Define "Rich" - Page 2 - GoFuckYourself.com

High Quality · 11-05-2002, 05:54 PM

Quote:

Originally posted by Redbone
I asked a similar question a couple months ago: how much is enough to retire?

Most of the answers were patronizing crap, same as many of these, which made assumptions about my greed and also about how much money I already have. In other words, not what you're asking. You're getting better answers than I did on the whole, though.

I'll answer my own question and say $3 million net worth.

As for your question, I'd have to agree with KRL and say about $10 million. But, unlike his experience, as I have progressed toward my goal, my number hasn't changed very much.

yeah, thats about right I suppose. 10% interest on 3million is 300,000. After taxes and keeping up with 3% inflation should leave you with tons of money to live quite comfortably each year. Would need less if you had that money offshore.

quiet · 11-05-2002, 06:00 PM

the question i'm most interested in working out, is what to do with all my liquid capital.

i plan to more or less live off interest. I'm going to keep a nice chunk of money free, but need to invest the rest - with extremely low risk.

however: i want to avoid headaches, stress and excessive work. that was the whole point of becoming rich in the first place imo ;)

Redbone · 11-05-2002, 06:00 PM

Penrod: no, not telling you that. Just saying most of the people who answered my question assumed I'm probably greedier than I am, that once I hit my goal I'd suddenly feel that that number is too low and would feel I must have more. The closer I get, the more that number seems like a good estimate, though. That's why I asked my question, to see if other people's goal numbers were in the ballpark of mine or not. I guess they don't have monetary goals, but I only wanted to know because of financial planning. I'm not just dreaming about it.

Doesn't anybody else want to quit work forever and just do what you want? I'm sure a lot of you do... If so, what is the number you think you need to do that? That's what I meant.

Redbone · 11-05-2002, 06:04 PM

HQ, thanks for your input. That's what I thinking about.

And quiet, that's how I'm thinking about it. What should I do with my cash? Give it to a money manager? I can't think of any investment that doesn't require more work than it's worth, apart from current investment of time, which is temporary.

quiet · 11-05-2002, 06:15 PM

Quote:

Originally posted by Redbone
And quiet, that's how I'm thinking about it. What should I do with my cash? Give it to a money manager? I can't think of any investment that doesn't require more work than it's worth, apart from current investment of time, which is temporary.

i've talked to a 6 or 7 different financial groups. i can't imagine trusting any of them with the bulk of my capital. it's always the same song and dance - blinded by dollars signs, it's like talking to 'yes' men.

i don't trust anyone, so i'm having a very hard time with handing over my cash to someone. so I'm not sure what to do.

ideally, i'd like to get a guaranteed long term return, written in stone. here's X million - guarantee me Y in returns. no headaches or worries. sure there are GIC's/etc, but the rate of return is pretty low in those cases.

*shrug*

Redbone · 11-05-2002, 06:23 PM

Same here. I still don't know. It makes me nervous.

Bobo · 11-05-2002, 06:37 PM

Quote:

Originally posted by quiet

i've talked to a 6 or 7 different financial groups. i can't imagine trusting any of them with the bulk of my capital. it's always the same song and dance - blinded by dollars signs, it's like talking to 'yes' men.

i don't trust anyone, so i'm having a very hard time with handing over my cash to someone. so I'm not sure what to do.

ideally, i'd like to get a guaranteed long term return, written in stone. here's X million - guarantee me Y in returns. no headaches or worries. sure there are GIC's/etc, but the rate of return is pretty low in those cases.

*shrug*

Quiet, what's all this jibber jabber about?

Don't do anything with it at the moment. You'll figure something out down the road. Keep most of it in a savings account. Not huge returns but it's completely safe and with X millions you can live comfortably off the interest. You could travel the rest of your life and have fun on that interest as it stands. Go to Tokyo or something and have a blast.

Minte · 11-05-2002, 06:56 PM

Quote:

Originally posted by quiet

i've talked to a 6 or 7 different financial groups. i can't imagine trusting any of them with the bulk of my capital. it's always the same song and dance - blinded by dollars signs, it's like talking to 'yes' men.

i don't trust anyone, so i'm having a very hard time with handing over my cash to someone. so I'm not sure what to do.

ideally, i'd like to get a guaranteed long term return, written in stone. here's X million - guarantee me Y in returns. no headaches or worries. sure there are GIC's/etc, but the rate of return is pretty low in those cases.

*shrug*

Most of the *financial advisors* I've dealt with are just people who couldn't make their own money.There are tons of great deals around on existing manufacturing firms.Injection molding is fertile ground.You get real tangible assets.You get great tax benefits from longterm depreciation of equipment.Plus its damn good fun running one.

Redbone · 11-05-2002, 07:07 PM

But then you're still working, not really retired. You have to think about money.

AWW - Kevin · 11-05-2002, 07:07 PM

Quote:

Originally posted by quiet
the question i'm most interested in working out, is what to do with all my liquid capital.

i plan to more or less live off interest. I'm going to keep a nice chunk of money free, but need to invest the rest - with extremely low risk.

however: i want to avoid headaches, stress and excessive work. that was the whole point of becoming rich in the first place imo ;)

i have replied to one of your earlier posts a few days ago,
we keep our money spread out, but most of it in invested in
commercial buildings giving us apprx. 8%-9% return and
some $$ at the bank but return there is only 4.90% as well as some shares !
I haven't figured out a way to get any return on our cars and House

Lensman · 11-05-2002, 07:10 PM

Rich is anyone who makes more than me, this always has been my definition.

