Reply to how much money would you have to have in the bank to feel like you never needed to work again?

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Reply to "how much money would you have to have in the bank to feel like you never needed to work again?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife was a SAHM throughout our marriage.  We got married young, and had four kids before turning 30.  At 53, without about $4.3 million and college completely behind us, I stopped working.  I'm now 57 with a net worth of $5.8 million.  We have found that this is plenty of money.  [/quote]

What was your hhi before you stopped?[/quote]

We hit six figures sometime in the mid 1990s, and the last ten years I was working we averaged about 650k a year (before taxes).  We paid for college out of current income as the kids went (no college savings plan).  Bought the family home in the burbs for around 350k in the early 90s and sold it 18 years later for $1.1 million.  "Downsized" at that point (close to a decade ago) for a much smaller house in the city.  Paid around the same as what we sold the old house for, but the new place has a basement rental that more than covers the mortgage.  The house is worth about $1.7 million now.  We sent the kids to good public schools, avoiding the whole private school rat race, and our kids either went to UVA (in state) or to well regarded privates offering substantial merit aid.  Bottom line: we were smart about money but not at all frugal.  We took very nice family vacations every year and paid for very nice weddings.  It worked out well for us.  Obviously we aren't living on anywhere near $650k a year now, but we haven't had to cut back on our lifestyle in any meaningful way because we never lived like we made that much money even when we did and we don't have any kid expenses anymore.   [/quote]

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