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Mad Scientist
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  # 1295189 1-May-2015 17:52
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frankv:. It makes no sense to die with $2M in the bank. My objective is to die with nothing but a pre-paid funeral, so that I can write in my will "Being of sound mind and body, I blew the lot". (This will also save a lot of squabbling over family trusts and why did Fred get a bigger inheritance than Myrtle).



it makes a lot of sense if your $2 mil is working for you.

if you die with $2 mil in the bank eating pasta everyday for 70 years maybe you have missed out on a few tings in life

if you die with $2 bil in the bank flying first class 10 times around the world a year because your $2 mil generates you $1998 mil over 50 years, I don't see a problem in that.

you are comparing 2 different species, the haves and the have nots.

live your life to your means and enjoy the things you have.




Involuntary autocorrect in operation on mobile device. Apologies in advance.


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  # 1295204 1-May-2015 18:30
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If we get to 75 and still have all our capital intact we'll move out of our house and into a cruise ship :-)




 

 
 
 
 


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  # 1295508 2-May-2015 09:38
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TinyTim: If we get to 75 and still have all our capital intact we'll move out of our house and into a cruise ship :-)


My point is that if you'd rather be on a cruise ship, do it when you're young enough to make the most of it. Move out to a cruise ship when you're 65, and when the money almost runs out move into a retirement home. Or take a shorter cruise every year.

Don't forget (pun intended) that Alzheimers loses memory backwards... you forget the most recent things first. So you want to have good stuff way back in your memory to remember.


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  # 1295708 2-May-2015 14:14
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mattwnz:
Sideface:
Brumfondl: Yes, because 300k in stocks is not money in the bank, which is what you need to live off...


+1

... and stocks can devalue overnight for no particular reason.

I lost 85% on my stocks in the recent recession.
The stock market is a casino.
Only gamble on what you can afford to lose.


Wow, you must have been in some pretty high risk stocks. ....


Bridgecorp, bought 6 weeks before they went bust.
My only consolation is that two of their directors are still in jail  smile




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  # 1295728 2-May-2015 14:22
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Sideface:
mattwnz:
Sideface:
Brumfondl: Yes, because 300k in stocks is not money in the bank, which is what you need to live off...


+1

... and stocks can devalue overnight for no particular reason.

I lost 85% on my stocks in the recent recession.
The stock market is a casino.
Only gamble on what you can afford to lose.


Wow, you must have been in some pretty high risk stocks. ....


Bridgecorp, bought 6 weeks before they went bust.
My only consolation is that two of their directors are still in jail  smile


Bridgecorp wasn't on the sharemarket as  far as I am aware, it was a finance company. Many people lost money in finance companies, but they are very very different to puttig your money into equities on the stock exchange, as they were depentures which you got a fixed rate of interest, somewhat similar to term deposits in the bank, but higher risk.

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  # 1297481 4-May-2015 10:33
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$3M is my f-off number. 

We could both quit work.  Freehold a sizeable rural property to live on with a semi self-sufficient lifestyle.  Buy a few passive investments to live on the income from and a couple of toys.

Consult part time to maintain a professional track record in case we need to revert to full time work.

I would bike, kayak and fish a lot more, and I would volunteer a couple of days per week for charitable organisations that I am a fan of.




Mike

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  # 1297485 4-May-2015 10:44
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MikeAqua: $3M is my f-off number. 

We could both quit work.  Freehold a sizeable rural property to live on with a semi self-sufficient lifestyle.  Buy a few passive investments to live on the income from and a couple of toys.

Consult part time to maintain a professional track record in case we need to revert to full time work.

I would bike, kayak and fish a lot more, and I would volunteer a couple of days per week for charitable organisations that I am a fan of.


What is your expected income from the passive investments? 





 
 
 
 


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  # 1297491 4-May-2015 10:50
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1 mil in bank. Nett 30k a year interest (after tax).

1 mil in shares. Nett 50k a year dividends after tax.

1 mil in property. Nett 40k a year after tax and agent cuts and maintainence/rates.

Is a rough estimate.




Involuntary autocorrect in operation on mobile device. Apologies in advance.


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  # 1297569 4-May-2015 12:29
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I would expect cash income of at least $100k pa after tax.  Any paid work would be additional.

Note the $3M figure assumes a cash windfall of some kind (e.g. lotto) so is additional to current equity.

I would also be expecting significant savings from my choice of property - vege, fruit, meat, fish, water, energy.


surfisup1000:
MikeAqua: $3M is my f-off number. 

We could both quit work.  Freehold a sizable rural property to live on with a semi self-sufficient lifestyle.  Buy a few passive investments to live on the income from and a couple of toys.

Consult part time to maintain a professional track record in case we need to revert to full time work.

I would bike, kayak and fish a lot more, and I would volunteer a couple of days per week for charitable organisations that I am a fan of.


What is your expected income from the passive investments? 








Mike

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