How much income do you need to live the dream?

Discussion in 'Investment Strategy' started by sash, 20th Jul, 2015.

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Who NET income do you need to live the dream?

  1. Less than $35k

    5 vote(s)
    3.3%
  2. 35k to 60k

    15 vote(s)
    9.9%
  3. 60k to 80k

    18 vote(s)
    11.8%
  4. 80k to 100k

    18 vote(s)
    11.8%
  5. 100k to 120k

    35 vote(s)
    23.0%
  6. 120k to 150k

    14 vote(s)
    9.2%
  7. 150k to 180k

    10 vote(s)
    6.6%
  8. 180k to 200k

    2 vote(s)
    1.3%
  9. 200k plus..

    35 vote(s)
    23.0%
  1. sash

    sash Well-Known Member

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    Yes...money buys you a better class of misery...but it does not buy you better health or relationships.

     
  2. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    I wonder how many people would actually pull the pin on their regular J.O.B if you hit your passive income target?... Or do you keep going to "just get that bit more..."
     
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  3. HUGH72

    HUGH72 Well-Known Member

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    Thats a good point, taking the next step would be hard for many goal driven people. There's the fear that xxx$ will not be quite enough.
     
  4. sash

    sash Well-Known Member

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    It is a fine balance....and whether you hate your job that much!

    I still like what I do...but also like the hunt for more property...the income from my job helps do this. So I keep going...but do have a plan to stop the job side within 5-7 years....

     
  5. Ace in the Hole

    Ace in the Hole Well-Known Member

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    I think sometimes it takes certain life events to force you make a decision.

    There are days when I say to myself that I have to get out of business ASAP and have full freedom, then a few days later feel perfectly comfortable to go a bit longer while the money is good.

    I guess if you don't have another comittment elswhere, there is no urgency to quit what you're doing.
    This is the part I find difficult, don't hate my current situation enough to get out, which is the reason I started biz in the first place, because I hated my old job so much it was almost making me sick.
     
  6. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    As the sage Arnie Schwarzenegger once said: "Money doesn't make you happy. I now have $50 million but I was just as happy when I had $48 million."
     
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  7. sash

    sash Well-Known Member

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    Correct...money is a neutral commodity...it is up to you....I don't crave money...I crave the deal. I just don't mind the comforts money brings though...:)

     
  8. Beelzebub

    Beelzebub Well-Known Member

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    I would like enough cash to be able to travel the world. At least that's what it would take for me to quit work. I don't know if I really need that much but if it's not enough money to do something different and interesting I will keep my day job.

    My short term goal is $1m in property which I should get with one more purchase, and my mid term goal is enough cash flow so that I don't need to use my wage to pay off my PPOR mortgage. When I reach that goal I will buy a bigger house and repeat... Then I'm done
     
  9. C-mac

    C-mac Well-Known Member

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    I need enough money to travel the world at will/leisure, too. I'd be happy to keep working if I could find a job where I could say to my boss: ok, can I work 9 months of the year and then take 3 months off, every year?

    No employer in sectors that pay respectably (I. E. Pay well!) Would allow this. Sure, I could stack shelves in retail on minimum wage, and simply think about other things all day whilst my mind is numb. But in that instance I'd rather not work at all!!

    OR ideally be well off enough from property enough, to be able to do what I want to do or something that gives back to the community (even though the money would be terrible - I'd not be doing it for the money at this point...)

    Who knows maybe I combine the travel and community work to live on the cheap, 3-4 months a year in Asia somewhere, where I can volunteer or something.
     
  10. Blacky

    Blacky Well-Known Member

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    Sure they do.
    I earn ok $$ (some would say very very Ok $$). Work 6months of the year, and company pays for international airfares anywhere I wish to go for my time off. Albeit I do need to pay for accommodation/meals/etc when I am on leave :oops:

    Just gotta figure out how its done ;)

    Blacky
     
  11. Blacky

    Blacky Well-Known Member

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    I would be interested to know of the numbers being thrown around, how many people who voted have ever earned that much previously (either work/job/company/investing or otherwise)?

    All well and good to say you need $200k but if you have never earned that much before, how would you know what its like?

    I voted $100-$120k. Its about double what I spend a year now and I live a pretty good lifestyle. Noting that I have a few more expenses coming my way in the near future due to Jnr Blacky coming on the scene 6months ago.

    Blacky
     
  12. fols

    fols Well-Known Member

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    Great post @sash

    I've done my numbers on net $12k per month from property (in today's money). Super (a few grand a month) would sit on top of this, when I am finally able to access it.

    That's my base / minimum plan, but I don't want that to limit my thinking.
     
  13. C-mac

    C-mac Well-Known Member

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    Blacky id love to know what line of work you are in!

    Re: your question on costs, remember that most view Property portfolio building as a retirement strategy. This means that additional costs of 'being old' (I. E. Quality health care and facilities etc.) Would go up a lot, hence the need for more money per year for retirement, than you spend in your working (18-64) life years.

    As for this idea that our government will care for us when we are old, well, I have little faith in that. Better to plan/squirrel away in prep for such a bleak future in that regard - and NOT need it - than to be the lazy mouse and do no prep, then in year 2045 have a government who may not be able to afford to provide care for their elderly.
     
  14. Steven Ryan

    Steven Ryan Well-Known Member

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    Have the most significant positive impact on the greatest number of humans possible.

    The more capital and recurring income I have, the more options I have.

    The big one is to positively impact more than a billion people before I'm done.

    Examples of how that could be achieved today:

    1) Launch a global swarm of satellites to provide the entire planet with internet access (there's still a few BILLION people without reliable internet). This is about to happen.
    2) Cure ageing. This is underway too.
    3) Be the catalyst for humanity becoming a multi-planetary species. This one is also in the process of being solved.
    4) Create a new product/idea/concept that revolutionises on the same scale that germ theory, the printing press, electricity, the internet etc have.

    How I will achieve that tomorrow, remains open...for now :)
     
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  15. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Put me down for some No.2 please.
    PayPal funds sent...:)
     
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  16. sash

    sash Well-Known Member

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    Ditto...back at you...

     
  17. Steven Ryan

    Steven Ryan Well-Known Member

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    Please forward all funds to Human Longevity Inc. They're bent on making massive progress in this area. And they will. The folks involved are incredible.

    Their mid term goal is to "make 100 the new 60".
     
  18. Ace in the Hole

    Ace in the Hole Well-Known Member

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    There's an awesome renewable energy cycle - work hard to make money so you can fund the researchers who will give your years back to you.
     
  19. Jessproperty

    Jessproperty Well-Known Member

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    That is very true...life changes and so do your needs! About 8 years ago hubby and I discussed that we would be happy with $2000 a week, it would be more than we could hope for, not having to work. We now have 3 kids and although we could easily live off of $2000 a week...we want to be able to travel, enjoy great restaurants and drive the family car that we like...so I voted $200k + to live that "dream"

    The issue with that is if you have property returning over $200k a year clear in your account, your tax is going to be high....hence negative gearing!
     
  20. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    That's where depreciation comes in and can negate that taxable income to almost $0!
     
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