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

[Anonymous]

$20 million

[Anonymous]

Anonymous wrote:

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.

Genuine question, you have a mid NINE figure net worth and you wouldn’t consider retiring? So you have over $100,000,000 - or closer to $500,000,000 if it’s mid-nine figures as you mention. It doesn’t seem like you need 20 more years to hit your goal of strategic donations and endowments! Not a criticism, you are very lucky to love your jobs that much and be so successful! I just can’t imagine having over $100m and wanting to work still lol!

I cannot imagine having that kind of money and hanging out on DCUM giving financial advice.

[Anonymous]

Anonymous wrote:This is my goal so any figures?

Assuming you'll live for another 70 years, you are better off withdrawing 1% instead of 4% that everyone talks about. Assuming you spend $200K/yr, you'll need a NW of $20 mil.

[Anonymous]

No idea but “retiring” I.e. don’t wanna work that early would lead to a boring life.

[Anonymous]

Anonymous wrote:

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.

Genuine question, you have a mid NINE figure net worth and you wouldn’t consider retiring? So you have over $100,000,000 - or closer to $500,000,000 if it’s mid-nine figures as you mention. It doesn’t seem like you need 20 more years to hit your goal of strategic donations and endowments! Not a criticism, you are very lucky to love your jobs that much and be so successful! I just can’t imagine having over $100m and wanting to work still lol!

Am wondering if PP meant mid-8 figures. At mid-9s, PP can spend full time managing investments and setting up endowments and serving on boards in lieu of true retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Genuine question, you have a mid NINE figure net worth and you wouldn’t consider retiring? So you have over $100,000,000 - or closer to $500,000,000 if it’s mid-nine figures as you mention. It doesn’t seem like you need 20 more years to hit your goal of strategic donations and endowments! Not a criticism, you are very lucky to love your jobs that much and be so successful! I just can’t imagine having over $100m and wanting to work still lol!

Am wondering if PP meant mid-8 figures. At mid-9s, PP can spend full time managing investments and setting up endowments and serving on boards in lieu of true retirement.

I think that the poster with “mid nine figures net worth” was including the zeros after the decimal point. She may have even included the decimal.

[Anonymous]

Anonymous wrote:

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.

If you actually work 70 hours/week you are in no position to retire at 30. You're a fool who is making someone else rich. You'll still be working at 70.

[Anonymous]

Anonymous wrote:
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.


If you actually work 70 hours/week you are in no position to retire at 30. You're a fool who is making someone else rich. You'll still be working at 70.

Lots of people who are self employed put in that kind of time.

[Anonymous]

I bet OP is an associate at a firm.

[Anonymous]

My buddy had a good friend whose goal was to retire very early. Here is how he did it. He retired at 38.

Don’t go to college. Delays retirement.
Live at home as long as possible.
Don’t marry an educated person or person with lots of goals.
Get pension and medical for life.

He actually at 16 signed up to be a junior street sweeper in NY City Sanitation. You can be a garbage man at 18 but a cop or fire is first class after 21.

He joined Sanitation the day he turned 18 in 1988. Around 1993 he saved up enough to buy “retirement home” in Florida with big down payment and 15 year mortgage. He put a renter in there to pay off mortgage.
He lived at home making bank. He was into investing. For a garbage man he knew tons of smart people. He saved almost whole salary.

At 36 met his wife. A smoking hot young empty head secretary who was 24.2 Got engaged at 37, married 38 and moved into retirement home mortgage free.

He has medical for life him and wife as married right before retirement. A 60k a year pension. And a boat load of investments. He had his kids and him and wife home. He is around 58 today and retired 20 years. His wife was in a NYC pension at 26. Technically she retired at 26.

[Anonymous]

Anonymous wrote:This is my goal so any figures?

You will need to provide more details. Which HCOL area? What is your expectation for lifestyle/income stream for the year? Do you intend to marry or have children? If so, how many? Do you intend to pay for their higher education, and if so, what level?

Here's a calculator for you:

https://networthify.com/calculator/earlyretirement?income=50000&initialBalance=0&expenses=20000&annualPct=5&withdrawalRate=4

[Anonymous]

$10mm would be my number at age 30.

[Anonymous]

What is your spending?

[Anonymous]

Anonymous wrote:I bet OP is an associate at a firm.

Aren’t we all?

[Anonymous]

$4M with a 3% withdrawal rate gives you $120K per year or $95K after taxes. That's more than enough for one person in a HCOL area and gives you enough wiggle room to cut back spending if you really needed to.