Quote:
Originally Posted by raymor
It amazes me how many people with $10 million plus do that but don't put aside a million to retire, so they end up broke. Just because one business was successful doesn't mean the next pinder will be. For example, just because your digital wallet service was successful doesn't mean you'll be successful as a movie producer.
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To have 10k worth of income a month AFTER you retire you would need 3.3million on the day you retire assuming you have some conservative bonds or other insured guaranteed income investments at that time.
So to retire at say 40... assuming you live to 80 you would need at least 24 million (assuming you live in a non high expense city like NY/LA/San fran)
6 million for each family member so they never bother you for money (assuming 2 parents, 2 siblings, and some other cousins and stuff)
1 million for a killer house in the burbs.
1 million for a vacation cottage somewhere
1 million for travel
1 million for big toys (cars, boats etc..)
1 million to decorate your houses
1 million for killer clothes bought over 30 years ( last 10 years you won't care about clothes)
3 million for each kid in a trust fund (assuming you had 3 kids)
1 million every 5 years to start up bullshit biz ideas that fail and you don't care.
1 million blowout cash to buy misc stuff you see on tv, malls, computers, tv's etc..
And in the end You would need at least 7 million in investments earning income to live like a pimp at $20k a month after age of 65.
After you die you should will the remaining money to a local non gov run animal shelter, preferably cat shelter, I can give you a good list.
This is how I'm setup..
