Would it depend on income? Like if you are making enough that it's silly to walk away?
I don't spend much
I enjoy work but my job is all consuming. I don't think I'd want any other type of job though, since I really care about autonomy and being responsible for outcomes
Evidence says NO. Bill gates had $120B and didn’t retire. Jeff Bezos had $100B and didn’t reire. Same with Musk.
I absolutely would retire. We are only on this planet for so long, and you never know how long that will be.
$20 million is more than enough to do a ton of traveling...as someone already said, if that's invested, you can easily take 5% a year ($1 million) while still allowing it to grow each year, so you'd never run out of money.
A lot of people see work as a necessary thing for them to do. I have tried and tried to understand that, but I just can not. However, I do recognize that those people (and it's a lot of people) exist. Only you know if you're one of those or not. You have more than enough money to retire for good. Do it if you want. I would have at 38 in a heartbeat.
You sound like you're in high school. You can't figure out how some people think working is a necessary thing to do? Not all of us were born with silver spoons in your mouth like you apparently were.
show us on the doll where the guy who said "I personally don't feel the need to work to maintain my sanity but it's totally understandable for others to feel differently, I'm not judging or pressing my beliefs onto others, y'all do you" hurt you
I absolutely would retire. We are only on this planet for so long, and you never know how long that will be.
$20 million is more than enough to do a ton of traveling...as someone already said, if that's invested, you can easily take 5% a year ($1 million) while still allowing it to grow each year, so you'd never run out of money.
A lot of people see work as a necessary thing for them to do. I have tried and tried to understand that, but I just can not. However, I do recognize that those people (and it's a lot of people) exist. Only you know if you're one of those or not. You have more than enough money to retire for good. Do it if you want. I would have at 38 in a heartbeat.
But of course, Flagpole, OP never said he has $20 million.
No, he didn't, but he greatly implied that he did.
I absolutely would retire. We are only on this planet for so long, and you never know how long that will be.
$20 million is more than enough to do a ton of traveling...as someone already said, if that's invested, you can easily take 5% a year ($1 million) while still allowing it to grow each year, so you'd never run out of money.
A lot of people see work as a necessary thing for them to do. I have tried and tried to understand that, but I just can not. However, I do recognize that those people (and it's a lot of people) exist. Only you know if you're one of those or not. You have more than enough money to retire for good. Do it if you want. I would have at 38 in a heartbeat.
You sound like you're in high school. You can't figure out how some people think working is a necessary thing to do? Not all of us were born with silver spoons in your mouth like you apparently were.
A necessary thing to do if they have the money to NOT. We were talking about a guy who has $20 million here, not someone who still needs to work to pay the bills.
Im in the exact same boat. I have been a high school XC coach for 17 years. I love coaching, and I survive teaching lol. If i could quit teaching and have the income and keep coaching, that would be a perfect life lol. Alas, Im only 39, so retiring isn't even remotely on my mind lol
Obviously if you have $20 million liquid you can retire. The only question is whether you want to do your job "for fun".
Pay off your house, put 15 million into 30y T-Bills at 4.32% interest leaves you 52k/mo while maintaining principle. Household spending peaks in the 20-50k/mo (source: 2023 Hampton Wealth Allocation Survey). Most likely your burn rate is closer to 20k than 50k if your house is paid off. You then have another 4 million in money for additional investing. Which is more than enough to make sure you have enough for cost of living increases.
I would retire tomorrow if I get even 3M. I am 48, I just reached 1M net worth, and I expect to reach 2M within the next 4 years, and the day I reach that, I am gonna start working half time as a consultant remotely, hopefully in an income tax free country. The moment I reach 3M, I am out...
Hell, even with 1M I am tempted to call it quits (I could easily if I relocate to low cost country like Thailand or Vietnam), but I want to take advantage of my highest earning years for a bit longer. And I came from a long line of old people (grandpa died at 107, data died almost 90, uncles and aunties who died in their late 90s), so barring accidents, I may not even have lived half my life yet ;-)
Yep. I get to $20 million and I’m out. Might duck out at $10. I can’t understand why people continue to work after they have attained enough wealth where the interest on the wealth can supply more than their needs.
How much does one need to have/charter private jets?
You need to be in the 100s of millions to own a jet. In addition to buying the jet ($10-50M), there are several million in fixed costs every year in addition to the operating costs. You need to by flying at least 150 hours a year for it to make sense. Otherwise, a fractional ownership makes the most sense.
Chartering a corporate-style jet is $10k+ a day if I remember right.
Would it depend on income? Like if you are making enough that it's silly to walk away?
I don't spend much
I enjoy work but my job is all consuming. I don't think I'd want any other type of job though, since I really care about autonomy and being responsible for outcomes
As someone who’s done quite well for themself, I would continue working. I work for myself as it is, but I would use the money to become an angel investor and bring ideas to life
Work and leisure? Everything we do should have purpose. Aristotle has many thoughts on it. This is from a Lecture on his philosophy.
"The division between work and leisure is not a strict one on Aristotle’s account. Someone could be occupied part of the time, and devote the rest to the activities at which noble leisure properly aims (Oeconomics, 1345a16). What Aristotle appears to have in mind is “the leisure worthy of a really free man, such as he attains when his political duties have been performed, or such as he already possesses, provided he is financially independent and leads a life of true study or contemplation” (Susemihl and Hicks, 1894, 542).