What's your number?

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marksmeets302
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Joined: Thu Dec 10, 2009 4:37 pm

There's actually a scale for this:
£1m - £2m ($1.53 million - $3 million) The comfortable poor
£3m - £4m The comfortably off
£5m - £15m The comfortably wealthy
£16m - £39m The lesser rich
£40m - £74m The comfortably rich
£75m - £99m The rich
£100m - £199m The seriously rich
£200m - £399m The truly rich
£400m - £999m The filthy rich
Over £1bn The super rich
(https://blogs.wsj.com/wealth/2010/03/17 ... 3-million/)
When I heard about this I asked how can you be described 'poor' at 2 million? Simple, you still need to work. If you love doing what you do then you might not describe it as work and you will feel rich. Then again if you sit home all day with your luxury cars and 10 million plus in the bank, bored out your mind, then you might be very poor in a sense.

I think there's a sweet spot in this scale. Not necessarily having to work is great, but if you go further up you'll get more problems instead of less. Think of security and personnel.
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PDC
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It is important to remember this as well:

https://youtu.be/gUhRKVIjJtw?t=132
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Euler
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Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Must be relative as well? If you live in the West End of London you need to be very wealthy but if you are somewhere more remote then relatively speaking you are much better off.

I know a successful trader who isn't the biggest but has defended his niche for a long time and he moved to a lovely location which is dirt cheap and is having the time of his life. So relatively speaking he is probably better off than all of us!
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gazuty
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Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

Euler wrote:
Fri Dec 07, 2018 10:36 am
Must be relative as well? If you live in the West End of London you need to be very wealthy but if you are somewhere more remote then relatively speaking you are much better off.

I know a successful trader who isn't the biggest but has defended his niche for a long time and he moved to a lovely location which is dirt cheap and is having the time of his life. So relatively speaking he is probably better off than all of us!
This resonates. I have often thought of selling up in Sydney, moving to somewhere like Bowral or Berry (2 - 3) hours out of Sydney - but close enough for health care etc when older.

But a bit like the U2 song - I still haven’t found what I’m looking for. And I’m not talking house wise I’m talking in part the meaning of life.
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gazuty
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Location: Green land :)

marksmeets302 wrote:
Thu Dec 06, 2018 2:15 pm
There's actually a scale for this:
£1m - £2m ($1.53 million - $3 million) The comfortable poor
£3m - £4m The comfortably off
£5m - £15m The comfortably wealthy
£16m - £39m The lesser rich
£40m - £74m The comfortably rich
£75m - £99m The rich
£100m - £199m The seriously rich
£200m - £399m The truly rich
£400m - £999m The filthy rich
Over £1bn The super rich
(https://blogs.wsj.com/wealth/2010/03/17 ... 3-million/)
When I heard about this I asked how can you be described 'poor' at 2 million? Simple, you still need to work. If you love doing what you do then you might not describe it as work and you will feel rich. Then again if you sit home all day with your luxury cars and 10 million plus in the bank, bored out your mind, then you might be very poor in a sense.

I think there's a sweet spot in this scale. Not necessarily having to work is great, but if you go further up you'll get more problems instead of less. Think of security and personnel.
Brilliant and well put.
eightbo
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Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

gazuty wrote:
Sun Dec 02, 2018 6:47 am
...If I step outside of work and am no longer Mr X from Y, who will I be?
This is beautiful. Definitely something which should be explored in your own time.

Infinite capital will free up your time and provide opportunity but it's an illusion to think lasting satisfaction will arise when you hit x-amount.
This is the mistake of too many westerners who accumulate their nest egg and then wonder what it's all for.

I suggest you spend your resources pursuing fulfillment by giving deep contemplation to what's important to you. Consider how you can pursue or contribute to such things in a way you'll be truly proud of.

If you died next week, would you be happy with how you've spent your finite time here on this planet? Because that will be it. No do-overs.
If unsure or you arrive at a no, entertain the idea of how you might course-correct moving forward.

