How much income do you need to live the dream?

$75k net would be more than ample but not allow me to contribute to others and impact the world in the ways I plan to.

$250k net will help on the way toward my impact goals.

$1m will really open things up.

 

how does everyone plan to spend it?

 

It would be easy to spend any amount.
You'd just holiday in the more expensive rather than budget destinations, money will be gone real quick.

 

I chose $60-$80k. This is not my ideal amount but I think i could maintain my existing lifestyle which is more than enough. My focus is on getting there as soon as possible so dreaming any bigger has a time cost i am not prepared to pay.

 

Well there is living and there is living the DREAM.
My dream life includes lots of travel and little stress so my vote is for lots of money.

 

Mine is not based on needs / expenses, want to surpass that by a long way

 

On 1 property no...on 10 si!

 

My wife and I currently receive 74k in passive income derived from Property, Shares (ETF's, LIC's) Cash holdings and are debt free.
Add to this Superannuation drawdowns in 18 months and it will be in excess of 110k annually. This amount for us will be ample to maintain a comfortable lifestyle.
The last thing we wanted in Retirement was to have on-going debt and constant involvement in IP dealings.
Retirement is our time to do COMPLETELY as we wish.

 

What is your impact goal, if you don't mind sharing

Mtr

 

the weird thing is most property investors I know who have actually retired go on to do other stuff ie mentoring, developing, start up business etc etc

At the end of the day we are probably in the main a driven bunch, and as long as you are fulfilled with what you are doing today that is all that matters.

Call it a job, a hobby, whatever... "Live and let live"

MTR

 

Have calculated approx 300k net in today's money for all the things I want to do.

-Bi annual family overseas trips (1-2months of the year)
-Ownership of a house somewhere in the Canadian Rockies (The most beautiful place I have been to so far.) as close as possible to Banff for any of our friends or family to use. Happens to be where my fiance and I got engaged also. Something likes this fits the bill.

-Not having to think about general day to day living expenses
-Significant amount the $300k to go towards helping family and charitable projects.
-And the final materialistic luxury would have to be Porsche 911 GT3. Not sure if I would afford that though on $300k net so may have to increase my target.

 

OK vision board established.

What is the detailed plan broken down next 12 months, next 2-3 years, and next 10 years looks like? Do you know the how to get to landing you want income?

 

You guys got a time limit on this also?
An age milestone?
Not much point hanging out until old age before hitting the targets.

 

Depends your definition of old age?

Am I a fossil at 48??

 

Plenty of time, still got 2 years left.

 

Is that you or me who has 2 years left?

50 is the new forty? Considering most people will live past 85 these days....

 

I would love to be at this by the time i am 45 (28 now.). I'm still working on the exacts but a combination of passive income (property/shares) and business income (part time hopefully at this point) is my current thinking.

Next 12 months = starting IP accumilation and starting business (Mortgage Broking)
2-3 years = growing portfolio and looking to expand the business (other brokers)
Next 10 years = same as 2-3 years.

 

Want a tip to refine the how to get to the where?

 

While it’s very good to have all these goals and dreams, it’s important for us to remember that our ability to enjoy good things is quite different than those things in itself. What good is a chocolate cake if you just had 4 wisdom teeth removed yesterday? What good is a Ferrari if you can’t drive a car? What good is a 7 figure bank balance if your family is falling apart? What good is a $500K passive income if you live in a high dependency unit in a (luxurious) nursing home?

Hope I don’t sound too philosophical but let us not forget that to enjoy our future wealth we need to be in optimum health, we need our family to be strong, and we need the ability to enjoy life. I speak from personal experience: I lost my partner to cancer a few years ago and that gives me a very different take on life and prosperity. Most of us have this illusion that we are in control of our destiny somehow. We plan for everything in life. We plan what to have for breakfast, lunch and dinner. We plan months ahead for our holiday. We plan years ahead for our retirement. We say if we fail to plan then we plan to fail. But there are so many things beyond our control. When tragedy happens suddenly, we realize just how little control we have and how useless our plans really are.

Don’t just invest in things (properties, shares, bonds, etc.) Invest in yourself and those around you. Treat yourself kindly, prioritise your spouse and make time for your kids & family. And make sure you actually enjoy every little step of your journey to financial independence. How you get there is just as important as the destination itself.

 

Would love to.

Very true. I've always made a conscious effort to be grateful for what and who I have now whilst continuing to aim for big things.