$58,325 is comfortable for who??

[jingo]

I don't want an extravagant lifestyle, I value my time too much.
Blacky

This is a topic for a whole other thread! What is an extravagant lifestyle? (The answers will vary according to people's expectations and experiences).

I regularly meet/mix with people who consider driving the latest European car/s (often two in the one family), living in a large house in a trendy suburb, having an in ground pool, holiday house etc etc etc is just a basic expectation for today's standards. I'm pretty sure they don't read Mr Money Mustache!

I often wonder if they lost their jobs, whether the whole ship would sink, or if there is a substantial foundation beneath their glittering empires?

 

[DEC]

This is me. I don't understand people who stay in boring, mind numbing jobs just to try and achieve the '100K per annum passive income' goal.

Currently in the process of moving to a country where I can live extremely comfortably on 15K Aussie dollars a year. That's roughly the equivalent of one job a month for me (or ten hours' work). I know it's not for everyone, but as you said Blacky - I value my time too much. Because it is the one thing that you can never get back.

Me 3.
Last longish stint we did OS $25k/year had us living better than we do here on several times that amount.

 

[dex]

This is me. I don't understand people who stay in boring, mind numbing jobs just to try and achieve the '100K per annum passive income' goal.

Currently in the process of moving to a country where I can live extremely comfortably on 15K Aussie dollars a year. That's roughly the equivalent of one job a month for me (or ten hours' work). I know it's not for everyone, but as you said Blacky - I value my time too much. Because it is the one thing that you can never get back.

Me 4.
I posted this on the Time vs Money thread but I'll cross post it here.

A poll would be helpful to determine the income and age people would be comfortable to "retire" at. Many seem to be aiming for $100k per annum and are happy to work until 55-65 years old until they get there. The problem is you could be dead by then or have cancer or some other debilitating illness which affects quality of life. Even if you're still alive, you have a lot less time to enjoy it than if you "retired" at age 40.

Being a single guy/girl with no kids is the ideal situation because married with kids means you're chained down for an extra 20 years and need more income.

Maybe MTR can add a poll similar to this. I would choose option 3)

"If you had a choice, what would be your ideal retirement scenario, to retire at age X with passive income of X"

1) 25 years old on $25k per annum
2) 30 years old on $30k per annum
3) 35 years old on $35k per annum
4) 40 years old on $40k per annum
5) 45 years old on $50k per annum
6) 50 years old on $60k per annum
7) 55 years old on $70k per annum
8) 60 years old on $100k per annum
9) 65 years old on $150k per annum
10) 70 years old on $200k per annum
11) 75 years old on $300k per annum
12) 80 years old on $500k per annum
13) 85 years old on $1m per annum

 

[china]

Me 4.
I posted this on the Time vs Money thread but I'll cross post it here.

I cannot imagine anyone choosing options 10 to 13. Choosing option 13 would mean a 84 year old continuing to work to double his passive income. Me I want to be 45 on 100k passive.

 

[spludgey]

If it's after tax and the PPOR is paid off, then yes, it's definitely comfortable living.

I'm pretty sure it's more than we're spending now (excluding paying off the PPOR and investments).

 

[fokas]

Yes, life-threatening illnesses get treated asap in the public system. Non-life-threatening illnesses don't.

Mates dad who is 80odd years old is on a 2year waiting list for a hip replacement. He's in pain but it's not life threatening. Hopefully he'll still be able to remain active enough so that he's fit enough for surgery by the time his time comes around... Well that's what his son has said to me.

 

[Angel]

Mates dad who is 80odd years old is on a 2year waiting list for a hip replacement. He's in pain but it's not life threatening. Hopefully he'll still be able to remain active enough so that he's fit enough for surgery by the time his time comes around... Well that's what his son has said to me.

Exactly. I've seen it so many times already. We have a contingency plan so that we are never in that situation.

 

[lizzie]

Mates dad who is 80odd years old is on a 2year waiting list for a hip replacement. He's in pain but it's not life threatening.

Hubby's aunt had this situation too ... she need both hip and knee replaced, but not having private health she was on a waiting list for 2 years to get the hip done ... then back on the list for the knee ... great pain for over 5 years and died before she made it to the top of the knee list.

As for our situation ... we could retire in two years ... if we sold the farm, bought a very nice seaside unit mortgage free, paid off all the IP mortgages and traveled ... we'd have a base income of around $150,000 in today's dollars ... but with and 11yr old at school (and I ain't doing no home schooling!) ... a 2yr old (dog) ... a 3yr old (cat) ... then we're better off staying put for another 10 years until they're all off our hands.

Does mean that hubby can either fully, or semi, retire in around 2 years to potter on the farm and go surfing ... we just won't be moving

Actually - WOW - didn't realise the figures looked so good

 

[HomePage]

Exactly. I've seen it so many times already. We have a contingency plan so that we are never in that situation.

Ditto. By self-insuring, 60 years of savings made by not paying health insurance premiums will more than cover the $35.5K net of medicare rebates (ref: healthtopics.hcf.com.au/TotalHipReplacement.aspx to pay to get to the front of the cue in a private hospital for such an operation and recovery.

 

[china]

Ditto. By self-insuring, 60 years of savings made by not paying health insurance premiums will more than cover the $35.5K net of medicare rebates (ref: healthtopics.hcf.com.au/TotalHipReplacement.aspx to pay to get to the front of the cue in a private hospital for such an operation and recovery.

What happens if you need a series of operations at the age of 45?

 

[HomePage]

What happens if you need a series of operations at the age of 45?

Well in that case I'd dig into my cash reserves because it wouldn't look as though I'll be around long enough to need it later if I'm that sick that young.

 

[Mr. Fabulous]

Does mean that hubby's can either fully, or semi, retire in around 2 years to potter on the farm and go surfing ... we just won't be moving

How many husbands do you have?

 

[lizzie]

How many husbands do you have?

hahahaha - one is more than enough! Will adjust my wording