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Old 07-03-2019, 09:00 AM
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Join Date: Jun 2000
Location: Dallas, TX
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Quote:
Originally Posted by Voyager View Post
$20 million is way too much. Don't scare people out of retiring so they can give their jobs to your kids.
I'm just trying to think of what it would take for me to quit working. I don't think it would be just a mere continuation of my current lifestyle; I'm young enough to expect to continue to make more money through the remainder of my career, and I also expect that if I was to come into some kind of windfall (that's effectively what we're talking about here), some proportion would go toward "fun stuff"- new vehicles, home renovations/new home, some sort of travel fund, college funds for my children, etc...

Then, what's left over would need to do the following:
  • Provide me at least the standard of living I'm used to now, and probably significantly better.
  • Have enough size to do the above, even in the face of a couple significant market crashes/economic downturns a-la 1987 and 2008.
  • Have enough spare cash to support some further "fun" buying in the future.
  • Enough to do all of the above without substantially dipping into the principal. My thinking is that this sort of windfall money isn't for ME; it's for the family. And as such, it would need to be something that could be passed down substantially intact, even after my wife and I's immediate wants and desires are taken care of.

It's the second and fourth bullets above that warrant such a high number. My goal wouldn't be to time it exactly so that I made my current salary and my bank account hit $0.00 the moment I gasp my last. Rather, it would be to have enough money to do what I want to do in the style I'd like to do it in, AND retain the vast majority of the fortune in some kind of trust(s) for descendants.