Lets talk Income

Discussion in 'Investor Psychology & Mindset' started by MTR, 21st Dec, 2015.

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  1. Scott No Mates

    Scott No Mates Well-Known Member

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    Simple, home schooling as a way to save $$.
     
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  2. HomePage

    HomePage Well-Known Member

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    Since my annual expenditure was less than what my passive income would be, there was no sacrifice involved at all when I retired. :D
     
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  3. proper_noobie

    proper_noobie Well-Known Member

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    60k/pa passive would give a very comfortable life with no PPOR debt or kids. I don't have an expensive lifestyle and to supplement it, I could work my favorite type of job: short contract work
     
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  4. ellejay

    ellejay Well-Known Member

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    Same.
     
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  5. Heinz57

    Heinz57 Well-Known Member

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    "Enough"
     
  6. Sonamic

    Sonamic Well-Known Member

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    60k passive with no PPOR debt would be enough for me. That's about $165 a day. That's plenty. Not quite ready to turn off the morning alarm yet though.
     
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  7. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I'd hate to be retired - we're only just getting started :)

    But, if we were to retire in 10 years (and I'm not sure I would - retirement doesn't actually appeal to me much) we'd probably need $100k/yr and no debt to have the standard of living we'd hope for.
     
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  8. abbyfresh

    abbyfresh Well-Known Member

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    To rise the ranks quite fast and / or very successfully on your own or with limited help requires one to be very driven as many have said. You don't stop being driven in hurry once you reach a certain level, therefore retirement (in the do nothing sense -paid or unpaid) isn't really an end goal for many. Often it is personality type irrespective of how much money is coming in through work or other passive avenues.
     
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  9. datto

    datto Well-Known Member

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    I need 100K pa.

    Unless I can earn that as a gigilo I'll be working way past the reirement age.
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    You might have to take your hand off it ;)
     
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  11. Bran

    Bran Well-Known Member

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    Ditto.
    But it means losing sleep and life.
     
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  12. Bayview

    Bayview Well-Known Member

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    Whatever the income is required to operate a DB10, Landcruiser for the odd 4WD, an 80ft ocean liner with helipad, said helicopter, jet skis, snow pad/s, and so on.

    What; a $mill per week?
     
  13. Ace in the Hole

    Ace in the Hole Well-Known Member

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    I'd like 365k, but will settle for 300.
    Even at 300, would only take a couple of years to get to 365 by doing next to nothing.
     
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  14. Lizzie

    Lizzie Well-Known Member

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    Given the current lifestyle - which is not extravagant by any standards - we'd need around $100k/yr passive income to comfortably retire.

    I did an annual "must pay" budget for hubby the other month, and nearly fell off the chair myself. Came in at around $76,000 ... and didn't include the occasional takeaway coffee or weekend newspaper. Went something like this:

    PPOR mortgage - $15,000
    Food/wine/beer/pet food/takeaway or out once a month - $12,000
    School fees - $12,000
    Health Ins - $3,500
    Property Ins - $2,500 (farm)
    Life Ins - $1,500
    Council/Irrigation rates - $3,500
    Vehicle costs (ins, rego, service, fuel x 2) - $10,000
    Electricity (pool, aircon, water pumps etc) - $2,500
    Internet/phone - $2,000
    Charity - $1,600

    ... that's a far from complete list, and already up to $66,000 ... obviously costs will go down when junior has finished school, we sell ppor and downsize and not driving as much for work ... but current costs don't leave much change out of $100,000 for buying a new (second hand) car or going overseas.

    I wonder how many of you have done a real costing of expenses? Doesn't take long for them to add up, with nothing out of the ordinary or over the top
     
  15. WellnessWarrior

    WellnessWarrior Member

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    I would need $150,000pa passive but I wouldn't retire unless I can get $200,000pa+

    Too many sacrifices throughout life not to live well at the end.
     
  16. Adele

    Adele Well-Known Member

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    I would wait until my kids have finished Uni just in case.

    My parents thought they had 'enough', then realized it was not. (3 kids in Uni ) :)
     
  17. proper_noobie

    proper_noobie Well-Known Member

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    Two people: PPOR rates, water, insurance, gas, electricity, repairs $5500
    Vehicle and transport expenses Inc replacing vehicles $10000
    Groceries $3000
    health insurance and dental x2 $3000
    discretionary spending, eating out, uber, clothing, furniture, etc $5000. So about $30k is all we need to sustain our lifestyle. Everything else is a bonus.
     
  18. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Only $60 a week for food for 2 people!
    And only $100 a week for 2 people for everything else except your car and home.
    What would you do all day?
     
  19. Wukong

    Wukong Well-Known Member

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    Procreate
     
  20. Angel

    Angel Well-Known Member

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    I want to know what people requiring over $100k per annum spend it on. I can think of a couple of overseas trips but even that would get boring after a while.
     
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