What's your number?

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gazuty
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For me this is very philosophical.

By many measures I have more than enough money, for sure. And I am not asking people to enter a bragging contest about how big is their bank account/ share portfolio. (My day is often filled with meeting people and chatting with people who have far more money than me. I approach this anecdote with trepidation, but I did catch the lift down form my office the other day and at a different floor a billionaire stepped in who I personally know - not well, but well enough to have a lift conversation. What's the point of mentioning that - well mainly because I know I won't catch his wealth, no where near. And then a recently retired CEO I know, again, I'll never remotely approach his wealth).

What I am searching for myself is that minimum number of accumulated resources outside of my own house where I would feel "free". Free to have my own views without consequence. Free to experiment and have the courage to try and fail at a new enterprise.

I am also a person who is also very defined by their day job position. The position opens doors, gives me admission to "the club". Achieving admission to "the club" purely on money alone is a scary prospect - for me. If I step outside of work and am no longer Mr X from Y, who will I be?

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".

What's your number?
PeterLe
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Thats an interesting question, but I don't think it is a 'number ' that sets you free. Its more of a state of mind.
The 'number' is just one element of an intricate tapestry and everyones tapestry is different
From my upbringing expectations, Ive surpassed what I could ever have hoped to be worth. I have enough to survive a good life if I were to live till a 100. I now work because I choose to (and I enjoy it!)
For me now, its about providing something for my children and my loved ones when Im gone...im building something for them
I dont crave money nor make it a yardstick of success in life; its been said that Money flows from those who value it least to those who value it most and I value it knowing that mine helps others long after Im gone, that in itself provide me with a sense of freedom.

Wow thats bit deep for a Sunday morning! I only popped down for a brew! :D
Regards
Peter
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LeTiss
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Probably depends on whether you have kids or not?!

Those with children possibly feel an inner responsibility to leave a healthy inheritance for them.
Whereas, those without kids, just want enough money to pay for a roof, food, and forthcoming medical bills
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Westerner
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Somebody once said to me, 'don't talk about wealth with people who have less or more than you, as you will either be viewed as inferior or a big head'

Have always thought of that as some of the best advice I've ever received.
Kalumpus
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Not meaning to be flippant but there is no number imo. Freedom comes with not stressing about what one has or hasn't.
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LeTiss
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Kalumpus wrote:
Sun Dec 02, 2018 10:01 am
Not meaning to be flippant but there is no number imo. Freedom comes with not stressing about what one has or hasn't.
Good advice there. We're all going to end up dead, so why concern yourself with such matters!

I once worked with an older guy called Rob Hallam - he laughed at us younger ones, stressing about sales figures and presentations. He used to say "In a hundred years from now, will anyone give a shit?" - I like that
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megarain
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Numbers are largely irrelevant when u are in the brackets to think about it.

I do feel, it’s more fun earning it than spending it.

IMHO, u are doing kids a dis-service, handing them lumps.

So, spend it .. and once the kids education is over, let em loose with v little.
spreadbetting
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Think I felt free as soon as I'd paid off my mortgage.
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Derek27
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I can understand why Bill Gates decided to stop making money and devote his time and resources to charity but most of us who set targets and reach them will set an even higher target.
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Crazyskier
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Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
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Euler
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If this thread is still going later in the week I'll give you a detailed view. But in my experience, most of the successful people I've met end up doing stuff because they really enjoy it and the money becomes very secondary. They are driven by other things.

When I discovered trading I knew this was my chance to go it on my own and set a ridiculously low target of £100k to feel happy that I had cracked it. I more or less did that in my first year and I never expected that I'd still be doing this for 18 years. But it taught me a lot about the markets, myself and others. I relentlessly pursue knowledge and insight now just for the sense of achievement of discovering something new and really enjoy that challenge. I'd do it even if there was no monetary reward at the end.
arbitrage16
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Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
Like it. How does Brexit factor into your plan?
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ShaunWhite
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Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

CS
Dispite some obvious differences we have similarities too CS, you've described my plan perfectly. But mine is to slowly turn into a wrinkly leathery little old man in the countryside around Barcelona somewhere; so we probably won't end up sat on a bench in the town square together, arguing about life and admiring the señoritas !

Fingers crossed Brexit doesn't put too many obstacles in our way (I'd like to be hearing more about the effect on ex-pats, and especially those that spent all their working life hoping to be one!). But I DONT want to take this thread off topic.
Good luck getting what you want CS.
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Crazyskier
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arbitrage16 wrote:
Tue Dec 04, 2018 10:37 am
Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
Like it. How does Brexit factor into your plan?
ShaunWhite wrote:
Tue Dec 04, 2018 3:00 pm
Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

CS
Dispite some obvious differences we have similarities too CS, you've described my plan perfectly. But mine is to slowly turn into a wrinkly leathery little old man in the countryside around Barcelona somewhere; so we probably won't end up sat on a bench in the town square together, arguing about life and admiring the señoritas !

Fingers crossed Brexit doesn't put too many obstacles in our way (I'd like to be hearing more about the effect on ex-pats, and especially those that spent all their working life hoping to be one!). But I DONT want to take this thread off topic.
Good luck getting what you want CS.
Brexit... Hmm..

I honestly don't know how it will impact on my plans is the truth. I won't need work rights and do speak a little Spanglish, so am hoping for the best.

...And you too, Shaun. 8-)

CS
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gazuty
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Thanks all.

Some really good thoughts in here.

I particularly like the part on enjoyment that has come up in a few ways.

I’ve always liked the song lyric - freedoms just another word for nothing left to lose. I do sometimes wish I’d taken some bigger risks earlier on in my career when I had less to lose.
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