choosing the right stock at a young age that will keep increasing in value for decades while paying you dividends. Eventually, your portfolio is so large that you can live off the dividends.

Obviously this takes luck, not just an understanding of the company and its industry, as well as global forces influencing the market for its products.

This is what I did, but my goal was reached a decade later than your timeline. I will gift my children some select stocks to start them off in the hope one of them makes it long-term.

So many words. What’s your answer?

[Anonymous]

Is this a joke? There is no retirement at 30. Retiring from what? At that age you haven’t even started working.

[Anonymous]

Anonymous wrote:Is this a joke? There is no retirement at 30. Retiring from what? At that age you haven’t even started working.

Nope, not a joke. Asking what net worth you’d need to retire by 30. Lol at the bolded, I work 70 hours/week.

[Anonymous]

This is not the board for you friend. Define "retire". Do you plan to have children?

[Anonymous]

Obviously depends on how you want to live. One rule of thumb is that you can withdraw 4 percent of your wealth. That's far from perfect, but it gives a ballpark. Poverty line for a single person is about $13,000, so if you wanted to live on 2x poverty, you could theoretically retire with $650,000. Adjust based on how much you want to spend - e.g., $100,000 in spending would require somewhere around $2.5 million. Adjust again on whether you own a home and whether you include that in your wealth.

[Anonymous]

And if you have children what kind of an example is that? We’re in our mid 40s w/ a mid 9 figure net worth and would never consider retiring. Partially bc we want to set an example for our kids, partially bc we’ve chosen careers that we find interesting and fulfilling and partially bc we’ve been successful and if this continues, 20 more years will leave us with a large sum that we can strategically donate and set up multiple small endowments at causes important to us and where we think x amount of money will be beneficial to others long-term.

I am always disgusted when people have the goal of just quickly making money to retire. Rarely have I seen people like that be successful. Do something you are passionate about and then you won’t want to ever stop doing it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Choosing the right stock at a young age that will keep increasing in value for decades while paying you dividends. Eventually, your portfolio is so large that you can live off the dividends.

Obviously this takes luck, not just an understanding of the company and its industry, as well as global forces influencing the market for its products.

This is what I did, but my goal was reached a decade later than your timeline. I will gift my children some select stocks to start them off in the hope one of them makes it long-term.

So many words. What’s your answer?

I have none for you, since you're so rude. It entirely depends on your expenses and household size. Surely you can come up with a number yourself.

[Anonymous]

Anonymous wrote:And if you have children what kind of an example is that? We’re in our mid 40s w/ a mid 9 figure net worth and would never consider retiring. Partially bc we want to set an example for our kids, partially bc we’ve chosen careers that we find interesting and fulfilling and partially bc we’ve been successful and if this continues, 20 more years will leave us with a large sum that we can strategically donate and set up multiple small endowments at causes important to us and where we think x amount of money will be beneficial to others long-term.

I am always disgusted when people have the goal of just quickly making money to retire. Rarely have I seen people like that be successful. Do something you are passionate about and then you won’t want to ever stop doing it.

I'm glad that you found careers that you find worthwhile and rewarding. For everyone of those jobs, there are a dozen that are the opposite.

[Anonymous]

Anonymous wrote:And if you have children what kind of an example is that? We’re in our mid 40s w/ a mid 9 figure net worth and would never consider retiring. Partially bc we want to set an example for our kids, partially bc we’ve chosen careers that we find interesting and fulfilling and partially bc we’ve been successful and if this continues, 20 more years will leave us with a large sum that we can strategically donate and set up multiple small endowments at causes important to us and where we think x amount of money will be beneficial to others long-term.

I am always disgusted when people have the goal of just quickly making money to retire. Rarely have I seen people like that be successful. Do something you are passionate about and then you won’t want to ever stop doing it.

An example of being exceptionally talented at personal finance.

[Anonymous]

No idea.

Just curious how you plan to spend your days when everyone else your age is working?

[Anonymous]

Anonymous wrote:And if you have children what kind of an example is that? We’re in our mid 40s w/ a mid 9 figure net worth and would never consider retiring. Partially bc we want to set an example for our kids, partially bc we’ve chosen careers that we find interesting and fulfilling and partially bc we’ve been successful and if this continues, 20 more years will leave us with a large sum that we can strategically donate and set up multiple small endowments at causes important to us and where we think x amount of money will be beneficial to others long-term.

I am always disgusted when people have the goal of just quickly making money to retire. Rarely have I seen people like that be successful. Do something you are passionate about and then you won’t want to ever stop doing it.

There are many people who supplement their salary with dividends or rental income and work at jobs or charitable work they're passionate about, without worrying about whether their salary can cover all their expenses. There is a WIDE spectrum of salary versus passive income stream, PP. Some of these people could, theoretically, do nothing at all, yet they prefer to work at some sort of activity they like, paid or not.

Your disgust looks like envy. You are ignorant about what people's finances are really like. I can assure you that some of your neighbors do not rely entirely on salary to live their life. It could be real estate or stocks they bought and manage themselves, or family money, or both.

[Anonymous]

There are calculators out there on various sites. Try one of those. You will need to estimate your budget, which depends on your lifestyle. Dont forget healthcare. Private healthcare premiums increase substantially with age, and Medicare doesn’t kick in until 65, so you need to be able to pay for health insurance (and out of pockets) for 35 years.

I am aiming for $10m at 65 (I was at that level before the market dip). Not sure what I would have needed at 30.