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Forum » You can retire for life on less than $1M net worth and $20k/yr passive income
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Thread: You can retire for life on less than $1M net worth and $20k/yr passive income

post 1685402633 06-27-2023, 10:47 AM
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  1. eddiehaskell
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You can retire for life on less than $1M net worth and $20k/yr passive income

People are shocked when I tell them this is possible. I did it and so can you.

No more alarm clocks
No more bedtimes like a child
No more dragging out of bed early in the AM
No more bosses
No more deadlines to meet
No more Sunday blues facing another week
No more idiot coworkers
No more battling traffic to and from work
No more having life based around a job
No more calling boss man when you're sick
No more TPS reports
etc, etc.
post 1685402793 06-27-2023, 10:51 AM
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#2
  1. p7nk
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1 mili and 20k yearly passive income. i'm moving back to Colombia and buying a penthouse
💋👨🏽‍🍳🇨🇴
AP4 Crew
post 1685402833 06-27-2023, 10:51 AM
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  1. MikeLowrrrey
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To do that requires a paid off house or the will to live in a RV. Maybe a tiny house.

Average rent is $1500 around the country.
post 1685403163 06-27-2023, 10:55 AM
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  1. eddiehaskell
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Originally Posted By MikeLowrrrey⏩
To do that requires a paid off house or the will to live in a RV.

Average rent is $1500 around the country.
A paid off house in a safe area in the south can be had for as little as $150-175k.
post 1685403223 06-27-2023, 10:57 AM
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  1. OffwhiteBrah
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Fukkk my shiit coins cant moon fast enough, tired of this slavery already
post 1685403453 06-27-2023, 11:01 AM
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#6
  1. eddiehaskell
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Originally Posted By OffwhiteBrah⏩
Fukkk my shiit coins cant moon fast enough, tired of this slavery already
it helps if you put this plan into action in your teens. I was out of the rat race by my 20s. save every dollar and live frugal as hell. you have to get out ahead of the curve as fast as possible.
post 1685404083 06-27-2023, 11:11 AM
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#7
  1. eddiehaskell
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Originally Posted By ScrillaIsBake⏩
Well 1 million in a 5% GIC would be $50k per year not bad
All you need is $20-25k per year so the net worth could be lower.
post 1685404133 06-27-2023, 11:11 AM
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#8
  1. FoulSmell
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I wouldn’t attempt that 20k part. You’ll need more than that. Don’t forget, inflation is a thing, as yrs go by that 20k won’t pay for your food.
post 1685404253 06-27-2023, 11:13 AM
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#9
  1. eddiehaskell
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Originally Posted By FoulSmell⏩
I wouldn’t attempt that 20k part. You’ll need more than that. Don’t forget, inflation is a thing, as yrs go by that 20k won’t pay for your food.
You are still investing and growing income along the way
post 1685404273 06-27-2023, 11:14 AM
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#10
  1. gmenfan40
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Originally Posted By FoulSmell⏩
I wouldn’t attempt that 20k part. You’ll need more than that. Don’t forget, inflation is a thing, as yrs go by that 20k won’t pay for your food.
It also sound incredibly boring. You dont have any money to really do anything other than to rot in your house, you cant even eat out. (Ded fkn Srs)
post 1685404333 06-27-2023, 11:15 AM
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#11
  1. MiscMathematician
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what are you doing for health insurance
post 1685404373 06-27-2023, 11:16 AM
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#12
  1. BigDeeps01
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Sure if you want to live an absolute poverty life lol

$3-5M net worth and $20k/month passive income is the absolute minimum if you don’t want to live like a poor person

I more than double your OP title right now and I can’t imagine only having that to last the rest of my life
post 1685404403 06-27-2023, 11:16 AM
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#13
  1. eddiehaskell
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Originally Posted By gmenfan40⏩
It also sound incredibly boring. You dont have any money to really do anything other than to rot in your house, you cant even eat out. (Ded fkn Srs)
So you would rather rot on a job 80% of your waking life so you can eat out more and take a few more vacations? THAT sounds boring as hell.
post 1685404533 06-27-2023, 11:18 AM
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#14
  1. eddiehaskell
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Originally Posted By BigDeeps01⏩
Sure if you want to live an absolute poverty life lol

$3-5M net worth and $20k/month passive income is the absolute minimum if you don’t want to live like a poor person

I more than double your OP title right now and I can’t imagine only having that to last the rest of my life
Please enlighten me on how I lived a poverty life at that income/net worth level. I likely lived BETTER than you do with double.
post 1685404543 06-27-2023, 11:19 AM
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#15
  1. TryingMen
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Imagine having no ambition in life
post 1685404623 06-27-2023, 11:20 AM
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  1. eddiehaskell
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Originally Posted By TryingMen⏩
Imagine having no ambition in life
The ambition is to OWN all your time. Not to slave for Mr Noseberg 80% of your life.
post 1685404653 06-27-2023, 11:20 AM
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#17
  1. gmenfan40
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Originally Posted By eddiehaskell⏩
So you would rather rot on a job 80% of your waking life so you can eat out more and take a few more vacations? THAT sounds boring as hell.
Strong sheep mentality. It's fairly easy nowadays to make an okay amount of money without working for anyone. I would lose my mind being home all the time and too broke to do anything. (Ded fkn Srs)
post 1685404823 06-27-2023, 11:22 AM
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#18
  1. eddiehaskell
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Originally Posted By gmenfan40⏩
Strong sheep mentality. It's fairly easy nowadays to make an okay amount of money without working for anyone. I would lose my mind being home all the time and too broke to do anything. (Ded fkn Srs)
Perhaps you lack the creativity and ambition to have anything to do outside of consumerist bullshyt that you are told is worth trading your life for?
post 1685404943 06-27-2023, 11:25 AM
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#19
  1. CockSalesman
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yup.


