How much money req to give up work?

> 10 years ago
Reply
Register to post, see what you've read, and subscribe to topics.
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
22 Feb 2007 11:39am
Was just sitting here dreaming about winning the 25mil powerball jackpot and started considering just how much do you really need to be able to give up work and be able to sail fulltime.

Assuming you own your own house, or are prepared to rent in a "reasonable" abode, and you are prepared to drive a cheap bunky would $300 a week, between you and your partner, cover it?

aaaaaahhhhhhh dreams dreams dreams
DavMen
DavMen
NSW
1510 posts
NSW, 1510 posts
22 Feb 2007 1:53pm
Nah - eventually the partner would want more....and then kids...

DavMen
hoop
hoop
1979 posts
1979 posts
22 Feb 2007 12:04pm
Surely the partner could earn you more than $300.00 a week to sustain your life of leisure.
hardie
hardie
WA
4133 posts
WA, 4133 posts
22 Feb 2007 12:23pm
quote:
Originally posted by grumplestiltskin

Was just sitting here dreaming about winning the 25mil powerball jackpot and started considering just how much do you really need to be able to give up work and be able to sail fulltime.

Assuming you own your own house, or are prepared to rent in a "reasonable" abode, and you are prepared to drive a cheap bunky would $300 a week, between you and your partner, cover it?

aaaaaahhhhhhh dreams dreams dreams



If ya don't own your own home, $300 doesn't even get close to covering it
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
22 Feb 2007 12:29pm
ok ok, forget the 300, that was just an arbitary figure I plucked out.

Lets say I do own my home, what can I get away with
-Stevo-
-Stevo-
WA
57 posts
WA, 57 posts
22 Feb 2007 1:01pm
You'll need to save about $50/week on top of what you need to maintain/repair/replace all of your equipment when stuff breaks.
If you are sailing full-time, its going to break fairly often from regular use

-Stevo
Gonewindsurfing247
Gonewindsurfing247
WA
966 posts
WA, 966 posts
22 Feb 2007 2:26pm
Ah grumplestiltskin, this way of thinking truely shows your passion for the sport.

Whoever invented working needs to be shot. I don't call it work, I call it prison.

Anyway, the answer to your question is:
[1] Add up all of your living expenses for the entire year (this includes food, house repairs, car, windsurfing renewals, etc.)

[2] The total in part [1] is your financial freedom number. That is, all you need is a passive income greater than your living expenses and you no longer need to work.

[3] Now all you have to do is figure out the passive income part.

I hope this has helped you rather than depress you.
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
22 Feb 2007 3:34pm
quote:
Originally posted by Gonewindsurfing247

Ah grumplestiltskin, this way of thinking truely shows your passion for the sport.

Whoever invented working needs to be shot. I don't call it work, I call it prison.

Anyway, the answer to your question is:
[1] Add up all of your living expenses for the entire year (this includes food, house repairs, car, windsurfing renewals, etc.)

[2] The total in part [1] is your financial freedom number. That is, all you need is a passive income greater than your living expenses and you no longer need to work.

[3] Now all you have to do is figure out the passive income part.

I hope this has helped you rather than depress you.



Nope, doesn't depress me, just inspires me (to seek out that elusive passive income component)

Back to my original dreamings on Lotto, I don't need to win 1st division, just come up with a system that gives me enough 3rd and 4th div wins to get me the grand a week I require
spot1
spot1
WA
1588 posts
WA, 1588 posts
22 Feb 2007 4:35pm
to stop working at 47 i need in the bank 5.4000,000.00
I HAVE NOT GOT THERE YET
WINDS BLOWING GOT TO GO
WINDY MILLER
WINDY MILLER
WA
3183 posts
WA, 3183 posts
22 Feb 2007 5:49pm
if i owned my own house i would go the dole

work sux!
NotWal
NotWal
QLD
7436 posts
QLD, 7436 posts
24 Feb 2007 12:13pm
Hmmm... death is cheap and may be nicer than working but you cant windsurf when youre dead. If you stop work you will eventually run out of money and wont be able to maintain your kit or buy food but you could live on the beach sleeping in your board bag for quite a while before your ultimate demise.

The trouble with death is that we all know its bound to happen one day but we put it off as long as possible. The date of death is unknowable until it is either imminent or upon us. There is something to be said for planning this day well in advance. We can plan precisely our consumption of resources for one thing, make an occasion of our passing for another, even listen to our own eulogies if we could bear it.

This is what I will do when I'm on my second pair of hips and cant windsurf any more. But what to do about the immediate problem???!!!
We dont really need money, just the things that money can buy. The main ones being windsurfing kit, food, shelter, clothes and the occasional root. All of these things can be caged stolen or cajoled to some degree so why aren't we all doing it? We are a bunch of conformist wimps. We should all toughen the ***k up or kill ourselves anyway out of self loathing. So philosophical problem solved - quit work or die. The course is resolved. All that remains is the details...
Cruiser1755
Cruiser1755
QLD
235 posts
QLD, 235 posts
26 Feb 2007 11:55pm
We've done some sums and to do a few trips and buy whatever without stress we came up with $50 000 per year
WINDY MILLER
WINDY MILLER
WA
3183 posts
WA, 3183 posts
26 Feb 2007 11:15pm
clearly you have decided on NP gear only
elmo
elmo
WA
8894 posts
WA, 8894 posts
27 Feb 2007 7:41am
Minus the mortgage we would still have to put aside $1100 per month just to cover the expenses (water power insurance car rego etc).