What you certainly don't want is to arrive at your death bed with a lengthy list of regrets.
I don't care what you have to lose, it's not too late to take a risk or two if it the upside is a chance at true freedom — peace of mind.

Best of luck, sincerely.
arbitrage16
Posts: 532
Joined: Tue Feb 14, 2017 7:27 pm

eightbo wrote:
Sun Feb 03, 2019 11:23 pm
gazuty wrote:
Sun Dec 02, 2018 6:47 am
...If I step outside of work and am no longer Mr X from Y, who will I be?
This is beautiful. Definitely something which should be explored in your own time.

Infinite capital will free up your time and provide opportunity but it's an illusion to think lasting satisfaction will arise when you hit x-amount.
This is the mistake of too many westerners who accumulate their nest egg and then wonder what it's all for.

I suggest you spend your resources pursuing fulfillment by giving deep contemplation to what's important to you. Consider how you can pursue or contribute to such things in a way you'll be truly proud of.

If you died next week, would you be happy with how you've spent your finite time here on this planet? Because that will be it. No do-overs.
If unsure or you arrive at a no, entertain the idea of how you might course-correct moving forward.

What you certainly don't want is to arrive at your death bed with a lengthy list of regrets.
I don't care what you have to lose, it's not too late to take a risk or two if it the upside is a chance at true freedom — peace of mind.

Best of luck, sincerely.
Your posts of late have taken on a quality that leads me to believe you've recently dabbled in LSD or DMT.
eightbo
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Location: Malta / Australia

Just a guy looking to help others.
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gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

gazuty wrote:
Sun Dec 02, 2018 6:47 am
And then, when I have set this number in my mind in the past - it has been a very different thing. I started at AUD$2,000,000 on the philosophy of earning a 5% inflation adjusted return and living on AUD$100,000 per year. That was when I was young. The GFC blew that dream away, in that the yield to be achieved is way too high. I've changed that to 2% inflation adjusted. And I've revised my annual living needs to AUD$200,000. So I guess my number is now AUID$10,000,000. Again, please don't get me wrong, I'm not saying I am capable of reaching this number in assets outside my house. I'm just trying to work out when I would feel "free".
Damn - Coronavirus changes my thoughts on this again.
Mcdonkey
Posts: 30
Joined: Tue Dec 15, 2020 2:00 pm

I remember when I first got into investing in stocks and calculating when I could tell my boss to f-off, that was about 6 years ago, and today I'm must older, balder and wiser? Still young, 35 y.o but my goal has changed dramatically , before my number would have been around 2million dollar, today with the low monthly expenditure that I have, I'd say my number is less than 800k.
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Crazyskier
Posts: 1157
Joined: Sat Feb 06, 2016 6:36 pm

eightbo wrote:
Sun Feb 03, 2019 11:23 pm
gazuty wrote:
Sun Dec 02, 2018 6:47 am
...If I step outside of work and am no longer Mr X from Y, who will I be?


What you certainly don't want is to arrive at your death bed with a lengthy list of regrets.
I don't care what you have to lose, it's not too late to take a risk or two if it the upside is a chance at true freedom — peace of mind.

Best of luck, sincerely.
Actually I remember exploring something like this when I was doing psychology at Uni. We looked at how a typical 80-year life could be segmented into LEARNING (0-21) / EARNING (21-60) and YEARNING (60+) for all the things you DIDN'T do.

The saying, ''It's better to regret the things you did do'' has stuck with me. I also like, ''Asking forgiveness is sometimes better than asking permission.''

CS
eightbo
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Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

Crazyskier wrote:
Sun Dec 20, 2020 10:25 am

The saying, ''It's better to regret the things you did do'' has stuck with me. I also like, ''Asking forgiveness is sometimes better than asking permission.''

CS
Top quote CS, n1
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