house paid off.

all you need is 2-3K net to live comfortably every month. eat out whenever you want. buy few clothing items. go out with friends. travel a couple times a year. i enjoy free things the most..... like nature. going on the boat and fishing.


nice and easy.
post 1685405083 06-27-2023, 11:28 AM
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#20
  1. eddiehaskell
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Originally Posted By CockSalesman⏩
yup.


house paid off.

all you need is 2-3K net to live comfortably every month. eat out whenever you want. buy few clothing items. go out with friends. travel a couple times a year.


nice and easy.
This man gets it.

Today I woke up at 12:30, going to cut my grass, take a walk through some trails at a park, maybe go swimming, go to Chick Fila, maybe the gym...just a typical day.
post 1685405123 06-27-2023, 11:29 AM
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#21
  1. Visel
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Originally Posted By CockSalesman⏩
yup.


house paid off.

all you need is 2-3K net to live comfortably every month. eat out whenever you want. buy few clothing items. go out with friends. travel a couple times a year. i enjoy free things the most..... like nature. going on the boat and fishing.


nice and easy.
Yeah in 2023 but in 2040, assuming a mere 3.5% inflation rate, $3k in 2023 would be the equivalent of $5.4k in 2040, srs. Gonna have to find a way to keep increasing the monthly income if you're only just getting by in today's economy. If you just live off of social security, and that number is $3k, it'll be a fixed rate regardless of what happens in the economy or with inflation.
post 1685405253 06-27-2023, 11:31 AM
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#22
  1. eddiehaskell
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Originally Posted By Visel⏩
Yeah in 2023 but in 2040, assuming a mere 3.5% inflation rate, $3k in 2023 would be the equivalent of $5.4k in 2040, srs. Gonna have to find a way to keep increasing the monthly income if you're only just getting by in today's economy. If you just live off of social security, and that number is $3k, it'll be a fixed rate regardless of what happens in the economy or with inflation.
You are reinvesting some of your income to keep up with inflation. If you have rental property as part of your income you are raising rents along the way to keep up with inflation. This isn't rocket science here. You aren't locked in to the same income for life.
post 1685405273 06-27-2023, 11:32 AM
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#23
  1. Godfrd824
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You certainly could, but would you want to? $20k isn't enough for anything, even if you don't have bills or a mortgage.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1685405383 06-27-2023, 11:33 AM
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  1. eddiehaskell
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Originally Posted By Godfrd824⏩
You certainly could, but would you want to? $20k isn't enough for anything, even of you don't have bills or a mortgage.
What all do you need to do once the biggest stressor in life...a job is lifted off your back? Everyday is a vacation day.
post 1685406163 06-27-2023, 11:46 AM
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#25
  1. Godfrd824
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Originally Posted By eddiehaskell⏩
What all do you need to do once the biggest stressor in life...a job is lifted off your back? Everyday is a vacation day.
Unless your idea of vacation is watching TV, you're gonna be spending money. What's a first class flight to anywhere cost?
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1685406433 06-27-2023, 11:51 AM
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#26
  1. MikeLowrrrey
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Originally Posted By MiscMathematician⏩
what are you doing for health insurance
Yeah i've read self employed folks are paying like $1200 for health insurance.
post 1685406573 06-27-2023, 11:53 AM
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#27
  1. eddiehaskell
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Originally Posted By Godfrd824⏩
Unless your idea of vacation is watching TV, you're gonna be spending money. What's a first class flight to anywhere cost?
You can't be creative and travel on a budget? You're willing to basically give up your life for vacations a few weeks a year? Sad. And like I said, I'm 3 hrs from the beach and 2 hours from the mountains...I can go on a "vacation" whenever. Vacations are simply the carrot dangled in front of the worker bee to keep them working their life away for 50 years. They need to feel like they are escaping the grind.
post 1685406593 06-27-2023, 11:53 AM
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#28
  1. Barteh
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Originally Posted By eddiehaskell⏩
This man gets it.

Today I woke up at 12:30, going to cut my grass, take a walk through some trails at a park, maybe go swimming, go to Chick Fila, maybe the gym...just a typical day.
Don't think it's ideal to be waking up at those hours but agree with all the other freedom related stuff.
post 1685406643 06-27-2023, 11:54 AM
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  1. eddiehaskell
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Originally Posted By MikeLowrrrey⏩
Yeah i've read self employed folks are paying like $1200 for health insurance.
False...healthcare is basically free based on your income level for tax purposes.
post 1685406733 06-27-2023, 11:55 AM
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#30
  1. eddiehaskell
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Originally Posted By Barteh⏩
Don't think it's ideal to be waking up at those hours but agree with all the other freedom related stuff.
What's wrong with it? I get 8-10 hours of sleep everyday.
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