Reply to Why do people with millions of dollars still work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You people are all insane to keep working with these amounts of money unless you have easy-peasy, seven-figure jobs that you absolutely love.

And/or kids totally change the picture.  I am single and will be retiring in a few years at age 45 with around $1.5 million and a paid-off condo (which I will be selling and then getting tf out of DC).  Even now with inflation, life for a single person is just not that expensive unless you have real luxury tastes, and trading away the vibrant years of your life for some luxury is one of the stupidest decisions imaginable.[/quote]

So you will have 20 years to pay for health insurance.  Right now that will be $10-15K/year for just decent insurance. If you live in a HCOL area (DCUM area) you will pay high HOA fees and property taxes.  So lets say another $20K.  So you are at 35K/year with just that.  Add in another $5K for maintenance as your condo gets old, and continue that.  You will likely need $60K+ just to live at a minimum.

Unless you live really cheap, you will not have enough to retire at 45, unless you plan to die by 65. 
[/quote]

Um, no - my health insurance is $1,600 per YEAR now at age 42 (grandfathered plan pre-Obamacare).  I know it will go up over time, but I can afford it.  I have a $10K deductible, so I pay just everything out-of-pocket.  I'm healthy so this is usually very little.

More importantly, to everyone saying $1.5M is not enough, maybe that's true if you have a generic 60/40 portfolio.  However, I buy individual stocks and get about 6-7% yields, so I will be earning around $100K per year without ever selling a share.  Heck, the most famous REIT in the world, Realty Income ($O) - which has the bluest of blue-chip companies as tenants - is currently paying a 6.6% dividend.  $1.5M and a paid-off condo is plenty for one person.[/quote]

Some people are big spenders and can’t imagine living on $40-50k per year.

My own mother has a paid off house and spends around 40-60k per year.  The breakdown is around 10k for bills, 10k for food, 10k for travel and 10k for other stuff.  Occasionally she will spend 10-20k on her house.

She has a 2 million portfolio and doesn’t spend the principle.  The paid off house is what’s critical. [/quote]

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