How much is enough?

i agree with you. i would not work full time - but do projects and part time work rather than retire so early if i had that option

if you had so much free time - and lack of creativity or productivity i would most likely develop Alzheimer's or dementia- can't just be sipping coffees and wine all day.

like i mentioned in the above post - after my friend sold his RE company in shanghai and moved to hong kong not doing anything from doing 10-12 hour shifts - he enrolled to an MBA program. Got to have something challenging or motivational enough to stimulate your brain.
 
I agree - our goal is to downshift in 10 years (will be age 50), this entails working part time and making time for travel etc. Not that we do without now, but it's important to have a SMART goal (specific/measurable/etc.) and helps us focus our efforts.
How much is enough? Very much dependent on your personal expectations. I believe that we will always look for something to keep us busy, interested, and active, so full early retirement may not suit.
 
You have to think too, ok, you want to retire when your 40. So basically everyday you can just knock around and do whatever you want, sounds great? Until you realise all your friends, family, enemies etc are all still "occupied" 9-5 doing what everyone else does so now your something of a loner.

Sure, you can go on a holiday but you can fill 12 months every year with holidays. Study? Sure but is that every as stimulating as applying yourself to work you enjoy? Not really!

For me 6-8 weeks vacation time a year is more than enough, that coupled with weekends off and your laughing. Work, spend what you want when you want buy all the pointless $hit the world has to offer and enjoy yourself. Forget this living on 20k a year dribble that people claim they can do. Living in a country like this with the opportunities on offer I find such a goal an insult.
 
True. I see many retired people losing their health as soon as they retire!

My work place offers 'leave salary packaging'. In other words we can buy 20 days of leave every year! This is my fourth year in this company and I bought two lots of '20 day leave' already!
 
Actually going through a mini-crisis, almost sorted though. My friends think it's hilarious as I a)don't have much, b)am 26.

Realised in my pursuit of freedom to 'do the things important to me' I had STOPPED living my values daily.

Worked out I don't need as much as I first thought, so have slowed down and am using the small financial freedom and knowledge I have gained to build wealth, yet at a slower pace, while taking time off work to concentrate on more important things on a regular basis.

I am sorting out taking 6 months off next year to work on some projects abroad which although costing me money, are really life fulfilling.

"Try not to become a man of success, but rather try to become a man of value" Albert Einstein.

A little success wouldn't go astray either :p
 
Excellent thread....I too am grappling of whether to chuck it in at 45....my biggest fear is not financial...but that I would be bored $h1tle$$. I have figured out I can easily lead a comfortable lifestyle on 120k (with a high portion it tax advantaged so more like 150k pre-tax income).

I plan to keep my brain occuppied for a few more years...the planm is retirement in my early 50s. I then plan to travel a lot and work on renos.

The 4 Hour work week has some excellent suggestions ...thinga like mini-retirments which appeal to me.

My newest project is to travelt to Europe May-June next year.;)

matto_ said:
WOW.

That was quite a read. Bringing out some interesting philosophies - ranging from I MUST have 100k per year passive income, through to I can survive comfortably on the level that ERE talks about.

My initial aim of this thread was to -
a) highlight that FI (financial independence_ is closer than we all think
b) highlight that there are a number of good blogs/information sources out there that can provide a different perspective, and
c) get some additional thoughts/perspectives myself.

I think I have achieved all 3. So once again - SOMERSOFTED :)

My lightbulb moment around MMM was that you dont have to hold steadfast to this notion of "having to replace your salary", but rather taking other elements into account, and making decisions with regard to what you can/cant do without.

The other moment was that - we all have the decision in terms of at what point do we say enough is enough. For some that is earlier than others (ie. I dont need to wait until the precise moment where my passive income is 100k). I am of the opinion that with a reasonable amount of passive income you should be able to lead a reasonable life, along with have enough to continue building your portfolio - in order to increase that lifestyle. I would much rather spending precious time with my family and making monetary "sacrifices", rather than holding out until that precise moment - when I hit the 100k mark.

Again - thanks to all who contributed.

Cheers.
Click to expand...
 
I don't know the answer to this question.

When a single person, with no dependants go from welfare (age 30) to pensioner (age 65?)
do they get an increase or decrease of benefits?

Or does it stay the same, but just called something different?

PS..I don't know the age of retirement here, so from the year before retirement starts, to the next year.
 
It's difficult to plan when there are so many options available.
My goals for the next 2 years, will be 39 then, 1 year to enjoy before 40 years old:

Accumulation phase now complete, pay down 2 million of debt hard, (basically enough to knock off the PPOR mortgage :().
Continue to hold all properties, as they are all brand new, and have a net passive income of 80k, very rough calcs.
Might score an extra mil or so when we sell our biz, which will pay down more debt and add another 50k to the annual passive income.

Then, want to do some serious travel for the first time...
But, get bored real quick, so will likely start another biz of some sort, or attempt to become a full time athlete.
 
Depends if the single person in on disability pension....

Single (not disabled) - about $600 per fortnight (includes allowances)
Single (disabled) - about $800 per fortnight (includes allowances)
Pensioner - about $830 per fortnight (includes allowances)

Retirement age is now 67 I believe. BUt depending on you age you could be eligible for the pension from 65.

kathryn d said:
I don't know the answer to this question.

When a single person, with no dependants go from welfare (age 30) to pensioner (age 65?)
do they get an increase or decrease of benefits?

Or does it stay the same, but just called something different?

PS..I don't know the age of retirement here, so from the year before retirement starts, to the next year.
Click to expand...
 
sash said:
Depends if the single person in on disability pension....

Single (not disabled) - about $600 per fortnight (includes allowances)
Single (disabled) - about $800 per fortnight (includes allowances)
Pensioner - about $830 per fortnight (includes allowances)

Retirement age is now 67 I believe. BUt depending on you age you could be eligible for the pension from 65.
Click to expand...

thanks sash.
So for a single, not disabled, their income increases when they "retire"
 
I think people here often use the word retire, when they really mean to be financially free of having to work.

Personally I don't think I'll ever retire, I'll hopefully just do something more fulfilling when I want to and on my terms.

The difference is all about whether you have to or not, because as soon as you don't HAVE to, your whole perspective changes.
 
sash said:
I too am grappling of whether to chuck it in at 45....my biggest fear is not financial...but that I would be bored $h1tle$$.
Click to expand...

Ditto and at the same age. My FI epiphany came when I realised I am now spending less that what I can shortly bring in as an indexed retirement income stream ($65K pa 2012 bux FWIW). I both love and hate the mental challenge that my current job gives me, but am pretty certain that no mental challenge forever is not the solution.

I've though of starting out with a gap year (many Gen Yers have one - I'm just a little late to the party!), then seeing what tickles my fancy from there on in. It'll be great not having to work but it could end up being harder work trying to keep myself occupied. Gunna have to research this some more and might start with that four hour week book.
 
Trippy said:
Yes....He states australian property is over priced and it is cheaper to rent rather than buy or invest...
Click to expand...

Agreed with disclaimers. It depends on how much you are willing to indulge in the non-monetary benefits of PPOR ownership: peace of mind, security, etc. My PPOR bought in 2010 for 750k for cash is now worth at most 700k. If I had to pay interest costs on a mortgage as a minority of home owners do, the losses would be far compounded. If I were to rent it out, I would only get 500 per week. So overall, a loss-loss situation.
 
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