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This reminds me of the guy I heard of who inherited $50,000 and was going to "Move to Hawaii and live off the interest".
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Originally posted by racrguyOriginally posted by racrguy -
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So you think taking a 30% upfront hit is worth you trying to manage it better than a pre-defined Fidelity fund?
Seriously, pick one of the "Freedom 2035" plans (or whatever retirement year you are thinking) and let it do it's thing. If you cash out now with a 30%+ hit, it would take you 5 years to even think about recouping that and then start all over.
Pick a fund plan from Fidelity's website and just let it grow....Comment
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Lol no.Originally posted by abecx View Post
Off of 400k? Sure, at a 3%/yr withdrawal rate you could have $12k/yr without (most likely) ever having to eat into that 400k because of your money earning interest.
Not a whole lot of money, but a frugal man (me) could and will do just that when I have enough. Maybe 600k so I can have some play money.
You may think "600k, $400k! How the fuck am I goingbto get hands on that kind of cash without slingin coke?!"
Compound interest, my friend. Refer to the link of my previous post, and start finding ways to hole away your cash!Comment
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I appreciate the advice but I make alot of money, I have all Mac products to prove it.Comment
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My only concern is, when i cash mine out, can i get it in all ones? I want to make it rain at least once in my life.Comment
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The end? Are you talking about the 600k? You think it should be 6MM? I think it should be too, but I won't ever have that kind of cashola, nor would I want to work that long to amass it.Originally posted by Roscoe View Post
I want to retire as soon as possible and live on my own schedule, taking work when and if I want it.
Al p would have to eat dog food, but sc281 plans to live somewhere cheap. The phillipines probably.Last edited by sc281; 05-31-2013, 08:54 PM.Comment
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400k, should be $4MOriginally posted by sc281 View Post
$4M*.03*(interest)*.7(taxes)/12 = $7000/month
You'd better be debt free before even investing in $4MM to even support a mortgage, especially in HI....
Cut it in half and you still don't have much...Comment
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Larry is a white guy, people think he's funny, a real estate investor, who makes a lot of moneyComment
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▪▪▪ I focused in on his asking if you could live off of interest, and I didn't even factor in Hawaii. Yea cost of living is high there, but a frugal person doesn't NEED 7 grand a month to live off of. Heck, I live off of 1500/month now.Originally posted by Roscoe View Post
That's like the ferrari of retirement plans to me. I'm talking hyundai, preowned hyundai.
The VAST majority will never come close to a $4mm retirement nest egg, or a $2mm one for that matter. I was talking in numbers people are more likely to save. With numbers like 4 million, some savers just starting out could get discouraged at such a big number and not even start.Last edited by sc281; 05-31-2013, 09:15 PM.Comment
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