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Originally posted by Redbone
Rosyastrid, I figure I'd need another mil per child, so our rough figures agree. Interesting.
About your question, I'd want to retire because I don't want to work anymore! I don't like porn; I only care about the money. I mean, once you have, say, ten million bucks, what do you need 15 million for? (These numbers are higher than my own estimate anyway.) But isn't the 5 mil/year figure academic anyway? I don't mean to pry, but you don't make that much, do you? (Of course, you are protected by Amendment XXXVII from answering that.)
PureMeds, your last post echoes my own sentiments. Unless you are seriously fixed on a goal in this (or pretty much any) business, you're not gonna make it. L0stMind, maybe you will, but the mention of planning for next month followed immediately by "a house or two" sounds like wishful thinking to me.
You know what my granny said... "Shit in one hand, wish in the other. See which hand gets filled up first."
Yuk, yuk, yuk.
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shit, if i made $5 million a year, i wouldnt be living in Jersey, I'd be out in the islands chilling...but no i dont make anything close to 10% of that.
Look at things like this. if you had $10 million saved, you would realize there are things in your grasp that you want. Lets say a $2 home, a $2 vacation home, a couple of cars...boom, your down to $5 million. Now if you could work another year you are back up to $10 million. Now you can afford other things so you sell one house, and move up to a $4 million dollar house. And now your wife wants a private plane, so you just spent another $5 million on a house and plane. But knowing you can work one more year and make another $5 million....when does this stop? When you can afford things, you want them because you worked for them and deserve them. Why retire at 25 with $5 million, when you can work till 30 and retire with $30 million. But knowing most people wont retire til their 50, why not continue to work until 40 and save another $50 million? Human nature is to strive for more. It is human nature to be greedy and want more. When is enough enough?
People are going to say, no i wouldnt move into a bigger house, and so on, then why are you continuing to work? If you work and you are rewarded by a nice paycheck, shouldnt you buy yourself something to reward yourself for working. If you say no, does that mean you are already satisfied with the amount of money you have? its a good question, and i dont feel there is an answer to it.