I wrote a couple of days ago yesterday reflecting on how much wealth people think they need to retire on.
I was quite surprised with the number of responses that came back with figures in the several $$millions.
A lot of people on here really want their Lambos!
Not me, I'm quite content with my Hyundai I30 and not being cool at all, and that means I need a lot less than most people to retire on.
In fact, if you wanted to deposit 11.5 BTC to this address:
1H1n4uv9Hv4SWFds9dB8oosBvvJhKHsU9k
Then I could retire right now!
Alternatively send 900K LEO or 1.38 million Hive to @revisesociology.
NB Unlike the most unaccommodating @splinterlands team's arrangement for the purchase of LAND, I will gladly accept a mixture of payments towards my retirement fund.
Net wealth I need to retire on from now to when I'm 60...
Just in case I don't receive sufficient crypto gifts over the next few days I also calculate how much wealth I might need accumulate myself in order to fully retire,
The figures below should see my through to the end of my days...
Orange is my optimistic target of when I hope to fully retire, a goal which is achievable, I'm not too far off.
Red is where I'd declare my Early Retirement efforts a failure - honestly, if I can't accumulate £50K of wealth by then I deserve the failure label!
NB my original goal for retiring was by 55, when I started my ERE mission in 2014.
NB I wrote this post yesterday based on yesterday's crypto prices, already the amount of BTC I need has declined sharply!
How I calculated these figures - they're quite unique to me.
I live a pretty frugal life, and since I'm planning on buying land and off-gridding, I'm going to get more frugal, or less fiat dependent - so once I've paid my mortgage off, which completes in 2028, my outgoings are only $10K a year.
That's why my figures change so much between the years 2028 - 2029, it's all about the mortgage!
Until that's paid off I need $10K to live a year and a further $7K to pay off the mortgage every year. When it completes my outgoings go down from $17 000 a year to $10 000 a year, but I also have a net gain of $6 000 a year coming in from rent on that property.
(I've factored in maintenance and agency costs in the $10K annual already).
So after 2028, I only need find an additional $4K a year to live off.
I have a private pension which kicks in from age 60
The other thing which makes retirement very easy for me is my teacher pension, worth around £8K a year, with a lump sum which easily subs me until my UK state pension kicks in 7 years after that.
Sorted.
Of course this all assumes business as usual and no shocks, but it also assumes nothing about the price of BTC/ Hive or LEO, which could moonshot me to retirement much earlier than my optimistic 2025!
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So cool.
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Jaaaaaaaaaaaaaaa amazing amount, you have a cheap life i guess, if you need to save money remember the foraging is the solution i always said, well this is my favotite topic here in social network plants food and foraging,
Well dear, your numbers are fantastic thanks a lot for invited to us to make the exercise about how money i need to my retirement, unfortunatlely the people in this day way in the Latin American country hey what for what reason i need to save money if tomorrow i will be death, specially with Covid near here, no man you need live here and right now ok this is a poor mentality that we have in our countries,
well in my case i need around US$1200 per year remember thing in live in a homestead without car, harvest my own fruit, without light, electrical, live very frugal, as an hermitaño or a homestead man, the health would be a problem but in around 40 years that is the time that i consider necesary to retirement mmmmmmmmm maybe i need around $100 k for living confortable, but if i leve in the homestead only need $40k this is necesary to live around 30 years.
Bu the way sorry i could not cooperate with your plans of retirement i am work hard try to complete my own.
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If you can get by on $1200 a year that puts you firmly in the legend category IMO!
Great job, I'm heading that way myself, but I need some solar power and I really want a car!
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True, the priority is food, but that is fixed by producing it, growing it and collecting it in the forest,
You are right, energy is important, I believe that solar panels are a great investment, I will consider it, we have time I hope, and with respect to the car, it is not necessary to use public transport 60% in the world does, remember that a car It represents about US $ 300 to $ 400 dollars a month, it is a great expense, of course
It works a lot, it is comfortable but if you are in a tight situation to tighten the belt,
So considering that many people live with less than US $ 1.00 a day, I think you can just organize yourself, eating the basics, nature provides, beans, corn and vegetables, and of course my favorites a great variety of mushrooms, wow me I adore that.
so we have time, the important thing is to be prepared for the worst, keeping in mind or better, I have always said, we must live as if tomorrow we will be in poverty, so good my way, thank you so much for your fantastic post that we It makes us think how much we should save, comfort is good but we do not know if we lose the work that we will do because we have to keep it in mind,
Thank God we are here earning pennies that will be the fundamental pillar for our future.
well we keep in touch with this topic which is fascinating ok.
Happi foraging man consider it foraging is a great tool and if you have the option to start ahead if you do not make friends with a Biologist and you will have guaranteed food, the problem could be the medicine that in the future could be expensive and as you get older you spend more but well that's a gamble you don't know.
but hey with a good garden you could take advantage of a little with medicinal plants there you have the natural medicine tag start reviewing it there is a great treasure that you could consider.
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Cheers, and wise words!
A car is a luxury I agree!
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With 10 BTC, it might well be a very comfortable retirement, given Bitcoin’s bright future.
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Yeah, I'm still waiting on that 'check your BTC wallet' response though!
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You're doing good man, Hyundai I30... way better than me. You're not asking much from the life it seems, but I am a daredevil for the past years in living the frugal life. Hence I can definitely live with under $10,000 a year. Don't have any mortgage though. It would be hard to predict though for the hears to come if I could still live with those $10,000. If Hive and LEO will thrive you would probably won't need any BTC donation and if you play your cards right you can retire earlier than your plans.
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Hey cheers, I could almost certainly manage on less than $10K but that's a comfortable amount of expenditure!
I do intend to bring that date forwards for sure.
And crypto is possibly going to play a massive part in my wealth going forwards!
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Crypto is going definitely play a massive role. I am excited for my finances and quite confident of the potential earnings.
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But you can do that only after getting rid of responsibilities ?
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I'm quite fortunate - I don't really have that many responsibilities!
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I think you have a lot working for you lol hahaha. I guess I want my lambos anywayi don't have any Hyundai or any pension kicking off infact I currently do not have any money and well maybe my lambos dreams might take really long hahaha but we'll I guess 151k isn't too much to ask
You see I think my choice basically comes down to a lambo or never having to ever work again!
The choice for me is pretty clear!
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Love the calcs, let's hope that BTC, Hive and LEO all moonshot everyone to early retirement!
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Inn loving the spreadsheets man, 11 BTC that’s quite a target I’m also targeting about 6BTC since it’s cheaper to live here! I assume also that the risk free rate on BTC once we establish a yield curve is between 3-4% so I’m being generous in my calculations
Either way I’m not too worried about the rate of return right now just about stacking as many of those sweet Sats in my ledger and getting ready to live in the future!
The fiat money system didn’t do much for me so I don’t have much to lose at this point! Keep stacking mate I’ll be right there behind you grabbing any sat that drops out of your pocket
I don't intend to be selling anytime soon - I'll be tempted once it gets to $50K probably to take a little profit!
But who knows, maybe that's soon.
NB my modelling here is very pessimistic - I'm assuming 0 gains on the wealth!
The idea is I can trick myself into being ahead of the curve.
TBH now I've quit work as a teacher and I quite like my life I'm more relaxed about when I can quit work and retire!
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