This does not cover food and consumables (< $300p/w)

Thats what we have now as basic expenses around $600 p/w without toys, with budgeting it could be less but looking after the assets still costs.
ka43
ka43
NSW
3105 posts
NSW, 3105 posts
27 Feb 2007 2:01pm
After winning this Saturdays Powerball of $33 million and after buying a beach front home on Stable Rd, a unit on the goldy, a new place in Sydney, a new purpose built windsurfing pimp mobile, every piece of windsurfing equipment Ive ever wanted, flowers for the wife and an ice block for the kids I figure I can retire and just make ends meet
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
27 Feb 2007 12:18pm
Sorry KA your wasting your time, I just purchased the winning ticket
elmo
elmo
WA
8894 posts
WA, 8894 posts
27 Feb 2007 12:24pm
if ya got saturdays ticket thats ok
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
27 Feb 2007 12:42pm
quote:
Originally posted by elmo

if ya got saturdays ticket thats ok



LOL, was gonna pick up Saturdays winner as well (I saw it lying on the counter), but decided not to be greedy and just took this weeks winning powerball ticket.
Sorry to all you other losers
ka43
ka43
NSW
3105 posts
NSW, 3105 posts
27 Feb 2007 4:20pm
Bugger Grumps, I thought I had it sussed.
For real, imagine what you could do as a windsufer with that kind of dosh
having had this discussion with wife etc some say they would keep working or do something useful or worthwhile.
Whats more worthwhile than surf in the morning, drop kids at school, relax while wind picks up, sail to your hearts content and then barby at night. Every holidays are spent in exotic and windy places and the price of petrol and everyday worries is forgotten.
Bring it on please
JayBee
JayBee
NSW
714 posts
NSW, 714 posts
27 Feb 2007 5:10pm
Put $810,000 in the bank at 3% (guaranteed) and you will get $2,000 per month forever.

Scale up or down to suit your expenditure aspirations

JB
elmo
elmo
WA
8894 posts
WA, 8894 posts
27 Feb 2007 10:02pm
every time I buy a ticket it's a winner right up until the machine says

"Sorry not a winner"

The trick is to postpone checking the ticket as long as possible that way you are a winner longer.

Fantasy is way cooler than reality
md74
md74
QLD
1064 posts
QLD, 1064 posts
28 Feb 2007 6:50pm
hey lads, thought I might add this, here is my lifestyle:

surf and windsurf all day.

trade at night online, curreny and gold.

I work a few hours a day, make a good living, never have to work thru the daylight hours, ussually start work at 5ish, sometimes im done by 7pm, sometimes 2am.

I really do classify it as semi retired, it never feels like work.

Heres the problem for most though, you need capital, at least 50k, and you need about 2 yrs to learn the ropes, or pay someone to teach you the ropes quicker!

So for me, instead of waiting for that magic day when I dont need to work, I just freed up my daytime. Works for me!

firiebob
firiebob
WA
3182 posts
WA, 3182 posts
28 Feb 2007 8:19pm
I'm fairly dept free but the old wage still gets sucked up So like you Grumps, I dream of the lotto win.
If the lotto train don't come in, you gotta work around it as md does. For me I do shift work, 2D's & 2N's in every 8 days, that's 2 days in every 8 days, and just over 6 weeks holiday every 9 months Gives me plenty of time for family & fun, and that kids that's what life's about
md74
md74
QLD
1064 posts
QLD, 1064 posts
28 Feb 2007 9:27pm
well done firiebob, thats the go mate you have to live your life, not just work.
ka43
ka43
NSW
3105 posts
NSW, 3105 posts
1 Mar 2007 5:42pm
Gotta agree with the shiftwork. I worked if for a long time and when I discovered windsurfing it enabled me to sail around 250 days a year.
Now its weekends and the odd after work sail.
grumplestiltskin
grumplestiltskin
WA
2331 posts
WA, 2331 posts
2 Mar 2007 6:50pm


@!$% @$%^ %$^@$%#%#$@# @#$%@$ #$%$

bugger ... can you sue the newsagency for selling you the wrong lotto ticket?

monstagerage
monstagerage
VIC
123 posts
VIC, 123 posts
28 Mar 2007 2:08am
if your about 34 yrs and want to retire at about 40 you'll need about 5.5 million to last you until about 80 and pay roughly 100K per year, cool
plev
plev
QLD
181 posts
QLD, 181 posts
28 Mar 2007 10:19pm
1.5M invested @ 10% should take care of inflation,tax etc. and still enable you to burn about 2K/Wk.
Please Register, or first...
Topics Subscribe Reply