Minte · 11-05-2002, 07:14 PM

Quote:

Originally posted by Redbone
But then you're still working, not really retired. You have to think about money.

the concept of retirement is overated..talk to anyone who ever made any real cash..its genetic..that NEED to make more..to be in control at some level. I'll retire,when they close the casket..until then.work hard..play hard..and hopefully be able to stay hard

Fletch XXX · 11-05-2002, 07:16 PM

Quote:

Originally posted by Minte
I'll retire,when they close the casket..until then.work hard..play hard..

Nice.

Bobo · 11-05-2002, 07:16 PM

Quote:

Originally posted by Lensman
Rich is anyone who makes more than me, this always has been my definition.

This definition isn't accurate enough.

Redbone · 11-05-2002, 07:23 PM

That's crazy, man. They'll be closing your casket way before they close mine.

AWW - Kevin · 11-05-2002, 07:24 PM

Quote:

Originally posted by Lensman
Rich is anyone who makes more than me, this always has been my definition.

you'd have to tell us how much you make first

Minte · 11-05-2002, 07:32 PM

Quote:

Originally posted by Redbone
That's crazy, man. They'll be closing your casket way before they close mine.

perhaps..but i'm 48 and i could've retired a long time ago..and i am having fun every day..besides..OLD people are treated like crap in the US..stop by a nursing home sometime...

Candyman69 · 11-05-2002, 07:36 PM

Quote:

Originally posted by Lensman
Rich is anyone who makes more than me, this always has been my definition.

u bastard...!!!

Redbone · 11-05-2002, 07:44 PM

Well, Minte, maybe you need to keep working to feel good. I'm sure lots of people do. But if I had to work until I were 48, I'd never make it. But I'm high-strung.

Minte · 11-05-2002, 07:49 PM

Quote:

Originally posted by Redbone
Well, Minte, maybe you need to keep working to feel good. I'm sure lots of people do. But if I had to work until I were 48, I'd never make it. But I'm high-strung.

I think about what i would do if I didn't work..and i always come up with the same question...If I make my hobbies my work..what will I do for fun?

Redbone · 11-05-2002, 07:55 PM

Heh heh heh!

Hooper · 11-05-2002, 08:33 PM

if the government you live under is stable you put your money in tax free federal government bonds... tax free... probably the most secure investment you can make.

11-05-2002, 06:00 PM	#52
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	the question i'm most interested in working out, is what to do with all my liquid capital. i plan to more or less live off interest. I'm going to keep a nice chunk of money free, but need to invest the rest - with extremely low risk. however: i want to avoid headaches, stress and excessive work. that was the whole point of becoming rich in the first place imo ;) __________________ we'll miss you our friend. RIP

11-05-2002, 06:00 PM	#53
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	Penrod: no, not telling you that. Just saying most of the people who answered my question assumed I'm probably greedier than I am, that once I hit my goal I'd suddenly feel that that number is too low and would feel I must have more. The closer I get, the more that number seems like a good estimate, though. That's why I asked my question, to see if other people's goal numbers were in the ballpark of mine or not. I guess they don't have monetary goals, but I only wanted to know because of financial planning. I'm not just dreaming about it. Doesn't anybody else want to quit work forever and just do what you want? I'm sure a lot of you do... If so, what is the number you think you need to do that? That's what I meant. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 06:04 PM	#54
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	HQ, thanks for your input. That's what I thinking about. And quiet, that's how I'm thinking about it. What should I do with my cash? Give it to a money manager? I can't think of any investment that doesn't require more work than it's worth, apart from current investment of time, which is temporary. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 06:23 PM	#56
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	Same here. I still don't know. It makes me nervous. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 07:07 PM	#59
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	But then you're still working, not really retired. You have to think about money. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 07:10 PM	#61
Lensman GFY Chaperone Join Date: Jan 2001 Location: Adult.com Posts: 9,846	Rich is anyone who makes more than me, this always has been my definition.

11-05-2002, 07:23 PM	#65
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	That's crazy, man. They'll be closing your casket way before they close mine. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 07:44 PM	#69
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	Well, Minte, maybe you need to keep working to feel good. I'm sure lots of people do. But if I had to work until I were 48, I'd never make it. But I'm high-strung. __________________ Pffffffftttttttth. I'm done.

11-05-2002, 07:55 PM	#71
Redbone Confirmed User Join Date: Mar 2002 Posts: 323	Heh heh heh! __________________ Pffffffftttttttth. I'm done.

11-05-2002, 08:33 PM	#72
Hooper Confirmed User Join Date: Jul 2001 Location: A Free America Posts: 2,210	if the government you live under is stable you put your money in tax free federal government bonds... tax free... probably the most secure investment you can make. __________________ <a href="http://www.adultplatinum.com/"><img src="http://www.adult.com/wmbanners/10dcash-468x60.gif"></a>